Countries Where Revolut Operates as a Bank

Revolut – from e-money to banking license

Revolut is a British financial tech company founded by Vlad Yatsenko and Nikolay Storonsky in 2015. The company offers banking services, with its headquarters in London. It also offers accounts featuring debit cards, Apple pay, virtual cards, currency exchange, commission-free stock trading, commodities, crypto, and other services.

Revolut was originally based in level39 – a financial technology incubator in London. However, in 2018, the company announced it had raised $1.8 billion and transformed itself into a unicorn. Later in December 2018, the company received a challenger bank license from the European central bank. This was facilitated by the bank of Lithuania. Also, an electronic money institution license was issued by the bank of Lithuania at the same time. As a result, it received authority to offer consumer credits and accept deposits but not to provide investment services.

So, Revolut was issued an EU banking license from the bank of Lithuania in 2018. As a result, it launched in 10 new EU markets. Although its services were available across EU, some accounts opened in countries like the UK are offered only as e-money accounts. In other words, they do not qualify for direct deposit protection.

In 2021, Revolut finally applied for a UK banking license after almost 7 years of operating as an e-money institution in the UK. According to the company, published figures suggest that 50% of its customers will be willing to put their salary in the bank if their accounts were covered by deposit protection.

As a result of extending and supplementing the license, Revolut bank can now complement its current main activities with payment services like cash withdrawal, credit transfer, card payments, payment initiation, money remittance, account information services, etc. These services are provided by Revolut payment UAB licensed in Lithuania.

Benefits for customers

Fast and hassle-free accounting opening

You won’t need to visit a bank branch to open a Revolut account. Not only this, but you won’t also need endless paperwork. Instead, you can open an account in minutes straight from your home. Unlike conventional bank accounts, you won’t incur any cost, and you can open the account from anywhere at your convenience.

Payment in more than 30 currencies

With a Revolut account, you can send and receive money in more than 30 currencies with no hidden fees. You can also carry out instant free transfers between Revolut friends from anywhere in the world. Even when friends are not on Revolut, you can use payment links or flash QR codes to send and request payment. The uniqueness of Revolut is that you can use it for payments without bank details. You only need to choose a username and generate a shareable URL to collect funds.

Money management

Revolut protects your money through safeguarding, and not the financial services compensation scheme, as we have it with other banks. Safeguarding refers to a set of laws and rules designed to ensure that money is kept in a safe place and paid back to customers if the e-money institution fails.

 Customers who switch their salary accounts to Revolut enjoy payday a day sooner than their colleagues.

Budgeting and analysis

Using smart budgeting and analytics tools, customers can use Revolut to control their money. Revolut allows customers to set limits so they can stick to their budgets. The app is also designed to send notifications of spending patterns so that you will know when you are nearing your limit. Thanks to smart analytics, customers can get a clear view of their spending, with a breakdown by categories, merchants, etc.

Simple investments

Customers can now earn 0.7% annual interest paid daily on cashback, savings, and low-fee crypto. Apart from this, the platform allows unlimited trades with no commission fee. You can use the metal to trade commodities and crypto for just $1. To be clear, the metal card is exclusive to metal customers and is a solid 18g solid reinforced steel metal card.

Fee-free foreign exchange

Customers can exchange up to £1,000 monthly in more than 30 currencies from Monday to Friday. They can also book accommodations from anywhere in the world and enjoy 7.5% cashback when they book.

To find out more about this digital bank, read our complete Revolut review.

Countries where Revolut operates as a bank

Revolut currently operates in 28 countries under its Lithuania banking license. They include:

1st wave – March 2021

• Lithuania
• Bulgaria
• Poland
• Croatia
• Estonia
• Cyprus
• Latvia
• Greece
• Romania
• Malta
• Slovenia
• Slovakia

2nd wave – October 2021

• Hungary
• Czech Republic
• Austria

3rd wave – December 2021

• Portugal
• Italy
• France

4th wave – January 2021

• Denmark
• Belgium
• Finland
• Germany
• Iceland
• Luxembourg
• Lichtenstein
• Sweden
• Spain
• Netherlands

How to open a banking account

Anyone older than 18 years can open a Revolut bank account. Parents can also open a junior account for kids, but the account must be managed by an adult. Conditions for opening a Revolut account include:

• You cannot have more than one personal account
• You must not use a personal account for business purposes
• You cannot open a new account if the company previously closed your account.

Revolut Personal account

The personal account is available in metal, premium, plus, and standard (free) plans. Each account has an increasing monthly cost for extra features. To open a personal account:

• Download the Revolut app. The app is available on the App Store and Google Play. Alternatively, enter your mobile number on the website, and Revolut will send a message containing the download link.
• Open the app and enter your phone number. Then, create a 4-digit passcode for the account.
• You will receive a text message containing the PIN. The pin is for verifying the account for security reasons.
• Then, enter your personal information like email address, date of birth, name, and address.
• Make an initial deposit from another bank.
• Verify your identity by uploading a valid form of ID. Select the profile icon on the app, choose “personal detail,” and “verify your identity.” You only need to upload a photo of the form of ID, like a photo of your face or passport.
• Choose any plan you want.

Revolut business account

This type of account is strictly designed for your business. As a result, there are business plans you can choose from, and there is an option for freelancers. For a freelancer, you can choose from an Ultimate, Free, and Professional plan. On the other hand, you can choose a free account or a paid Grow, Scale, and Enterprise plan for normal businesses. To open a business account:

• Fill out a short application form online
• Submit the form and join the queue while the team reviews your application. The business account team will reach out to you if you need to submit more information or documentation.
• Although the requirement varies depending on your type of business, you will likely need the following:
• Basic business incorporation details like trading name, registered name and address, incorporation number, legal form, and registration date.
• Your name, photo, address, and form of identification to confirm your identity.
• Proof of the nature of your business
• The operating address of the business
• Proof of your authority to open and manage the bank account
• Details of shareholders and directors.

Revolut junior account

The junior account must be controlled by a parent. Subscription plans include metal, premium, and standard (free).

You can open a personal account within minutes. However, it can sometimes take 24 hours or more to receive confirmation of the ID verification process. This time may even take longer for a business account. Regardless, you won’t spend more than 10 minutes filling in the initial online application form.  

Conclusion

Revolut represents a market leader in banking and financial management. Although the customer fund is not protected under the FSCS in the main account, users can always top up their Revolut cards within minutes from use. If you desire a bank that lets you manage your investment and finances in one place, earn interest on your savings, and get cashback and rewards when you spend, choose Revolut.   

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