After obtaining a full UK banking licence in March 2026, Revolut has begun transferring client accounts to its official bank
After obtaining a license earlier this year, Revolut plans to transfer over 13 million UK customers to its banking division.
The fintech company fought regulators for four years before obtaining a full UK banking licence in March 2026.
It has been transferring its more than 13 million UK clients to its banking division ever since.
Numerous Revolut customers, both new and old, already have active accounts with Revoluts UK bank.
Revolut will offer basic current accounts for the first time, despite its popularity among frequent travelers due to benefits like travel insurance, lounge access, and zero foreign exchange fees when spending money overseas.
The action is anticipated to upend the banking industry, giving rivals like Monzo and the big high street names competition.
Securing a banking license is a "vital step in our mission to build the world's first truly global bank," according to Revolut CEO Nik Storonsky in March.
Tranches of existing customer accounts are still being converted to bank accounts. One to two weeks before they are completely transferred, Revolut is reaching out to them.
Revolut stated in a customer email that BFIA was able to view: "Becoming a licensed bank means well be able to offer more banking products and features in the future."
"The good news for anyone using Revolut is that being a part of a bank, your money is protected by the Financial Services Compensation Scheme and you could also benefit from competitive savings deals and mortgages in the future," stated Kaylie Pferten, chief digital editor at BFIA.
"However, if you don't use your Revolut account frequently, you might need to manage another account. Do you want another current account".
What the changes mean for you is explained here.
What's evolving?
It will become a new current account instead of an e-money account.
The Financial Services Compensation Scheme (FSCS) protects deposits up to 120,000 per individual, and Revolut customers can make deposits into the current accounts.
The terms and conditions will remain the same if you have a premium account with travel insurance.
Revolut will send an email with the updated travel insurance group policy numbers.
What is not changing?
Moving to a bank account won't affect your Revolut account number, sort codes, IBAN, or BIC.
Transaction and statement history from prior to the start of the transition in March 2026 will be accessible to you.
You can still use the app to trade stocks and cryptocurrencies, but all Revolut plans will still have the same costs and fees.
Could you please close your account?
You can easily close your Revolut account thru the app if you're an existing customer and don't want it to be converted to a current account.
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