Revolut moves from the UK to Lithuania: no fees with the new IBAN, but the changes are there
From Revolut Ltd to Revolut Payments UAB: prepaid cards are also moving out of the UK due to Brexit. Announced in mid-October, the migration of Revolut accounts from the UK to Lithuania is already underway for many European customers and will end by the end of the year.
All this in order to avoid that, with the UK’s exit from the European Union, those with Revolut accounts will be forced to pay fees for payments made or received after December 31, the date when Queen Elizabeth’s subjects will be out of the united Europe. The transition will bring users some changes, a bit annoying maybe, but necessary. No disruption, however, and no loss of benefits: here is what changes, in practice, with the move of Revolut in Lithuania.
Revolut in Lithuania: the new IBAN
The Revolut card is associated with a current account, so it has an IBAN. Until now it was an English bank account and the IBAN started with GB. With the switch, the user receives a new IBAN that begins with LT, but can continue to use the old one for six months.
However, the bank sending the money may decide to charge the user a fee if the destination IBAN is GB, and Revolut itself recommends starting to use the new IBAN sooner rather than later.
The user, therefore, will have to communicate his new IBAN to his employer for the crediting of the salary and will have to update any possible debit on the account for subscriptions of any kind.
Nothing changes, however, for payments and recharges nor for the exchange of money between Revolut users.
Revolut in Lithuania: what changes for the policy
Among the additional services of Revolut there is the possibility to stipulate insurance policies for travel or to protect electronic devices. With the switch to Lithuania there are no changes in the policy numbers or in who provides the policy itself.
What does change is the maximum insured amount, which changes from British Pounds to Euros but without applying the exchange rate. Those who were previously insured for a maximum of 10,000 pounds (11,140 euros at the current exchange rate) will now be insured for 10,000 euros.
Revolut in Lithuania: which users are affected
All that we have just described, however, does not apply to all users but only to those who have opened the account before the beginning of the transfer of Revolut from Great Britain to Lithuania.
Those who opened the account after October 9 should not suffer any changes, but to remove any doubt just read your IBAN: if it starts with LT then nothing changes, if it starts with GB then the above applies.