How do branch migrations affect Joint accounts?
Local branch migrations
You may notice that in Portugal, we now refer to our Joint Accounts as 'Contas Coletivas'. We've made this change to align with the standardized terminology used by the Bank of Portugal and according with Portuguese legal framework.
The account itself and all its features work exactly as they did before, only the name has been updated for consistency.
Once your Joint Account with Revolut is migrated, you'll receive a local IBAN for both your personal and Joint account.
Branch consistency for Joint account holders
Both account holders must be part of the same entity or branch.
If one holder wishes to migrate and retain the Joint Account, the other must also migrate. If not, the Joint account will need to be closed.
If you’re looking to open a Joint account with someone already under the local branch, you’ll need to wait until your account has also been migrated.
Branch migration impact on previous IBAN
Your old IBAN will continue to function for recurring payments and existing Direct Debits. However, it's important to note that your account will be fully migrated to the Portuguese branch.
This means, once your account has been migrated, the new local PT IBAN will be the primary identifier and only usable IBAN for your account.