Revolut is set to provide IBANs to its two million Irish customers.
The fintech app will be opening an Irish branch for its European side of the business, Revolut Bank UAB. This will allow customers to begin using Irish International Bank Account Numbers.
Previously, Revolut customers had Lithuanian account numbers. Customers will be notified of all the changes via email this week.
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Additionally, they will be given two months' notice before their accounts are migrated in a phased manner. The new IBANs will replace the previous Lithuanian ones.
The decision was made because Revolut customers in Ireland had been discriminated against by certain organisations because they have a Lithuanian IBAN. Certain employers and service providers refused to accept an IBAN from a different country within the Single European Payments Area (SEPA).
Revolut Europe CEO Joe Heneghan said: "We’re proud to be opening our Irish branch soon. With over two million customers in Ireland, we are constantly looking for ways to improve our customers’ experience.
"Our customers can get their salaries paid directly into Revolut hassle-free, easily make direct debits, and more with the help of an Irish IBAN. We recommend that our customers keep an eye out for an email from us over the coming weeks, as we roll out the IBAN migration of our customers in Ireland."
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