Revolut Bank: A “new” bank has arrived in Portugal

Revolut was launched in July 2015 as a digital alternative to major banks. Through this service, a virtual or physical card can be obtained. Highlight the fact that this service does not charge fees for payment transactions, national or international transfers and exchange rates.

Revolut Bank has now arrived in Portugal! Know what it is and how it works.

Revolut Bank UAB is a credit institution headquartered and licensed in Lithuania and authorized, by law, to operate in Portugal under the Free Service Provision Scheme.  Specifically, under the aforementioned system, Revolut Bank UAB is allowed to accept deposits or other repayable funds in the national territory.
According to the Bank of Portugal, deposits obtained in Portugal by Revolut Bank UAB are made with the parent company, in Lithuania, and are not guaranteed by the Portuguese Deposit Guarantee Fund, but are subject to the deposit protection regime in force in Lithuania.

Revolut Bank - The bank that stays digital
According to the information, Revolut Bank will not have physical branches, maintaining its digital presence.  In response to Lusa, Revolut CEO Joe Heneghan said the company has 500,000 clients in Portugal, and from now on, the deposits of those who decide to transfer their money to Revolut Bank will be protected by a “money deposit guarantee.”
In a survey conducted among clients in Portugal, it was found that 56% would be available to get paid at Revolut and would use more of the company's services if there was deposit protection.
When asked about access to the Multibanco network, the company's official source told Lusa that there is nothing new and that the company is in talks with SIBS (Multibanco Network Director) and Banco de Portugal in this regard.
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