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 Business as normal.
So that we’re fully prepared, we’re going to start moving our European business customers 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 is Revolut 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 will 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 so 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 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?
Until now the IBAN you have used to make and receive international payments has started with ‘GB’. Once you have joined our European entity we will issue you with a new IBAN, to replace your previous one. Any future payments you make will need to use that IBAN. Please make sure that anyone using your old GB IBAN to pay you is informed of this change, so that you keep receiving payments in future. Please read our blog post here for more information and advice in relation to this change.
You can still receive payments to your old GB IBAN for six 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 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 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 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 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’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.