You may have seen some updates from us recently about account migrations in preparation for Brexit. Our intention is to make sure that your experience isn’t interrupted, and that you can continue to use Revolut as normal.
So that we’re fully prepared, we're going to start moving our customers in 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, so we’ve tried to answer the most common in this post.
What has Revolut been doing to prepare for Brexit?
We have been planning to make sure that, as far as possible, our users are unaffected by Brexit. We have set up a licensed European company to which we will transfer all non-UK customers following Brexit, and continue to offer the same Revolut services.
Why is Revolut able to move my account to the European company?
Our terms and conditions allow us to transfer our legal relationship from our UK company to our European company. We take this responsibility very seriously, and are doing this to protect our customers and ensure continuity of service after Brexit.
We will only transfer your and our rights or obligations under the agreement, where 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 keep any legal or regulatory requirements. If you are unhappy about being transferred for whatever reason, you can close your account for free in the app (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 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 EEA. Rest assured, we will safeguard your money in similar tier-one banks located within the EEA.
I have been asked to submit my passport/national ID. Why do I need to do this?
Due to some differences between local regulations, we need to ask some users to reverify their ID before we can migrate them to our European company. It will just take a few minutes to upload your passport or national ID through the app. This will ensure a smooth process in the case of a no trade-deal Brexit.
If you do not do this, we may not 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 customer support team in the app if you have any questions about this.
I uploaded my documents but I did not receive information about my re-verification status. What’s the hold up?
As we have a large number of pending documents to check, it might take some time for your re-verification status to be confirmed (even several days). This won’t affect your account in any way, we just need to update some data.
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 T&Cs?
Yes there will be new T&Cs. These will be much the same as our current T&Cs, but with a few tweaks to comply with Lithuanian law. You can see these on our website.
Where is my money being safeguarded?
Your money is held in a safeguarded account with a leading international bank. It is 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 app by going to Dashboard > Accounts, and tapping on a currency.
What happens to my cryptocurrency?
Cryptocurrency services are not offered by our European company. However, you will still be able to use our cryptocurrency services through our UK company.
What happens to my Revolut Junior account(s)?
If you currently use Revolut Junior, these accounts will also be migrated to our Lithuanian entity.
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.
We hope that all of your questions have been answered. Of course, if you still need help, we’re here for you. Just get in touch via the in-app chat support.
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