Revolut has initiated the migration of Romanian customers to its new local banking entity as part of a phased process. All Revolut accounts transitioning to this new entity will receive a local IBAN. New customers opening accounts will also be assigned a Romanian IBAN in the format RO - REVO. This branch in Romania adds to the series of local branches opened in Ireland, France, Spain, the Netherlands, Germany, and Italy.
Revolut Bank UAB, a European digital bank with over 36 million customers in the European Economic Area (EEA) and more than 4 million in Romania, announced the start of this migration from its Lithuanian entity to the local one on December 13. The bank has begun allocating local IBANs.
In the past year, Revolut has opened local branches in several European countries, and the Romanian branch is the next to become operational through this phased approach. The migration to new local IBANs and participation in local payment schemes aims to meet the growing financial needs of Romanian individual and corporate clients, while continuing to diversify its banking product portfolio.
The migration process will be automated and simplified, ensuring that the customer experience remains unchanged. All payment account services utilized by customers will be provided through the Romanian branch. Other services will continue to be offered by different entities within the group, similar to current practices.
The introduction of the Romanian IBAN will facilitate users' ability to receive salaries directly into this account or manage subscription and bill payments effectively.
To avoid delays in fund receipts, Revolut advises customers frequently using their current IBAN to communicate their new local IBAN to partners, employers, or authorities immediately upon notification. To provide a transition period, transfers made to the old IBAN will be automatically redirected to the new local IBAN until December 31, 2024. After this date, such transfers will be returned to the sender.
Following the issuance of local IBANs, the migration to the new local banking entity will take place. Revolut accounts will be managed by the Romanian branch of Revolut Bank UAB and will be subject to local legislation, while customers' deposits will continue to be guaranteed up to €100,000 by the Lithuanian Deposit Guarantee Fund. Revolut Bank operates in 30 markets within the EEA and is authorized and regulated by the European Central Bank and the Bank of Lithuania.
With recent integration of systems with local payment systems ReGIS and TRANSFOND, Revolut is moving towards operationalizing its Romanian branch. This step reinforces its commitment to becoming a primary banking account provider for Romanian clients. Given the size of its customer portfolio, this operationally complex process will be gradual. Users are encouraged to understand that, despite efforts to simplify the transition, challenges may arise. The company expresses gratitude for customer cooperation and loyalty, assuring them of its commitment to making banking simpler and more accessible.