By now it’s surely no news that Revolut Bank is part of the app’s services in Malta. But what does it entail? Will functions work as normal? What about account history?
What happens exactly?
First, you have to agree to a supplement of the terms and conditions you agreed to when you first joined Revolut. The original T&Cs will not change, so all you need to do is agree to this supplement.
What happens to your existing money? Your existing balance will be transferred to your Deman Deposit Account with Revolut Bank. From here on, any money you receive will transfer directly into this deposit account. This also includes any time you add money.
You will receive four separate documents with all the legal framework and personal terms and T&Cs via e-mail. Though any questions you might have could be answered in there, there’s also the in-app chat service.
So, business as usual?
Though it might seem like business as usual for now, a deposit guarantee scheme is just one of the new services available. More, however, will be on the way, though it appears the loan function is not here yet. Local banks are, of course, not at liberty to talk about other banking institutions’ plans, but there’s most surely a new kid on the block.