You might have seen some updates from Revolut about account migration to their new European license. Revolut’s intention is to make sure that the client experience isn’t interrupted and that Revolut can be used normal.
So that Revolut is fully prepared they going to start moving the Lithuanian customers to their new licensed European entity before Brexit. We know that you’ll have some questions about this, Revolut is answering it here:
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 licensed 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 by reaching out to support (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 until 31st January 2020, 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.
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. We sent you a copy of the new T&Cs via email and these will be live on our website shortly, once we begin full migration. Please get in touch via the Business Support team via the web platform chat if you are having trouble accessing the T&Cs.
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 business mobile app from Accounts<<>>swipe left to choose the currency pocket<<>>Details or on webapp by going to your Accounts<<>>choose the desired account<<>>account details
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?
Revolut Payments UAB is regulated by the Bank of Lithuania.
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.
Featured image credit: Unsplash
