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Revolut Bank is heading to the Czech Republic.  What does this mean for existing users?  -

Revolut Bank is heading to the Czech Republic. What does this mean for existing users? –

As of today, more than 300,000 Czechs using the Revolut prepaid card can convert the service to a “full” bank account for free. Czechia is only the fourth country after Poland, Lithuania and Slovakia, where the so-called Revolut Bank is available on the basis of a European banking license. What is the difference from the previous case?

The first practical advantage is that all deposits are newly covered in the amount of 100,000 euros (2.56 million kroner). So far, he mentions it as the only bonus feature official help.

What do we know then? Funds deposited in the account do not carry any interest (or more precisely, the interest is 0%). Users won’t even receive a private account number yet. Payments can only be sent to the default number 5170013317/5500 (same thing) with the unique reference number written on the note. However, in the future Revolut should launch other services typical of ordinary banks, such as loans, credit cards, etc.

The mobile application itself will alert you about the possibility of moving to Revolut Bank. If you agree, a short wizard will start, where you will verify the entered personal data, add the identification number and agree on several contract documents. Revolut itself recommends the transfer. It’s fast, costs nothing and means no restrictions for existing users, just potential new benefits.

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