Wednesday, August 17, 2022

Revolut transfers accounts of Irish customers to Revolut Bank

Revolut customers in this country have transferred their accounts to Revolut Bank.

That change means that some long-standing account holders have been forced to swap their old Revolut Bank cards for new ones.

The payments app, which has about two million customers in this country, has now launched as a bank through a Lithuanian banking license.

This will allow Revolut to introduce a number of new financial products.

But Revolut’s move to become a fully digital bank will mean that some people with older debit cards will expire and will no longer be able to use them.

Any customer with a legacy card will have to upgrade it before June 21.

If the card has not been updated earlier then it will stop working and the customer will be unable to transact using the card.

Customers who need to change their card may have already been contacted by Revolut via email, it said.

Customers who have not been contacted by Revolut need not do anything as they are not affected by the change.

A message to Revolut customers says: “Your account with Revolut Payments UAB has been transferred to Revolut Bank UAB and has become a current account.

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“Your account number that you had with Revolut Payments UAB (also known as IBAN) remains the same. You can use your current account to make payments and keep money as you normally would.”

The digital bank said that those who have been a service or product offered by Revolut Payments UAB (excluding insurance delivery) will have services and products provided by Revolut Bank UAB8 beginning this month.

International transfer fees with Revolut are also set to change.

The pricing model will remain the same, but adjustments will be made to each currency supported for international transfers.

The change comes a few days after Revolut just launched the Buy Later Installment Pay product with customers in Ireland starting this week.

Revolut’s Pay Later product enables consumers to spread the cost of purchases of up to €499 over three installments and can be used for both online and in-store purchases.

The new service includes an accepted credit limit for customers, in the fast-growing but controversial purchase first, pay later market. Unlike other providers, the service does not require a partnership between retailers and Revolut, making it more like a traditional credit card.

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1.65 pcs will be charged per purchase and will be repaid as part of the last two instalments.

There is no penalty for early repayment, Revolut said.

Revolut holds a Lithuanian banking license and is regulated by the Lithuanian Central Bank.

Irish clients are covered through Lithuania’s Deposit Guarantee Scheme up to a value of €100,000.

Revolut, which is headed by Nikolay Storonsky as CEO, has 18 million customers globally – about 10pc of them in Ireland.

Revolut users were affected after the app crashed in this country last month and some customers closed their accounts over the bank holiday weekend.

The fintech company confirmed that there were problems with signing in, currency exchange and internal transfers.

Revolut told customers that it was experiencing “technical issues” that caused the app to crash.

Customers reported on Twitter how they were unable to use the Money Payments app to pay for vacations and pay for utilities.

Nation World News Desk
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