Yeah, for my GBP account I have both a GB IBAN as well as account number + sort code, the equivalent of Kontonummer and Bankleitzahl in Germany (which was phased out). But in many countries including UK, it’s still all about the “old” system. I don’t even think I can do a domestic CZK transfer within Czech Republic using a CZ IBAN.
I meant local UK (GBP) account details. on most countries the accounts don’t follow IBAN form btw.
except for EUR, those IBANs are all for SWIFT International transfers, not for local/national networks.
but It becomes weirder, my revolut business account’s local EUR IBAN (SEPA-only) is different to the international EUR IBAN (SWIFT-only)
Wouldn’t call it old - It’s a great system.
So simple that nothing like Venmo has taken storm over here.
Literally just add the account number and sort code and boom, you never have to edit or change the details.
transfers also appear within under 20 seconds for most transfers with the vast majority being done in less than 2 hours. Only reason it takes longer is if a fraud or ML marker gets put on it.
tbh I start cursing if a payment hasn’t arrived in 5 seconds…
This would be too good to be true for Revolut. Revolut is trying to be a bank.
You have TransferWise for local bank accounts.
That’s why I put it in quotation marks and I didn’t mean to imply that something new would automatically be better. Frankly, with EUR transfers I am happy that IBAN became the norm, despite the fact they’re more painful to write/read/remember in comparison with the
national predecessor in Germany for example.
Regarding instant/fast transfers, that’s certainly something that I wish we had over here. It even took a day to get transfers within the same bank done in Germany (same sort code).
revolut does have the intention of providing local details broadly… https://www.revolut.com/careers/all#global-operations-associate-banking-&-payments-7e548bd4-f77a-485a-ac0e-ec24a0cea1c5
Yes! Why is that so? Is the “local” IBAN really only valid for SEPA transfers and the “international” IBAN only works in SWIFT transfers? Why isn’t there just one IBAN for both SEPA and SWIFT transfers? The BIC is the same for both, after all (for me, at least - REVOGB21).
And what about the other BIC REVOGB2L? According to the specs of BICs the one ending in ‘1’ does not belong to a ‘direct’ SWIFT connection but is being processed through another - full - SWIFT member (one of the UK banks Revolut uses?). So the one ending in ‘21’ can be used for transfers. But I suppose, since Revolut is not a ‘real’ bank, yet in the UK, the ‘2L’ one cannot be used for credit transfers, altough they got a direct SWIFT connection over that one.
I know, it’s nerdy. But interesting