Revolut updates August 2022 (from October)
Revolut has just announced new Terms and Conditions (T&C) via email and on its blog.
In a nutshell: they are changing several things in the backend (e.g. how money is transferred), introducing some Revolut.me features, and details on account closure and delays in payments.
Read the full text below.
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We wanted to let you know that we’ll be making some changes to our terms from 17 October.
To make sure that all of our EEA customers can access the various types of account details they need, like UK sort code and account number, we’re making small changes to how funds are transferred to and from those accounts. This won’t impact your experience. You can review this in Section 14 of the terms.
We’ve also added some Revolut.Me feature payment options. These changes are covered in Section 16. You can now send and receive payments from others using Revolut.Me links. They don’t change, so the links can be used to receive payments on an ongoing basis. Anyone who has your Revolut.Me details can send a payment to you via Revolut.Me.
We’ll soon be adding a card transfer option to payment links for those receiving payments, meaning the recipient will be able to choose to claim their funds into their Revolut account, bank account, or an eligible card account.
We’ve also made some clarifications to the terms:
– We’ve clarified how you can withdraw money from your Revolut account after the account closure. Go to Section 7 of our terms for more info
– We’ve provided details on how and when we may close a sub-account. Read more about this in Section 12
– We’ve added a notice that we may delay some payments if legal or regulatory requirements prevent us from making the payment or require us to perform additional checks. See Section 20 for more
– Lastly, in Section 30, we’ve provided more detailed information on how you can contact us via live chat and how to lodge a complaint
Unhappy for any reason?
We’re confident that this process will go smoothly and there’ll be no disruption to your experience, but if you’d like to speak with us or make a complaint, get in touch via our in-app chat.
If you’d like to close your account because of these changes, you can do so without charge before 17 October 2022, but we’ll be sad to see you go.