With more than 6.8 million customers in the UK, Revolut is one of the country's best-known Neobanks. Popular features include cashback on purchases, colourful cards and competitive interest rates — as well as low-cost transfers to more than 160 countries.
The “global financial super app” first launched in 2015 — and the company says it's attracting a million new customers around the world every month. If you're interested in becoming one of them, we'll explain what you need to do.
How to open a Revolut personal account
You'll need to have your smartphone at the ready so you can get the official Revolut app and begin the onboarding process.
According to the company, this eliminates “mountains of paperwork” and allows accounts to be opened within minutes. It's got pretty good reviews on Apple's App Store, with a rating of 4.7 stars out of 5.
Once downloaded, you'll be invited to log in or sign up. To open an account, provide a mobile number so a code can be texted to you for verification. After this step is completed, you'll be given the option to set up instant notifications whenever a payment is made on your card — a useful tool for keeping track of balances.
Next, it's time to confirm which country you reside in… and provide your full name as shown on official identification documents.
Other pieces of information that Revolut requires include your date of birth, as all users need to be over 18 in order to open their own account. Anti-money laundering laws also mean you'll be asked for your home address and email.
That brings us to Know Your Customer checks. Here, you'll need to verify your identity by taking a quick selfie. Once this has been uploaded to a secure environment, you'll be invited to create a six-figure passcode for accessing the Revolut app. Try to make sure this is different from your other logins.
Another requirement involves taking a clear picture of your passport or driving licence. Every single detail needs to be readable, and a top tip includes turning the flash off. Don't worry if you haven't got it to hand right now, this step can be completed later.
Revolut then asks for information about what you're planning to use the app for — whether that's shopping, investing or accessing competitive forex rates.
Revolut's pricing plans explained
At the time of writing, Revolut offers five price tiers to new users.
They are:
| Plan type | Price |
| Standard | Free |
| Plus | £3.99 a month |
| Premium | £7.99 a month |
| Metal | £14.99 a month |
| Ultra | £55 a month |
New members are given a month's free trial of the Plus and Premium plans, while Ultra subscribers get their first 90 days at a discounted rate of £45 a month.
Let's take a look at the benefits associated with each tier:
- Standard: A free physical card for everyday spending, the ability to exchange commodities with a 1.99% fee, and 2.29% interest on savings.
- Plus: Purchase protection of up to £1,000 on stolen or damaged goods for one year after they were bought, personalised debit cards, priority support, free cash withdrawals of up to £200 a month.
- Premium: Unlimited, fee-free exchanges in 36 currencies, five commission-free stock trades a month, global medical emergency insurance, and all the perks in the Plus plan.
- Metal: Up to 1% immediate cashback on transactions across the UK and Europe, 10 commission-free trades a month, £800 a month in feeless ATM withdrawals, and a personalised metal card sent via complimentary express delivery.
- Ultra: All of the benefits of lower tiers, in addition to unlimited airport lounge access, up to £5,000 if you cancel travel plans for any reason, a platinum-plated card.
While it can be tempting to go for the priciest plan, it's worth taking a moment to reflect on how you're planning to use your Revolut account.
Typically, more expensive subscriptions open the door to better interest rates and lower fees when trading forex, crypto and stocks. This means that shelling out for a premium package mainly comes recommended for savers and investors… or if you do a lot of travelling.
Picking a card
Like most neobanks, Revolut does offer physical debit cards that can be used wherever Visa is accepted.
The personalisation options will depend on which monthly subscription you go for — and there's even a 24k-gold-plated card that could be yours for £79.99.
But one of the most interesting features offered through Revolut is virtual cards. Once you've opened an account, this technology means you can top up and start making purchases online straight away — and add it to Apple Pay and Google Pay if you wish.
Revolut customers can generate as many virtual debit cards as they like — each with their own 16-digit number, expiry date and security code. This prevents retailers from ever getting a hold of your actual card information, reducing your exposure to data breaches and the risk of fraud. That's because virtual cards can just be used once, or frozen in a couple of taps.
Up to five virtual cards can be in operation at the same time and another powerful use case concerns budgeting. For example, one could be dedicated to grocery shopping, a second to utility bills, and another to nights out.
Revolut says this delivers an at-a-glance view of how money is being spent — and monthly limits can also be imposed to keep costs under control.
Getting your account set up
Once all of the formalities are out of the way, you'll want to spend a little time getting your Revolut personal account set up.
If you're planning for this to become your main bank, the company's account switching service means all of your incoming and outgoing funds can be automatically redirected from your old provider for free.
You'll be able to pick and choose which Direct Debits and standing orders you'd like to move across but do bear in mind that this can take about 10 business days to finalise.
A particularly popular benefit of using Revolut is the Early Salary feature, which means you'll receive funds the afternoon before your normal payday. The service is free and available for payments below £5,000.
Of course, there are other ways of topping up your Revolut account, and they can be accessed through the “Add Money” button on the app's home screen.
Options include:
- Bank transfer: If you've got a current or savings account with another provider, you can move funds across by entering the sort code and account number. Debit and credit cards are also accepted, but you may be charged a fee.
- Cash: Banknotes can also be deposited into Revolut through shops that offer the Paysafecash service. The first step is to tell the app how much cash you want to add. You'll then be given a barcode that can be scanned at eligible retailers, and pay the money over to them. The funds are normally accessible about 30 minutes later.
- Other users: Revolut enables you to request money from friends and contacts within the app — and if you're owed funds from someone who banks elsewhere, you can send them a payment link instead.
Revolut account types
Beyond accounts for individuals, Revolut also offers:
- Joint accounts: This service can be ideal for couples hoping to split household expenses like rent and bills. However, the two named people on an account don't have to live at the same address — meaning you can share one with a friend or relative. The matching cards, which complete a pattern when put side by side, are a nice touch.
- Under-18 accounts: Children and teenagers aged 6 to 17 can also have their own account if it's approved by a parent or guardian. Features include a dedicated Revolut <18 app, brightly coloured cards, and easy-to-understand tools to help youngsters reach their savings goals.
- Revolut Pro: This is a type of account targeted at freelancers with small businesses and side hustles. It allows you to get paid via payment links and QR codes — as well as a professional-looking card reader with transaction fees of 1.5%. Thanks to additional invoicing tools, Revolut Pro is ideal for anyone who wants to keep business income separate from their personal finances.
In conclusion…
Revolut is a versatile Neobank that simplifies the process of signing up for an account — eliminating the need to visit physical bank branches with inflexible opening hours that all too often clash with 9-to-5 jobs.
The company's app is jam-packed with features, easy to understand, and offers subscriptions to match all budgets. Cashback on everything from supermarket shopping to dining out can also make your funds go further.
All of this, when coupled with high interest rates on savings and the ability to invest in stocks and cryptocurrencies, is perfect if you're looking to put money aside for a rainy day.
