Revolut Bank UAB the digital banking platform is set to officially launch its Romanian branch in December. This transition will involve migrating all existing Revolut accounts in Romania from IBANs provided by a local partner to IBANs issued by the newly established local branch. With the introduction of a dedicated Romanian IBAN, Revolut aims to enhance its status as a primary banking account for its users.
As of January, the European Central Bank (ECB) recognized Revolut Bank as one of the 100 significant banks within the European Union, underscoring its growing influence and regulatory compliance. Gabriela Simion, the General Director of Revolut Bank UAB in Romania, emphasized the bank’s commitment to empowering customers with greater financial control and maximizing their financial resources.
Revolut currently operates in 30 markets within the European Economic Area (EEA) and is fully licensed by both the ECB and the Bank of Lithuania. The decision to establish local branches is part of a broader strategy to enhance financial inclusion, operational rigor, and product relevance to specific markets. Recent branch openings have occurred in Ireland, France, Spain, and the Netherlands, with Romania being a key focus for expansion.
Transitioning to Local IBANs
Historically, Romanian customers have utilized IBANs issued by Libra Bank since 2021 under a partnership arrangement. However, following the initiation of regulatory processes in 2022, Revolut has been working towards setting up its local branch, officially registered with the National Bank of Romania.
The transition to the local branch will be seamless for existing customers, who will receive a new Romanian IBAN without needing to take any action. All current cards and transaction histories will remain intact, ensuring a smooth customer experience.
Benefits of a Local IBAN
The introduction of a local IBAN allows customers to use their Revolut account as a primary bank account. This includes functionalities such as receiving salaries, pension payments, and managing direct debits for utility bills and taxes. For many customers, particularly those in rural areas or smaller towns, this means greater access to financial services, including receiving funds from family members working abroad.
In particular, users will benefit from increased ease of managing their finances through a localized banking experience that aligns with their everyday needs.
Steps for Customers
Post-migration, customers will be required to update certain personal information to fully access all services. This process is designed to be intuitive and straightforward, ensuring users can easily adapt to the new system.
In summary, the establishment of Revolut Bank UAB in Romania not only enhances service accessibility but also positions Revolut as a key player in the Romanian banking landscape, supporting customers in managing their finances more effectively than ever before.
