USD & EUR - UK based?


#1

I’m looking to switch my business account (~£1m annual) from HSBC/WorldFirst/Deutsche Bank to a low cost alternative.

A factor in doing this is that Worldpay credit our card payments into a UK based Euro and USD account by sort code and account number.

Are Revolut EUR and USD accounts available with UK Sort Code and Account Number co-ordinates?


#2

As far as I know, they provide a UK account (sort code + acc number) for GBP only. IBAN for euro account. (if you can justify of an existing account for your business, which seems to be the case).

I’m absolutely not sure of what would happen if someone tried to send EUR/USD with on the GBP sortcode+acc.number. ( @AndreasK: any idea about this?)

That being said, are you sure World pay wouldn’t accept a regular IBAN?


#3

That’s an interesting question. If non-GBP are sent to the Revolut GBP account, do they credit the currency account that was sent, or convert… at interbank?

I’ll clarify with Worldpay tomorrow. At the moment to accept USD and EUR and settle into GBP they charge a 4% fee, which amounts to a staff salary! It’s quite difficult to talk to knowledgable personnel there and there’s no incoming email.

The USD that we accept through PayPal and Amex are both settled into USD with ABA coordinates, for which we currently use WorldFirst for (1.8% margin). Looking to switch this arrangement or renegotiate the margin to match TransferWise (1%). Is there an estimated launch date for Revolut unique ABA USD accounts ?


#4

Unique (&local) USD accounts should arrive, at least for personal accounts, when they officially launch in the US, which is supposed to come soon (Q1 2018).
That doesn’t necessarily means it will also give us the same in the Business counterpart, but we can certainly hope so :crossed_fingers:


#5

ok, understood. I see on my personal Revolut account that the Euro IBAN is UK based, with sort code 00-99-70 as part of the IBAN (but this isn’t recognised as valid by UK Payments yet??)

If Worldpay are right with insisting they need sort code and account number then this implies that euro and usd can be sent through the usual BACS system.

So if i were to nominate a Revolut Business sort code for the settled EUR funds from Worldpay that should work out just fine and dandy, right??!!!

Then for USD just nominate the Revolut Business GBP sort code 23-69-72 and account# and let them do the conversion for me at interbank.

is there a way to get an official response or it is advisable to just get a trial account and test it?


#6

No trial account as far as I know.
I think you are right and conversion will be done.

Pinging @AndreasK for an official response: what happens if we send EUR or USD on the UK bank details (sort-code + account number)? (revolut for business)


#7

i don’t yet have enough posts to direct message him!
Help @AndreasK !