Revolut: digital bank licensed in Lithuania

For residents of the European Economic Area, the account is held by Revolut Bank UAB, a credit institution licensed in Lithuania and supervised by the Bank of Lithuania and the European Central Bank. Deposits then fall under the Lithuanian state deposit and investment insurance institution, up to up to €100,000² per depositor for all of their deposits with Revolut Bank UAB.

The French situation is changing. Revolut has obtained a banking licence in France for a new entity, Revolut Bank S.A., supervised by the Autorité de contrôle prudentiel et de résolution and the European Central Bank. Once their account has been migrated, with announced advance notice, clients residing in France will fall under the Fonds de garantie des dépôts et de résolution, whose ceiling per depositor and per institution is identical; Revolut's information document provides for this regime to apply from December of this year.

We were unable to consult Revolut Bank UAB's entry in the Bank of Lithuania's public register; only the central bank's press release on its licence was verified. The precise migration timetable for each French client is not published: it is notified individually.

The basic plan, called Standard, has no subscription: €0¹ per month according to Revolut Bank UAB's fee information document. Several paid plans (Plus, Premium, Metal, Ultra) are also available, billed monthly, with higher exchange and withdrawal limits.

The account can hold balances in several dozen currencies, including the euro, the US dollar, the pound sterling, the Swiss franc and the UAE dirham. No minimum deposit is mentioned for opening an account.

We do not reproduce the details of out-of-market-hours exchange fees, free withdrawal limits or the prices of the paid plans: they vary by plan and have been changed several times, and we cannot date them reliably for each country.

• The country of residence: according to Revolut, a lasting move away from the country where the account was opened requires the account to be closed and a new one opened in the destination country, which changes the IBAN and may change the contracting entity and the guarantee scheme.
• The entity that holds the account, shown in the app and the terms and conditions: for a French resident, the switch to Revolut Bank S.A. changes the applicable guarantee scheme.
• The guarantee ceiling is assessed per depositor and per institution: large balances with a single institution are only protected up to that ceiling.
• Reporting obligations: for a French tax resident, an account held by a foreign entity must be declared; the situation changes if the account is taken over by a French bank.