Closing a Revolut Australia account

No longer utilising your Revolut account? Or perhaps you’re planning to switch to an alternative provider for your international finances? No matter your reason for closing your Revolut Australia account, our guide can help you do so with ease.

Covering step-by-step what to do to close your account, key watchpoints for avoiding any issues and more, we’ve gathered up all the details you’ll need to complete this process.

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Revolut account closure requirements

Before you can close your Revolut Australia account, you must first meet the closure requirements outlined by Revolut online.

You must ensure that¹:

• All your accounts, including those for cryptocurrencies have a zero balance
• You have sold any commodities (investments made through the app)
• You have downgraded your plan to Standard (if applicable)
• Any linked investment accounts are closed
• You have no pending transactions or active subscriptions
• No active under 18 account(s) are linked to your account
• You have no open chargeback requests
• You have no credit obligations

Once you have completed or confirmed the above, you can then proceed to closing your account using the steps outlined below.

How to close your Revolut Australia Account

To close your Revolut account, you'll need to use the Revolut app. Essential to managing your account, if you're a Revolut customer, you should already have this installed.

However, for account closures, Revolut does advise that you must have the latest app update installed.¹

Once you have confirmed you have the latest app installed, follow these steps to close your account¹:

1. Go to the 'Dashboard', then select your profile icon in the top-left corner.
2. Once In your profile click on 'Account’ followed by ‘Close Account’
3. Follow the prompts to complete the closure

Once done, you will no longer be able to access your account information. As such, Revolut recommends that you download and keep any statements before confirming closure in case you require these for future reference.

What if I can’t access my account in the Revolut app?

If for any reason you can no longer access your account via the Revolut app, Revolut advises that you will need to contact their support team for assistance. This can be done by email or by using the in-app chat service.¹

Can I reopen a closed account if I change my mind?

Yes, in some situations it is possible to reopen a closed Revolut Australia account. However, this depends on how your Revolut account was closed. For instance, if you closed the account yourself, reactivation may be possible.² Though Revolut indicates that this can be complicated and opening a new account is usually preferred.

Conversely, if Revolut closed your account, reactivation is not permitted in this scenario.

Do I have to close my Revolut account?

Not necessarily, you may also decide to just stop using your Revolut account and leave it sitting dormant.

However, should you have subscribed to a higher-tier, paid account, it is recommended to ensure you have downgraded to their free plan. Otherwise, the monthly fees will continue to be deducted regardless of whether you are using the account or not.

What happens after I close my Revolut account?

After you have closed your account a confirmation notice for this will be sent to your nominated email.¹

As per Revolut, you will still have to pay any charges you've incurred and are outstanding such as if you ordered an extra Revolut Card. They also have the right to charge you any applicable cancellation fees if you are cancelling a Premium or Metal account subscription.³

It's also worth noting that while you will no longer be able to access your account information post closure, Revolut will retain your data for up to 7 years. Required to do this under relevant regulatory requirements, this can come in handy if you need details of your account at a later date.⁴

Keep in mind

Before you close your Revolut Australia account, we recommend keeping in mind the following to avoid any issues:

• If your account balance is too low, you may not be able to transfer it to an outbound account. As a zero balance is required to close your account, you will need to top up your balance to the necessary amount first. Alternatively, you can donate the balance using the in-app donations feature or transfer internally to a friend or family member's Revolut account.
• If you hold a joint Revolut account, closing it will immediately deactivate all cards linked to it and notification of the closure will be sent to all account holders. Either account holder can withdraw the remaining balance to zero without the other’s consent.⁵
• Similar to the above, if you have a linked under 18 account, closing your primary account requires you to close this too.¹ This means all balances in that account must also be cleared first.

Contact Revolut Australia

To speak with Revolut about closing your account or for any other queries, you can contact them as follows:

Via the secure in-app chat service. Simply click into the profile in the top left of the app and select ‘Help’ followed by ‘Get More Help’ to connect with an agent.

Please note that Revolut does not offer customer service by phone at this time. While a contact number is posted online, Revolut stresses this is only for blocking lost or stolen cards and cannot connect you to a customer care agent.

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Sources:

1. Revolut Australia - How to Close an Account
2. Revolut Australia - Reopen Closed Account
3. Revolut Australia - Terms & Conditions
4. Revolut Australia - Privacy Policy
5. Revolut Australia - Closing a Joint Account

Sources checked on: 19 September 2024