The bailiff will take the account at Revolut? Debtors must prepare for changes

Revolut has been very popular for years in Poland, attracting millions of users. Until now, funds on the accounts of this fintech have been inaccessible to Polish bailiffs, but the situation may soon change. According to the portal “Infor”, if Revolut is included in the Ognivo system, bailiffs will be able to occupy the money deposited in this application.

How does revolut work and why do debtors willingly choose it?

Revolut is an international financial platform, offering, among others Internet payments, currency exchange at attractive courses, and even investing on the stock exchange. The account can be created fully online, which makes the application particularly convenient for travelers. In Poland, about 4 million people already use it, and this number is growing by a million users a year.

One of the reasons for so much popularity Revolut is the fact that it is not part of the Polish Ognivo banking system. This system allows bailiffs to automatically detect and occupy funds accumulated on Polish banks. Revolut, operating on the Lithuanian issue of Iban, is subject to banking law of this country, which means that bailiffs do not have access to it.

Will bailiffs be able to take money for Revolut?

According to the National Bailiff Council, Revolut applied for registration as a branch of a foreign bank in Poland. If the Polish Financial Supervision Authority approves this application, Revolut will be covered by Polish banking regulations. This means that user accounts will be included in the Ognivo system, and bailiffs will gain the opportunity to occupy funds deposited in the application.

For many debtors, this would end the possibility of avoiding bailiff enforcement by hiding funds in foreign fintech. Such a change could also affect the decisions of users who until now treated Revolut as a safe place to store money.

Will debtors find another alternative?

If Revolut covers Polish regulations, debtors may look for other solutions. One of the alternatives may be the British WISE application, which offers similar services, including multi -currency accounts and favorable conversion. Since Great Britain is no longer part of the European Union, accounts run by Wise are not subject to EU regulations, which means that they may remain inaccessible to Polish enforcement bodies.

Whether Revolut will actually be included in the Ognivo system depends on the KNF decision. For many users, this would mean significant changes in the use of the application, and for debtors – the end of the possibility of hiding funds from bailiffs.