New Caledonia, French Polynesia, and Wallis and Futuna — February 20, 2026 marks the end of Revolut services for approximately 14,000 customers across France's three Pacific territories. The closure is not a commercial decision, but the direct consequence of a regulatory framework that prevents EU-licensed banks from operating outside the European Economic Area.
What Is Happening?
Since late December 2025, customers of Revolut in New Caledonia, French Polynesia, and Wallis and Futuna have been receiving closure notices by email. The deadline is clear: all accounts will be closed on February 20, 2026.
After that date, customers will no longer be able to make card payments, withdraw cash from ATMs, top up their accounts, or send money to other Revolut accounts. Any remaining balance will be converted to euros and must be transferred to an external bank account. Incoming transfers will be automatically rejected and returned to the sender. Any open investment positions — stocks, crypto, commodities — must be sold before the closure date, or Revolut will liquidate them on the customer's behalf and transfer the proceeds to the main account, where monthly management fees will apply.
Why Is Revolut Pulling Out?
The reason lies in how Revolut is licensed to operate in Europe. Revolut provides its banking services across the EU and EEA through Revolut Bank UAB, its Lithuanian banking subsidiary. This entity operates under an EU banking licence and uses the EU's passporting mechanism — a regulatory framework that allows any bank licensed in one EU member state to offer services freely across all other EU and EEA countries.
The problem is that New Caledonia, French Polynesia, and Wallis and Futuna are not part of the European Union or the EEA. Despite being French territories, they fall outside the scope of EU law, which means EU passporting simply does not apply there. Revolut has no legal authorisation to offer banking services in these jurisdictions under its current licensing structure.
This is not a new issue. The process of closing Revolut accounts in French Polynesia had already begun in 2023, at the request of the ACPR (Autorité de Contrôle Prudentiel et de Résolution), France's banking and insurance supervisory authority, which had flagged accounts opened with mainland European addresses by customers actually residing in the Pacific. The 2026 closure formalises and completes what was already underway.
14,000 Customers — A Low Adoption Rate by Design?
Revolut had around 14,000 customers across these three territories, which together have a combined population of over 500,000 people. That gives an adoption rate of roughly 2.8% — significantly below what one might expect given Revolut's strong brand recognition in France.
Was this intentional? Quite possibly. Given the regulatory grey area these territories represent for an EU-licensed institution, it would make sense for Revolut to have avoided aggressive customer acquisition in markets where it knew its legal footing was uncertain. The relatively low account numbers may reflect a deliberate, cautious approach rather than a lack of demand.
The Government of New Caledonia Is Pushing Back
The reaction from the New Caledonian government has been swift and direct. In a letter dated December 29, 2025, addressed to French Minister of Economy and Finance Ronan Lescure, New Caledonia's economy minister Christopher Gygès called on the French state to amend national law to extend the recognition of EU passporting to French overseas collectivities.
"It is not acceptable that Caledonians do not have access to the same services as other French citizens. Modern payment methods have become indispensable for consuming, doing business, innovating and working," Gygès stated in a government communiqué published on December 30, 2025.
The New Caledonian executive describes the current situation as a "structural barrier" and cites analysis from France's competition authority to support the case for reform. However, the issue goes beyond a single ministerial decision — any such reform would require careful articulation between French national law and EU regulatory frameworks, making it a complex and potentially lengthy legislative process.
Not Necessarily the End: Revolut's French Banking Licence
There is, however, a path back. Revolut has been pursuing a French banking licence, and if granted, this would fundamentally change the regulatory picture. A bank authorised by the ACPR under French national law — rather than an EU passporting arrangement — would be permitted to offer services across all French territories, including the overseas collectivities. French banking regulations apply uniformly across France's territory, regardless of EU status.
This means that a future French-licensed Revolut could legally re-enter New Caledonia, French Polynesia, and Wallis and Futuna. Whether it would choose to do so commercially is another question — but the regulatory door would be open.
Where Revolut Continues to Operate in French Overseas Territories
In the meantime, Revolut continues to serve customers in several French overseas territories that fall within the EU's scope. These include the five DROM (Overseas Departments and Regions): Guadeloupe, Martinique, French Guiana, La Réunion, and Mayotte. Certain other territories remain subject to verification depending on the specific situation.
What Are the Alternatives?
For customers in New Caledonia, French Polynesia, and Wallis and Futuna now left without a Revolut account, options are limited — but they do exist. Our detailed guide on which online banks accept residents of French overseas territories covers the full landscape, but here is a quick summary of what works in these Pacific territories:
Monabanq remains the standout option — it accepts customers across all French overseas territories, including New Caledonia, and provides a French IBAN. Deblock, a French crypto-friendly neobank, has made a deliberate push into the Pacific market and confirmed availability in New Caledonia, French Polynesia, and Wallis and Futuna. Sogexia also operates in New Caledonia, though with higher fees and a Luxembourg IBAN rather than a French one. Be-bunk covers all three territories but comes at a higher cost.
For most users, Monabanq or Deblock will be the most practical replacements — both offer French IBANs, which matters particularly for receiving salary payments, social benefit transfers, or direct debits that may reject foreign account numbers.
A Regulatory Gap With Broader Implications
The Revolut situation is a reminder that France's overseas territories occupy a complex position in the financial services landscape. Despite being part of the French Republic, New Caledonia, French Polynesia, and Wallis and Futuna sit outside the EU's regulatory perimeter — a distinction that has real, tangible consequences for the 500,000+ people who live there.
Whether the French state will move to close this gap remains to be seen. In the meantime, Revolut's departure from the Pacific leaves a clear market opening for any neobank willing to invest in ACPR authorisation or in a French banking licence that covers the full extent of French territory.
Looking for a Revolut alternative in French overseas territories? Read our full guide: Which Online Banks Accept Residents of French Overseas Territories?