Revolut Stops Providing Services Supporting the Kuna on December 12

If Revolut wished you good morning today, it means you also received a message about the cessation of kuna usage. Namely, the most popular online bank sent a notification to its users this morning stating that, as Croatia will soon adopt the euro as its official currency, it will stop using the kuna, and this will happen slightly earlier than with other banks.

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The message states that from December 12 of this year, it will cease to provide services supporting the kuna, and as a result, users’ kuna accounts will be closed.

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The remaining balance from these accounts will be converted to euros at a fixed exchange rate: 1 euro = 7.53450 kuna, which other banks will also do slightly later. The conversion will occur automatically and will be free of charge, applying the full conversion rate, and the recalculated balance in euros will be rounded to two decimal places. Additionally, the notification states that ‘any savings vault or pocket in kunas (including all personal and group vaults) will be closed on December 12’, with funds from personal vaults and pockets being automatically transferred to the main kuna account and converted to euros as stated, while new vaults and pockets in euros can be opened the following day, December 13. Regarding group vaults, Revolut recommends that users organize the distribution of funds before December 12, as from that date only the vault administrator will have access to that balance.

All refunds issued after December 12 will be processed in euros (even if the original transaction was executed in kunas), and any pending limited or stop orders in kunas will not be executed after that date. All regular fees charged for services, such as subscriptions and transaction services, will start being charged in euros from that date, which is just under a month before other banks will begin doing so. Namely, all other banks in Croatia will on January 1, which is the official day of euro introduction, automatically and free of charge convert all kuna funds in accounts, deposits, loans, and other monetary instruments. The recalculation will be carried out applying the rules for conversion and rounding in accordance with the Law on the Introduction of the Euro as the Official Currency in the Republic of Croatia.