Top up using local account, beneficiary address?


#1

Hi

I’m a Greek citizen (living in Greece) and intend to top up my revolut account in euro using the local account option. The revolut app (in the local account screen) shows the bank account I should use and my name as beneficiary but I have no idea what address I should use. Should I use my local address in Greece as shown in my revolut profile (Alex E… street…,city, Greece)? Should I use the revolut address (Revolut LTD, Level 39, 1 Canada Square, London E14 5AB, United Kingdom) ?

The address is supposed to be used from the bank to verify that the money is being transferred to the correct bank account, I can’t leave the beneficiary address field empty and I suppose if I enter the wrong address the transfer will fail.

Thank you in advance.
Alex


#2

It depends on which account are you going to credit.
If local- all data should yours
If pooled (SWIFT)- all data should be Lloyds and to contain your reference number.

I strongly recommend to activate local EUR account and send money by SEPA.


#3

He is using the SEPA account.

My guess would be yes, you should indicate your personal address. I have sent several SEPA transfers without an address and they all arrived, so I’d tend to say Revolut is not checking that address, however, I cant promise it of course :slight_smile:


#4

It says beneficiary address, not bank address. So it should be the address the account holder has registered the Revolut account with. But why not ask the Greek bank to be sure? It’s their online banking, after all.

And SEPA directive wants banks to only use name and IBAN, so are you sure, @alexan_e, this is a regular SEPA transfer and not some sort of international transfer?


#5

My bank (Alpha Bank) has a single form for all money transfers to foreign countries, no matter if they belong to SEPA or not (the form is the one shown in my previous post).
I was previously using the Revolut Swift account with revolut address and my revolut reference number for my deposits but now that there is the local account option I would like to try it because it should be fasted (less delay for the transfer to complete).

It’s the local account option that brought the confusion since I’m not sure what address to use, using my address in Greece seems strange but it may be correct. I read somewhere that SEPA transfers are not supposed to ask for address and I did actually check the transfer process with another bank (piraeus bank) and they seem to have a better design because as soon as I enter the revolut local account number it shows a SEPA field. I’ll probably do a test transfer (1€) from that bank and see if it completes correctly.

Thank you


#6

The wire transfer does not lose its way! I mean, seems pretty strange to sent only 1 euro and be charged 1 euro fee at the same time.


#7

Yes, my fault- I should’ve been written- Revolut’s, not bank’s data (in case of SWIFT)


#8

First screenshot
The Charges (SHA) line implies this is a SWIFT transfer.
Maybe their backend will detect SEPA-enabled BICs and use SEPA-enabled and use SEPA when applicable but this isn’t made explicit by their interface. SWIFT transfers to REVOGB21 will be returned, by the way, so figuring this thing out is important.

Second screenshot
My guess is that your banking interface noticed the IBAN is SEPA-enabled and thus autoconfigured to SEPA.
If you select another currency than Euro, it should revert to SWIFT because SEPA only supports Euro. Try that, normally the SEPA field on the bottom should disappear. If it doesn’t, the interface is very flawed.
It’s flawed already as the Charges field should be greyed out when using SEPA as it’s a SWIFT specific thing.


#9

Unless the bank charges for euro transactions that transfer should not be charged at all.

SEPA always comes at SHA.


#10

I have posted two replies, one on Friday and one on Saturday and none of them appeared in the thread, I have no idea what happened, all I got was that they needed to be approved from a moderator. Anyway here are my replies again, hope they will appear.

I think you may be right and the bank I mentioned in the first post maybe doesn’t really offer SEPA transfer, so I think I will use the alternative bank which actually shows that the transfer is SEPA and doesn’t ask for an address.

They have a flat charging fee of 1 euro for transfers of amounts up to 15000 euros.

(first screenshot bank) The SHA stays the same (without any other option) even if I choose to transfer dollars or if I enter the SWIFT account so we can’t rely on that.

(second screenshot bank) When I use the SEPA enabled account and euro the charges field can’t be changed from SHA and the SEPA details field is shown.
If I choose a different currency or use the SWIFT account the SEPA details field disappears and the charges field gives the option to choose between SHA, OUR or BEN.
This seems to indicate that this form can distinguish a SEPA from a SWIFT account and do the transfer the proper way.

Thank you all for your help, consider the subject closed
Alex


#11

Unfortunately there is a quite a delay in my replies because they have to be approved by a moderator in order to appear.

I think you may be right and the bank I mentioned in the first post maybe doesn’t really offer SEPA transfer, so I think I will use the alternative bank which actually shows that the transfer is SEPA and doesn’t ask for an address.

Thank you all for your help, consider this subject closed


#12

They have a flat charging fee of 1 euro for transfers of amounts up to 15000 euros.

(first screenshot bank) The SHA stays the same (without any other option) even if I choose to transfer dollars or if I enter the SWIFT account so we can’t rely on that.

(second screenshot bank) When I use the SEPA enabled account and euro the charges field can’t be changed from SHA and the SEPA details field is shown.
If I choose a different currency or use the SWIFT account the SEPA details field disappears and the charges field gives the option to choose between SHA, OUR or BEN.
This seems to indicate that this form can distinguish a SEPA from a SWIFT account and do the transfer the proper way. I will definitely use this bank for the SEPA transfer (but I’ll still make a test transfer before transferring the full amount).

Thank you all for your help
Alex