Revolut customers urged to update cards before they expire

The company will move users to Revolut Bank as it expands its range of financial products.

Changes to Revolut’s banking system will mean that any customers with a legacy card will need to upgrade it before 21 June.

Thousands of Revolut customers are to be affected by card expiration as the company is set to become a full digital bank.

Changes to Revolut’s banking system will mean that any customers with a legacy card will need to upgrade it before 21 June. If their card is not updated before then it will stop working and the customer will be unable to make transactions using the card.

All customers who are required to change their card will have already been contacted by Revolut via email.

If you haven’t been contacted by Revolut then you do not have to do anything as you will not be affected by this change.

There are a number of further changes coming to the bank later this year.

Revolut customers to be moved to Revolut Bank 

Revolut has approximately 1.7m customers in Ireland and on 1 July all of them are set to be moved to Revolt Bank as the company has now launched as a bank through the Lithuanian banking licence.

This will allow Revolut to introduce a number of new financial products.

The bank is also set to provide Irish users with IE IBANS and credit cards later this year. Some customers will also be able to apply for personal loans via the bank. Existing customers with the bank will have to upgrade their membership to avail of these loans, which have rates from 5.99% APR.

With the departure of two traditional banks Ulster Bank and KBC, Revolut is broadening its offering of financial products with the aim of appealing to consumers who will be looking for a new current account.

Changes to international transfer fees 

International transfer fees with Revolut are also set to change. The pricing model will remain the same however, there will be adjustments made to each of the supported currencies for international transfers.

The bank has also made changes to the offer for customers on their premium and metal plans. Premium and metal fee-free monthly allowances for international transfers will be replaced with a discount of 20% and 40%, respectively, irrespective of the number of international transfers a customer sends per month.

Revolut also has a price calculator on their website and in the app which enables users to see how much they would pay to make a transfer, and how much the recipient would receive.

The bank is currently operating in 37 countries across the world. Customers should be aware that as Revolut has a Lithuanian banking licence it is regulated by the Lithuanian Central Bank. Through Lithuania’s deposit guarantee scheme, Irish customers are covered up to the value of €100,000.