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Does switching to Revolut Bank constitute opening a new bank account?

Your account would be exactly the same. The main differences is the new entity you would be part of (Revolut Bank instead than Revolut Payment UAB) are:

  • Your money would be protected by Deposit insurance of up to 100.000EUR.
  • Your statement will show a different IBAN for the Deposit insurance only - which means you can't use this IBAN for transfers. For that, you should keep using the IBAN from the app in Account details.

You can read more about it here.

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