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Revolut – from e-money to banking license

Today, on 1 July, Revolut Payments UAB is merging with Revolut Bank UAB. This means that all Revolut Payments UAB customers will be migrated to Revolut Bank UAB and become company bank’s customers from 1 July onwards. At Revolut France, the French branch of Revolut Payments UAB and its customers will be transferred to the French branch of RevoIut Bank UAB as part of the merger. Revolut Bank now operates in 28 EU markets.

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At the end of last year, Revolut’s  EU specialised banking license was extended into a full banking license, meaning RevoIut Bank UAB is now allowed to offer not only deposit taking and loan granting services, but also payment services. That made this merger possible, and means Revolut’ll be able to keep offering exciting new products and services to all their customers via RevoIut Bank UAB. In just six years, Revolut has attracted more than 18 million customers around the world.

What does this mean for users?

Customers don’t need to do anything, but here’s a quick overview of the main changes:

  • The funds in customer current account and, if applicable, demand deposit account up to EUR 100,000 will be protected by the Deposit Guarantee Scheme
  • If customer is using another service or product offered by Revolut Payments UAB (excluding insurance distribution services), from 1 July 2022 these services and products will be provided by Revolut Bank UAB.
  • From 1 July 2022 company new insurance distribution entity, Revolut Insurance Europe UAB, will be responsible for arranging Travel and Everyday Protection insurance as part of all Plus, Premium or Metal subscription with RevoIut Bank UAB, as well as answering any questions customer may have about insurance coverage.

Customer account details, including IBAN, won’t change. Every account with Revolut Payments UAB will be transferred to RevoIut Bank UAB and become a current account, but customer can still use his Revolut account to make payments and hold funds as he always have.

For customers of Revolut France, the French branch of Revolut Payments UAB, account will be transferred to the French branch of RevoIut Bank UAB. Once this merger is complete, the SIRET number (identifier for companies and business in France) of Revolut France will no longer be used. Revolut’ll send an email with a new SIRET number assigned to the new French Branch of RevoIut Bank UAB to all customers.

Still thinking about getting Revolut card? These are 5 top benefits:
  • International payments without the fees;
  • Banking and accounting integration;
  • Expenses optimization and tracking;
  • Secure and fully supported account;
  • Saving money with Revolut Business perks.

Check out review too.

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