would it be possible for Swiss customers to get an EU IBAN instead of the GB one? Due to Brexit, many European banks are starting to refuse SEPA transfers to a GB IBAN. I know that you would say “they cannot because of the SEPA regulations and bla bla bla”, but they don’t care (especially the French banks). They simply propose a swift transfer and then you are charged a lot of money because of the international fees.
As long as Swiss customers are serviced by the UK entity, I don’t think EU IBANs are an option.
I don’t know why Revolut doesn’t migrate Swiss customers to Revolut Bank UAB, but my guess is either legal reasons or budget/priority.
I found this workaround if you want to fund your own account.
I would double check the details with Revolut though. This unfortunately doesn’t help when you want to give out your account details to be paid by somebody else…at least it doesn’t look good.
Regarding Sepa payments refused by French banks, that actually may be a Revolut problem. I’m in the UK and already had my account before Brexit. Back then Sepa was explicitly mentioned as being supported, but now if I check in my app it clearly states “”ONLY SWIFT transfers are accepted”. When I pay my family in Germany I use my old-fashioned brick and mortar bank, they still support Sepa and it’s always free. Not sure why Revolut did this when the UK is still part of Sepa and all other British banks support it. Also not sure why Switzerland is serviced by Revolut UK.
That’s odd. I checked the UK specific terms and conditions for the personal account, and it still says this for SEPA transfers:
Payments within the Single European Payments Area
This means payments in euros that are sent to an account outside your country but inside the Single Euro Payments Area (known as “SEPA”).
Source: Terms & Policies | Revolut
I checked directly in the app under account details. That’s unfortunately what it says for me.
What exactly did you check?
Based on the link you postet, I am assuming you’ve checked account details for a CHF account. Only Swiss residents have access to a pooled CHF account with a local IBAN for incoming transfers in CHF?
The SEPA matter mentioned in this thread is a different problem. Banks refuse to send EUR to a GB IBAN, stating that the UK is not part of the EEA anymore.
So, of the situation for UK customers indeed changed that SEPA EUR transfers aren’t supported anymore, I would at least badger support to update the official FAQs in Revolut’s help centre accordingly.
Hi, the issue is not for funding my own account, I have no issue on that: I have the CH pooled IBAN to receive funds in CHF from swiss banks and with my credit card the top-ups are free.
But for EUR I still have the old GB IBAN and not the LT or the FR one.
The issue is when I want to receive EUR from other people (especially from France), some banks are starting to refuse to make a SEPA payment to a GB IBAN from their e-banking because of Brexit.
Sorry, I assumed self-funding was the issue.
As already stated in my post, I checked the account detail screen in the Revolut consumer app (where your account number, sort code, IBAN etc. are displayed). At the bottom it says “only SWIFT payments are accepted”.
With the first link I tried to help the OP for funding their own account. I’m not based in Switzerland, I don’t need CHF transfers and never claimed otherwise.
The second paragraph was an attempt to explain the (possible) Sepa issue. Since Switzerland is serviced by Revolut UK and I’m based in the UK, I assumed (I have to put my hands up, this was an assumption) this would be the same for Swiss customers. The UK is not anymore an EU/EEA member, but still a member of Sepa. At least in theory there’s no reason why Sepa payments shouldn’t be supported anymore.
Yes. That’s what I understood. What I would do is contact support and complain that the official FAQs for UK customers (they are country specific and change when you’re selecting different regions) still mention the support of SEPA transfers. At least, customers should be able to get reliable informations about this topic.
(Just to be sure, I don’t have access to a UK version of the app. When displaying your EUR account, there might be two tabs, one “local”, and one “SWIFT”. All SEPA transactions are considered local transactions. The wording “cross-border transfers” is a little misleading here. So again, I don’t know how this looks for you, but if you’re seeing an IBAN under “Local”, this IBAN should still allow you to receive EUR transfers from within the SEPA area, to the best of my knowledge. Support should be able to confirm or deny this.)
I checked the EUR (GB IBAN) account details (as I’m based in Switzerland) and there are 2 tabs:
- LOCAL (for domestic transfer only)
the weird thing is that at the bottom of the SWIFT tab there is a sentence “Unique UBAN accounts are coming soon!”.
I tried to chat with a revolut agent but he was so incompetent (sorry guys, it’s the truth) and first, he didn’t understand my question, secondly, he proposed to me to move my address to the UK (WTF?? I don’t want to move to the UK )
I don’t have an IBAN under “local” in the consumer app, but I do have that in my Revolut Business account. I just tried to set up a payment in the consumer app to my parents in Germany and it didn’t come up with any fees. It looks like a normal SEPA payment, but I haven’t pressed “send” yet. Anyway, I’m confused now, there could be an issue on my side as well or we have issues on both sides. I’ll get on to support to see what’s what.
you are misunderstanding the issue: I’m not talking about transfer FROM Revolut TO other banks, I’m talking about transfers FROM other banks TO Revolut
I believe that’s clear to @glesga now, yet the current UK localization of the app seems not to make an IBAN available for “local” incoming SEPA transfers while the Swiss app still shows this information.
True. As a Swiss resident I’ve got, for EUR as currency, the same IBAN twice, once for incoming SEPA, even SEPA-INST transfers are noted to be supported and the same also for SWIFT. The IBAN is in the format of GBXX REVO … and BIC REVOGB21.
This same IBAN is also listed under CHF for SWIFT. CHF local is the collection account.