Revolut finally becomes a bank capable of replacing your bank

The mobile bank Revolut, based in the United Kingdom and Lithuania, will finally offer French IBANs to its customers. This will allow them to subscribe to all services or receive their salaries without risk of banking discrimination.

Like a very large number of French men and women, you may be a customer of a mobile bankingalso known as a “neobank”. N26 and Revolut are the best known, but there is also Orange Bank or Bunq. These banks have the particularity of reinventing the banking experience around the smartphone, making the bank advisor much less important than in other establishments.

Card settings, transfers and documents are all easily accessible, thanks to very well designed applications. Neobanks also offer exclusive services, such as the possibility of creating pools, investing in cryptocurrencies or generating graphs to better understand their expenses.

If Revolut and N26 are unanimously recognized as very practical, they both have a flaw: they are not French banks. This forces their users to declare them in the “accounts abroad” section and, on a daily basis, there are also RIB problems. Revolut offered an English IBAN for a long time before opting for a Lithuanian one (thanks to Brexit), N26 is German. To help its French customers make it their main bank, Revolut will finally offer them a French IBAN.

The change that changes everything

Technically, European establishments do not have the right to practice “banking discrimination”. A service provider is not supposed to be able to refuse a Lithuanian IBAN, while an employer must pay a salary into a Revolut account even if he is not French. A theory not always applied, many employers prefer a French IBAN while major services, such as Sosh or Free, require an IBAN starting with “FR”. For a long time, it was therefore impossible to make Revolut your one and only account if you did not want to be restricted in France. You had to keep your old account in a traditional bank, even if it meant paying fees.

In the next few days, French Revolut customers will be asked to switch from a Lithuanian IBAN to a French IBAN. It will be up to them to accept this proposal, they will then have 30 days with the two IBANs before seeing the Lithuanian account close. If they don’t want to (if they use Revolut on vacation for example, and they don’t see any point in using the IBAN), they will default to the Lithuanian IBAN. Note that if you want to make the switch now, it is not possible. Revolut is rolling it out gradually.

A Revolut account before switching to a French IBAN, another after. // Source: Numerama

With the French IBAN, Revolut becomes an almost normal bank in France. The English bank will allow its customers to subscribe to all the services of their choice, hoping to convince them to close their old accounts. Regarding the tax declaration, it is no longer necessary with a French IBAN. You will have to declare the closure of your account abroad, but then nothing. New Revolut customers will be able to avoid the declaration from the start.

In France, Revolut has 2 million users. In total, mobile banking has 18 million on the planet. Its particularity is the richness of its services, with the possibility of buying shares or cryptos, access to exclusive offers, lounge reservations in airports or insurance. Compatible with Google Pay and Apple Pay, Revolut has nothing to envy anyone now.

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Revolut finally becomes a bank capable of replacing your bank

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