Revolut launches personal Euro accounts with your own IBAN


Fintech startup Revolut just raised
$66 million
and is already launching new features. Starting
today, you can
generate your own IBAN
for Euro transactions. This way, you
can receive your salary directly on your Revolut account for
instance.

While you could already top up your Revolut account with a
regular bank transfer, Revolut only had one bank account to
receive all your Euro transfers. It would then credit your
Revolut account thanks to the transaction reference and the
sender’s name. But Revolut still remains a digital wallet at
heart.

Now, everybody can get their own IBAN and hand it out to their
employer, cash out money on PayPal, Lydia or any peer-to-peer
payment app and more. And if you’re trying to transfer money
from your existing bank account to your Revolut account, it’s
less confusing and more reassuring.

Setting up an IBAN only takes a few seconds. You have to tap on
the top up button, then on bank transfer. If you select your
Euro balance, you can get your new IBAN. If you haven’t
confirmed your identity yet, Revolut will ask you to scan your
passport or driver’s license.

Those IBANs are based in Lithuania. While there’s a European
rule that says that employers and financial services can’t
discriminate based on the bank account origin as long as it’s
part of the Eurozone, some services don’t let you add foreign
IBANs. So if you don’t live in Lithuania, you may encounter a
few issues.

Revolut already launched a similar feature for your GBP balance

back in February
. The startup doesn’t currently support
direct debits, but it’s planned.

This feature is going to be quite useful if you’re a British
student moving abroad for an internship, or if you’re a
freelancer with clients working in multiple currencies.

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