After Brexit, the company moved its license from the UK to Lithuania in order to continue operating in European markets. However, Revolut has also applied for a UK banking license to improve its profitability.
Is Revolut located in Lithuania?
In fact, Revolut Payments UAB has been operating in Lithuania under an electronic money institution licence since the end of 2018. After the migration the Revolut accounts will remain the same in nearly every way and the users will be able to use their accounts as normal.
Is Revolut safe in Lithuania?
Almost all deposits with Revolut Bank UAB are insured by the Lithuanian State Company “Deposit and Investment Insurance” (VĮ “Indėlių ir investicijų draudimas”). … “Safeguarding” means that we deposit the money we receive from you (or for you) into a client money bank account.
Why is my Revolut in Lithuania?
In an effort to mitigate the regulatory and business uncertainty and ensure smooth continuous provision of services, in March 2020 Revolut announced that all customers in Central and Eastern Europe are being moved to their new European entity in Lithuania – Revolut Payments UAB.
Is Revolut IBAN in Lithuania?
In December Revolut will therefore transfer its Irish users to its e-money licenced business in Lithuania, where it also has a banking licence. … “This is because all Revolut IBANs currently start with a ‘GB’ as this is what is used for all UK-based accounts. This will now change to LT.
Is Revolut only for Europe?
We are currently only supporting legal residents of the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan and the United States.
Is my money secure in Revolut?
Is my money safe? Revolut is not a bank but is allowed to hold on to your money as something known as an “e-money” instituon. … Money held with a bank is covered by the Financial Services Compensation Scheme (FSCS) and if the bank goes under then your cash is protected up to £85,000.
Did Revolut change Iban?
Irish customers can expect their Revolut IBAN to change from a GB IBAN to a new LT IBAN. … The company announced earlier this year that it is applying for an e-money licence from the Central Bank of Ireland as part of its “post-Brexit strategy of operating around three European hubs”.
Where is Revolut Europe based?
Revolut is a financial technology company that offers banking services. Headquartered in London, England, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko.
Is Revolut affected by Brexit?
As a result of Brexit, our trading company Revolut Trading Limited (RTL), will no longer be able to passport its services across the EEA from 1 January 2021 as an appointed representative of its UK principal firm, which is authorised and regulated by the Financial Conduct Authority.
Is Revolut bank worth joining?
Joining the bank is completely optional, so you don’t have to do it. … However, we highly recommend that you do join the Bank – it’s completely free allows you to enjoy deposit insurance and access our new Credit services (personal loans, credit cards).
Is Revolut any good?
Revolut is one of the best travel money cards, yes! … Yes, Revolut is a legitimate company and a secure option to send money abroad. The company is authorized by the Financial Conduct Authority (FCA). However, your money is not covered by the Financial Services Compensation Scheme.