I wrote about Revolut getting an official bank license some weeks ago. Now, it seems that the previous entity Revolut Payments will stop working as such, and they will “move” every customer into what they now call Revolut Bank (probably to simplify reporting towards authorities and such)
This is the information I got over email
The move will take place on 1 July 2022
Why are we merging?
Recently our EU banking license was extended allowing us to offer payment and deposit taking services via Revolut Bank UAB. In order to continue to offer exciting new products to our customers, we’re merging Revolut Payments UAB into Revolut Bank UAB.
What will happen?
Your account with Revolut Payments UAB will be transferred to Revolut Bank UAB and become a current account. Your current IBAN will remain the same. You can use your current account to make payments and hold funds as you normally would.
The funds in your current account and, if applicable, your demand deposit account up to €100,000 will be protected by the Deposit Guarantee Scheme. You can find more information on the deposit insurance here.
If you’re using another service or product offered by Revolut Payments UAB (excluding insurance), from 1 July 2022 these services and products will be provided by 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.
If you’re still not happy with these changes, you can close your Revolut account for free at any time before the transfer, or after we transfer you to Revolut Bank UAB.
If you want to share your experience with Revolut, feel free to do so in the comment section below, or reach out to me via Instagram.