Revolut Account: A Comprehensive Guide to Personal and Business Banking

Revolut Account

In the rapidly evolving world of fintech, Revolut has emerged as a leading player, offering innovative digital banking solutions for both individuals and businesses. With over 52.5 million retail customers and 500,000 business clients across 150+ countries as of 2024, Revolut is transforming how people manage money. Valued at $45 billion, this UK-based neobank provides multi-currency accounts, seamless international transfers, and a suite of financial tools through its user-friendly mobile app. This article delves into the intricacies of Revolut accounts, covering personal and business offerings, features, pricing, eligibility, setup processes, benefits, risks, and more. Whether you're a frequent traveler, freelancer, or business owner, this guide will help you understand if a Revolut account is right for you.

What is a Revolut Account?

A Revolut account is a digital banking solution offered through the Revolut mobile app, available on iOS and Android. Unlike traditional banks, Revolut operates primarily as an electronic money institution in the UK (regulated by the Financial Conduct Authority) and as a licensed bank in the European Economic Area (EEA) under the European Central Bank. It provides personal accounts for individuals and business accounts for companies and freelancers, catering to a wide range of financial needs. Key features include multi-currency accounts, international transfers, debit cards, investment options, and expense management tools, all accessible via a sleek app interface.

Revolut’s appeal lies in its flexibility, low fees, and global reach, making it ideal for those who frequently travel, work internationally, or manage complex business finances. However, it’s not without challenges, such as occasional account freezes due to compliance checks and limited protections compared to traditional banks. Below, we explore both personal and business accounts in detail to help you decide which suits your needs.

Revolut Personal Accounts: Features and Benefits

Revolut offers five personal account tiers, each designed to cater to different lifestyles and financial requirements. Here’s a breakdown of the plans and their key features.

Account Types

1. Standard (Free)
   • Cost: No monthly fee.
   • Features: Includes a free debit card (delivery fee may apply), fee-free spending abroad, and currency exchange up to £1,000/$1,000 per month (Monday–Friday) with no fair usage fees. ATM withdrawals are free up to £200/$400 or 5 withdrawals per month, with a 2% fee (minimum £1) thereafter.
   • Best For: Budget-conscious users who need basic banking and occasional international transactions.
2. Plus (£3.99/month)
   • Features: Higher exchange limit (£3,000/month, 0.5% fee thereafter), purchase protection (up to £1,000/year), event ticket insurance, and priority customer support.
   • Best For: Users seeking added protections for online shopping and event tickets.
3. Premium (£7.99/month)
   • Features: Unlimited weekday currency exchange, travel insurance (medical, baggage, delays), discounted lounge access, and higher ATM withdrawal limits (£400/month).
   • Best For: Frequent travelers needing travel perks and higher transaction limits.
4. Metal (£14.99/month)
   • Features: Cashback on card spending (0.1% in Europe, 1% outside), higher savings interest (up to 3.5% APY in the US), commission-free stock trading (up to 10 trades/month), and exclusive Metal card.
   • Best For: Those wanting premium perks and investment options.
5. Ultra (£45/month)
   • Features: All Metal benefits, plus airport lounge access (for you and a guest), 5% AER on savings (UK, variable), unlimited commission-free trading, and a platinum-plated card.
   • Best For: High-net-worth individuals seeking luxury benefits.

Additional Personal Account Options

• Joint Accounts: Share a Revolut account with a partner, friend, or family member for collaborative money management. Both parties need a personal Revolut account and must be in the same country.
• Revolut <18: Designed for children aged 6–17, this account includes a debit card and app for kids, managed by a parent’s Revolut account. It’s ideal for teaching financial literacy.
• Savings Vaults: Earn variable interest (e.g., 2.75% APY for Standard, 3.5% for Premium/Metal in the US). Funds in the US are held by Sutton Bank, offering FDIC insurance up to $250,000. In the UK, savings earn up to 5% AER for Ultra plan users (variable).

Key Features of Personal Accounts

• Multi-Currency Accounts: Hold, exchange, and spend in 25+ currencies (e.g., USD, EUR, GBP, AUD) across 140+ countries. Transfers between Revolut users are instant and free.
• Payments and Transfers: Supports domestic and international bank transfers, peer-to-peer payments, Apple Pay, Google Pay, and Garmin Pay.
• Cards: Free Standard debit card, virtual cards for online purchases, and disposable virtual cards for enhanced security. Premium plans offer customizable or premium-material cards.
• Investment Options: Trade stocks (3,000+ companies), cryptocurrencies (e.g., Bitcoin, Ethereum, Solana), and use robo-advisor portfolios. Note: Crypto trading is unavailable in the US due to SEC regulations.
• Budgeting Tools: Analytics for spending, savings goals, and bill splitting.
• Security: PCI DSS compliance for card transactions, two-factor authentication (2FA), and in-app fraud detection. Accounts may be temporarily locked for compliance reviews if suspicious activity is detected.
• Deposit Protection: In the EEA, Revolut Bank UAB offers deposit protection up to €100,000. In the US, savings in Vaults are FDIC-insured up to $250,000 via Sutton Bank. In the UK, Revolut operates as an e-money institution, so funds are safeguarded but not always FSCS-protected.

Eligibility for Personal Accounts

To open a Revolut personal account, you must:

• Be at least 18 years old (or 6–17 for Revolut <18, with parental consent).
• Reside in a supported country (e.g., UK, EEA, US, Singapore, Australia). Check Revolut’s website for availability.
• Provide a government-issued ID (e.g., passport, driver’s license) and a selfie for verification.
• Have a valid email and phone number.

How to Open a Personal Account

1. Download the App: Available on iOS and Android.
2. Sign Up: Enter your phone number and verify with a PIN sent via text.
3. Provide Details: Input your name, address, date of birth, and email.
4. Verify Identity: Upload an ID and selfie via the app (Profile > Personal Details > Verify Your Identity).
5. Choose a Plan: Select Standard, Plus, Premium, Metal, or Ultra.
6. Verification: Typically completed in minutes, but may take up to 24 hours. No setup fees apply, though premium plans have monthly costs.

Accessing Account Details

• Local Details: Find GBP sort code and account number under “Local” in the app (Dashboard > Select Account).
• International Details: Access IBAN and SWIFT/BIC under “SWIFT” for global transfers.
• Salary Deposits: You can receive salaries in a Revolut account, but ensure your employer uses proper payroll systems (e.g., BACS in the UK) to avoid flagging as a private transfer, which may trigger compliance reviews.

Fees and Limits

• Standard Plan: Free, but limited to £1,000/$1,000 monthly exchange (0.5% fee thereafter) and £200/$400 or 5 ATM withdrawals (2% fee after, min £1). Weekend exchanges incur a markup.
• Premium Plans: Monthly fees (£3.99–£45) offer higher limits and perks like insurance or lounge access.
• Transfers: Free between Revolut users; international transfers may incur fees if local details aren’t available.

Revolut Business Accounts: Features and Benefits

Revolut Business accounts are tailored for companies, freelancers, and sole traders, offering tools to streamline financial operations. Below is a detailed look at the offerings.

Account Types and Pricing

Revolut Business offers four plans, with pricing varying by country (GBP for UK):

1. Basic (Free): Pay-as-you-go. Includes multi-currency accounts, 5 no-fee local transfers/month, 1 no-fee international transfer/month, and £1,000/month exchange at interbank rates (0.6% fee thereafter).
2. Grow (£10/month): £10,000/month exchange allowance, 10 no-fee local transfers, 2 no-fee international transfers, priority support, and bulk payments.
3. Scale (£30/month): £50,000/month exchange allowance, 50 no-fee local transfers, 10 no-fee international transfers, and enhanced integrations (e.g., Xero, QuickBooks).
4. Enterprise (Custom Pricing): Tailored for large businesses with unlimited transfers, dedicated account managers, and savings up to £1 million (1.5% AER, UK, variable).

• Revolut Pro: Free account within the personal app for freelancers/sole traders. Offers a separate IBAN, debit card, and cashback (up to 0.5% based on personal plan). Payment processing fees: 1% + £0.20 per transaction.
• Billing: Annual subscriptions save up to 20%. Upgrades are immediate; downgrades apply at the next billing cycle.

Key Features of Business Accounts

• Multi-Currency Accounts: Hold, send, and receive 25+ currencies (e.g., GBP, EUR, USD, SGD). Unlimited inbound transfers in GBP, EUR, USD, and CHF.
• Account Details:
  • Local: GBP sort code/account number, EUR IBAN for SEPA, USD for ACH.
  • Global: SWIFT/BIC and IBAN for international transfers.
• Payment Solutions:
  • Accept bank transfers, card payments (0.8%–2.8% + fixed fee), Apple Pay, Google Pay, payment links, or e-commerce plugins.
  • Revolut Reader: £49 one-time cost for in-person payments (UK/EEA).
  • Tap to Pay: Available on iPhone in select markets.
• Cards: Physical and virtual debit cards (Visa/Mastercard) with company name. Set spending limits for team members.
• Expense Management: Track receipts, categorize spending, and integrate with accounting tools (e.g., Sage, FreeAgent).
• Team Management: Add unlimited team members with roles (e.g., admin, accountant).
• Bulk Payments: Schedule up to 1,000 payments via CSV upload.
• APIs and Integrations: Automate workflows with API access or connect to Zapier, Slack, or accounting software.
• Savings: Up to 1.5% AER (UK, variable); US funds FDIC-insured up to $250,000 via Lead Bank.

Eligibility for Business Accounts

• Business Types: Registered companies (e.g., Ltd, LLC, partnerships) or freelancers/sole traders (Revolut Pro for unincorporated).
• Supported Countries: UK, EEA, US, Switzerland, Singapore, Australia, and more (check business.revolut.com).
• Residency: Owners/directors must reside in the UK, EEA, or Switzerland.
• Restricted Industries: Excludes sectors like gambling or weapons (see terms).

How to Open a Business Account

1. Sign Up: Visit business.revolut.com or download the Revolut Business app (black icon). Click “Get started.”
2. Enter Details: Provide personal (name, address, date of birth) and business info (registered name, incorporation number, industry, intended use).
3. Submit Documents:
   • ID (passport, driver’s license, or national ID + selfie).
   • Proof of business address (<3 months old).
   • Incorporation certificate or registry extract.
   • Proof of authority (if not a director/shareholder).
4. Verification: Takes 3–24 hours; complex cases may take 7+ days.
5. Fund Account: Transfer funds using provided GBP, EUR, or SWIFT details.

Accessing Business Account Details

• In-App: Home > More (...) > Account details for GBP sort code/account number, EUR IBAN, or SWIFT/BIC.
• Usage: Ideal for receiving payments from platforms like Amazon, PayPal, or Stripe.

Fees and Limits

• Basic Plan: £0.25 per local transfer after 5intrexchange after £1,000/month.
• Paid Plans: Higher no-fee allowances (e.g., Scale: 50 local, 10 international).
• Card Payments: 0.8%–2.8% + £0.02–£0.20 per transaction.
• ATM Withdrawals: Fees apply after plan limits.
• Restrictions: No cash/cheque deposits.

Security and Protections

• Personal Accounts:
  • UK: Funds safeguarded but not always FSCS-protected (e-money institution).
  • EEA: Up to €100,000 deposit protection via Revolut Bank UAB.
  • US: Savings Vaults FDIC-insured up to $250,000 via Sutton Bank.
• Business Accounts:
  • UK: FSCS protection up to £85,000 for eligible businesses.
  • US: FDIC-insured up to $250,000 via Lead Bank.
• Security Features: 2FA, card freezing, PCI DSS compliance, and fraud detection algorithms. Accounts may be locked for compliance reviews, causing delays.

Customer Support

• Personal Accounts:
  • In-App Chat: Profile > Help > Choose a Category > Chat with Us (24/7).
  • Email: help@revolut.com.
  • Social Media: DM via X, Facebook, or Instagram.
• Business Accounts:
  • In-App Chat: Profile > Help > Get More Help > Contact Us (priority for paid plans).
  • Email: business@revolut.com.
  • Phone: +44 20 3322 8352 (automated card freeze).
• Help Centre: help.revolut.com for FAQs.

Risks and Considerations

• Account Freezing: Automated compliance checks may lock accounts for weeks/months due to anti-money laundering regulations, with limited communication.
• Not a Full Bank (UK): Limited FSCS protection for personal accounts; business accounts may qualify.
• Past Incidents: A 2022 cyberattack exposed data of ~50,000 customers (no funds lost); a 2021–2022 US payment flaw cost $20 million (corporate funds).
• User Feedback: X posts highlight deposit failures, slow support, or app usability issues but praise multi-currency support and upcoming AI financial tools (planned for 2025).
• Crypto Restrictions: Unavailable in the US due to SEC regulations.

Alternatives to Revolut

• Personal Accounts:
  • Wise: Transparent fees for international transfers.
  • Monzo/Starling: UK-based, FSCS-protected digital banks.
  • Traditional Banks: Offer loans and full protections (e.g., Barclays).
• Business Accounts:
  • Wise Business: £45 setup, no monthly fees, local accounts in 8+ currencies.
  • Starling Bank: FSCS-protected, no foreign transaction fees.
  • Traditional Banks: Provide credit products (e.g., HSBC).

Why Choose a Revolut Account?

Revolut’s appeal lies in its versatility, low-cost international transactions, and digital-first approach. Personal accounts are ideal for travelers, expats, or those managing multiple currencies. Business accounts suit startups, freelancers, and global companies needing efficient payment and expense tools. However, potential account freezes and limited banking protections require careful consideration, especially for primary salary or business accounts.

Conclusion

Revolut accounts offer a modern, flexible alternative to traditional banking, with robust features for personal and business use. Whether you’re a globetrotter seeking fee-free spending or a business owner streamlining international payments, Revolut has a plan to fit your needs. However, weigh the risks of account freezes and regulatory nuances. For the latest details or to open an account, visit revolut.com (personal) or business.revolut.com (business). If you encounter issues, Revolut’s in-app chat and Help Centre are your first steps for support.