Revolut release statement for all their customers in the event of a no-deal Brexit happening 1 year ago

Revolut release statement for all their customers in the event of a no-deal Brexit happening

Irish people that use the mobile banking app might find this interesting.

In terms of Brexit, Theresa May has warned MPs that if they fail to back her Brexit deal at the third time of asking then Brussels might insist on a lengthy delay, potentially scuppering chances of leaving the European Union altogether.

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Earlier this week, MPs voted to delay Brexit by approving a government motion on going back to the European Union and extending the Article 50 process.

On Thursday, the House of Commons was asked to consider four amendments to a motion that included parliament taking control of the legislative agenda as well as a second Brexit referendum. The government won slim margins against an extension to 30 June and control over parliamentary business on 20 March.

The final motion on extending the Article 50 process was then put to parliament, and passed with 412 votes to 202.

Theresa May will now ask the EU to delay the UK's exit day, which they will almost certainly agree to. The alternative is a no-deal clusterf**k.

Speaking to the press on Friday, Tánaiste Simon Coveney also believes that a no-deal Brexit “is now very unlikely" but given the implications that Brexit can have on banking, Revolut have released a statement in the worst-case scenario that a no-deal Brexit actually occurs.

They've stated that "while it looks like a no-deal Brexit is unlikely, it is still a possibility".

On this note, they've released the following statement:

"Regardless of what happens next in terms of the UK’s withdrawal from the EU —whether it’s a no-deal, an extension, or something else— rest assured that Revolut is working proactively to make sure you can continue to use our services with as little disruption as possible. 

What is Revolut doing to protect me?

If you’re a UK Revolut user, it’s business as usual for the most part. For Non-UK Revolut customers, in the event of a no-deal, we will begin the process of transferring you to our European authorised subsidiary.

What does that mean?

Revolut currently has a licence to operate in the UK, which it is able to ‘passport’ to all other countries within the European Economic Area (EEA) under the EU’s Freedom of Services regime. 

If a no-deal Brexit were to happen or a deal agreed that immediately revokes freedom of services, Revolut may lose this passporting right and we’ll need to migrate non-UK users to our licensed entity in Europe in order to continue offering our Revolut services to all our European customers.

All you’ll have to do is to keep an eye out for a notification from us with updated T&Cs. We’ll be in touch with you about this nearer the time.

Inevitably, there will be unforeseen changes along the way, as the government continues to negotiate a deal with the EU. If anything changes, we’ll update you with further information and be right there with the support you need.

The full post can be read here.