Revolut account opening

Back to top

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.

Back to top

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.

Back to top

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.

Back to top

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.

Back to top

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.

Back to top

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.

Back to top

Closing the account

1. Go to Settings (under Profile in the top left corner)
2. Scroll to the bottom
3. Click Close account
4. 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

Visit Revolut

Back to top

-> Back to Revolut Review 2022

Further reading:

• About Revolut the company
• Revolut card
• Revolut fees
• How do I deposit in Revolut?
• How to withdraw from Revolut?
• Trading stocks on Revolut
• Is Revolut safe?
• Revolut cryptocurrencies
• Currencies at Revolut
• Revolut alternatives & competitors