Unique GBP Sort Code and Account Numbers.

Announcements
1

Hi Revoluters,

We’ve been busy working on unique GBP sort code and account numbers, and faster GBP settlement times. If you would be interested in early access please register here: https://revolut.typeform.com/to/CtAt11.

To get early access to the new service you must be registered within the UK and have done the following:
-Updated to the latest version of Revolut, 3.5.
-Accepted our new terms.
-Verified your ID.

Hope you’re excited as we are! More currencies coming soon…

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2

Could you explain? Does this mean that each person would have their own account number for Revolut? Would it then become like a bank account? What would be the difference?

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3

Hi Geoffrey. Yes that is correct. However we can’t support direct debits or 3rd party payments just yet.

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4

I like that. One step further to IBANs, I hope.

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Of course, we are working really hard to complete the further step.

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6

@danrevolut the biggest change with the new terms of services is the £200 withdraw limit, right?

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7

Can someone from eur currency country use it and vice versa? I mean not now, but in the future. Or it will be for all the UK residents only and the IBAN method for the rest of Europe only? Thanks.

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Well, sure, one could use it from outside the UK. I could make an “international transfer” from a German account to this UK account. It would be quite expensive, though. One of the mayor achievements of SEPA transfers is that international transfers should not be more expensive than national ones using the SEPA / IBAN standard.

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I just hope that this option will be open for ROI users soon. :slight_smile:

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10

Hi Frank, we are working on IBANs for Single Euro Payments Area (SEPA) and hope to support it soon. We will keep you updated.

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11

Hi Fernando, there are a few changes in this update.

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Hi, at the moment this functionality does not support transfers from accounts outside of the UK. For example you cannot send GBP from the rest of Europe via IBAN. We are working to provide IBAN for Single Euro Payments Area (SEPA). Thanks.

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Hi, we are working hard to deliver this option and will update you in due course.

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14

Hi @danrevolut, besides SEPA/IBAN, banks sometimes offer standard international transfers, quite expensive, of course, but wouldn’t it work with this kind of transfer? I could send USD to an American account for example. Or GBP to a regular British account. I have no intention to do so, I am just curious.

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for the moment I would think of it as an UK method and then as an Eurozone method… just think about the fact that Swiss & US users are basically not able to use this service.

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The SEPA zone is bigger than the Eurozone. But you’re right, the sort code / account number scheme is typical for the UK, but that doesn’t mean transfers from abroad aren’t possible.

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Hi Frank, you can currently do international transfers using Revolut, please check the transfer option in the App. Or, have I missed something?

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Hi @danrevolut, sorry for the confusion. What I meant is that it already is possible to make international transfers from a Non-UK-IBAN account to a UK-non-IBAN account – like it has been possible before this whole SEPA/IBAN thing started. It is “just” more expensive and takes longer, I assume.

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Frank, thanks for the clarity, yes settlement times are prolonged and it is less cost efficient. Personally, I’d love to see cost efficient instant transfers worldwide.

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Yes, like ransom money in a James Bond movie. Millions are always transferred instantly to a Swiss account with a computer in a metal suitcase. :slight_smile:

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