Revolut to Transfer Non-UK Clients in Central & Jap Europe to Newly Licensed Lithuanian Entity Earlier than Finish of Brexit Transition Interval

Digital financial institution Revolut not too long ago introduced plans to maneuver non-UK prospects in Central and Jap Europe in its newly licensed Lithuanian entity earlier than the tip of the Brexit transition interval in December 2020. The corporate went on to share extra particulars about its response to Brexit.

“We’ve been planning to verify our customers are unaffected by any Brexit final result. We’ve arrange a licenced European firm which we are going to switch all non-UK prospects to within the case of a no trade-deal Brexit, and proceed to supply the identical Revolut providers.”

Noting why it is ready to transfer accounts to the European firm, Revolute acknowledged it has the best to switch its authorized relationship from its UK firm to its European firm below its phrases and circumstances.

“We are going to solely switch any of your and our rights or obligations below the settlement, if we fairly assume that this gained’t have a big adverse impact in your rights below these phrases and circumstances, or if we want to take action to maintain any authorized or regulatory necessities. If you’re sad about being transferred for no matter purpose, you’ll be able to shut your account without spending a dime within the app (however we hope this gained’t be the case!).”

Revolut additional defined that every account will stay the identical in practically each method when they’re all migrated. The banking group famous that just about the entire accounts’ particulars will stay precisely the identical and prospects will be capable to use the accounts as regular.

“For those who had a GB IBAN for receiving inbound funds, this will probably be changed with a brand new LT IBAN.”

Revolut then reported that whereas cryptocurrency providers usually are not supplied by its European firm, prospects will nonetheless be capable to use its cryptocurrency providers by our UK firm. With regard to its safeguard plans, Revolut added:

“Your cash is held in a safeguarded account with a number one worldwide financial institution. It’s totally safe and topic to the identical protections because it was earlier than your account was migrated. You possibly can see your account particulars within the Revolut app by going to Dashboard > Accounts, and tapping on a foreign money.”