Unable to Update Bank Details – Revolut IBAN (LT) Not Accepted

[SwitchToDuck]

I’m trying to update my bank details in my shop settings, but I’m running into an issue. I recently moved from France to Portugal, and my new IBAN is from Revolut with the LT (Lithuania) prefix.

However, in the “Update Bank Details” section, the Bank Account and Currency fields are locked and show “France,” which doesn’t match the new IBAN. I cannot change the country or update the details to reflect my new banking info.

I understand this might be due to my shop originally being registered in France. What are the steps I need to take to resolve this and successfully connect my new account?

Additionally, I tried to send this request via the support form, but it shows a site issue and does not allow submission. The status page shows no errors, so I’m reaching out this way.

🤯

Thanks for advice if you have any.
kate

[PrimFun]

I remember some time ago about other sellers having issues with Revolut.  If I recall Etsy was not accepting Revolut it seemed.  My memoryis probably cloudy here since it was some time ago.  You might try and search listings for information.

How to Update and Verify Your Bank Account for Etsy Payments Deposits – Etsy Help   There is a support button at the bottom. 

[SwitchToDuck]

They contacted me from support, so I'm on the right track to successfully resolve everything. I hope...

But it looks like they won't have any more problems with Revolut. My card was accepted normally. 

[BagmakerSupply]

@SwitchToDuck: Have you looked at https://help.etsy.com/hc/en-us/articles/115015775908-How-to-Update-and-Verify-Your-Bank-Account-for-... particularly the section entitled 'My new bank account is in a different country' ?

[SwitchToDuck]

Thank you, for response.
They contacted me from support, so I'm on the right track to successfully resolve everything. I hope...

[CraftyCornishMaids]

Etsy can move your bank account / country from France to Portugal, as they are both euro countries,

all your Portugal info has to be updated , so your portugal tax ID, bank id, address, etc is all 100% when etsy checks the portugal government and bank websites

Etsy has to do it for you, but you have to give them a portugal Iban, it has to be a Portuguese bank not a lithuanian one

[SwitchToDuck]

Thanks for the response. Support has contacted me, so I'm well on my way to successfully resolving everything. I hope...

I moved from FR to PT, but Revolut has only LT IBAN. And LT is also in EU. 

But true is... it's mess...:D

[CryzalisMasksUK]

Revolut does not only have a LT IBAN, local IBAN's have been available for years on Revolut.

You should receive your IBAN in Portugal for your Revolut, however, local IBAN's are not yet available to all users in Portugal.

If you do not see a local IBAN on your Revolut, then you will have to open an account with a bank in Portugal. All information needs to match to the country you are based in.

[SwitchToDuck]

Hi and thx for reaction. I have a news.
"Revolut commonly assigns IBANs starting with “LT” (for Lithuania) even to users living in other EU countries – including Portugal. Both Etsy and European banks are legally required to accept any EU IBAN under the SEPA regulations (Single Euro Payments Area). "

[CryzalisMasksUK]

Etsy is not legally obliged to accept an EU Iban from a seller who is not in the same country.

Revolut received their first banking licence in Lithuania, over the years they expanded and acquired banking licences in other countries, even when those licences were refused they set up banking so that users would be assigned a IBAN from that country.

The issue you are having is that all the details have to match exactly, from name to location. You can not live in one country and have an IBAN in another country.

Although I have never used my Revolut for Etsy, I have an IBAN for a bank in the Netherlands for my Euro  account and UK bank details for my £ account on Revolut.

As an example, Revolut only acquired their banking licence in the Netherlands in 2022, once this happened the Lithuanian IBAN on my EURO account automatically changed to an IBAN from a bank in the Netherlands.

Unless you have been assigned an IBAN from a bank in Portugal to your Revolut EURO account, you will not be able to use Revolut as the banking details will show Lithuania, that is where the issue is.

To get paid on Etsy, the bank has to be in the same country where you pay tax, live and work

[CraftyCornishMaids]

@SwitchToDuck 

You need to have a bank, with a Portuguese IBAN

That's it

It's very simple

If Revolute doesn't have one, you have to use a bank that does

........

Etsy has to report income, for income tax purposes to the country where your bank is, and with your tax ID for that country, and your personal ID, to prove you have residence there

It's the law for selling from platforms, including EU law

If you want to read up about it, it's the 7th amendment to the EU DAC7 directive

....

It's also part of etsy's tous you agree to, when you sign up to sell here

[SwitchToDuck · Accepted solution]

well... I received a response from Etsy support today...:

"Please rest assured, you are allowed to use a Revolut account with a Lithuanian (LT) IBAN for your Etsy shop, even if you are living in Portugal. Revolut is an accepted digital bank for Etsy sellers in the Eurozone, and you do not need to open a traditional Portuguese bank account if you do not wish to.
Once your shop's bank country is updated from France to Portugal, you will be able to add your Revolut (LT) IBAN as your payout account. Please ensure that the IBAN, BIC, and bank country you enter all match your Revolut account details."

[CryzalisMasksUK]

I would be very surprised if the system accepts it, if the IBAN is in a different country, but if it works great! 

The system is all automated, you may find that you may have issues verifying the account if the bank country does not match your country on your ID.

Customer service is not always aware or are unable to manually change the system, so try it out before getting your hopes up.  

[CraftyCornishMaids]

please let us know if this works or not, because if it does, it will be very helpful to pass this info on to others, because etsys help says

The format you must enter for your bank account varies by country. Find the bank account format for your country.

France is 27charachters, Portugal is 25 characters, Lithuania is 20

[SwitchToDuck]

Yes, I'll write here how it turned out. Now I'm still waiting for them to change my country, and then I can try it...