Revolut introduces current accounts

Today Revolut announced that they have launched ‘current accounts’. I put current accounts in inverted commas as I don’t fully understand how they will work yet as information is a bit sparse.  According to the blog post, all Revolut customers now have a personal UK account number and sort-code and can receive payments such as salaries into this account and transfer money to any UK bank in just a few hours. Revolut do point out it isn’t really a bank account – Whilst Revolut technically isn’t a bank, our app lets you do most of the things that a bank does – but better!  

To find your Revolut bank account details select Profile from within the Revolut App

 

Then select Bank account details

Then choose which currency you wish to use

 

I think there might be a bug at the moment with the incorrect details being displayed. In their blog post under beneficiary it showed a personal name and no mention of the reference you need to put in with the transfer. If you do need to continue putting in the reference nothing really has changed from my point of view. Hopefully it is a bug and the bank account details will be unique to each customer so you don’t need to insert a reference to ensure payments in reach the right account.

What I’m really looking forward to is the improvement they hope to offer shortly:

Coming soon to Revolut current accounts…

  • Direct debits
  • Savings 🎉
  • Credit
  • Personal IBANs for EUR and USD 😍

It seems Revolut has some big improvements planned for the near future.

2 comments

  1. Are you on Android? If so you need to update to the latest version to get the correct ability to get your own account. In your screenshots it’s still the shared the common account of Revolut (now with Lloyds) not the new own account in your name.

    Once you have updated you will be offered to upgrade to a current account, you than will need to accept the new terms and than you have your own account.

    It will be displayed the same way you got the common account details, it will feature your name and unique account number with a Barclays Bank sort code (23-69-72) as the service is provided by Prepay Technologies Ltd. Same thing most other virtual account providers use.

    The only advantage at present is that you can receive money directly into that account from anybody without the need of a reference number. Plus if you make £ payments via Revolut the receiver now get’s the money via Faster Payments in hours rather than days via Cloud Currency Payment. However non £ still go via Cloud Currency, so will continue to take a while.

    So it’s not really a current account, all it is right now is an account in your own name linked to the £ revolut wallet to make it easier to receive funds from anybody in £ and speeding up the transfer time for £.

    Now once they get direct debits etc running it’s a different game. But they won’t be able to do that on the Prepay Technologies Ltd. platform right now. So I assume it happens once they are their own bank.

    Competition like Monese will feel the pain however because there is now very little difference between them and Revolut and Revolut is free plus has better rates.

    1. Yes I am Android. I did update it yesterday but updated again today and can see it now. Not sure I’ll be using this regularly but it came at a good time for me. I’ve to claim Epson CashBack and they will only send the money to a UK account in my name so thats one problem sorted!

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