Revolut made an announcement about account migrations to cover a no trade-deal Brexit
Revolut prepares for Brexit, moving customers to another entity. Source: youtube.com
Revolut is going to start transferring its customers in Central and Eastern Europe to the new licensed European entity, the bank announced on its official website. The neobank plans to finish it before the end of the Brexit transition period in December 2020.
The challenger bank said it has been planning to make sure the users are unaffected by any Brexit outcome. They’ve set up a licensed European company which they will transfer all non-UK customers to in the case of a no trade-deal Brexit, and continue to offer the same Revolut services.
Revolut highlights it will ensure that the transfer won’t have a significant negative effect on clients’ rights under the terms and conditions. Anyone who’s unhappy about being transferred for whatever reason, can close their account for free in the app.
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