The BIC code is not needed


#1

Why do you need the BIC code when making a bank transfer with IBAN number ?
This code can be looked up (www.ibancalculator.com - at least in 99% of the cases) - you don’t need to ask the user for it. It’s just yet another unneccesary piece of information that slows down the process of doing a bank transfer and makes it more of a hassle.


Stop asking for BIC/SWIFT for EU IBANs
#2

Slows down is probably relative in this context ;).

Generally it is in many cases non necessary but it can be an additional safety value if a changed BIC does not get properly propagated (and the indicated BIC does not still get overwritten :wink: )


#3

Doing a little research shows that the BIC code is not needed in about 99% of cases. The IBAN code itself contains a simple checksum, so this can be easily checked for typos. Revolut’s mission is to make life quick and simple for its users - this code should be removed, or at the very least be made optional.


#4

That is what I wrote. AFAIK it is still required for certain international transactions but in many cases it is not, though still the aforementioned additional safety measure.

Making it optional could be a good idea, but overall I dont think it is a big deal.


#5

Two things: the customer’s side. And the technical process. SEPA regulation says a customer does not have to provide a BIC. IBAN is sufficient. All banks should implement it this way and follow SEPA regulations. But: the BIC is still an essential part of how SEPA credit transfers work internally. The bank needs to look up a BIC, and then uses it to actually transfer the money. Every account does have a BIC, and why not show it to customers? I don’t see the benefit in “hiding” it, since a provider can’t decide “not to have it”. It’s there. Always. :wink:


#6

The BIC should indeed be optional / automatically calculated for SEPA payments. Otherwise users have to look for BIC code everytime for a new payee in EU.
Hope this can be done in a next version …


#7

Hello!
This really IS annoying. Just stumbled upon an eBay payment which I could not pay with revolut because eBay simply does not show the BIC of the recipient - as is NOT needed when given the SEPA account.
So PLEASE revolut - stop it with the mandatory BIC/SWIFT field!!!
Cheers, raimerik

And PLEASE bother enough with your community by giving us ANY feedback on this issue!


#8

Thats a bug with ebay though and the recipient should be able to give you the BIC.

Yes, for SEPA transfers it is not mandatory but its not that big of a deal either.


#9

You simply don’t need the BIC if you have the IBAN and want to make a SEPA transfer.
So making it MANDATORY on revolut’s part for a SEPA-transfer is not only annoying but simply wrong.
None of the 10 banks I use is asking for a BIC/SWIFT when I’m making an IBAN/SEPA-transfer…
So why hassling your customers?
Cheers, raimerik


#10

“Hassling” and “annoying” are very strong words which neither apply in this case in my opinion.

Yes, for SEPA transactions it is not mandatory but that doesnt make asking for it wrong. As I said, I really dont consider it to be such a big deal, it takes a few more seconds to enter and should be provided by the recipient as part of a complete set of information.