Fintech company Revolut is to migrate its one million Irish customers from its electronic money licenced business in the UK to its Lithuania base due to Brexit.
Revolut has an electronic money or e-money licence in the UK and has until now been using this licence to operate in Ireland under EU passporting rules.
These passporting rules allow a bank or financial institution which is licensed in one EU country to transfer the licence to another EU country. However, as a result of the UK leaving the European Union, Revolut will no longer be able to use its UK license in this way.
The company announced earlier this year that it is applying for an e-money licence from the Central Bank of Ireland as part of its "post-Brexit strategy of operating around three European hubs”.
However, until the fintech company secures this e-money license in Ireland, its Irish customers are to be transferred to Lituania and regulated by Lithuania's Central Bank.
As a result of the move, Irish customers can expect their Revolut IBAN to change from a GB IBAN to a new LT IBAN.
Revolut has advised customers who are paid directly into their account by an employer, or who have direct debits or other recurring payments coming into their account, to contact the relevant companies to inform them of this change.