How will Brexit influence Revolut?
it won’t in anyway, revolut is licensed both Uk and Eu separetely.
Do we have any news or update about Revolut’s intention after the Brexit?
Will it become a fully fledged bank in EU?
Or carry on as fintech company?
What about the Iban numbers?
In Denmark, many stores already surcharge me wherever I pay, because the surcharge ban does not include the UK after Brexit in just a few weeks’ time.
This means that I will basically stop using my Revolut cards after Brexit.
Why do they surcharge? I was in CPH Tuesday and yesterday and didn’t notice any extra cost but I may be missing something.
Revolut’s cards are issued with a UK license, although the BINs may be localized. EU regulation only prohibits surcharging of EU-cards. After Brexit (with no deal), I suspect that most card acquirers will move the UK outside the Eurozone category, and into a “World 1” or “World 2” zone, where surcharging is enabled per default.
The Danish aqcuirer NETS actually enabled surcharging of UK cards all the way back in 1 January 2019, and stores that use NETS as their card acquirer must disable it individually. They do not look at the BIN - they look at the country of issue.
Good stuff, thanks for sharing.
It makes sense, my BIN looks Spanish in one website and British on most others.
Good to know. How big is surcharge in this case?
You might get hit with the same surcharge when you use a Curve card, but if not you might be able to keep using Revolut in Denmark ‘hidden’ behind a Curve card.
I’m sure at some point Revolut will start issuing cards with LT ibans. Revolut Bank is coming.
Guess it depends on the card acquirer. In my case it was 1.2%.
I think it would be nice and well appreciated if Revolut would issue a clarification in this regard.
We should not rely on info or statement issued last year or during the summer. Or trying to speculate on something that we’re not sure about.
If Revolut wishes to keep the EU clients then it’s a must to inform them about the consequences of Brexit as transparently as possible.
Btw: did you report that to in some way so they are aware?
Thanks for sharing, it will be useful if Revolut is acceptable in Uk and Europe still
Here is the updated article about Revolut and Brexit:
Nothing new, no imminent plans to transfer people over to the Lithuanian bank license, just the LT e-money license.
Otherwise the article is trying to explain as little as necessary, they do not even dare to explicitly say Lithuania.
Also not too happy about them using Europe as a synonym to EU.
UK, EU, EEA - the post is a right mess.
I guess it is intentionally done like that. So they have enough manoeuvres. Yet it’s not really fair with the clients who want to see clearly and expect things in a more transparent way.