Top up by bank transfer - Error - Revolut is not a member of Target2


#1

Hi all,

Up to now I have had no problems topping up my Revolut account using bank transfer.

But yesterday the SEPA payment to my Revolut account was denied with the system stating that the payment can’t be executed because Revout is not a member of Target2.

When I inquired with my bank, they simply repeated the same info - they can’t do the SEPA transfer, because the bank (i.e. Revolut) is not a member of Target2. I have to use the (more expensive) Foreign payment option.

Has anybody encountered a similar problem? And can anybody confirm that Revolut is not a member of Target?

Thanks!


#2

Euro transfer? Sounds like a BIC problem?


#3

Hi,
Yes it’s an EUR transfer (from my national EUR account to Revolut EUR IBAN).

Why should BIC be a problem? I used the one from the app REVOGB21. And my Revolut IBAN is a UK based one (it starts with GB…).

And I checked about the Target2 on the ECB site - Revolut is not mentioned among the participants. Perhaps it’s a new rule imposed by my bank, that SEPA will only be done to Target participants…


#4

This sounds like this is against regulation. The regulation clearly states that every IBAN that is available within the scope of the SEPA area for SEPA credit transfers should be supported. :thinking:


#5

Browsing through the community forums I noticed that this is perhaps not an isolated case. Some had more serious problems topping up by bank transfer. So I guess the best would be to wait and see if the problem gets solved by itself… The top up did work flawlessly until now…


#6

Could be. But I believe the BIC hiccup should be resolved for most customers by now. And this description does not really match error messages form earlier cases. I can see it being related, but it sounds like a potentially different problem to me.

For all the BIC related problems, a test was to double check if the sender’s bank system changes the BIC to “2L” where it should be “21”. This was the indicator for a transfer that would fail most likely.

I can see that systems would respond with a target related error message, but it sounds a little bit random to me.