BIC Issue because of European Banking License?


#1

So as we are all aware right now Revolut has a huge issue processing incoming SEPA transfers in Europe to their BIC REVOGB21. I just discovered something interesting. I checked my Revolut IBAN in a IBAN Calculator to see what BIC comes out. The BIC is indeed correct but what’s more interesting, is the fact that the calculator says that “SEPA DIRECT DEBIT” is supported, which wasn’t the case a few weeks ago.

I feel that Revolut is about to getting their Banking license issued, and maybe the European or Lithuanian Central Bank made changes to the existing BIC, hence creating a clutch in the BIC database.

@AndreasK can you please give us a final answer on this issue? Isn’t Revolut interested that customers can transfer money to their accounts to use your services?

If this isn’t fixed within the next few days most of us simply cannot use Revolut as their account to receive their salary anymore.


#2

Hey @yongeneglinton,

Thanks for taking the time to provide this useful feedback. Firstly let me apologise for any inconvenience this may have caused you.

We always want to be transparent and help our users when is needed. I would like to clarify that the issue is definitely unrelated to our banking licence application. Specifically, this change was to prepare for some upcoming releases and once we realised banks were having issues we immediately updated the IBAN plus all daily files. Unfortunately we are dependant on banks reflecting this information in their systems. To mitigate problems this month, we ask users to double check their bank is using REVOGB21 for a SEPA Credit Transfer, rather than anything else, as this previously explained here in our community.

In the meantime, we are working on some short term mitigation fixes and we have definitely not given up on finding the most effective & efficient solution to this.

  • If the transfer is urgent, and has not been sent, you may want to use another route this month.

  • If the transfer is urgent, has already been sent, and has not landing in your Revolut account you should ask your bank to recall the transfer.

I’m happy to answer any questions you may have.

Best,

Andreas K.


FAILED Bank Transfer Top Up via SEPA
Support for those STILL missing money due to the BIC transfer issue
#6

Hello Andreas thank you for your answer. Having the bank recall the transfer is not an option because they will charge me a fee. I will have to wait until the money comes back into my sending account.


#7

I didn’t recall the transfer but had to pay a fee (€30) anyway.


#8

I have transferred an amount that has not arrived.
since you have changed the bic.
How long will it take for the money to be sent back?


#9

I have made this SEPA transfer and pulled the BIC details from the Revolut app. Now, in my view this was a failure on Revolut’s side but as I transferred funds to my account. It has now been bounced back with a €30 fee. It was not my local bank that choose to give me a wrong BIC, it was direct from the Revolut app. My question is, who refunds such an error? I have no lost €30 of my hard earned money on a mistake that came from Revolut and not my Austrian bank. To say the least I’m really very upset at this and would like an answer for those who have ended up loosing €30 on this error?


#10

The BIC shown in the app is the correct one (REVOGB21). Are you sure that your bank didn’t change the BIC (to REVOGB2L)? Mine (Easybank) did so.


#11

How am I to know if the Bank which I used BAWAG changed the BIC on me? In the end BAWAG is owning Easybank so maybe they did? But then what? Am I to deal with BAWAG on this topic or Revolut? I’m quite a techy, but I have to say I am actually confused here?


#12

You should see the details on the bank statement in the online banking. You have to look up the original transfer not the refund… you should contact BAWAG.


#13

So yes, following my trail. I copied the details from Revolut and sent them to myself by email and then placed the SEPA. I entered in the right details then but what shows up in the transaction is REVOGB2LXXX. So clearly, they have somehow automatically changed the BIC on me. Thereby charging me €30 for the error they made. This is ridiculous! But I will work with BAWAG then. :frowning:


#14

What happens is this:

The customer does not have to provide a BIC for SEPA EUR transfers. The IBAN is all you need. Banks then deprive the BIC from the IBAN itself. This is standardized and mandatory for all SEPA payments. When looking up the BIC, your bank found a different one ("…2L") in the database and “corrected” it to the wrong BIC. Then the transfer failed. The underlying database had a hiccup.