Check out our comprehensive guide to the best UK bank accounts for kids and teens, including digital alternatives and savings accounts too.
If you love the idea of managing your money using just a smartphone app, you might want to take a look at Revolut.
In this guide, we’ll show you how to open a Revolut account, for both personal and business banking. Plus, some handy tips on types of Revolut accounts and who is eligible to open one.
We’ll even throw in a brilliant alternative, so that you have more options to choose from before opening an account. The Wise multi-currency account offers a convenient, affordable way to send and receive money internationally, and you can keep track of everything in a handy mobile app.
But more on that later. First, let’s take a closer look at Revolut.
Anyone who is 18¹ and over can open a Revolut account. The digital bank has started to offer Junior accounts for children, but they are still managed by an adult.
The only other conditions for opening a Revolut account are as follows¹:
- 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.
Revolut offers a few different types of account, so you can choose the best one for your needs.
The first is the Revolut Personal account, available in Standard (free), Plus, Premium and Metal Plans - each increasing in monthly cost, in return for extra features.
If you want an account for your business, there are a few Revolut Business plans to choose from. These include a free account and three paid options - Grow, Scale and Enterprise.
There’s also an option for freelancers, who can choose from a Free, Professional or Ultimate plan.
Lastly, Revolut offers a Junior account, designed for children but controlled by a parent. Plan options include Standard (free), Plus, Premium and Metal.
Now that we’ve checked out eligibility and you’ve chosen the type of account you need, it’s time to focus on getting that Revolut account open.
Here’s what you’ll need to do²:
- Download the Revolut app, available at the Google Play and App Store. You can also enter your mobile phone number on the Revolut website, and Revolut will send you a message with a link to download the Revolut app.
- Open the app, enter your phone number and create a 4-digit passcode for your new account
- 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
- Enter your personal information, including name, birth date, address and email address
- Make an initial deposit from another bank account
- Verify your identity by selecting the ‘Profile’ icon in the app, then selecting ‘personal details’ and ‘verify your identity’. Take and upload a photo of a valid form of ID, such as your passport, and a photo of your face³.
- Choose which plan you’d like, whether a free account or one with a monthly fee and extra features.
There’s a slightly different process for opening a Revolut business account. You’ll need to fill in a short online application form⁴.
Once this is submitted, you’ll join a short queue while the Revolut business account team reviews your application. They’ll get in touch if they need any more information or documentation, or to confirm any details⁴.
The requirements to open an account vary depending on the type of business you run. But here’s what you’re likely to need⁵:
- The basic incorporation details for your business - such as its registered name and address, trading name, legal form, registration date and incorporation number
- Your name, address and photo, plus a form of photo ID (such as a passport) to confirm your identity
- The operating address of your business
- Proof of the nature of your business
- Details of directors and shareholders
- Proof of your authority to open and manage the account.
According to the Revolut website, you can open a new Personal account in minutes⁶. It can sometimes take a little longer to receive confirmation of the identity verification process, anywhere up to 24 hours or more⁷.
It can take longer to open a Revolut business account. The time required to fill in the initial online application form should only be about 10 minutes⁸. However, the onboarding process after this stage can vary considerably depending on your type of business and whether the Revolut business team needs any more information/documents from you⁸.
Revolut offers a quick and easy way to get a current or business account, but remember that it isn’t the only game in town.
The Wise multi-currency account offers the ideal solution for those who need to manage their money across borders.
It’s simple and fast to sign up for a Wise account, and there are no monthly fees to worry about. You can hold 50+ currencies at once, and make worldwide transfers for low fees and the real exchange rate. Best of all, you can track all your transfers and manage your money using the Wise mobile app.
So, if you need to pay overseas suppliers for your business or get paid for freelance work from a client in another country, it could be well worth a look.
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.
You should find it pretty straightforward, but bear in mind that the application process is inevitably a little more complicated for business accounts. Good luck!
Sources used for this article:
- Revolut - terms and policies
- Statrys - how to open a Revolut account
- Revolut - verify identity
- Revolut - apply for a business account
- Revolut - application process
- Revolut - a radically better account
- Revolut - verifying identity
- Revolut - applying for a business account
Sources checked on 21-Jan-2022.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Check out our comprehensive guide to the best basic bank accounts in the UK, including details of eligibility, fees, features and how to apply.
Check out our comprehensive guide on how to open an Asda Money credit card account, including what details and documents you need and how long it takes to open.
Check out our handy guide on how to transfer your bank account to Halifax, including how to use the Current Account Switch Service.
Check out our complete guide to Zopa Bank savings accounts, including instant access, ISA and fixed term accounts, interest rates and more.
Read our guide on the best money transfer credit cards in the UK right now, including info on fees, interest rates and more.