Trade Republic requires Portuguese customers to switch IBAN

Trade Republic has issued a 48-hour notice to certain customers in Portugal, requiring them to switch to a Portuguese IBAN. Customers who fail to make this change will lose access to interest on their balances and 24/7 customer support.

The brokerage introduced a Portuguese IBAN on July 16 to facilitate easier use and local integration. While many users adopted the new format, those who maintained their original German IBAN are now facing these service restrictions. Trade Republic stated that maintaining two parallel account configurations creates significant complexity and costs due to internal management reasons.

The company clarified that this move is not a penalty or a specific conversion target, nor is it a plan to phase out contracts linked to Trade Republic Bank GmbH. However, the loss of interest and support services marks a significant shift for users who previously relied on the German account structure.