How to open a Revolut account

Revolut¹ offers flexible multi-currency account and card services for UK personal and business customers, allowing you to manage your money with nothing more than your phone or laptop.

If you’re considering signing up with Revolut, this guide is for you. Join us as we explore how to open a Revolut account, for both personal and business use. Plus, some handy tips on types of Revolut accounts and who is eligible to open one.

To help you decide if Revolut is right for you, we’ll also touch on an alternative - the Wise account which offers a convenient, affordable way to hold, exchange, spend, send and receive money internationally, through the Wise app and desktop site.

Learn more about the Wise account

Types of Revolut accounts

Revolut offers UK customers a selection of personal and business account options which cover different plans which have their own features and costs. As well as adult accounts there are also Revolut <18 accounts which are designed for children, and which are issued with an adult acting as a joint account holder.

If you’re not a resident in the UK, you may well still be able to open a Revolut account with the Revolut entity in your home country - terms, conditions, features and fees may vary slightly if you’re located in a different country though, so do double check the rules based on where you live. Here’s a quick rundown of the types of account you can get with Revolut in the UK.

Revolut UK personal accounts

Revolut Personal accounts are available in 5 different plans²:

• Standard
• Plus
• Premium
• Metal
• Ultra

There’s no ongoing fee for the Standard plan, making this a low risk way to test out the services you get with Revolut. You can also choose to trade up to one of the other plans, which each have monthly fees, from 3.99 GBP/month for Plus, right up to 45 GBP/month for Ultra.

Revolut personal account plans each have their own features - typically the higher the monthly fee, the more features and no-fee transactions you can unlock.

Once you have your personal account open with Revolut you can add in pro features or make it a joint account. More on Revolut pro, next.

Revolut UK pro accounts

If you have a Revolut personal account you can not use it for business purposes. However, if you’re looking for a simple account to manage your income from a side hustle or from doing some part time freelance work, you may not think it’s necessary to open a full Revolut business account. This is where Revolut pro³ comes in. Revolut pro accounts offer simplified business features compared to the full Revolut business account plan, and can be used by individuals who work as freelancers and sole traders.

You can only apply for this account once you have already been signed up with a Revolut personal account.

Revolut UK business accounts

Revolut business accounts in the UK are aimed at people with registered business entities⁴. As with personal accounts, there are several different choices of account plan:

• Basic
• Grow
• Scale
• Enterprise

There’s no monthly fee for the Basic account, or you can trade up to Grow for 19 GBP/month, or scale for 79 GBP/month. Enterprise plans are fully customisable based on business needs.

Revolut UK <18 accounts

The final type of Revolut account for UK customers is the <18 account⁵ which is for children aged 6 to 17 years old. To sign up, you’ll need to have a parent or guardian approve the account, and they’ll then retain some access and oversight. Revolut <18 accounts offer some features designed to appeal particularly to younger people including social features and customisable cards.

Who can open a Revolut account?

As with any licensed financial service provider, there are some important eligibility rules to consider when you sign up to Revolut in the UK. Let's take a look.

Who can open a Revolut personal account?

You can open a UK Revolut personal account if you’re aged 18 or older, and resident in the UK⁶.

The other conditions for opening a Revolut personal account are as follows:

• You can’t have more than one Revolut personal account
• You can’t use a Revolut personal account for business purposes
• You can’t open a new Revolut account if the company has previously closed down your previous account.

As we saw earlier, if you do want to use Revolut for some limited business functions as a freelancer or sole trader, you can also add pro features to your personal account. This isn’t the same as opening a full business account, and is a service available on application within the app only.

Who can open a Revolut business account

Revolut business accounts are intended for registered business owners and sole traders who need more extensive business features⁷. You can not use a Revolut business account for personal purposes.

You’ll be able to open a Revolut business account in the UK as long as:

• Your business is registered in your local Government Business Registration Service with a valid registration number
• Your business is fully incorporated where necessary

Revolut does have other conditions around the types of business it can offer accounts to - mainly concerning restricted industry types. Double check the terms and conditions of Revolut’s accounts if you’re in any doubt about your eligibility to apply.

How to open a Revolut personal account

To open a Revolut personal account you’ll be asked for:

• A valid mobile phone number
• A valid email address
• Your address, date of birth, full name, and citizenship(s)
• A valid government-issued ID like a passport
• A selfie for account security

Assuming you have all this to hand, here's how to sign up for a Revolut personal account:

1. Download the Revolut app, or enter your mobile phone number on the Revolut website, to receive a link to the app
2. Open the app, enter your phone number and create a 4-digit passcode for your new account
3. You’ll receive a text message from Revolut containing a PIN - you’ll need to enter this into the app to verify your account for security purposes
4. Enter your personal information, including name, birth date, address and email address
5. Make an initial deposit from another bank account
6. Verify your identity by selecting the ‘Profile’ icon in the app, then selecting ‘personal details’ and ‘verify your identity’. Take and upload a selfie with your ID document clearly visible
7. Choose which plan you’d like, confirm and you’re all done

How to open a Revolut business account

To sign up for Revolut business you’ll need to make sure you have all the following:

• Proof of your identity - usually a video selfie featuring your ID document like a passport
• Certificate of incorporation or registration of your business
• Proof of your business activity - such as your website, a contract with a supplier, or a sales invoice
• Proof of your operating address
• Information about all directors and major shareholders with ownership over 25%

Once you’ve gathered all the required information you can head over to the Revolut website and tap sign up from the business pages. You’ll be guided through the steps to take which include:

1. Confirm the country your business is registered in, and the entity type
2. Enter your phone number and set a PIN for security
3. Enter your personal information and details about your business
4. Upload required documents, following the prompts
5. Choose the account plan you’d prefer
6. Your account will be passed to Revolut for verification and you’ll be notified when it’s ready to use

How long does it take to open a Revolut account?

According to the Revolut website, you can sign up for your account in just a few minutes. It can sometimes take a little longer to receive confirmation of the identity verification process, anywhere up to 24 hours or more.

Alternatives to Revolut - the Wise Account

Revolut offers a quick and easy way to get international account and card services for yourself or your business, but remember that it isn’t the only game in town.

Compare your options with Revolut against the Wise account which has no monthly fees to worry about, a Wise debit card for low-cost spending in countries, and lets you hold currencies at once. Accounts come with local and SWIFT details to receive payments in select foreign currencies, and physical and virtual cards for online, in person and mobile spending.

When it comes to managing your money across borders, you can count on Wise for low, transparent fees* and the mid-market exchange rate whenever you need to convert from one currency to another⁸. Plus you can track all your transactions and manage your money using the Wise mobile app.

There are special features for businesses, such as making bulk payments in just a few clicks, and smart cloud accounting integrations to save on admin. Use your Wise Business account to get paid through PSPs and marketplaces using local account details, and manage supplier and contractor payments to 160+ countries with ease.

If you’ve not registered your business in the UK just yet, check out the Wise Business company formation solution, where you can create a limited company in the UK and open a Wise Business multi-currency account in one go. Easy.

Sign up with Wise today 💰

And there you have it - all the info you need to help you apply for a Revolut account. We’ve covered how it works for both personal and business accounts, and roughly how long you can expect it to take.

Don’t forget to also take a look at alternatives to Revolut, like Wise, to check you’re choosing the perfect account for your personal needs.

Sources used:

Sources last checked on date: 17-DEC-2024