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Revolut moves Irish customers accounts to Revolut Bank


Fintech company Revolut. Stock image

Fintech company Revolut. Stock image

Fintech company Revolut. Stock image

CUSTOMERS of Revolut in this country have had their accounts moved to Revolut Bank.

The change means some long-standing account holders have been forced to swap their older Revolut bank cards for newer ones.

The payment app, which has almost two million customers in this country, has now launched as a bank through the Lithuanian banking licence.

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

But the move by Revolut to become a full digital bank will mean that some of those with older debit cards will see them expire and they will no longer be able to use them.

Any customers with a legacy card needed to upgrade it before June 21 last.

If the card has not been updated before then it will stop working and the customer will be unable to make transactions using the card.

All customers who are required to change their card will have already been contacted by Revolut via email, it said.

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

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

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

The digital bank said people who have been a service or product offered by Revolut Payments UAB (excluding insurance distribution) will have those services and products provided by Revolut Bank UAB8 from the start of this month.

International transfer fees with Revolut are also set to change.

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

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The change comes days after Revolut began rolling out a buy now, pay later instalments payment product with customers in Ireland from this week.

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

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

A fee of 1.65pc per purchase will be charged and repaid as part of the final two instalments.

There is no penalty for early repayment, Revolut said.

Revolut has a Lithuanian banking licence and is regulated by the Lithuanian Central Bank.

Irish customers are covered up to the value of €100,000 through Lithuania’s deposit guarantee scheme.

Revolut, whose CEO is Nikolay Storonsky, has 18 million customers globally – around 10pc of them in Ireland.

Last month Revolut users in this country were hit after the app crashed and some customers ended up locked out of their accounts over the bank holiday weekend.

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

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

Customers took to Twitter to explain how they were unable to use the money payments app to pay to for the likes of holidays and to pay for utilities.

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