How to Open a Revolut Account
Revolut bank account opening
Opening a Revolut account is simple and takes about ten minutes to complete. You willneed identity documentation, residency documents, and an internet-connected smartphone. While other types of accounts might require a monthly fee, the standard account is free. Install the Revolut app from the Google Play Store or the Apple Store, then launch it and register for an account.
Revolut has over thirty million users, including five million business customers from various countries, which reflects its broad adoption. To access and use the services offered on this platform, you first need to create an account. If you are familiar with the basic requirements, opening a Revolut account is a straightforward process.
This article explains how to open a Revolut account step by step and outlines the key requirements you need to meet. It also covers important details such as required documents, available account types, and how to close an account if needed.
What is required to open a Revolut account?
You need a smartphone connected to the internet, proof of identity, and resident documents.
How can I open an account with Revolut?
First, download the Revolut app from the Google Play Store or Apple Store, enter your phone number, create a 4-digit passcode, enter a six-digit code you get from a text message, and enter your personal information (name, birth date, address, and email address).
Can I open a Revolut account without an ID?
No. You need an ID to open a Revolut account. This policy complies with the banking regulation known as "Know Your Customer" (KYC) or "Customer Due Diligence" (also known as CDD), which is the procedure through which an entity verifies the identity of its customers. It acts as a deterrent to fraud and corruption.
How much does it cost to start Revolut?
The standard account is free, but you may need to pay a monthly fee for other types of accounts.
Revolut account opening guide
Below are steps on how to open a Revolut account without difficulties:
Step 1: Visit Revolut's official website and click on sign up.
Revolut website
Step 2: Scan the QR code or enter your mobile number to get a link to download the app.
Get the Revolut app
Step 3: Download the Revolut app on the Google Play Store or Apple Store.
Download the Revolut app
Step 4: Open the app, enter your phone number and create a 4-digit passcode for your new account.
Step 5: After verifying your account for security reasons with a six-digit code you received through text message, enter your data (name, birthdate, address, and email address).
Step 6: To confirm your identity, click the "Profile" icon in the app, choose "Personal details,” and then click "Verify your identity.” Take a picture of your face and upload it, along with a picture of a legitimate ID like your passport.
Step 7: Choose between a free account and one that costs money every thirty days for extra features. Use a different bank account to make the initial deposit.
Note:
There are differences in the process for creating a business Revolut account. You’ll need to fill out a short online application form. Following submission, your application will be reviewed by the Revolut business account team. They will get in touch if they need any additional information, evidence, or confirmation of any details.
Revolut account requirements and documents
First, you need to be in a country where these platform services are legal. These include places like Singapore, Switzerland, the United Kingdom, the European Economic Area (EEA), Australia, Canada, Japan, and the United States, which may open Revolut personal accounts.
You need to meet a few prerequisites, like being eighteen years old, having a working cell phone and having some form of identification or proof of residency. Revolut accepts the following documents to verify identity:
A duplicate passport or driver's license.
A utility bill or a bank statement.
The following are additional requirements for creating a Revolut account:
There can be only one Revolut personal account per person.
It is not possible to use a Revolut personal account for business.
If the business has already closed your previous Revolut account, you can't open a new one.
The prerequisites for opening a business account can differ, but generally speaking, you will need these:
The fundamental information about your company's incorporation includes its trading name, legal form, incorporation number, registered name, and address.
Your name, address, and picture, along with a picture ID (like a passport), prove who you are.
Your company's operational address.
Evidence of the type of business you run.
Information about the directors and shareholders.
Evidence that you have the right to create and oversee the account.
How long does it take to open a Revolut account?
Revolut claims you can create a new personal account in just a few minutes. Sometimes, it takes a littlelonger—up to 24 hours or longer—to receive confirmation of the identity verification procedure. It can take longer to open a Revolut business account. Learn how to take Revolut Learn and Earn courses, get cryptocurrency training tokens and redeem rewards.
Revolut account types
Revolut provides a selection of five distinct personal plans. Each plan has different features and benefits, but Revolut does not have a minimum deposit requirement. Because of this, it is the perfect broker for smaller trades or investments.
| Account | Fees | Commodity exchange fees | Save on international transfer fees | Interest on savings |
|---|---|---|---|---|
Standard account | Free | 1.99% (minimum fee £1) | - | Up to 2.29% AER/Gross (variable) |
Plus account | £3.99/month | 1.99% (minimum fee £1) | - | Up to 2.39% AER/Gross (variable) |
Premium account | £7.99/month | 1.49% (minimum fee £1) | 20% discount | Up to 3% AER/Gross (variable) |
Metal account | £14.99/month | 1.49% (minimum fee £1) | 40% discount | Up to 4% AER/Gross (variable) |
Ultra | £45/month | 1.49% (minimum fee £1) | Free | Up to 4.75% AER/Gross (variable) |
How to close a Revolut account
If you no longer use your Revolut account, whether due to a change in international money transactions or adopting a new solution, here is a step-by-step walkthrough of the process to close your Revolut account.
Ensure you have updated your app to the most recent version.
Go to the "Dashboard" and select "Settings" in the upper-right corner.
Find "Close Account,” adhering to the instructions to close your account.
When you close an account, any associated debit cards are canceled and any remaining funds are lost. Before closing an account, make sure there are no remaining funds. Consequently, just because you are not using your account any longer does not mean that you have to close it. Since inactive accounts do not incur fees, all you have to do is keep your Revolut account open with the free Standard plan.
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Team that worked on the article
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).
