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Supplement to Revolut Payments UAB Personal Terms

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Supplement to Revolut Payments UAB Personal Terms

1. What this supplement is about

This is a supplement (the Supplement) to the Personal Terms you agreed with us, about your Revolut personal e-money account (your e-money account).

This Supplement applies if you sign up to the Demand Deposit Account of Revolut Bank UAB (Revolut Bank). It sets out how money is sent between your e-money account with us and your Demand Deposit Account with Revolut Bank. Your Demand Deposit Account with Revolut Bank itself is governed separately by the Demand Deposit Terms of Revolut Bank.

Being a “supplement” means it adds to the Personal Terms you agreed with us, but does not change them. This Supplement will start to apply once it is accepted by you. We can’t provide the services described in it to you unless you accept it.

We are Revolut Payments UAB, a company incorporated and licensed in the Republic of Lithuania with company number 304940980 and whose registered office is at Konstitucijos ave. 21B, 08130 Vilnius, the Republic of Lithuania (Revolut Payments). We are licensed to issue e-money and undertake payments services by the Bank of Lithuania. The Bank of Lithuania is the central bank and the financial supervisory authority of the Republic of Lithuania whose address is Gedimino ave. 6, 01103 Vilnius, the Republic of Lithuania, website is www.lb.lt and phone number is +370 800 50 500.

If you have a credit card, this Supplement does not apply and does not affect any activity in the subaccount of your Revolut e-money account to which a credit card issued under the Credit Card Terms (if any) is linked. In accordance with the Credit Card terms, the balance in such a subaccount of your Revolut e-money account is separated from the balance of your Demand Deposit Account.

2. Moving money in and out, and adding money

This section sets out how your money will be automatically transferred between your Demand Deposit Account with Revolut Bank and your e-money account whenever a payment is made from or received into your e-money account (other than into or from your Demand Deposit Account with Revolut Bank).

What happens to my existing money?

When you accept this Supplement and sign up to Revolut Bank, we will transfer the existing balance of your e-money account with Revolut Payments to your Demand Deposit Account with Revolut Bank.

This means that by accepting this Supplement you instruct us to transfer the existing balance of your e-money account to your Demand Deposit Account with Revolut Bank, as described in this Supplement.

What happens if I receive a payment?

Each time you, or someone else, sends money to your e-money account, we will transfer it to your Demand Deposit Account with Revolut Bank. This includes any time you add money (as described in section 12 of the Personal Terms).

We will make these transfers as soon as possible (and as close to instantly as we can). This means that money will only ever be held in your e-money account temporarily.

This means that by accepting this Supplement you instruct us to set up payments from your e-money account to your Demand Deposit Account with Revolut Bank, as described in this Supplement.

Money sent to your Demand Deposit Account with Revolut Bank will be held by Revolut Bank according to the Demand Deposit Terms you agreed with Revolut Bank. The money won’t be held by us (other than when it passes through your e-money account temporarily).

What happens if I send money or make a payment?

Whenever you send money via the Revolut app (for example, you send it to a third party bank account), pay a fee for a Revolut service (like a monthly fee for Metal or an insurance premium) or make any type of payment using Revolut at all (like a direct debit, payment link, or anything else) you instruct us to immediately send a charge request to Revolut Bank requesting funds from your Demand Deposit Account equal to the amount of money needed to make the payment. Once the requested amount is sent from your Demand Deposit Account to your e-money account, we will immediately issue you e-money and then immediately pay it out to the recipient in accordance with the Personal Terms.

Whenever you make a payment using your Revolut Card, you instruct us to immediately send a charge request to Revolut Bank requesting funds from your Demand Deposit Account equal to the amount of money needed to make the payment. Once the requested amount is sent from your Demand Deposit Account to your e-money account, we will immediately issue you e-money. However, this money will remain in your e-money account for a short time until it is paid out to the card scheme. As you have already spent the money, it will not be available to you to spend again.

As you can see, when you send or spend your money, it will be in your e-money account for a very limited period of time after it leaves your Demand Deposit Account with Revolut Bank until it is paid out.

What happens if I add money?

You can still add money as described in section 12 of the Personal Terms. Each time you do, we will treat it like any other money sent to your account, as described under “What happens if I receive a payment?” above.

You can still use the auto-add function described in section 12 of the Personal Terms as well. Whenever your “remembered” Revolut Bank Demand Deposit Account balance drops below the amount you have set, your auto-add will add money to your account as normal. (What your “remembered” balance means is described in section 3 below.)

What happens if I make a currency conversion?

If you ask us to make a currency conversion using the Revolut app, you instruct us to immediately send a charge request to Revolut Bank requesting funds from your Demand Deposit Account equal to the amount of money needed to make the conversion. Once the requested amount is sent from your Demand Deposit Account to your e-money account, we will immediately issue you e-money and perform the conversion in your e-money account and then send the converted amount back to your Demand Deposit Account with Revolut Bank.

This means that by accepting this Supplement you instruct us to send the converted amount to your Demand Deposit Account with Revolut Bank, as described in this Supplement.

If you make a payment that triggers a currency conversion under the Personal Terms (for example, you buy something from a shop in £ using your Revolut Card, but you only have € in your Demand Deposit Account), we will perform the currency conversion once the money arrives in your e-money account from your Demand Deposit Account and prior to making the payment to the shop.

3. What does my account balance and transaction history show?

We keep track of all the money sent between your Demand Deposit Account with Revolut Bank and your e-money account. Using this information, we “remember” the balance of your Revolut Bank Demand Deposit Account for you.

The balance we show you in the Revolut app is the total of your “remembered” Revolut Bank Demand Deposit Account balance and any available balance in your e-money account. We use this balance because these two amounts together represent the total amount you have available to spend.

This is also the balance we report via our Open Banking API when you use a licensed third-party provider to access your account.

To make sure the information we show you is correct, you agree that we are entitled to receive information about your Demand Deposit Account from Revolut Bank (including any information about any blocks or limitations on your Demand Deposit Account and the reasons for them). You also agree that we can send the same information to Revolut Bank about your e-money account.

The transaction history shown in your Revolut app will include all the payments you have made and received. However, to keep things simple, we do not show the automatic transactions between your Demand Deposit Account and e-money account described in section 2 in your transaction history screen. This information is shown in your transaction statements instead. For example, if you spend €5 on your Revolut Card at a shop, you’ll see the shop purchase in your transaction history screen, but you won’t see the automatic transaction from your Demand Deposit Account to your e-money account to make it happen. You can request a statement of the automatic transactions from us, but in signing up to this Supplement you agree that these transactions won’t be provided through the transaction history screen in the Revolut app or through push notifications.

4. When might this Supplement end?

What happens if I don’t have a Demand Deposit Account with Revolut Bank?

This Supplement is an agreement about how money is moved between your Revolut Bank Demand Deposit Account and your e-money account with Revolut Payments. If you don’t have a Demand Deposit Account, we can’t provide these services to you. For this reason, if your Demand Deposit Account with Revolut Bank is closed, this Supplement will come to an end, too. The rest of the Personal Terms will continue to apply and we’ll provide our services to you according to them.

What happens if I want to end this Supplement?

If you want to end this Supplement, but would like to keep your e-money account, let us know that via the Revolut app. We’ll need 10 business days’ notice to end it. Once it’s ended, the Personal Terms will continue to apply and we’ll provide our services to you according to them.