No longer use your Revolut account? Perhaps you no longer need to send and receive money internationally, or you’ve switched to a new solution like the Wise multi-currency account.
Whatever the reason, we’ve put together a handy guide to help you close your Revolut account. This includes a step-by-step guide to the process, plus anything else you need to know along the way. So let’s get started.
First things first, you’ll need the Revolut app. If you are (or were) a regular Revolut user, you’ll already have this - as it’s how Revolut accounts are managed.
Now, to close your account, follow these steps:¹
- Make sure your app is upgraded to the latest version
- Navigate to the ‘Dashboard’ and in the top-right corner, ‘Settings’
- Scroll down until you find ‘Close Account’
- Follow the instructions to close your account.
You may need to speak to a Revolut live agent or customer service representative before you can close your account².
This is because there are certain things you need to do, such as withdrawing all currency balances from your account. All transfers will need to be completed, and no money left in the account. Once the account is closed, all debit cards linked to it will be cancelled - which means you wouldn’t be able to access any funds left in the account.
Even if you no longer use your account, you don’t necessarily have to close it. According to Revolut, it can be tricky to open a new one with the same phone number in the future¹, if you should change your mind.
Revolut doesn’t charge for inactive accounts¹, so if you’re on the free Standard plan, you could just leave your account open.
If your current plan is too expensive, you can downgrade to a cheaper plan - or the free Standard plan.
However, there is another thing to consider - the security of your personal and financial data. Revolut keeps customer data for as long as 6 years¹, in line with anti-money laundering rules and other regulatory requirements.
No matter the reason for leaving Revolut, it’s good to know that there are other cheap solutions out there for making international transfers.
Open a Wise multi-currency account and you can send, receive and spend all over the world for low fees and the real, mid-market exchange rate. There’s no monthly fee to pay, and you can manage your transfers on the handy Wise app.
You can also get a contactless international debit card that automatically converts currency at the fairest exchange rate whenever you spend.
After reading this guide, you should have all the info you need to close your Revolut account. There may be a few hoops to jump through (such as withdrawing your currency balances) but it should be reasonably straightforward.
Sources used for this article:
Sources checked on 16-August-2021.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
A handy guide on how to withdraw money from Revolut, including methods, fees and alternatives which could work out cheaper.
Is PayPal safe to use? We’ll run through PayPal’s security features for sending and receiving payments here in this handy guide.
A step-by-step guide on how to transfer your pension abroad, including finding a QROPS scheme and completing the paperwork.
Everything you need to know about making a Skrill money transfer, including fees, rates and transfer times.
A guide to healthcare for retired expats in Spain: how it works and how to get access to the National Health System’s services.
Everything you need to know about Nationwide savings accounts, including types, features and interest rates.