How can I resolve this issue? I think the account was linked in the wrong currency and converted from euros to USD, which caused the balance to default? Our terms and conditions allow us to transfer our legal relationship from our UK company to our European company. We take this responsibility very seriously and do so to protect our customers and ensure continuity of service after Brexit. If you are currently using Revolut Junior, these accounts will also be migrated to our Lithuanian unit. I linked an account, but somehow the balance is disabled. And then today I see two transactions on the migration of the balance to another region or legal entity? and the amount is the actual balance of my account. No, you will be redirected to our Lithuanian company, which is a licensed e-money institution (the same type of company as our UK company). Due to some differences in local regulations, we need to ask some users to double-check their identity or certain details about their business before we can migrate them to our European office. This will ensure a smooth process in the event of a no-deal Brexit. If something is needed, we will contact you. To be fully prepared, we will start relocating our European business customers to our new authorised European entity before the end of the Brexit transition period in December 2020. We know you`ll have questions about this, so we`ve tried to answer the most common questions in this article. Who regulates your European company and where can I file a formal complaint? We will only transfer your rights and our obligations under the Agreement if we reasonably believe that doing so will not materially affect your rights under these Terms and Conditions, or if we are required to do so in order to comply with legal or regulatory requirements. If for some reason you are not satisfied with being transferred, you can close your account for free by contacting our support team (but we hope this will not be the case!).
Revolut Payments UAB is regulated by the Bank of Lithuania. If you wish to file a formal complaint, you can do so by following our complaint procedure. Since we have a large number of pending documents to review, it may take some time before your reverification status is confirmed (even several days). This will not affect your account in any way, we just need to update some data. What happens to my account when it is migrated? You will be redirected to Revolut Payments UAB, an e-money institution licensed and regulated by the Bank of Lithuania. I was asked to submit new documents about myself, my business partners or my company. Why do I have to do this?. Why can Revolut transfer my account to the European company? We hope that most of your above questions have been answered. If you still need help, we are of course here for you.
Simply contact the business support team via the web platform chat. Yes, there will be new terms and conditions. These will be very similar to our current terms and conditions, but with some adjustments to comply with Lithuanian law. You can see them on our website. We plan to ensure that our users are not affected by Brexit as much as possible. We have created a licensed European company to which we will refer all customers outside the UK after Brexit and continue to offer the same Revolut services. Cryptocurrency services are not offered by our European company. However, you can still use our cryptocurrency services through our UK company. Will I be transferred to Revolut`s Lithuanian banking license? If you do not, we may not be able to provide you with our services. This means that we may need to limit the functionality of your account until you provide new documents. Please contact our business support team via the web platform chat if you have any questions about this.
I was asked to present my passport/ID card. Why do I have to do this? Your money is held in a secure account with a leading international bank. It is completely secure and subject to the same protection as before you migrated your account. You can view your account details in the Revolut Business mobile app by going to “Accounts> swipe left to select the currency > details, or in the Revolut Business web app by going to “Accounts> Choose a currency > Details”. You can still receive payments on your old GB-IBAN for six months, but after this time, payments to the sender will be refunded. It is important that you update your IBAN data if necessary. Your money is protected by similar rules in the UK, but the money is held in different banks as we are not allowed to hold the money in the UK when it leaves the EEA. Rest assured that we will protect your money at similar first-tier banks in the EEA. I uploaded my documents but did not receive any information about my review status. What is hold-up?.