The neobank Revolut is making significant efforts to transition its Swiss customers from the U.K.-based Revolut Ltd. to Revolut Bank UAB in Lithuania, as finews.com recently reported.

Following this push, Swiss business customers of Revolut have reached out to finews.com with concerns about their U.S. dollar accounts. They describe a critical issue: upon switching, their existing local U.S. account number would be converted into a European IBAN, complicating and increasing the cost of receiving payments from the United States.

Lack of Proactive Communication

Customers have also criticized Revolut for not proactively informing them about these changes.

When asked by finews.com, the company stated: «At present, setting up a USD account is not possible due to a legal agreement with our U.S. correspondent bank.»

Revolut Expanding Business Services

However, Revolut assured that it is working «intensively» to make this feature «available again soon.»

The shift to the European entity Revolut Bank UAB is meant to «take the offering for our business customers in Switzerland to a new level.» The company also hinted at «further exciting innovations for Revolut Business customers in Switzerland» planned for 2025.