- Revolut will now move its customers in Eastern and Central Europe over to a Lithuanian business entity in order to ensure continuity can be provided in the event of a trade deal not being agreed to
- The move comes as the deadline for the EU and the UK to secure a Brexit deal comes closer and closer
- “We have set up a licenced European company which we will transfer all non-UK customers to in the case of a no trade-deal Brexit”, the firm explained
Online bank Revolut has revealed that it will shift its customers based in the Eastern and Central Europe regions to a fresh, licensed entity based in Lithuania as a result of Brexit.
The bank said that it would do so before the transition period, which is currently scheduled to end in December of this year, comes to a close.
The UK has already left the European Union, but it continues to be in a transition period where some EU rules still apply.
During this period, both the UK and the EU are attempting to secure a trade deal.
If a comprehensive enough deal cannot be secured, international money transfer firms like Revolut may find that they are operating in a different regulatory environment than before.
Revolut explained that there would be no change in the services it offers once the move is complete.
“We have been planning to make sure our users are unaffected by any Brexit outcome”, it said.
“We have set up a licenced European company which we will transfer all non-UK customers to in the case of a no trade-deal Brexit, and continue to offer the same Revolut services.”
Revolut also emphasised that the move was in-keeping with its terms and conditions.
“We will only transfer any of your and our rights or obligations under the agreement, if we reasonably think that this won’t have a significant negative effect on your rights under these terms and conditions, or if we need to do so to keep any legal or regulatory requirements”, it said.
“If you are unhappy about being transferred for whatever reason, you can close your account for free in the app (but we hope this won’t be the case!).”
Security and consumer protection is also unlikely to change due to the move, the firm added.
“Your money is held in a safeguarded account with a leading international bank. It is fully secure and subject to the same protections as it was before your account was migrated”, it said.
There will, however, be some small changes for those who use Revolt to receive payments as the relevant IBAN number will need to be updated.
“If you had a GB IBAN for receiving inbound payments, this will be replaced with a new LT IBAN”, the firm said.
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