Irish Revolut customers will soon get Irish bank account details.
The online banking app confirmed that Irish users would get Irish IBANs – making it easier for companies to pay wages into the app.
Up to now, Irish Revolut accounts had Lithuanian account codes, with some companies refusing to pay wages into the app as a result.
On The Pat Kenny Show this morning, Financial Adviser Padraic Kissane said the move takes the app one step closer to more traditional banking services.
“There still tended to be a little bit of snobbery around the fact it wasn’t an Irish IBAN,” he said. “They have now ceased that being a problem and now you have an Irish IBAN.
In a statement. Revolut said it will begin offering Irish bank account details “in the coming months” after it sets up an Irish branch of its European business, Revolut Bank UAB.
It said customers will be informed of the change by email this week.
“Until now, some Revolut customers may have experienced IBAN discrimination using their Lithuanian IBAN,” it said.
“For example, an employer or service provider may have refused to accept an IBAN from a different country within the Single European Payments Area (SEPA). By providing an Irish IBAN, this will no longer be a problem.
“A Revolut account with an Irish IBAN will be better suited to use as a primary account for getting your salary paid directly into Revolut, making payments via direct debit, and paying utility providers directly from your Revolut account.”
Last year, the Central Bank of Ireland warned companies not to discriminate against people with current accounts based in Europe.
Under the Single European Payments Area initiative (SEPA), companies must accept payments from non-Irish accounts.
Revolut said customers will be given two months’ notice that their account details are changing and will also be notified when the change is complete.
Last year, Revolut officially began operating as a bank in Ireland, promising to guarantee deposits of up to €100,000.
It said customers who signed up would be first in line when it starts offering banking products like loans and credit cards.
The company also launched its Revolut <18 service last year – offering a range of new features for teenagers.