Unique EUR IBAN and BIC/SWIFT Numbers.

[Povilas]

I have said this many times - stop be ta testing this service with such big sums of money.

[uSuRa]

It’s not a large amount of money

[erevos]

three months of salary in Greece.my friend it is a lot of money for many people.

[Povilas]

Well then it’s not a problem is it? 2 grand, pfff …

[uSuRa]

It’s 5 hours and 20 minutes of billable time …

[erevos]

maybe in Holland…not everywhere

[Frank]

I probably could help you with your problem but I would have to charge you 1 hour consulting time for it (I don’t do 1/2 hours, sorry)

[Povilas]

Ok, then don’t complain just fetch another 2 grand and why even bother with Revolut? Are you trying to save on fees?

All in all you are full of yourself.

[erevos]

haha good point.There is a first for everything.

[erevos]

Bank won’t recognise new Euro IBAN/BIC!

I’ve asked the official Association of German Banks to take a look into that matter because I wanted to be sure to have working IBAN when I hand it out to receive salaries or ebay payments on my Revolut. They checked back with SWIFT who controls the IBAN registry. They told me, that it IS possible to have two different country codes in IBAN and BIC. However, it depends whether Lithuana has defined an exception within the registry. But there is no BIC exception within the SWIFT registry for LT …

[bastigruenwald]

Thanks for referencing my post.

I also think that might answer the question whether the security software mentioned here has this as a bug or a feature.

If what they said to me is correct, it’s a feature. It looks up the exception rules within the IBAN registry, can’t find any for LT IBANs and thus the banks correctly refuse to transfer the money to a non compliant IBAN. It does not matter whether the BIC is correctly registered or not (of course it is!), all that matters in that case are BIC and BBAN exception rules for creating IBAN within the SWIFT registry.

[Povilas]

I would think that Revolut people would know about this and the exception was made, so it is still a matter of banks not updating their databases fast enough or properly for that matter.

[Franclyn]

I did a test transfer from comdirect (Germany) on Monday (24th July) at 10:00 - money arrived in my Revolut personal account today (26th July) at about 13:00. So it took about 48 hours. Not quite as fast as I expected, but it worked, so I’m happy

[bastigruenwald]

It’s not their database that would be out of date. It’s the IBAN registry (according to what I was told). Even if the IBAN registry was updated, it’s not live at SWIFT. The Association of German Banks checked it today to be sure for me. Every bank who checks exceptions with SWIFT relies on SWIFT, not Revolut and if SWIFT tells them: Nope, that’s not compliant, then that’s what SWIFT tells them.

And if Revolut starts rolling out IBAN and BICs that are not SWIFT compliant, than it’s clearly their fault. They could have waited longer, if they really applied for exceptions. (Anyway, I believe these exceptions needs to be brought forward by the Lithuanian national bank, which also could take some time. But I’m not too sure there).

Personally I’m not too sure whether Revolut really thought that exception was necessary, as it seems to be a “can do” but don’t “need to do” thing with SWIFT. If you don’t do it, though, you don’t need to wonder that money is routed the wrong way, takes longer, is not going through clearance or even disappears - or, as a lot of banks see it: is not transfered at all, just for these safety reasons.

[Povilas]

Yeah, but in that case all banks in Europe would suddenly start working AT THE SAME TIME if SWIFT managed to put their shit together.

Now it is very random.

[Frank]

Well, at least this tread shows that this problem is more complex than most thought. Why not wait and rely on Revolut when they say that they are on it. And use debit cards or the old IBAN in the meantime.

[erevos]

next week we will have the UK IBAN as I was told by a support agent.

[Hans]

Finally today 26 july I received the 160€ in my LT IBAN, took 4 days…

[bastigruenwald]

No, because as I said -and as I was confirmed by the National Association here- it depends whether the bank checks the flag at SWIFT or doesn’t checks the flag. There is no need to do it, if you as bank can take the risk of the money being routed in wrong ways. But as a lot of banks want or must guarantee their customers that the transfers are working within the transfer time required by European law, they don’t take the risk.

That’s why some banks do it and some don’t. Concering the routing of the money: I believe that has a lot to do of where it’s cleared and what the clearance does do with the data their given. That could be the reason why transfers are taking very differently long.

[bastigruenwald]

Thanks for letting us know.

To me, that really shows that Revolut was not aware that the Lithuanian IBANs won’t work the way they wanted. Probably the exception rule is true and they try to get it (which could take long) and for the meantime and until Brexit, we’ll get UK IBANs… We’ll see.