Revolut Introduces German IBANs for Local Customers

Revolut introduces German International Bank Account Numbers (IBANs) for its customers in Germany. Starting this week, new users in Germany will receive an IBAN with a “DE” prefix when opening their accounts. At the same time, existing customers will gradually transition to the German IBAN in the coming months. This move aims to enhance user convenience and expand Revolut’s presence in the country.

Revolut operates with a banking license from Lithuania, where German customers were previously assigned Lithuanian “LT” IBANs. However, many Revolut users in Germany reported issues, such as employers and government systems rejecting these foreign IBANs, causing unnecessary complications. The new German IBANs aim to eliminate these challenges, making Revolut accounts more suitable for everyday banking needs like salary payments and bill settlements.

Revolut Introduces German IBANs for Local Customers

Wiktor Stopa, Head of Growth at Revolut for Germany and Western Europe, emphasized the significance of this development. “The introduction of German IBANs is a key milestone in our growth strategy. It allows customers to fully integrate Revolut into their daily financial activities, positioning us well to compete with leading online and direct banks in Germany.”

Revolut has ambitious plans to increase its customer base in Germany from the current 2 million to 5 million by 2026. To support this goal, the company has registered a branch in Berlin with the German Federal Financial Supervisory Authority (BaFin). The Berlin branch will manage all new accounts for customers with German addresses and gradually migrate existing accounts.

Revolut also has exciting product developments in the pipeline for German users. Revolut plans to introduce an interest-bearing call money account by the end of the year. This account will offer daily interest rates tied to the European Central Bank’s (ECB) key interest rate, giving customers an attractive savings option. Additionally, Revolut aims to launch ETF savings plans shortly, providing more investment opportunities for its users.

This strategic shift to German IBANs marks a pivotal step in Revolut‘s mission to enhance its services in Germany. It will make it easier for users to manage their finances seamlessly and push the company toward its goal of becoming a dominant player in the country’s digital banking market.

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