Revolut moving UK users to new European license

UK users of Revolut are now receiving an email that moves them to a new European license so that the Brexit does not impact services provided by Revolut to its users.

revolut uk new license

Here is the complete email.

You are currently a customer of our UK company, which has an electronic money licence. As you may know, we have a company with an electronic money license in Lithuania as well. We set up this Lithuanian entity to ensure that our service would not be affected by Brexit.

In one month’s time, we will start moving our European customers over to this European electronic money license. You don’t need to do anything. We’ll take care of everything and contact you again when we have made the switch.

This will ensure that your Revolut service will continue smoothly, when the Brexit process is concluded. You’ll still be able to use all of the services and features that you love.

European terms and conditions

You can read the Terms & Conditions of the Lithuanian entity that you will be transferred to here. These T’s & C’s are largely the same as your existing UK ones, with a few changes to comply with local laws. Here is a quick summary of the key changes:

The Revolut entity that will provide your services will be Revolut Payments UAB, an electronic money institution authorized by the Bank of Lithuania. This is the same type of license as our UK entity (Revolut Ltd).

If you ever need to make a complaint about our Lithuanian entity’s service, you can do so through the Bank of Lithuania – a member of the European System of Central Banks – which investigates disputes between consumers and financial services companies impartially and free of charge.

The T’s & C’s of your account will be governed under Lithuanian law, and the Lithuanian courts will have jurisdiction to hear claims in conformity with all applicable EU laws and respecting your fundamental rights as an EU citizen. In some circumstances, as an EU citizen you may have the right to make a court claim in your own country under the laws of that country.

These Terms & Conditions will automatically apply to you once we transfer you to our Lithuanian entity.

New account details

After we have transferred you to our European entity, the International Bank Account Number (IBAN) that you currently use to receive both Euro and non-Euro currency payments will change. We’ll provide further details and support in relation to this change closer to the time.

Unhappy for any reason?

We’re confident that the migration process will go smoothly, and that there will be no, or minimal, disruption to your services. If, however, you would like more information about the migration, here is a link to a helpful FAQ.

If you would like to speak with a customer support agent or to make a complaint please get in touch with us through our in-app customer support chat.

If you are still not happy with these changes, you can close your Revolut account for free by selecting your Profile icon in the Revolut app, tapping on the Settings icon, scrolling to the bottom of the page, and choosing “Close account”. You can do this at any time before the transfer, or after we transfer you to our Lithuanian entity.

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