Revolut ensures IBAN discrimination is over with Irish IBANs - C103
Daragh Cassidy, the Head of Communications at bonkers.ie, spoke on C103 about Revolut’s announcement that it will provide Irish IBANs to all its customers based in Ireland in the next two months.
Listen back to the interview above or check out the main points discussed below.
Main takeaways from the interview
- Currently, all Revolut customers in Ireland have Lithuanian IBANs.
- Having a Lithuanian IBAN resulted in many Revolut customers falling victim to IBAN discrimination, as often social welfare, employers and utility companies will not recognise a foreign IBAN to make payments to or receive payments from.
- The introduction of Irish IBANs is a game-changer for the 2 million Revolut users in Ireland, as it will encourage more people to use it and see it as an option for a primary account.
- The majority of adults in Ireland have Revolut accounts. Once Irish IBANs become available, it is believed that many people may be encouraged to close their accounts with traditional banks such as AIB, Bank of Ireland and Permanent TSB.
- The reason Revolut is so popular is due to its strong online app and because it has no bank fees.
- However, some consumers may be reluctant to use Revolut because:
- It is a fully online bank, meaning there are no in-person branches
- It has no overdraft facility
- It has heavy fees for taking out cash
- Revolut customers will receive an email from Revolut and a notification in their app outlining when their migration to an Irish IBAN will take place.
- Although the change to an Irish IBAN will happen automatically, it is the account holder's responsibility to inform and update their employer, social welfare and/or direct debits and standing orders with their new IBAN.
Check out our articles on Revolut
If you’d like to learn more about this online bank, take a look at our other pieces on Revolut here.
- Find out the pros and cons of having Revolut as your main bank account.
- Have you ever wondered if your money is safe with Revolut? Read this explainer to discover the truth.
- Learn all you need to know about Revolut and its competitor N26 here.
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