Revolut terminating EMI operations

[kkein]

Just got a message from Revolut saying they will terminate EMI operations and move all remaining EMI accounts into Revolut Bank UAB from 1.7.2022.
Somehow i feel more protected now than with ECB 100k deposit protection :/

 

[Martin Everson]

Somehow i feel more protected now than with ECB 100k deposit protection :/

You had the 100k protection before if you were from certain countries and put money into Revolut Vault. You would see shield next to balance indicating ECB protection of 100k . They run a weird parallel system of sweeping funds from EMI to the bank. You can see for yourself by producing a bank with Revolut you would have seen two sections inside it i.e:

1. Revolut Payments UAB
2. Revolut Bank UAB

They would have two different IBAN's also. The new change will mean you will just get statement 2. And this weird sweeping action will end I guess.

 

[JohnnyDoe]

Just got a message from Revolut saying they will terminate EMI operations and move all remaining EMI accounts into Revolut Bank UAB from 1.7.2022.
Somehow i feel more protected now than with ECB 100k deposit protection :/

Can you repost the mail from Revolut? I deleted it thinking it was usual spam.

 

[kkein]

Can you repost the mail from Revolut? I deleted it thinking it was usual spam.

On 1 July, we are merging Revolut Payments UAB into Revolut Bank UAB, meaning all Revolut Payments UAB customers will be moved to Revolut Bank UAB from 1 July onwards.
Why are we merging?
Recently our EU banking license was extended allowing us to offer payment and deposit taking services via Revolut Bank UAB.
In order to continue to offer exciting new products to our customers, we're merging Revolut Payments UAB into Revolut Bank UAB.
What will happen?
Your account with Revolut Payments UAB will be transferred to Revolut Bank UAB and become a current account. Your current IBAN will remain the same. You can use your current account to make payments and hold funds as you normally would.
The funds in your current account and, if applicable, your demand deposit account up to €100,000 will be protected by the Deposit Guarantee Scheme. You can find more information on the deposit insurance here.
If you're using another service or product offered by Revolut Payments UAB (excluding insurance), from 1 July 2022 these services and products will be provided by Revolut Bank UAB.