You might have seen some updates from us recently about account migrations following a no deal 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 Lithuanian customers to our new, licenced European entity before the Brexit date. We know that you’ll have some questions about this, which is why 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 our users are unaffected by any Brexit outcome. We have set up a licenced European company which we will transfer all non-UK customers to in the case of a No Deal Brexit, and continue to offer the same Revolut services.
Why are you migrating Lithuanian customers before Brexit?
To be fully prepared and ready for a Hard Brexit, we are starting to migrate Lithuanian Revolut users before the Brexit date. We plan to offer our services to Lithuanian customers from our Lithuanian entity, no matter what happens.
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 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 in 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 Deal Brexit.
If you do not do this, and the UK leaves the EU without a deal, 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 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 as this service is not a regulated product and is therefore not dependant on whether the UK remains in the EEA or not.
Will my account details be shared with Lithuanian authorities?
We take our legal and regulatory obligations seriously at Revolut and will comply with any law or regulation applicable to us. If you are a Lithuanian resident, it is a legal requirement for Revolut to provide the Lithuanian authorities with your account details.
This means that you may have your funds temporarily frozen and/or transferred if a request comes in for us to block money on your account, or send a payment from your account to a debtor.
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.