I opened the account today and saw that there are two ibans. One is called local and the other is called swift. I don’t understand the difference between the two. Anyone can help? Thanks
Thanks for your reply. I really don’t understand. Why you say I cannot receive money on the euro iban? And sincerely speaking why do we have two iban? I asked the assistance but couldn’t understand. If I want to transfer euros O should use the local, right? If I want to transfer any other currency should I use the other? Why they don’t explain?
Here we go:
1st: There is a different IBAN for each currency. Always use the right IBAN for top ups in respective currencies. These are pooled accounts. Meaning, all customers use the same IBAN. Don’t forget the reference here!
2nd: for two currencies, GBP and EUR, Revolut offers personal “local” account details. These are shown under “local”. They work more or less like your traditional bank account. For a SEPA EUR transfer, use your local SEPA details. For an international EUR transfer, use the SWIFT details.
Thanks, I am beginning to understand. Let’s make an example: if I have some euros on the account and want to make a bank transfer to someone in Gbp I have to use the “local account”, but if I want to transfer to someone Japanese yen I have to use the Swift account, right?
Well, no, wait a second. I was just referring to incoming payments. For outgoing payments, when you’re going to send someone money, the app will automatically choose everything for you. A EUR transfer to another SEPA account will be sent via SEPA, a JPY transfer to an account in Japan via SWIFT. But that happens automatically.
if you want to receive a currency via SWIFT (expensive and slow) you use the international iban for that currency
Ah ok, so the local account is to receive in euros and gbp, while the so called swift account is for the other currencies, right?
- local in GBP is for receiving GBP from the UK
- local in EUR is for receiving EUR from the SEPA zone (Europe)
- international in XYZ is for receiving XYZ via SWIFT
always prefer local when possible, it’s faster and free.
No, it’s domestic (local) vs. internatioanl (SWIFT).
And domestic in the case of EUR means all SEPA countries.
Thanks for the detailed info