Revolut terminating EMI operations
- Thread starter kkein
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You had the 100k protection before if you were from certain countries and put money into Revolut Vault. You would see shield next to balance indicating ECB protection of 100k 😉. They run a weird parallel system of sweeping funds from EMI to the bank. You can see for yourself by producing a bank with Revolut you would have seen two sections inside it i.e:
1. Revolut Payments UAB
2. Revolut Bank UAB
They would have two different IBAN's also. The new change will mean you will just get statement 2. And this weird sweeping action will end I guess.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Can you repost the mail from Revolut? I deleted it thinking it was usual spam.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
On 1 July, we are merging Revolut Payments UAB into Revolut Bank UAB, meaning all Revolut Payments UAB customers will be moved to Revolut Bank UAB from 1 July onwards.
Why are we merging?
Recently our EU banking license was extended allowing us to offer payment and deposit taking services via Revolut Bank UAB.
In order to continue to offer exciting new products to our customers, we're merging Revolut Payments UAB into Revolut Bank UAB.
What will happen?
Your account with Revolut Payments UAB will be transferred to Revolut Bank UAB and become a current account. Your current IBAN will remain the same. You can use your current account to make payments and hold funds as you normally would.
The funds in your current account and, if applicable, your demand deposit account up to €100,000 will be protected by the Deposit Guarantee Scheme. You can find more information on the deposit insurance here.
If you're using another service or product offered by Revolut Payments UAB (excluding insurance), from 1 July 2022 these services and products will be provided by Revolut Bank UAB.
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