What will happen to my account when it is migrated to the European company?
Your day-to-day card transactions will all be unaffected. So will sending money to other Revolut users, topping up by card or topping up a Revolut Junior account.
One thing that will change is your IBAN number. Until now, the IBAN you've been using to make and receive bank payments started with ‘GB’. Once you have joined our European entity we will issue you with a new IBAN, beginning with 'LT'. Any future bank payments you make or receive will need to use the new 'LT' IBAN. Please make sure that anyone using your old 'GB' IBAN to pay you is informed of this change, so that you keep receiving payments in future. You can read our blog post here for more information and advice in relation to this change.
You can still receive payments to your old 'GB' IBAN for six months: however, European banks may impose a fee for this. And after six months, payments will be returned to sender. So it is important that you update your IBAN details if required.
Your money is currently safeguarded in ring-fenced accounts at tier-one UK banks. After Brexit, we will safeguard your money in similar tier-one banks located within the EEA.