Revolut is a British financial services company that has seen its reach grow exponentially over the last few years. Founded in 2015, the service offers its users quick and easy access to GBP and EUR bank accounts through its smartphone app, with the added benefit of fee-free currency exchange, peer-to-peer transfers, and cryptocurrency exchange, among others. The brand managed to build itself a large fan base due to its friendly services – and navigated through some controversy as well.
Revolut’s services were embraced not only by the general population but by online casino users as well. The service doesn’t only offer virtual debit and credit cards that casino operators like the JackpotCity embrace, plus it offers its users a bunch of useful tools – such as budgeting tools that help with responsible gaming and free withdrawals under a certain amount. Not to mention its capability to work with multiple currencies, helping gamers from all over the planet deposit and withdraw easier.
The company has its headquarters in London, UK, though – and this has become a problem.
Leaving Britain (partially)
With its HQ in Britain’s capital, the service had to find a way to stay competitive after the island-state leaves the European Union. With the country leaving the EU, it also left behind some of the regulations and safeguards being part of the common trading bloc ensured, including the possibility to obtain compensations under the EU regulations in case they have a complaint with the company. Revolut’s UK clients had until the end of 2020 to decide whether they want to continue to use the company’s trading services (and acknowledge the changes) or suspend trading with it altogether.
When it comes to the company’s customers outside of the UK, changes have already been made: Revolut, while keeping its HQ in London, has shifted most of its Central and Eastern Europe operations to Lithuania. Here, the company has obtained a special banking license from the Bank of Lithuania and transformed the e-wallets of its local clients into fully-featured bank accounts.
Revolut users will need to join the company’s European entity to continue using the service. The IBAN bank account issues will no longer be based in the UK (GB), and users will need to update their payment information to reflect the change. The UK IBAN account will not disappear for six months – until June 30, 2021 – so any payment made to it will be redirected to the users’ new account. This will give users enough leeway to make any necessary changes – update their account information with any direct debit services, contact customers with standing orders, and such – in due time.
The changes will not affect the cryptocurrency services offered by Revolut, though. As this is not a regulated service, it doesn’t depend on the company staying within the EEC or not, so there won’t be any changes regarding it for now.