Revolut warns of app changes due to Brexit

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO at FXcompared and has numerous years of experience in the international finance world, especially within the media, technology and property sectors. Daniel is passionate… Read more
  • The money transfer app Revolut said in an email to customers that there will likely be some changes on the app soon
  • Revolut has asked for its clients to either take a selfie or whip out their identification documents
  • The new bank is reportedly getting ready for a hard Brexit

 

Challenger bank Revolut has warned its customers through email that some changes will likely be implemented on its app soon and that it is due to the possibility of a hard Brexit. Mrs May’s latest address to parliament has not been received well and it has made many fintechs and leaders in the financial sector more jittery. Reports say that changes may come in the coming months.

The email was sent on Tuesday, according to sources. While it did not alarm consumers, observers say that it reinforced the possibility of a difficult transition period. Revolut confirmed the news on Tuesday and told media that it asked its customers to upload new identification documents in case a hard Brexit occurs.

Brussels says that the possibility of the United Kingdom leaving the European Union without a deal is “increasingly likely”. The bloc, according to the Financial Times, is now ready for such a scenario. The flow of goods and people will be affected once the United Kingdom finally leaves the bloc but there are worse things to worry about, experts note. Brussels confirmed on Monday that it has already done its no deal planning.

An official from the bloc reportedly said that friction will be expected, noting that consequence have been “pretty clear”. The United Kingdom is set to pay its annual contributions before April the 12th.

The banking app has always been straightforward with its customers and this email is a sign that the company is doing what it can to make the transition easier for its customers. Observers say that Revolut has gained the trust of consumers by being transparent with its dealings. Revolut is adapting better than traditional financial institutions.

Revolut grew when it made it easier for people to transfer money internationally. The firm’s cheap overseas transfer rates is also a major reason that the fintech has maintained steady growth through the years.

"We know this is a pain", the email began. It was followed by the company asking for customers to either show their passports or take a selfie. “Right now, all of our customers in Europe are tied to our UK Electronic Money License, which we have passported across the European Economic Area”, the email continued.

"If a no deal outcome were to happen, we would no longer be able to passport this licence across Europe”, the email added.

The finance technology brand has always advocated and worked for borderless transactions. It is not clear what further steps the company will take before April 12th, but the firm’s executives are reportedly confident that the brand will be able to survive Brexit.

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