Update on the success rate for new IBAN transfers:
I have made multiple transfers using multiple banks to this new IBAN account and not all of them have reached it. Even some of the transfers from the bank that previously successfully transferred the money have not reached my Revolut account.
It is now intermittent.
All in all i’m done beta testing this nonsense for free with my time and money.
SEPA regulation says that an international transfer in EUR can’t cost more than a local SEPA transfer. Since SEPA transfers are now the basic standard transfers for almost all customers in EUR countries, this made international transfers for them free as well.
I made transfers from my local LT account to this new Revolut LT IBAN and it is a free transfer.
We also no longer have per transaction fees. We have plans you can pick from and all plans include unlimited transfers, but only differ in how much cash you can withdraw.
If you read my posting above, it can very likely also be Revolut’s fault, if they really need the exception within the SWIFT IBAN database that some banks use for transactions (pretty much all of the banks that now reject the IBAN because of the missing exception flag).
Exaclty, if a bank charges you for a national SEPA transfer (like some UK banks do for example), they are allowed to charge the same for international ones as well. Was it Danish or Dutch banks that also regularly charge for every SEPA transfer?
Not necessarily. The regulation for SEPA EUR only says that international transfers can’t cost more than national ones. Banks are still allowed to charge for transfers, it only must be the same for all SEPA transfers in EUR.
Denmark is part of SEPA, but the regulation only covers transfers in EUR. (All currencies of all SEPA nations can be transferred using the SEPA technical framework, the SEPA data standard supports all these currencies, but these services are not regulated.)