Intro
The account opening at Revolut is easy, fast, and fully digital. Our account was verified within one business day. There isn't a minimum account balance requirement.
TABLE OF CONTENTS
- How to open your account
- How to top up your account
- Account opening versus other competitors
- Account types
- Current accounts
- Trading account
- Minimum deposit
- Countries
- Account opening documents
- Proof of identity
- Proof of residency
- Identification
- Unsettled cash
- Closing account
How to open your Revolut account
Follow these 5 steps to open your account at Revolut:
- Download the app and create a Revolut account
- Go to 'Dashboard' and click 'Trading'
- Add some personal information, like your nationality and tax number
- Answer a few questions about your employment status, annual income, and investment objectives
- Accept user and market data agreements
We collected the main arguments in favor and against the Revolut account opening process in the following table.
|
Pros |
Cons |
|
• Fast |
• None |
|
• Fully digital |
|
|
• No minimium deposit |
|
How to top up your Revolut account
You can top up your Revolut account with your debit or credit card or by direct transfer from your bank account.
- Tap on the ‘Accounts’ tab
- Click the ‘Add money’ button
- Enter your debit card or bank account information and tap ‘Continue’
- Enter the amount of money you want to add and tap the ‘Add money’ button.
You will receive a confirmation notice as soon as the money arrives, which in the case of cards is almost instant.
Account opening versus other competitors
The account opening at Revolut is fully online and user-friendly. You can easily complete the entire process on your mobile phone.
Check out this table to compare the rating and duration of Revolut's account opening process to its main competitors:
| Revolut | Freetrade | Robinhood | |
|---|---|---|---|
| Account opening score | 5.0 stars | 5.0 stars | 5.0 stars |
| Time to open an account | 1 day | 1 day | 1-3 days |
An account with an online broker is pretty similar to a regular bank account and opening one is at least partly an online process. At some brokers it's as quick as opening a new Gmail account, while at others , it takes a couple of days as they run a background check of your data. In addition to storing money on it, a brokerage account is suitable for holding your financial assets, such as shares or forex positions. Opening an account is always free of charge.
There are a couple of other factors to consider when you are about to open an account at Revolut. Here are the main pros and cons when it comes to registering at Revolut:
|
Pros |
Cons |
|
• No minimum deposit |
• Only one account base currency |
|
• User friendly |
|
|
• Fast |
|
Account types
Revolut provides current accounts for individuals, companies, and freelancers to store and transfer money and trading accounts for individuals where they can buy and sell stocks, crypto, and selected US-listed securities.
Current accounts
Revolut has three account categories: Standard, Premium and Metal. All three offer commission-free trading; the difference is mainly in the number of free stock trades per month:
- the Standard account allows 1 free stock trade per month;
- the Plus account provides 3 free stock trades per month;
- the Premium account offers 5 free stock trades per month;
- the Metal account has no limit on the number of free stock trades.
Trading accounts
Your trading account with Revolut is a general investment account. Other account types usually offered by traditional brokerages - such as corporate, joint, IRA or ISA accounts - are not available.
When you open a new account, you need to choose the “type” of account you want to have. Each type has specific requirements and features. Most online brokers offer accounts that vary based on your identity or experience, the nature of traded products, available currencies, and features such as personal investment advice. Of course, each broker company will offer slightly different packages.
Unfortunately, Revolut offers trading in only one currency, USD.
This matters because if you deposit funds in currencies other than the base currency, your money will be converted into USD.
To save on conversion fees, you can open a multi-currency bank account. Revolut itself as well asTransferwise offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.
| Revolut | Freetrade | Robinhood | |
|---|---|---|---|
| Number of base currencies | 1 | 1 | 1 |
What is the minimum deposit at Revolut?
There is no required minimum deposit. You can move just a couple of dollars to your trading account from your Revolut account to get started with buying and selling shares.
Countries where Revolut accounts can be opened
Revolut accepts clients only if they are legal residents of the European Economic Area (EEA)*, Australia, Singapore, Switzerland, Japan, and the United States.
*The EEA includes: 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, Sweden, and the United Kingdom.
Stock trading is not available in all of the countries where Revolut offers its basic services.
Revolut account opening documents
To be able to open an account with an online broker, you are generally required to provide proof of identity and proof of residency. Ideally, this process is fully digital. The difficulty is that some brokers eventually require physical copies of your documents.
Revolut accepts the following documents for identification purposes:
Proof of identity
Copy of a passport or a driver's license is accepted at Revolut as proof of identity.
Proof of residency
A bank statement or a utility bill is accepted at Revolut as proof of residency.
Identification
Account opening at Revolut is fully digital, so you can go through the entire identification process on the company's web platform.
Unsettled cash
When you trade stocks, there is a two-business-day settlement period and the proceeds generated from selling the stocks in questions are considered unsettled in your cash account for two business days. This is a technical necessity given current rules on US stock exchanges. This practice means that you will be able to use your money again after 2 days.
Closing the account
- Go to Settings (under Profile in the top left corner)
- Scroll to the bottom
- Click Close account
- If you want to let Revolut know the reason, share the cause for terminating the account
If you need help closing the account, get in touch with Revolut's customer service.
Before you close your account:
- Clear the account of all funds
- Check that there are no pending transactions
- Make sure you are the account owner or have admin permission
-> Back to Revolut Review 2022
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