Revolut NZ potential changes with bank application

Revolut customers in New Zealand could see changes to the structure and terms of their accounts if proposed changes come into effect.

The changes would affect personal, joint and Kids & Teens accounts. The main change would be the conversion of existing virtual accounts into bank accounts.

Customers would not need to open new accounts or replace their cards. Existing account and card details would remain unchanged if the proposed changes take effect.

The changes depend on Revolut receiving approval to become a registered bank in New Zealand. Until then, customers will continue using their accounts under the existing terms.

Account structure

Revolut currently provides virtual accounts to customers in New Zealand. Customer funds are held on trust at a New Zealand registered bank because Revolut is not currently a registered bank in the country.

Under the proposed changes, those accounts would become bank accounts.

The change would alter the status of the accounts without requiring customers to change their existing account details.

The proposed terms cover personal accounts, joint accounts and accounts available to children and teenagers.

Customers would continue using the Revolut app as they do now while the proposed changes are being considered. There would be no immediate change to the account structure or how customers use the service.

New terms

The transition would also introduce new Personal Terms, Joint Account Terms and Kids & Teens Terms.

One proposed change would be to Revolut's legal name. Other company identifiers would remain unchanged, including its New Zealand Business Number, Financial Services Provider registration and Inland Revenue Department numbers.

The changes would not apply to all of Revolut's existing terms.

Terms covering other services, including Personal Fees and other Product terms, would remain unchanged under the proposed transition.

Customers can review the potential new terms before they become effective. This would allow them to understand how the proposed changes could affect the products and services they use.

Account details

Despite the proposed change from virtual accounts to bank accounts, customers would retain their existing account and card details.

Customers would therefore not need to update their account information solely because of the change in account type.

Instead, the transition would change the account status while keeping the existing account and card details in place.

This means the proposed changes would not require customers to replace their existing accounts or cards.

No action yet

Customers do not need to take any action while the application remains under consideration.

The current terms will continue to apply until the proposed new terms become effective. Revolut will notify customers if the changes are approved and take effect.

Customers who do not agree with the proposed terms can opt out by closing their Revolut account through the app without charge.

Until then, customers can continue using their accounts under the existing arrangements.

If the proposed changes take effect, the key change for customers would be converting their existing virtual accounts into bank accounts. Their account and card details would remain unchanged, while the proposed new terms would govern the accounts.