Revolut has more than 30 million personal and more than 500,000 business users.
Revolut personal accounts can be opened by legal residents of the UK, the EEA, Australia, Canada, Singapore, Switzerland, Japan, and the United States.
Revolut is a digital bank that offers a variety of benefits, including easy money management, travel perks, and investment opportunities.
Revolut offers five different personal plans to choose from. Each plan offers different benefits and features. They range from free to £45/mth.
Payment and banking apps, often referred to as neobanks, are the future of spending, transferring money, and maintaining funds in a bank account.
Established in 2015 in London, Revolut, is one of the most popular options. Revolut has over 30 million retail customers and more than 500,000 business customers.
A key driver of their success is the ease by which you can open a Revolut account. Here, we walk through the steps of opening a Revolut account and what features you can expect from one.
Keep in mind the information below is for Revolut Personal accounts in the UK. Revolut operates in other countries - like the EU, the US, and Singapore - where features, terms, and conditions may differ.
If you are interested in Revolut personal accounts in a specific country that is not the UK, check Revolut’s website in that country for more information.
📱 Looking for a business account? Explore the options and see how you can open a Revolut Business account online.
What is Revolut?
Revolut is a fintech company offering access to a full range of payment and banking services to individuals and businesses.
It has gained significant recognition in the UK and the EU, particularly for its seamless cross-border transactions within EU member states.
What sets Revolut apart from a traditional bank is that it provides services online only - via a mobile app and online only or desktop. There are no physical branches customers can visit.
Revolut has also built its reputation on competitive pricing and a commitment to avoid hidden fees.
They are a favourite among frequent travellers as the exchange rate Revolut uses on payment cards is low, helping travellers to minimize costs while overseas. Plus, the three top plans offer many added benefits for travellers, such as global medical insurance, luggage and trip insurance, discounted or free airport lounge access, etc.
How Does Revolut Work?
Revolut aims to provide an easy and enjoyable app experience. With the Revolut app, you can:
- Receive and send payments locally and internationally in 29 currencies, making it ideal for people who travel regularly
- Access a pre-paid debit card that can be used for purchases and ATM withdrawals anywhere in the world
- Receive your salary
- Trade stocks
The Revolut app has popular features that give you more freedom and peace of mind when it comes to managing your money. These include:
- Vaults designed for saving money and reaching financial goals
- Overseas medical insurance and insurance for mobile phones
- Notifications when receiving payments
- Tracking your spending with end-of-month breakdowns
- No monthly charges for the standard account option
- Currency exchange in 30+ currencies without fees Monday to Friday
- A digital wallet to buy, sell and transfer cryptocurrencies, like Bitcoin, Ethereum, XRP and many others
- Airport Lounge access depending on the plans you're choosing
Eligibility Requirements for Personal Accounts
Based on the information available on their website, Revolut personal accounts can be currently opened by legal residents of the United Kingdom, the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, Japan, and the United States.
We advise you to check the website for more information.
The EEA includes the following countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
How to Open a Revolut Personal Account
Opening a Revolut personal account is simple and takes a matter of minutes. Anyone older than 18 can open a Revolut account if it’s available in their country. There are no special requirements.
The Revolut app is available in all major app stores. Here’s what the process looks like:
Step 2 - Enter your phone number and make a 4-digit passcode
Step 3 - Enter a six-digit code you get from a text message
Step 4 - Enter your personal information (name, birth date, address, and email address)
Step 5 - Top up your new account (optional)
Step 6 - Verify your identity
💡Tip: It is best to have a UK phone number, but Revolut App offers the option to open with other countries' phone numbers.
You will be sent a password and a 6-digit code to verify the Revolut account. It will ask you to choose your country of residence, enter your first and last name, define your @revtag, and enter your birth date, address, and email.
Once that is done, you will be asked to make an initial deposit. Enter your bank details to make the transfer, and then provide a selfie and a picture of your passport for verification.
At this stage, it will be saved and you can leave and come back to it later.
Afterwards, you’ll then be asked to select a standard, premium, or metal account and pay the relevant fee. The standard account is free and we will dive into the features of each Revolut account below.
Revolut Personal Account Options & Services
Revolut offers a range of accounts for personal use. We'll break each Revolut account down for you so you can decide which could be your opening Revolut account.
1. Standard Account
The Personal Standard account does not charge a monthly fee (it's free) and enables you to:
- Get a debit card that can be used wherever Mastercard® and Visa are accepted in over 140 different currencies, with no fees up to a certain limit
- Make international money transfers
- Make payments to other Revolut account holders for free
- Get fee-free ATM withdrawals for up to £200/month or 5 withdrawals
- Create savings vaults for different categories and earn interest
- Set spending limits and budget your money
- Exchange currency in 30+ currencies with no fee up to a certain limit, including cryptocurrency
- Create 1 free account for a child under 18 (with limited features)
All of these features and more are available with the Plus, Premium, Metal, and Ultra accounts below.
2. Plus Account
The Personal Plus account costs £2.99/mth and includes items like:
- Personalized Plus card
- Your first two prepaid debit cards are free, with one free replacement every subsequent year
- Personalize payment cards, subject to card stock availability and some fees may apply
- Get fee-free ATM withdrawals for up to £200/month
- A free account for up to 2 children under 18 (with full access)
- Higher savings interest rates
3. Premium Account
The Personal Premium account costs £6.99/mth and includes items like:
- Personalized Premium card
- Card express delivery
- Fee-free ATM withdrawals for up to £400/month
- A 20% discount on the fee for any international payments
- Unlimited currency exchange in 30+ currencies
- Lower crypto and commodity exchange fees
- Overseas medical insurance
- Delayed baggage and flight insurance
- Winter sports insurance
- Higher savings interest rates
- Some travel benefits, including up to 5% on cashback for Stays booking
- Discounted lounge access for you and 1 friend
4. Metal Account
The Personal Metal account costs £12.99/mth and includes all of the above benefits plus:
- Personalized Metal card
- Fee-free ATM withdrawals for up to £800/month
- 40% discount on the fee for any international payments
- Free account for up to 5 children (with full access)
- Car hire excess protection
- Metal Cashback at a rate of 0.1% in Europe and 1% outside Europe
- Higher cashback for Stays booking, up to 10%
- Global medical insurance
- Personal liability insurance
- Free lounge access with you and 3 friends
5. Ultra Account
The Personal Ultra account is the latest Revolut account, and there is still a waitlist for it. It costs £45/mth and includes all of the above benefits plus:
- Platinum-plated card
- Fee-free ATM withdrawals for up to £2,000/month
- Request a call back from the customer service feature
- Free international payments
- Partner subscriptions (Financial Times Premium, NordVPN, WeWork…)
- Even lower crypto exchange fees
- Unlimited lounge access for you and 1 friend
A Word on the Revolut card
As a customer, you can use Revolut anywhere in the world, and withdraw cash in over 140 different currencies.
You can assign specific currencies or cryptocurrencies to your card to save on foreign exchange fees.
Is Revolut Safe?
Revolut is not a bank, and therefore does not need to adhere to the regulations banks must comply with. It is however regulated by the UK’s Financial Conduct Authority (FCA) as an electronic money institution providing financial services.
To comply with these regulations, Revolut is obliged to protect customers. Revolut says on its website: “Funds with Revolut remain safeguarded in accounts with a tier-one UK bank, as per our obligations under the electronic money regulations".
Revolut partners with traditional banks that hold customers’ funds on Revolut’s behalf in actual bank accounts. If Revolut became insolvent, then funds credited to its accounts would be returned to you and other Revolut users before Revolut pays out its other creditors.
Also, all of your card transactions are processed by the Mastercard® or Visa network and are protected by Mastercard® or Visa rules.
A Few Things Worth Noting
As Revolut accounts are electronic money accounts instead of bank accounts, your deposits are not guaranteed under the UK Financial Services Compensation Scheme (FSCS).
As with any app or website, watch out for phishing scams. Phishing scams are designed to obtain your personal information to get access to your account. Remember, Revolut will only communicate with you through their online chat feature. They will not email you or offer support through social media or any other means.
Watch out for anyone calling you who says they are from customer support or another bank and are asking you for personal details or to withdraw money. If you have any concerns, contact Revolut for more information.
That's it for our guide! Hopefully, this article clarifies how to open a Revolut Personal account. If you're ready to get started, head over to their website or the app store and download the Revolut app. If anything is missing, please feel free to reach out!
Is Revolut a bank?
Can I open a Revolut personal account online?
Who can open a Revolut account?
How much does Revolut personal cost?
How long does it take to set up a Revolut personal account?
Can you have a Revolut personal and business account?
Can I change my Revolut plan whenever I want?
How do I close a paid Revolut account?
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