Digital bank Revolution Note that if you are looking for more security and more innovative products, you should consider joining their platform.
Revolut Bank is currently present in 13 countries of the European Union and continues to add new countries to the list, Fintech Unicorn confirmed in a recent blog post. If you join Revolut Bank, your funds will be protected by the Deposit Guarantee System and you will be “one of the first” to access their latest banking products in the future, such as loans and credit cards which are now offered to customers in Lithuania and Poland.
If you are from the EEA region, you can keep an account with Revolution Payments – which is the authorized company of the electronic money institution of Revolut. It’s an e-money account that can be used for money transfers and exchanging, and “to access all the other Revolut services you know and love,” the company confirmed.
If you join Revolut Bank, you add a Sight deposit account with Revolut Bank on your e-money account, the company explained. They added that the deposit account is “only used to hold your money as a deposit protected by deposit insurance.”
The Revolut team further Noted that when you have both, you will be able to “take advantage of all the features and benefits of Revolut, such as transfers and currency exchange with excellent rates, but also deposit insurance to keep your money safe.”
Commenting on whether the bailiffs and tax authorities will be able to contact you more easily if you join the bank, the company clarified:
“We often see this question flying over social networks. Whether you have an e-money account or a bank deposit account, Revolut is no place to hide. We operate in local markets by complying with local laws and regulations and by cooperating with local authorities, law enforcement institutions and regulators.
The Fintech company further noted:
“As a financial institution, we are required by law to collect and report information on your tax residences. The reporting framework is the same for our e-money institution and our bank, so nothing will change if you join the bank.
Responding to a question on how to join Revolut Bank, the company noted that if you qualify or are eligible to join Revolut Bank, you will see “a banner on the home screen of your Revolut app stating” Join Revolut Bank “”. To register, simply click on this banner and “follow the on-screen instructions”.
As the digital bank notes:
“Starting with version 8.5 of the Revolut app, you will immediately have both accounts when you join Revolut. “