Brexit and UK IBANs


#21

Hello, I was doing some research trough the app to check if they have any option to download or print your statement. Looks like there’s none😣


#22

Should the UK be outside the EU - how about Money transfers to my Revolut Card from Austria ?
Is it still free with Swift or do I pay for a money transfer outside EU?


#23

This applies here as well:


#24

Sorry to say but unlike you said, transfer fees paid by the customer are just a bank policy here. Even intra-country transfers could have a fee or be completely free depending on your bank or what kind of customer you are.

Just checking now one of my banks they offer free transfers to EU Countries AND SEPA AND EUR currency
So after BREXIT, UK won’t fulfil one of the three points.

Other of my banks state free transfers for EEA AND euro currency (nothing about SEPA), and again, is still unresolved if UK will remain within EEA.

So yes, the only option is wait and see but depending on how is resolved could be very inconvenient.


#25

The SEPA regulation says this: an international SEPA transfer can’t cost more than a national one. So if a bank charges your for national transfers, they can charge you for international transfers.

In EUR denominated countries, this makes most EUR transfers within SEPA area basically free since SEPA credit transfer is the national standard and national transfers are often included in the account price plan for consumers. (It is a little bit different for business banking.)

You’re of course right that this is less relevant in countries that don’t use the EUR as the national currency. So many UK banks already charge for SEPA EUR transfers. But still, the regulation does not allow them to make a difference between national and international SEPA EUR transfers. And if the UK will stay in the SEPA area, nothing changes. The same rules will apply, like they are already applying for current SEPA members like Iceland.

The important part is that the UK can easily decide to be part of SEPA after leabeing a member of EEA is not a requirement. And if they do, all current regulations depending SEPA stay the same, because accepting these rules is of course a requirement for being part of SEPA.

(There are very little differences in detail, with Switzerland, for example, but it’s too early to know if the UK will negotiate similar exceptions.)


#26

People who want an EU-based IBAN can set up an account with PaySera. Transfers between PaySera and Revolut are nearly instantaneous. Either they share the same banking service, or else PaySera provides the underlying IBAN – remember when Revolut initially issued personal IBANs they were Lithuanian, and due to quite a lot of consternation on these boards, they were changed to GB IBANs. There seems to be some underlying link. When I make a transfer from my PaySera Euro account to my GB Revolut IBAN, I get two messages from PaySera, the first telling me my funds have been sent, and then almost immediately another one from PaySera saying that my finds have arrived at PaySera with the very curious wording below. Then some time later, I get the confirmation from Revolut that the funds have arrived. This strongly suggests that PaySera is somehow closely linked to Revolut.

Dear Client,
Please be informed that ***** ******** ********** [my name] has just transferred money to your bank account GB75REVO************ via Paysera.

Transfer information:
Amount: ***. EUR
Purpose of payment: SAVINGS

Please find the payment statement confirmed with e-signature attached to the letter.


For any questions, please find answers on our support page at support.paysera.com
Contact us by email support@paysera.com or phone +44 20 80996963.

Paysera
Client Support