You might have seen some updates from us recently about account migration to cover a no trade-deal Brexit. Our intention is to make sure that your experience isn’t interrupted, and that you can continue to use Revolut Business as normal.
So that we’re fully prepared, we’re going to start moving our business customers in Central and Eastern Europe to our new, licensed European entity before the end of the Brexit transition period in December 2020. We know that you’ll have some questions about this, which is why we’ve tried to answer the most frequent in this post.
What is Revolut doing to prepare for Brexit?
We have been planning to make sure our users are unaffected by any Brexit outcome. We have set up a licensed European company which we will transfer all non-UK customers to in the case of a No Deal Brexit, enabling us to continue offering the same Revolut services.
Why is Revolut able to move my account to the European company?
We have the right to transfer our legal relationship from our UK company to our European company under our terms and conditions. We take the responsibility of this right seriously, and are only exercising it here so that we can protect our customers from the risks of a possible No Deal Brexit.
We will only transfer any of your and our rights or obligations under the agreement, if we reasonably think that this won't have a significant negative effect on your rights under these terms and conditions, or if we need to do so to meet any legal or regulatory requirements. If you are unhappy about being transferred for whatever reason, you can close your account for free by reaching out to our support team (but we hope this won’t be the case!).
What will happen to my account when it is migrated?
Your account will remain the same in nearly every way. Nearly all of your account details will remain exactly the same and you will be able to use your account as normal. If you had a GB IBAN for receiving inbound payments, this will be replaced with a new LT IBAN.
You can still receive payments to your old GB IBAN for two months, however, after this time, payments will be returned to the sender. It is important that you update your IBAN details if required. Your money will be safeguarded according to similar rules as in the UK, however the money will be held in different banks, as we won’t be allowed to hold the money in the UK if it leaves the European Economic Area (EEA). Rest assured, we will safeguard your money in similar tier-one banks located in the EEA.
I have been asked to submit new documents about myself, my business partners, or my business. Why do I need to do this?
Due to some differences between local regulations, we need to ask some users to reverify their ID, or some details about their Business before we can migrate them to our European entity. This will ensure a smooth process in the case of a no trade-deal Brexit. If anything is required, we will contact you.
If you do not do this, we may no longer be able to provide you with our services. This means we may need to restrict functionality of your account until you do provide new documents. Please contact our Business Support team via the web platform chat if you have any questions about this.
What entity will I be transferred to?
You will be transferred to Revolut Payments UAB, which is an e-money institution licensed and regulated by the Bank of Lithuania.
Am I being transferred to Revolut’s Lithuanian banking licence?
No, you are being transferred to our Lithuanian entity which is a licensed e-money institution (the same type of company as our UK entity).
Will there be new terms and conditions?
Yes there will be new terms and conditions (T&Cs). These will be much the same as our current T&Cs, but with a few tweaks to comply with Lithuanian law. We sent you a copy of the new T&Cs via email and these will be live on our website shortly, once we begin full migration. Please get in touch via the Business Support team via the web platform chat if you are having trouble accessing the T&Cs.
Where is my money being safeguarded?
Your money is held in a safeguarded account with a leading international bank. It’s fully secure and subject to the same protections as it was before your account was migrated. You can see your account details in the Revolut Business mobile app by going to ‘Accounts > swipe left to choose the currency > Details’ or on the Revolut Business web app by going to ‘Accounts > selecting a currency > Details’.
Who is your European entity regulated by and where can I make a formal complaint??
Revolut Payments UAB is regulated by the Bank of Lithuania. If you wish to make a formal complaint, you can do so by following our complaints process.
Who can I contact if I have any issues?
We hope that most of your questions have been answered above. Of course, if you still need help, we’re here for you. Just get in touch with the Business Support team via the web platform chat.