Neobank Revolut: DE-IBAN for German accounts
Neobank Revolut introduces German account numbers and hopes that this will lead to faster growth. A call money account is to be launched by the end of the year.
(Image: Revolut)
With a little delay, Neobank Revolut is now introducing a German International Bank Account Number (IBAN) for its customers in Germany. As of this week, customers will receive an IBAN with "DE" when opening a new account, the company announced. Existing customers are to be "successively transferred to a German bank account in the coming months".
According to Revolut, it now has 45 million customers worldwide, of which around 2 million are in Germany. Revolut has been operating in the EU with a banking license from Lithuania and has so far managed its accounts with an "LT" account number. The company recently introduced its "Revpoints" bonus program in Germany.
Berlin and BaFIN
Revolut has established a branch in Berlin and registered it with the German Federal Financial Supervisory Authority (BaFIN). The accounts of new customers with a German address are now managed in the Berlin branch. The accounts of existing German customers will also gradually be moved there. The introduction of the German IBAN was originally planned for the middle of the year.
Revolut customers repeatedly report problems due to the Lithuanian account number, for example because the systems of authorities and employers require a German account number.
The company now wants to use the German IBAN to accelerate growth in Germany. A German account number is a "central criterion" so that customers can use the account as an everyday and salary account. The declared goal is five million private customers by 2026.
Call deposit account and ETF savings plan
"With the introduction of the German IBAN, we see the best opportunities to catch up with the leading online and direct banks in Germany over the next few years," said Wiktor Stopa, Head of Growth at Revolut and responsible for growth in Germany and Western Europe.
In the fall, Revolut also plans to introduce an interest-bearing call money account for German customers. Deposits in the account will earn interest daily and the conditions will be based on the "current key interest rate of the European Central Bank (ECB)", according to the company.
Revolut also plans to offer its German customers ETF savings plans in the course of the year.
(vbr)