Revolut Bank And Payments Are Finally Merged (€100k deposit Guarantee)
Some time ago, Revolut obtained an EU banking license and announced that would merge Revolut Payments into Revolut Bank (no action needed), effective July 1st, 2022.
Now the date has come, and they finally completed the merger. Here’s the announcement via email. Now, as an “official” bank, Revolut offers a deposit guarantee of up to €100.000.
Revolut Payments is merged into Revolut Bank
You’re now a Revolut Bank customer!
Hi German,
About two months ago, we notified you that Revolut Payments UAB was merging into Revolut Bank UAB.
This means all Revolut Payments UAB customers will be moved to Revolut Bank UAB from 1 July 2022 onwards.
We’re happy to announce that the day has arrived!
Why did we merge?
Recently our EU banking license was extended, allowing us to offer payment services via Revolut Bank UAB. In order to continue to offer exciting new products to our customers, we merged Revolut Payments UAB into Revolut Bank UAB.
What changes?
Your account with Revolut Payments UAB has been transferred to Revolut Bank UAB and become a current account.
The account number that you had with Revolut Payments UAB (also called an IBAN) remains the same. You can use your current account to make payments and hold funds as you usually would.
The funds in your current and (if applicable) demand deposit accounts will be protected by the Deposit Guarantee Scheme, up to EUR 100,000. You can find more information on deposit insurance here.
If you were using another service or product offered by Revolut Payments UAB (excluding insurance distribution), from 1 July 2022, these services and products are provided by Revolut Bank UAB.
If you have a paid plan
If you have a Plus, Premium, or Metal plan subscription, from 1 July 2022, this subscription is offered to you by Revolut Bank UAB.
This also means that Revolut Bank UAB is a group policyholder of your Everyday Protection & Travel Insurance. Unlike Revolut Payments UAB, Revolut Bank UAB is not providing insurance distribution services. Therefore, from 1 July 2022, our new insurance brokerage entity Revolut Insurance Europe UAB, is providing you with all information about your Everyday Protection & Travel Insurance, as well as answering any questions you may have about your coverage.
To view the updated Plus, Premium, and Metal Terms & Conditions, click the link provided below.
If you’re using Open Banking services
If you’re using our Open Banking services in order to access your accounts with other providers, as of 1 July 2022, you’ll have to re-authorize Revolut Bank UAB to access those accounts.
You can find more information about our Open Banking Services in our Personal Terms and Conditions.
We made minor changes to the other product terms that are necessary to reflect our new structure. The new version of our terms, including Personal Terms and Conditions, Fees Pages, and Plus, Premium & Metal Terms, are now in effect.
You also agree and acknowledge that you have been provided with and read our Deposit Insurance Information document.
From now on, your personal data will be processed by the new service provider, Revolut Bank UAB.
Unhappy for any reason?
If you’d like to speak with a customer support agent or make a complaint, please get in touch with us through our in-app customer support chat.
