Hi there - I’m interested in the following use case for Revolut:
- Receiving a quarterly payment/credit in USD from a USD entity (and therefore US bank) to my Revolut account
- Being able to convert that USD balance to EUR at a reasonable FX rate
- Using my USD/EUR in my Revolut account freely for payments and transfers
From what I understand, there are a few problems with this seemingly simple example:
- US uses ACH payment system and not IBANs.
- Therefore when a payment is made to your Revolut account in USD it is paid to Revolut directly and you are asked to provide the payer with some reference number that can then be mapped back to your Revolut account so it can be transferred from the central Revolut USD account(s).
- Many US entities and/or banks won’t send payments to an account which is not in the name of the expected benefactor. This means the solution proposed in point 2 cannot work.
To get around this issue (and as part of global expansion), Revolut plan to be able to allow US citizens create a Revolut account that will have it’s own IBAN.
Am I correct in all of the above? Can you have a USD IBAN?
If this is the case then will European Revolut account holders be able to solve a problem like the one I outlined above? I.e. receive payments in USD to their Revolut USD account with their own USD IBAN in their name from US entities/banks and trade FX to convert to EUR at a reasonable market price?
If so, when should this be available by? As soon as US accounts go live?
If not, why?
Many thanks for all help on this - it would be a great solution for me and many people I know.