Revolut CUSTOMERS in this country have moved their accounts to Revolut Bank.
The change means some longtime account holders have been forced to swap out their older Revolut bank cards for newer ones.
The payment app, which has almost two million customers in this country, has now started as a bank using the Lithuanian banking license.
This will allow Revolut to launch a range of new financial products.
But Revolut’s move to become an all-digital bank will mean some of those with older debit cards will expire and they won’t be able to use them anymore.
All customers with a legacy card were required to update before June 21st.
If the card has not been previously updated, it will no longer work and the customer will not be able to transact with the card.
All customers who need to change their card have already been contacted by Revolut via email, it said.
Customers who have not been contacted by Revolut do not need to take any action as they will not be affected by the change.
A message to Revolut customers reads: “Your Revolut Payments UAB account has been transferred to Revolut Bank UAB and become a current account.
“Your account number that you had with Revolut Payments UAB (also called IBAN) remains unchanged. You can use your checking account to make payments and hold funds as you normally would.”
The digital bank said people who have offered a service or product from Revolut Payments UAB (excluding insurance distribution) will have those services and products offered by Revolut Bank UAB8 starting earlier this month.
International transfer fees with Revolut will also change.
The pricing model remains the same, but adjustments are made to each of the supported currencies for international transfers.
The change comes days after Revolut began rolling out a buy it now payment product with later installments to customers in Ireland from this week.
Revolut’s Pay Later product allows consumers to spread the cost of shopping up to €499 over three installments and can be used for both online and in-store purchases.
The new service includes an approved credit limit for customers, a first here in the fast-growing but contentious “buy now, 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.
A fee of 1.65 pieces per purchase will be charged and returned as part of the last two installments.
According to Revolut, there is no penalty for early repayment.
Revolut has a Lithuanian banking license and is regulated by the Central Bank of Lithuania.
Irish customers are covered by the Lithuanian deposit guarantee scheme up to a value of €100,000.
Revolut, whose CEO is Nikolay Storonsky, has 18 million customers worldwide – about 10 percent of them in Ireland.
Last month, Revolut users in that country were hit after the app crashed and some customers were locked out of their accounts over the bank holiday weekend.
The financial technology company confirmed that there were problems with signing up, currency exchange and internal transfers.
Revolut told customers that there were “technical issues” that caused the app to crash.
Customers took to Twitter to explain that they couldn’t use the money payment app to pay for vacation trips and incidentals.
https://www.independent.ie/business/personal-finance/banking/revolut-moves-irish-customers-accounts-to-revolut-bank-41806772.html Revolut moves Irish customer accounts to Revolut Bank