Bank name-Accounts details


#1

Hi everybody! I’m a new Revolut user and recently created a GBP account in order to get my salary paid.

When giving my bank details to the company I’m working for they asked me for the name of the bank. I took for granted it’s Revolut but when cheking my bank account details in my profile the only info that is shown is: beneficiary (myself), number of account and sort code. On the other hand when going to the “Local” tab that shows all the IBAN details etc I see the bank that appears is Lloyds and in the section beneficiary, instead of my name, it says Revolut LTD. Could anyone clarify this to me please? What should I say to my company? I feel lost…Many thanks in advance!


#2

Hey In UK, you will have to give your company Sort Code and Account number as in your App.
Bank Name and Account Name are 2 different things. Account Name is your name because it’s your account and Bank name will be Revoult


#3

Thanks for you quick answer Ali! and what about the other tab? why is Revolut Ltd the beneficiary and why Lloyds appear as the bank? does this mean that Revolut acts as some kind of “intermediary”?


#4

You can share those details with someone who wants to transfer money to your account from outside of the UK. Basically it’s for international transfers to your Revoult account. Revoult uses Lloyds to process payments in UK.


#5

You’re seeing the IBAN details. This is a different method for transfers. If your employer is a UK company, they most definitely want Account No. + Sort code as seen under “local”. Most UK banks don’t use the SEPA technical framework but Faster Payments to handle daily national payments.


#6

Thanks both for the info! When speaking with my manager I had the impression he didn’t trust too much because of not knowing Revolut, and wanted to be cautious before sending my account details to HR…He basically wanted me to ensure him this “method” will be accepted for salary payment.This is also a new thing for me, I’m using it as a temporary solution until being able to sort out a bank account with a “traditional” bank…


#7

Sorry one more doubt! I’m currently living and working in the UK, but the company I work for is Italian.Will I be able to receive the payment of my salary into my GBP local Revolut account, regardless of the country from which the payment comes from? Because I don’t know yet if they will pay me from a bank in Italy or not…


#8

This might be expensive. Sending the money from a GBP account in Italy to your “local” Revolut GBP account would most likely result in a costly SWIFT transfer.


#9

If the company is operating in UK and you are UK based employee they will most likely be paying you in GBP.
Ask your HR though.


#10

Ok I guess I need to ask too…the headquarters are in Italy however I don’t know how the thing works…I just want to be sure I’ll be able to get paid in my account and the payment won’t be rejected or anything like that… Thanks.


#11

Ok so for the bank name we literally just say Revolut and that works? (Sorry I just like to double check)