Stop asking for BIC/SWIFT for EU IBANs


#1

Hi,

When I want to add the bank details to do a wire transfer within the EU, the app asks for the name, IBAN and BIC.
I understand that the name and IBAN are needed, but why make us spend time looking up the BICs and not do that by yourselves?

Can´t you guys calculate the BICs for us so we dont have to input them ourselves?


#2

Just ask your bank, it’s very simple!


#3

You know what´s simpler? It would be simpler if Revolut did the work for us.

It´s not that I can´t ask my bank for the BIC. Hell, I know my BICs… NTSBDEB1, BUNQNL2A, MONZGB21, REVOGB21, and so on…
The problem is that most companies that I pay only give me their IBANs and they force me to lookup the BICs. This could be automated so we dont have to do the work.


#4

For SEPA we shouldn’t be asked for the BIC of an IBAN, full stop. There is no acceptable excuse to require it.

With effect from 1st February 2016, Article 5(7) of the SEPA Regulation (EU) No 260/2012 comes into force, ensuring that Eurozone banks and Payment Service Providers (PSPs) are able to process Single Euro Payments Area (SEPA) payments using only a customer’s IBAN (International Bank Account Number).
As the UK is not a Eurozone country, the Regulation will not apply to UK PSPs until 31st October 2016.


#5

I hope Revolut is reading this topic…


#6

Aggred. It’s always the same for a bank in a country. It can be automatically calculated. Just that extra bit of convince for the customer