Revolut pre paid card

Marmiteski

Hi I have a Revolut pre paid card for travel. Just heard this is changing to bank account. I don't want another bank account does anybody know if these is any option to keep this pre paid card or do I need to close account. The MSE Website is still showing the option for this as a pre paid card

la531983

Ok, I will bite. Why don't you want another bank account?

flaneurs_lobster

It'll become a bank debit card, the account has no overdraft facility, so it's functionally exactly the same as the account you have now.

You put money into the account, you use the card to buy stuff. Just as now.

They are changing their Terms because their change of status to full bank means they have to.

Why don't you want another bank account?

Maegi

https://forums.moneysavingexpert.com/discussion/comment/81971728#Comment_81971728

They're choosing to change the scope of their product; this may be linked to their banking licence but doubt is a requirement of it - i.e. 'they have to'

To answer the OP question, if they no longer meet your needs - close before it becomes a bank account and move on to another card provider. I have Wise and HSBC Global Money - both have similar card setups to Revolut.

flaneurs_lobster

They're choosing to change the scope of their product; this may be linked to their banking licence but doubt is a requirement of it - i.e. 'they have to'

Revolut have emailed me several times to say that the workings and mechanisms of my existing Revolut account will not change so not sure what you mean by "change the scope of their product".

Changing to a bank from an e-money provider means the Terms HAVE to change - everywhere it used to say "e-money provider" it will now say "bank". Of course there will be other changes to the terms, the major one is that your money is in an account that has FSCS protection, but no changes to the fundamental way the card account works.

Wise isn't a bank, HSBC is - might be important to OP if they are adamant about no more banks.

wiseonesomeofthetime

I was with Monzo when they merged my prepaid account into a current account. As others have highlighted, the functionality of the account doesn't change. You deposit funds (load card), you spend funds (using card or digital wallet).

It just adds additional features to your account.