Revolut to Launch Romanian Branch: What Customers Need to Know

Revolut is set to establish a branch in Bucharest, marking a significant step in its expansion within the Romanian market. This development is part of the company’s strategy to enhance its banking services in the country, which already boasts a substantial customer base.

Revolut has recently announced it reached 4 million retail customers in Romania, an important milestone for the company and a decisive factor for opening the Romanian branch.

The new branch, Revolut Bank UAB Vilnius Sucursala București, will officially open in 2024. This move aims to transition Revolut from a financial technology company to a fully operational bank in Romania. The establishment of the branch follows the company’s registration with the National Bank of Romania and the Romanian Trade Registry, indicating its commitment to complying with local regulations.

Changes for Existing Customers

One notable change for current users is that this transition will affect existing accounts. Customers will receive new International Bank Account Numbers (IBANs) as part of the rebranding process. This change is essential as Revolut shifts to offering more comprehensive banking services, including traditional banking functionalities alongside its existing digital offerings.

With the opening of the branch, Revolut aims to provide an expanded suite of services tailored to Romanian consumers. The company plans to maintain its digital-first approach, ensuring customers can access their accounts and perform transactions seamlessly through its mobile app.

Market Impact

Revolut’s entry into the Romanian banking sector is poised to increase competition among local banks, particularly in digital banking and customer service. With approximately 2.8 million users already utilizing its platform for payments and transfers, Revolut’s move could significantly influence Romania’s consumer preferences and banking habits.

Revolut’s upcoming branch in Bucharest represents a pivotal moment for the company and Romanian consumers. As it transitions into a full-fledged bank, existing customers can expect changes to their account details while gaining access to enhanced banking services designed for a modern financial landscape.