The bailiff does not see this account. Alternative to Revolut

More and more Poles use fintech banking applications such as Revolut or Zen. One of the reasons is the fact that accounts in these systems are invisible to Polish bailiffs in the Ognivo system, which means that indebted people willingly reach for such solutions. Can Zen be a real competition for Revolut? How long will the accounts in these applications remain out of the range of bailiff enforcement?

Poles’ debt – data alert

According to BIG InfoMonitor, at the end of 2024 the number of indebted Poles amounted to 2.5 million people, and the total amount of their obligations reached PLN 84.7 billion. Although the number of debtors dropped by 129 thousand, the total amount of debt increased by PLN 1.2 billion. Most of the debt are men (62%), while women constitute 38% of this group.

Revolut – a popular solution for the debt

Fintech Revolut has already won 4 million users in Poland, and their number increases by a million every year. The application offers functions similar to traditional banks: account, transfers, currency exchange, as well as the ability to invest in cryptocurrencies and shares. Revolut has the Polish IBAN number, but it is not a bank registered in Poland, but in Lithuania.

Due to the fact that Revolut’s accounts are not visible in the Ognivo system, the bailiff has no access to them. To take funds on such an account, the debtor would have to give the bailiff the account number. It is this mechanism that makes the application enjoy great popularity among those in debt.

Zen – new competition for Revolut

Another fintech with a similar model of action – Zen appeared on the market. Like Revolut, it is an application registered in Lithuania, offering bills, payment cards and currency accounts. However, unlike Revolut, Zen charges transfers in zlotys and euros and does not offer a free payment limit from ATMs. The plus of Zen, however, is a lower commission for currency exchange on weekends.

Can a bailiff take an account in Zen?

Like Revolut, Zen uses Polish Iban numbers, but they are rented from Aion Bank. This means that Polish bailiffs do not see Zen accounts in the Ognivo system, which makes it difficult to seize funds.

Will the law change? How long will the Zen accounts remain out of the bailiff’s reach?

Experts indicate that the current provisions regarding the so -called Virtual IBANs are incomplete. The Act on the financial information system is currently in force, but in two years an EU regulation will enter into force on counteracting money laundering, which may change the principles of fintech operation.

In addition, the European Central Bank and the European Commission are working on regulations on virtual IBANs throughout the European Union. It is possible that within 2-3 years the regulations will change so that bailiffs will gain access to bills in fintech applications, such as Zen or Revolut.