Unique EUR IBAN and BIC/SWIFT Numbers.

Rare moment where it appears that we both seem to agree on something.

Legacy banks will continue to be legacy banks if they fail to invest and modernise. Simply swept away by the wave of mobile-first fintech challenger banks.

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There is no incompatibility. Unbelievable.

ok defender.I am glad that Revolut gives you the opportunity to be an Investor,must be like a dream comes true for you.

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No one is defending anything. Do your research first then complain.

If you say so who am I to discourage you from believing it.Three out of four Banks do not recognize the IBAN that is my experience I do not need any other research.Please stop irritating me with this attitude.

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Guys, relax.

Revolut might have implemented everything properly. But customers have problems using their product. It might be the ignorance of the old school banks that causes the the problem. But it is in Revolut’s interest to solve the problem if they can and not wait until their ignorant competitors adapt to the new world.

And in the meantime: be nice to each other here. Be patient with Revolut, they are on it.

A wise man changes his mind, a fool never will.

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So probably if battery in your phone is out of power it is GSM operators fault :slight_smile:

They don’t recognise, because they haven’t updated their systems. Plain and simple. There is no global database for this as far as i know otherwise it wouldn’t take so much time.

TransferWise wrote me back confirming that they had to UPDATE THEIR SYSTEM to reflect the changes and it works now.

Many banks in Europe are using 20 year old software that has been patched to work through the years, so this lag in updating it is to be expected, because someone has to come in and probably do it by hand.

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No, that was not was I was saying. I said everyone should relax and be productive and helpful here. Revolut acknowledged that their IBAN does not work reliably. So they are working on this, and that is good, because it shows their commitment to the customer. In the meantime, customer’s shouldn’t be ignorant about the fact that the problem isn’t caused by Revolt. If people have time and don’t mind, their old banks that don’t accept the IBAN should be confronted with their anger. If people don’t have time and do mind, they should just use another top up method. The old method with reference code and UK IBAN still works.

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Surprising, considering how TransferWise is not exactly your typical ‘legacy bank’.

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Revolut by itself accepts that will replace their LT IBAN with UK and we still argue about all the others banks that are faulty;malfunction and old school.I will understand that software must be updated but I cannot accept that nobody saw it coming in Revolut.But i guess they wanted to minimise costs and introduced LT IBAN instead of a British one in the first place.That is to be considered about and not to elaborate if old banks have to get state of the art software because they get their job done in contrast of Revolut’s IBAN.It is one against the majority.So I wait for my UK IBAN to be satisfied.

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I believe it is a hedge against a ‘hard Brexit’ rather than a costs issue.

In terms of cost, would probably be lower to have it in London and consolidate everything here, and partner with a European bank that can passport into the Eurozone.

I will agree but they would not choose the BIC over the IBAN as it comes out.They have already signed a memorandum why not to get a BIC for central Bank of Lithuania then to make it work.Aspects that we will never know.

Are they a bank? When i transfer money or someone transfers money to me i see Estonian IBANS most often and German sometimes.

Revolut is not a bank. But it is possible to provide IBANs and to get a company specific BIC under the electronic money license.

I was asking about TransferWise.

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Ah, okay sorry. They also have a UK electronic money license, not a bank license.

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So they should be relying on a real bank or banks to do their transactions.

Transferwise is not a bank, it only provides clearing between its accounts at old banks. And from those old banks he sends money to clients of Transfewise. :wink:

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You’re talking still about Transferwise? They used to also use Currency Cloud (I am not sure if they still do) and local accounts worldwide to virtually and factually shoveling around the money and to pay it out to payees.

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