Unique GBP Sort Code and Account Numbers.


#81

@AndreasK : so now I can “Direct Debit” to all in the UK with only these 3 reference I have received from you (my beneficiary name, account and sort code) and nothing more information is needed? Oké.
Wow! I will try it out soon … Thnx!


#82

Revolt said no direct debit yet. See official comment further up this thread.


#83

No, Revolut cannot be used for direct debit. However, paying bills via recurring card payment is fine.


#84

I’ve just asked my dear old Dad to wire me a pound to test this out. It would be a real Godsend if it works as they say.

From looking at sort codes on Wikipedia, it does indeed seem the sort code is one reserved by Barclays for their prepay card.


#85

So to be clear. The GBP ‘personal UK current account’ supplied by Revolut is actually a client account held by Revolut (or one of its subsidiaries) with one of the normal banks, but in some odd way, they can provide direct access to it via unique details for each client.?? Who is the underlying bank?


#86

I’ve sorted this issue out.
Revolut’s sort code needed to be included on a “white list” - it’s accepted now and should hopefully all work correctly


#87

@thetrickster, Revolut client funds are held at segregated client accounts with Lloyds and Barclays as per our T&Cs. The ‘in some odd way’ is new revolutionary infrastructure we have developed to provide our customers with their own unique account numbers to make and receive payments. Barclays contribute to the infrastructure and provide the banking/payments component. The underlying bank holding your money is Lloyds and Barclays.


#88

@danrevolut : but what’s the problem with “direct debit” now? Why isn’t that still not possible now with the Unique GBP Sort Code and Account Number?


#89

Now that I have a sort code and account number, can I pay in cash or cheques over the counter - if so which bank branch do I go to?


#90

Because it is underlying the Sort Codes and Account numbers are set up for receiving money only. It’s acting I assume as a proxy to the accounts storing the actual money.

Direct Debits are transactions removing money, this hasn’t been ruled out as a future feature it just won’t work with the basic infrastructure in place.

RevSupport please correct if am wrong.


#91

The sort code lookup indicates that the Revolut account is unable to clear cheques.
I would guess that with cash, “in theory” perhaps if you paid it in over a bank counter it might make it’s way through the clearing system to your Revolut account.

I think I read somewhere though that if you made a cash payment in, it would be returned minus a processing fee.

I think it’s electronic-transfer in only, at least for the moment.

Excited to see what’s coming down the line though :slight_smile:


#92

Can you make the card to be identifiable as a debit and not as a prepaid card? Thanks.


#93

[quote=“Water-Fire, post:92, topic:3934, full:true”]
Can you make the card to be identifiable as a debit and not as a prepaid card?[/quote]

@revolut cards are based on Mastercard prepaid cards… no way around it, currently


#94

Right, I told it under the prism of being an actual bank or an independent issuer, as they can provide us with unique codes and IBANs.


#95

I think Resolut’s new “unique account number” infrastructure is still quite different to banks. Funds are still held in accounts in Revolut’s name at Barclays and Lloyds instead of unique customer owned accounts, as far as I understand it.


#96

When I make an outgoing GBP bank transfer to a UK bank account, will it show in the receiver bank statements that the transfer was sent by me or it will only show that it was sent by Revolut?
This is very important as services like transferwise require the funds to come from bank account in the name of user.


#97

Hi @Anouar,

That’s correct. The receiver will be able to your name on their bank statements.


#98

Hi can you tell can my father go to his local bank and put money into this new bank accounts. As his old and don’t know how to use a mobile phone. If he can what info do I need to give him to do this?


#99

You can only receive bank transfer from third parties only if the transfers are coming from a UK account. Tap ‘Top Up’ by ‘Bank Transfer’ and select ‘GBP’. Then hit the export button in the top-right of the screen.

Topping up in EUR/USD:

Currently you can top-up your Revolut account only from a bank account registered in your name. Transfers from third parties, including but not limited to companies, friends & family, will be returned to the sender’s account after deducting processing fees of £5.

If someone else wishes to transfer money to your Revolut account, they can open their own account and then top it up via debit or credit card. They can then transfer this to you instantly via the ‘Send’ function.


#100

My dad is in uk but I’m not. He normally sends money over to me in Cyprus but with big transfer fees. So I was thinking he could go to the bank and put money into my new revolut bank account and then I could transfer it into euros without the fees ?