Although the fintech company operates within the competence of the European Union, in the event of a problem, the Hungarian deposit insurance does not protect it either, nor does the central bank have the right to act.

Magyar Nemzeti Bank (MNB) cautions that cross-border financial service providers, such as Revolut, are worth serving because in the event of a problem, a complaint can only be filed in the country where the company is based. Napi.hu.

Due to Brexit, Revolut has transferred its service center for national customers from the United Kingdom to a Lithuanian company, so it remains a competence of the European Union, but the money in the Revolut account is not protected by the National Insurance Fund of Hungary deposits, the central bank has no right to act, as much adhat advice.

The Lithuanian Deposit Insurance Scheme guarantees a refund guarantee of up to 100,000 euros for deposits made at Revolut Bank UAB. However, e-money institutions and payment institutions are not members of the deposit guarantee system in their country of origin: therefore, the refund of clients’ money depends on their own regular operation, not on a third party .

By the way, hundreds of thousands of people use Revolut in Hungary, mainly due to the favorable exchange rate opportunities and the user-friendly interface.



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We have also launched the Revolut bank card, which is aimed at 7-year-olds.


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Company

Revolut Junior, the company says, helps young people learn to use money safely.

Revolut is introducing a series of changes, many things will be more expensive


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Company

The fintech company spoke to thousands of users before the innovations were introduced.