Revolut officials, through notifications inside the mobile application of the same name, have been insisting for several months to make the transition to Revolut Bank. In theory, the benefits are significant. In practice, most users have refused to do so, and will soon be unable to choose.
A few weeks ago, I spoke with Gabriela Simion, Revolut Branch Head and Head of Lending. At that time, the head of Revolut drew our attention to a very important issue related to people’s reluctance to transition to Revolut Bank. “Approximately 25% of Revolut customers have already chosen to become Revolut Bank customers, and the number of those who choose to transfer their salary to their Revolut account is also growing,” Ms Simion explained at the time.
At the same time, I asked a very punctual question about the forced transition of a Revolut user’s account to Revolut Bank, but I didn’t get an answer. ”Is there a possibility that the “classic” Revolut service will disappear and the migration to the bank will be forced?I then asked the local director of Revolut. There was no official response, but two weeks later, that’s exactly what happened, according to a notification sent to customers who did not migrate, including me. The full interview can be found here – INTERVIEW Revolut in Romania: everything you wanted to know, but you had no one to ask.
If you don’t want Banca Revolut, the alternative is to close your account, that’s all
In order not to distort the new reality that Revolut customers will be subjected to, I will give below the entire press release sent by the company to customers:
On July 1, our European entities will merge and, as a result, all Revolut Payments UAB customers will become Revolut Bank UAB customers, starting July 1.
Why is the merger taking place?
Recently, our European banking license has been extended, allowing us to offer payment and deposit acceptance services through Revolut Bank UAB. In order to continue to offer our customers new and exciting products, we are merging Revolut Payments UAB with Revolut Bank UAB.
What will happen?
Your Revolut Payments UAB account will be transferred to Revolut Bank UAB and will become a current account. Your IBAN will remain the same. You can use your current account to make payments or keep your money, just like before.
The funds in the current account and, if applicable, in the sight deposit account (up to the amount of € 100,000) will be protected by the Deposit Guarantee Scheme. You can see more information about deposit insurance here.
If you use other services or products offered by Revolut Payments UAB (excluding insurance), they will be provided by Revolut Bank UAB as of July 1, 2022.
If you have a paid plan
If you have a subscription to a Plus, Premium or Metal plan, starting with July 1, 2022, this subscription will be offered to you by Revolut Bank UAB.
This also means that Revolut Bank UAB will be the holder of the group policy for travel insurance and protection every day. In order to continue to offer you the best services, we have hired our new insurance brokerage entity Revolut Insurance Europe UAB. From 1 July 2022, Revolut Insurance Europe UAB will provide you with all the information about travel and protection insurance every day, as well as the answers to all the questions you may have about coverage.
Although our insurance has undergone these structural changes, your coverage and applicable terms will not change. You do not need to sign any new insurance documents or make any changes to your existing documents.
You will not have to pay anything for the migration of the insurance distribution entity to Revolut Insurance Europe UAB.
We’ve also clarified that users of Plus and Premium plans have access to up to two Revolut Junior accounts.
As a result of the above changes, we have made some changes to the Plus, Premium and Metal terms and conditions. It is important that you read and accept these changes in the link below.
The most important thing, however, is the conclusion of the entire press release, which explicitly draws your attention to the fact that this transition, which many Revolut customers have avoided for various reasons, is not optional. “If you are still dissatisfied with these changes, you can close your Revolut account for free at any time before the transfer or after you switch to Revolut Bank UAB.”