Revolut Business launches local IBANs for corporate clients in Ireland
Product & feature · May 30, 2023
- Revolut Business supports businesses to scale – and save – with global payments, multi-currency accounts and smarter spending.
- The launch of local IBAN accounts for Revolut’s Irish corporate business clients marks the start of the migration of Revolut Business customers to Irish IBANs
- This follows the entry of Revolut Business into Australia last week and a major push earlier this year into Europe, with the introduction of new products into several European markets.
- Existing Revolut Business corporate clients in Ireland will receive their local IBAN automatically after two months. Priority access can be requested.
Dublin, 30th of May 2023 - Today, Revolut, the global financial super app, announced the launch of local IBANs for its corporate clients in Ireland. The news follows the introduction of a number of new products across Europe.
Local IBANs, which are more widely accepted by utility providers and tax authorities, will make it much easier for those Irish businesses to make payments via direct debit and avoid complex paperwork.
Until now, some Revolut Business customers may have experienced IBAN discrimination using their Lithuanian IBAN. For example, a service provider may have refused to accept an IBAN from a different country within the Single European Payments Area (SEPA). By migrating Irish corporate clients to the Irish branch of Revolut Bank UAB and providing an Irish IBAN, this will no longer be a problem.
Existing Revolut Business corporate clients will receive the Irish IBAN automatically after two months. A limited number of local IBANs can be requested in advance of two months, by completing a short form to join the priority queue that will be shared in email communications to corporate clients. The provision of local IBAN accounts for Revolut Business’ sole trader and freelance customers in Ireland is currently being explored.
The roll-out of Irish IBANs for corporate clients comes during a period of bumper growth for Revolut Business in Ireland, with the bank welcoming over 5,000 new businesses in Ireland in the past year, a 50% increase YoY from Q1 2022.
Growth has been driven by businesses from a range of industries in Ireland, including tech, fashion, marketing and real estate. Irish companies are taking advantage of Revolut Business tools that allow you to monitor your team cards, expenses and analytics in one app and do business globally, while saving money with transfers, payments and currency exchange at market leading rates.
The new IBANs are part of a general expansion push by Revolut Business, following the news of the launch of Business accounts in Australia last week.
James Gibson, GM of Revolut Business: “Since the launch of Revolut Business in 2017 we have expanded our product and features portfolio, with the aim of providing our business customers with a comprehensive platform to manage all their finances effectively.
We are excited to be able to offer local IBANs to corporate clients in Ireland and to continue expanding our service. Ireland is a really key market for us given the level of adoption we’ve seen there and we will continue to look for ways to support Irish businesses who operate at home and abroad."
With the launch of Revolut Bank’s Irish branch in March, Revolut began rolling out IBANs to its retail customers in Ireland. In just six weeks, Revolut has successfully migrated over two million of its Irish customers.
Since the migration, direct debit mandates made by existing retail customers have risen by a third, as Irish customers have received an added incentive to use Revolut as their main bank account.
Revolut Business offers new cutting-edge features in Europe
Earlier this year Revolut Business also launched a series of new products and features to support its expansion in Europe, including:
FX Forwards: The FX Forwards feature allows businesses to lock in the exchange rate for the purchase or sale of a currency on a future date (initial deposit required, fees apply). Earlier this year the feature launched for companies in Ireland, Germany, Netherlands, Spain, France, Portugal, Lithuania, Estonia, Italy, Finland and Hungary and the UK. Exchange rates can be fixed for up to 24 months on GBP, USD and EUR.
Limit and Stop Orders: Limit and Stop Orders allow businesses to automatically buy and sell currencies at their ideal rate and fee free (for paid plans), directly from their Revolut Business account. Available globally, these Orders can be placed on over 25 currencies and 7 cryptocurrencies, at up to $100k per exchange.
Revolut Business goes Down Under
This month marked another important milestone for Revolut’s expansion with the launch of Revolut Business in Australia. Australians are now able to run their businesses using Revolut, facilitating international business and easy access to their entire company finances through the business app. With the launch of this market, 40 countries now have access to Revolut’s business feature.
Revolut Business issues over 130,000 cards monthly, giving access to 200+ countries supported for payments. Hundreds of thousands of businesses around the world rely on Revolut Business as a platform for growth; over 10,000 active start-ups, scale-ups, and multinationals are signing up to Revolut Business each month.
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