As you are probably aware, the Brexit negotiations are still ongoing, and that means that we are no closer to understanding what this whole thing is going to look like.
With that being said, we want to assure all of our customers in Europe that we have taken the necessary preparations to ensure that you can continue to use Revolut in the same way, whatever the outcome.
What happens if there is a deal
If the UK and the EU strike a deal, or if there’s a period of transitional relief, then nothing should change on our side. We would continue to passport our UK authorised permissions (via Revolut Ltd) across Europe, and there would be no action required on your side.
What happens if there is no deal
Last year, we set up a new European entity (Revolut Payments UAB) in preparation for a no deal outcome. While we have been working hard to ensure that this entity is fully operational, this is only a precaution for now. We're pleased to confirm that this new entity is now in beta phase and as we all sit and wait to see what happens, mitigating any disruption to your services is our paramount concern. We will only switch our EEA-based customers over to this new entity in the event of a no deal.
Your account details will not change
If we need to transfer customers from our UK to our European entity, it is important to stress that nothing is going to change on your side. Your account details will remain the same and you will be able to use your Revolut account in the same way.
Your money is safe
Regardless of the outcome, your financial and other regulatory protections will remain unaltered. As you know, we are required by law to hold all customer funds in safeguarded accounts and any change to the entity that is providing you with our service will not impact our safeguarding obligations. Our European entity has opened a number of safeguarded accounts that will securely hold your funds in the event that we have to migrate any customers.
You may need to verify your identity again
Unfortunately, our European entity is subject to local laws that do not recognise a driving license as a single valid form of identification. This means that any European customer who originally signed up to using a driver’s license will need to upload an additional verification document, such as a passport or national identity card in order to continue to benefit from a fully-functional Revolut account.
If you happen to be one of these customers, you will have received by now a number of emails, push notifications and in-app messages from us prompting you to do this as a precautionary step. If you have not received these in-app notifications, please make sure that you have updated to the latest version of the Revolut app.
We continue to explore all options available to you
We appreciate that this current uncertainty may lead to unsatisfactory customer experiences. We want to be very clear that we continue to engage with both the UK and European regulators, industry representatives and our fellow e-money and payment services providers to explore all alternatives, including potential periods of transitional relief for firms like us to continue to service our customers from our UK entity.
Whatever the outcome is, we are actively monitoring all possible scenarios and will continue to act in your best interest to provide our existing services to you at your request in the most appropriate manner that we are permitted to do so.
Communications and real-time updates
As always, the customer comes first at Revolut. That's why we've decided to place a temporary hold on all other communications to our customers other than on the topic of Brexit until such time as an outcome or a clear way forward is established.
We would hate for you to miss or overlook any piece of vital information over the course of the next week or two. It’s our primary concern that we continue to provide easy to understand and clear instructions - so please let us know via our in-app chat if anything is not making sense to you.
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