As things stand, the UK is due to leave the European Union on 29 March, 2019, regardless of whether there is a deal with the EU or not. What this actually means in terms of next steps remains to be seen, but as a Revolut customer, you’re probably wondering what it means for you.
And if you’re sick and tired of hearing about Brexit jargon and weren’t wondering about the next steps, then don’t worry, because we’ve got your back either way. As a financial institution, we understand that you place a lot of trust in us, and we take that responsibility very seriously.
Regardless of what happens next in terms of the UK’s withdrawal from the EU, rest assured that Revolut is working proactively to make sure you can continue to use our services with as little disruption as possible.
Fine, but I’ve still got a few questions…
What’s actually going on right now?
It’s a great question, and one we’d all love an answer to. The whole Brexit deal/no-deal, UK withdrawal from the EU is an ever-changing beast, which means our explanation is by no means a final or exhaustive one.
What is Revolut doing to protect me?
If you’re a UK Revolut user, it’s business as usual for the most part. For Non-UK Revolut customers, in the event of a no-deal, we will begin the process of transferring you to our European authorised subsidiary.
What does that mean?
Revolut currently has a licence to operate in the UK, which it is able to ‘passport’ to all other countries within the European Economic Area (EEA) under the EU’s Freedom of Services regime.
If a no-deal Brexit were to happen or a deal agreed that immediately revokes freedom of services, Revolut may lose this passporting right and we’ll need to migrate non-UK users to our licensed entity in Europe in order to continue offering our Revolut services to all our European customers.
All you’ll have to do is to keep an eye out for a notification from us with updated T&Cs. We’ll be in touch with you about this nearer the time.
Inevitably, there will be unforeseen changes along the way, as the government continues to negotiate a deal with the EU. If anything changes, we’ll update you with further information and be right there with the support you need.
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