Brexit and UK IBANs

Hello! I read some blog posts on how Revolut now has a EU banking license, and would like to understand how I can get hold of a non-UK IBAN. Brexit is just around the corner, and this is now creating a lot of issues with a UK IBAN.

I have N26 as well as Revolut, and I am looking at Bunq, but Revolut is by-far my preferred solution, but without a non-UK IBAN, I am really heading for choppy waters and will need to consider moving away from Reolut as my daily account.


neither for SWIFT or SEPA there is a problem with REVOGB after brexit. these virtual IBANs are managed by SAXO (denmark) and directed under the hood wherever your money is secured… and they look way cooler than RETBLT anyway :wink:


I’d still prefer a move to either a French or German IBAN :sweat_smile: seems pretty pointless to have a UK one (since we don’t use IBAN or the euro) when we could save those countries from IBAN discrimination and still use them elsewhere


@mdekkers, it’s not clear yet what is going to happen after the exit date. But keep in mind that the SEPA area right now already has members outside of EEA. Here’s what the European Payments Council says:

If the UK leaves the EU and does not remain in the EEA or does not agree on an alignment of its relevant legal framework with that of the EU, the eligibility of the UK to be part of the geographical scope of the SEPA schemes will need to be assessed by the EPC on the basis of an application from the UK PSPs’ community. As the geographical scope of SEPA already extends beyond the EU and EEA, including several third countries and territories, the option remains that the UK continues in the scope of the SEPA schemes, provided it fulfils the eligibility criteria.

Generally speaking, the EPC understands and supports that the UK PSPs’ community intends to maintain participation in the SEPA schemes and may even wish to join the new SEPA Credit Transfer Instant scheme in due course, provided that the criteria for participation in the SEPA schemes continue to be met.

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alternatives seem to be Lithuania and Liechtenstein

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Both would be not as useful I feel, as Litchenstein doesn’t use the euro so wouldn’t combat IBAN discrimination at all (they use the Swiss Franc) and Lithuania aren’t Revolut’s most popular market

In case of IBAN discrimination, one’s local authorities are responsible, not authorities of the country related to the IBAN.

I meant that less people would be subjected to IBAN discrimination if Revolut actually offered a country’s IBAN that uses the euro. Granted this doesn’t actually fix the problem, so it makes sense to offer a non-EUR using country IBAN, I suppose.

I think that IBAN discrimination isn’t allowed in Liechtenstein because the country is a EEA member (same rules as in the EU).

It doesn’t use the euro though so it can’t be subject to IBAN discrimination in the same way Norway, Iceland and the UK can’t be reasonably subject to it.

If you don’t use the euro, you have businesses trading outside of their own country anyways, so the IBAN becomes irrelevant.

The regulation applies to all countries that are governed by SEPA regulations, independent from their local currency.


You guys will hate me now but the correct spelling is Liechtenstein. :rofl: :sweat_smile:


typo corrected. thanks for pointing it out

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WTF!! I just received this from a service provider in Germany. (this is for a :r: business account btw)

Dear Client,

Due to the approaching Brexit, it will unfortunately no longer be
possible for you to pay your Hetzner Online invoices via direct debit
using a British IBAN. Therefore we have changed your payment method to
“bank transfer”.

Of course, you have the option of changing the payment method to credit
card or PayPal. If you have an IBAN that is valid for one of the
remaining EU countries, you can change your payment method back to
direct debit using the new IBAN.

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@olga_revolut @rafael_revolut could you make an official statement about the topic?


I’m sure all of us will have to consider ceasing use of Revolut if we’re going to be unable to actually make use of SEPA, considering most of us are in the EEA.

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I guess now the sh*t really hits the fan. :worried:

Exactly the kind of thing I have been getting the last few days. Many companies are already committing IBAN Discrimination, and no amount of pointing at laws and reporting them with the relevant authorities is making a difference. Local companies want local IBANs. Brexit is just making all of this a lot worse. I am soon moving country, and the reality is that without a “local” IBAN I am in for a lot of hassle.


At least in my case, if UK leaves the EEA, as is supposed to do after Brexit, the fees charged for my bank for a out-EEA transfer will make the Revolut card completely useless as topping-up would be really expensive.

Let’s wait and see. Leaving EEA/EU does not mean dropping out of SEPA. The SEPA area has members outside EEA. And transfer fees are regulated under SEPA, not EEA single market rules.

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