FAST-growing money app Revolut is to temporarily move the regulation of its Irish customers to Lithuania. Read MoreThe move will mean its customers here who have direct debits and other recurring payments coming from their Revolut accounts will have to contact any companies paid regularly from their accounts to update them about this. While this process is ongoing, to ensure that Brexit does not impact its Irish customers, it plans to temporarily migrate their accounts to Revolut’s e-money licensed business in the EU, based in Lithuania. The change will mean Revolut’s Irish customers will be regulated by the Bank of Lithuania, which granted Revolut an e-money licence in 2018. For most Revolut customers who top-up their account through the app by using their main bank’s debit card, there won’t be any change, Mr Cassidy said.

Source: Irish Independent October 01, 2020 14:06 UTC