Revolut Bank Romania branch welcomes first local customers
Revolut Bank UAB, which has over 4 million customers in Romania, announced that it has started the migration of customers from the Lithuanian entity to the local one. The digital bank also began issuing Romanian IBAN codes to the existing clients.
In the last 12 months, Revolut opened local operations via branches in Ireland, France, Spain, the Netherlands, Germany, Italy, while the Romanian branch will roll-out local IBANs provided by Revolut by the end of the year.
According to the company, the local IBAN update will help Revolut to meet increasing financial needs of the Romanian retail and business customers, to continue the diversification of its banking products portfolio offered to the local clients.
“Given the size of our portfolio, this complex operational process will take place gradually. While we are confident that our users understand our efforts to simplify their transition to the new service, we also recognize that challenges may arise,” said Gabriela Simion, General Manager of Revolut Bank UAB Romania.
After the move, all services related to the payment accounts used by the customers (Personal Account, Paid Plans, Joint Accounts, Revolut Pro, local and cross-border direct debits and money transfers, currency exchange, card payments, Savings) will be provided via the Romanian branch. All other services will continue to be provided from other entities in the way they are provided today.
Customers will be informed directly in the app and by email about the steps to be taken after the migration to the Revolut local IBAN. To ease this transition, incoming payments sent to the old IBAN will be redirected to the old customer account until December 31, 2024. After this date, the funds sent to the current local IBAN will be returned and refunded to the sender.
After receiving the new local IBAN, the customers will be progressively migrated to the local branch. Once migrated to the local entity, the Romanian customer accounts will be managed according to the local legislation, while the customer deposits will continue to be covered up to EUR 100,000 by the Lithuanian Deposit Guarantee Fund.
Revolut Bank operates in 30 markets within the European Economic Area (EEA) and is licensed and regulated by the European Central Bank and the Bank of Lithuania.
(Photo source: Revolut)
