Regularly referred to as Revolut UK because Revolut was widely known to be launched in the United Kingdom in 2015 by its first two users; founders Vlad Yatsenko and Nik Storonsky. Revolut aspires to become a financial all-in-one app, by offering users a variety of financial functions from money transfer and exchange, online payments, withdrawals to managing personal money and business accounts.
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Today, Revolut's innovative offerings and products produce more than 100 million transactions every month.
A product of UK's emerging banking technology, Revolut UK or simply Revolut, is a banking app — despite not having any physical branches — which users can use to manage their money in transacting almost all financial transactions online straight from the user's phone.
Users just need to open an account similar to opening an account with a traditional bank. However, users conduct all the financial transactions online. Users can also choose to get a physical card which they can use like any Visa or Mastercard cards. A Virtual card for one-time online use is also available.
With Revolut, you can also send money everywhere, save and budget money, as well as buy and sell stocks and cryptocurrency.
Revolut's main headquarters is in London, United Kingdom. Its specific address is 7 Westferry Circus, Canary Wharf, London E14 4HD.
Revolut does have a banking license, but they still operate as an e-money provider (fintech) rather than a full-fledged bank in the United Kingdom. Revolut intends to acquire a British banking license in the near future, as well as licenses in many other regions of the world where it operates. Currently, Revolut operate as a UK-based company with a legal name of Revolut Limited.
Launched in UK, Revolut is now available to users from the European Economic Area (EEA). This jurisdiction includes these 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.
Other than the EEA, Revolut is also available for users in Australia, Singapore, Switzerland, Japan and the United States.
Like in other territories where Revolut is available, UK-based users need to be at least 18 years to open a Revolut account. However, special terms and conditions are applied for special cases where an individual below 18 years old is allowed to open a Revolut account.
It is easy to open a Revolut personal account. The app is free to download and all you have to do is enter your phone number.
Afterwards, you will be asked to enter a password, and a six-digit code will be sent to your phone to verify your account.
You will be asked for your name, birth date, address, and email. After that, you will need to enter your bank details for a transfer to be initiated.
In addition, a photo of your passport and a selfie are required for verification.
There are three types of accounts, standard, premium, and metal, which you can choose from (standard is free).
If you wish to open a Revolut business account, you'll need to complete an application form online and provide specifics about your business including your incorporation particulars, what business you operate, and where you conduct business.
In addition, you'll need to provide authorization from your company to open a Revolut business account.
To verify your identity, you will need to provide additional information that can be asked by Revolut.
In the event that Revolut cannot verify your business from the data you sent, they may request more information from you.
A few hours to a week may pass before your account is approved.
If you have more than one business, you can open another Revolut Business account.
Downloading the Revolut app is free as well as opening an account under the "free" plan. This plan offers free ATM withdrawal with a monthly limit and for the use of your Revolut card abroad.
Other plans with additional features comes with a monthly fee. These are the Revolut Plus with a £2.99 monthly fee, Revolut Premium which cost £6.99 a month and the Revolut Metal priced at £12.99 a month.
For start-up businesses, there is the "Free" plan. Depending on the size of your business, you can upgrade to a plan called "Grow", which costs £25 per month, a plan called "Scale", which costs £100 per month, or a plan called "Enterprise", which cost depends on the customization of your business account.
The pricing plans for freelancers at Revolut Business are as follows:
The "Free" plan is, of course, free, but there is a monthly fee associated with the "Professional" plan and a fee associated with the "Ultimate" plan.