1. About us
Revolut Bank UAB is a bank incorporated and licensed in the Republic of Lithuania with company number 304580906 and authorisation code LB002119 and whose registered office is at Konstitucijos ave. 21B, 08130 Vilnius, the Republic of Lithuania. We are licensed and regulated by the Bank of Lithuania and the European Central Bank as a credit institution.
Revolut Bank UAB has established a branch in France, with company number 917 420 077 and whose registered office is at (Servcorp) 10 avenue Kléber, 75116 Paris, France (our “French Branch”).
2. The Account Switching service
The account switching service is offered by the French Branch of Revolut Bank UAB in accordance with articles L.312-1-7 and R.312-4-4 of the French Monetary and Financial Code.
It is free of charge and available to any retail customer wishing to switch their personal bank account (“old account”) held with a banking service provider in France (“old account provider”) to a Personal account with our French Branch (“Revolut account”).
Our switching pack for this regulated switching process is made up of these account switching Terms, and the account switching form that our support team will send you. You will have to complete this form and then upload it back, only then we will consider you have made a request to account switching. If the account is a joint account, the form needs to be signed by all the account holders.
3. What does the Account Switching service cover?
The following services are covered by our account switching service:
- Account balance: If you choose to close your old account, you can state so in the account switching form and we will facilitate the transfer of any positive account balance from your old account to your Revolut account. If there is a negative balance on your old account, your request for the account switching service will ultimately be rejected.
- Standing orders: We will list out all your standing orders that currently are in place on your old account. Here you can see a step by step guide to set up your standing orders from your Revolut account.
- Direct debits and recurring transfers: We will work with third parties to move the direct debit arrangements that currently operate on your old account to your new Revolut account.
When you switch your account from the old account provider to us, we are not obliged to provide you with any services that we do not normally provide.
4. How do I initiate the account switching process?
Before you can start the account switching service, you must open a Revolut account with us in the ordinary way. You do this via the Revolut app and you must complete our identity verification process. Your Revolut account will be subject to our Personal terms.
Once you are set up with your Revolut Account, you can ask specifically for this service in our chat.
5. Choosing your switching date
When completing the account switching form, you must choose a date on which the switch will become effective (“the switching date”).
You should choose a date which has the least activity on your old account. For example, where possible, you should not choose the date that is close to when your salary gets paid into your old account or when direct debits or standing orders come out of your old account. This approach will give the account switching service the best chance of working effectively and without disruption to your recurring payments.
You will have to pick a date at least 12 business days from the date you complete and submit the account switching form (to give us time to reach out to your old account provider).
6. How does the Account Switching service generally work?
Once you complete and submit your account switching form, the process will generally go as follows:
- On or before 2 business days, we send your form along with your Revolut account details to your old account provider, and require them to list out all the direct debit arrangements and recurring transfers (presented at least twice in the past 13 months) registered on your old account.
- Your old account provider has 5 business days to provide us with this information. After receiving that information, we will also have 5 business days to communicate your Revolut account details to the creditors and payers identified, who themselves have 10 business days to update your banking information in their system.
- If you have chosen to close your old account in the account switching form, your old account provider will transfer the positive balance on your old account to your Revolut account on the switching date you have indicated in the form, add any interest, fees and charges due on your old account, and close your old account.
We will do our best to meet this timeline but please be aware that it may take longer if there are any unforeseen delays in receiving the necessary information from your old account provider.
If we are unable to communicate with your old account provider, we will inform you and work with you on how to proceed.
7. What else do I need to do to prepare for the switch to Revolut?
The account switching service does not cover certain things:
- Salary payment: If you wish to have your salary paid into your Revolut account, you need to contact your employer about this directly. To help with this, you can navigate to the “Accounts” tab within the Revolut app, choose “+ Add money” and then “Salary”. This will generate a pre-populated email with your Revolt account details that can be sent to your employer.
- Other credit sources: You might have other recurring payments into your old account (e.g. social services payments). If you want to receive these payments into your Revolut account, you need to contact those sources directly and give them your Revolut account details.
- Recurring payments using your direct debit card: Some subscription services and utility providers allow you to set up recurring payments using your debit card (rather than your account details). These are not direct debits and are not covered by the Account Switching Service. You need to update these recurring payments yourself with your Revolut debit card details.
You should make sure that you have enough funds in both your old account and your Revolut account to meet any incoming debts (including, for example, standing orders, direct debits, cheques, interest, fees and charges). Your switching date will be important here and you should check on your old account and Revolut account throughout the account switching process.
It is important to know that, for direct debits, there may be a period where the next direct debit collection has already been sent by your originator to your old account. If this is the case, that direct debit will be processed against your old account. The next direct debit will come from your Revolut account.
If you have chosen (within the account switching form) to close your old account, you should refrain from using any bank card or cheque book on your old account once the account switching service has started; return any unused cheques on your old account; and return any bank cards on your old account.
Just so you know, your Revolut account can accept Single Euro Payments Area (SEPA) payments. Also, if you request, your old account provider will also provide to you the available information on recurring credit transfers on your behalf and on recurring direct debits ordered by the creditor and executed in your old account for the last 13 months free of charge.
8. Switching out of Revolut
This account switching service only applies where you switch from your old account provider to Revolut. If you want to switch out of Revolut (we will be sad to see you go!), you should contact your new account provider for a copy of its switching pack and initiate the switching process that way.
If you're interested in switching your Revolut account to a bank or payment service provider in another EU Member State (but not France), please contact us via the 'Help' section in your app.
Upon receiving your request we'll:
- Provide you, free of charge, with a list of all your active permanent credit transfer orders and direct debits authorisations ordered by the borrower, if any, as well as any available information on recurring credit transfers to you and direct debit transactions ordered by the creditor and executed on your account during the last 13 months.
- Transfer the remaining positive balance in your account to the payment account held by you at the new payment service provider, since your request includes all the necessary information to identify the new payment service provider and your other account. If you are part of a Group Vault you will have to close it (if you are admin) or remove your access to the vault in order to switch.
- Close, free of charge, the payment account held with us (if you want us to). Revolut doesn’t charge you to keep a standard account open that is not in use. We do not advise closing your Revolut account as it can take a bit of time to set up a new account with the same mobile number. If you still want to close your account, please note that you will need to liquidate any open trading positions and move any funds in other pockets to your account; if you were on a paid plan we will refund you for any unused time. Also please bear in mind that we will keep your data for 10 years after closure to comply with regulations, such as anti-money laundering laws.
We'll perform the actions specified above on the date requested by you, which cannot be earlier than 6 business days from the date we first receive your request, with all the information needed to complete it. We'll also let you know in case any outstanding obligations prevent the closure of your account with us (for example, if you have a credit product with us or a negative balance on your account). We will also inform you if any other legal relationships may be affected by the closure of your account on the date requested by you.
We won't charge you for switching, however other banks or payment service providers that you want to switch to may charge fees for the service.
9. Some other bits and pieces
The account switching service is free of charge, unless you ask us to complete an action that results in us incurring costs and which is not covered by our obligations according to the applicable legislation (eg, writing to a third party by post or courier). We will inform you that these costs will be incurred. We will only ever charge you reasonable costs, which reflect the costs incurred by us.
Deposits held with our French Branch (i.e. the money held in Revolut accounts) are insured by the Lithuanian State Company “Deposit and Investment Insurance”. This insurance coverage limit is up to €100,000 for a single depositor for all deposits held with Revolut Bank UAB. More information can be found here.
Revolut needs to process your personal data to perform our obligations while providing account switching service. For more information about how we handle personal data, see our Customer Privacy Notice.
10. How to make a complaint
We always do our best, but we realise that things sometimes go wrong. If you have a complaint regarding how we provide the account switching service, you can always contact us (through the Help function in the Revolut app) so that we can try to put things right or write to us at support@revolut.com with the title “Account switch” and write your IBAN in the email with an explanation.
If you are unhappy with how we have dealt with your complaint, you can refer it free of charge to the Médiateur de l’Association française des Sociétés Financières (ASF) once you have been through our internal Revolut complaints process. The Médiateur de l’ASF can be reached through its website or by mail at the following address: Monsieur le Médiateur de l’ASF 75854 PARIS CEDEX 17. If you need more information on the Médiateur de l’ASF, please refer to its website. Alternatively, you can also submit a complaint to the European Commission’s online dispute resolution platform.