Ever dream of ditching the bank branch and managing your finances entirely from your phone? If so, Revolut could be the game-changer you've been waiting for.

This innovative financial app lets you bank on the go, send and receive money internationally, and even offers budgeting tools – all accessible through a user-friendly mobile app.

In this comprehensive guide, we'll walk you through the step-by-step process of opening a Revolut account, whether you need it for personal banking or business transactions.

We'll also provide helpful tips on choosing the right Revolut account type (Standard, Premium, or Metal) based on your needs, and explore eligibility requirements.

To help you decide better, we'll introduce an alternative – the OhentPay multi-currency account – offering similar convenience and affordability for international money management.

What documents do i need to open a Revolut account?

Generally, you'd need these:

• Valid government ID: The specific document requirements depend on your location, but generally accepted options include passports, driver's licenses (including provisional licenses for learners), residence permits, and Visa Type D with an international passport.
• Contact information: Keep your phone number and email address ready for verification purposes.
• Funding source (optional): While not required initially, you can add a funding source like a debit card or bank account to start using your Revolut account right away.

Important note:  Revolut does not accept certain documents for verification, including visitor visas, tourist visas, Schengen visas, public service cards, age cards, photo cards, or any application forms.

A step-by-step guide on opening a Revolut bank account 

Step 1: 

The first step is downloading the Revolut app. You can find it on the Google Play Store or Apple App Store – look for the one with the clean white background (it's different from the Revolut Business app).  Alternatively, head to the Revolut website and sign up there – they'll send you a link to download the app directly.

Step 2:

Verify your number. 

Once you open the app, enter your phone number. Revolut will send you a 6-digit code via text message to confirm it's yours.

Step 3:

Now for some basic info: choose your country of residence, enter your full name, date of birth, address, and email address. You'll also create your very own @revtag – a unique username for sending and receiving money with other Revolut users.

Step 4:

Top Up (Optional). You can add money to your account now using your bank account details. But if you prefer, you can skip this step for now and come back to it later.

Step 5:

Verify your identity. Security is important! To verify your identity, take clear photos of a valid government ID (both sides) and a selfie of yourself. Make sure everything is well-lit and glare-free – Revolut needs a clear view for approval.

Step 6:

That's it!  Once your profile is verified, you're good to go. Revolut might offer different plan options, so you can choose the one that best suits your needs.

Now you can manage your money from anywhere with the power of Revolut!

Choosing the right Revolut account for your needs

Revolut offers a variety of accounts to suit your needs. Here's a quick rundown:

• Standard account: The free everyday account for managing your money, sending and receiving funds internationally, and making purchases.
• Premium accounts: These paid plans offer perks like travel insurance, airport lounge access, and higher ATM withdrawal limits.
• Savings account: Earn interest on your savings (interest rates vary based on your plan), set goals, and track your progress. 
• Joint account: Manage finances with a partner (friend or family) with shared cards, in-app support, and easy money sharing.
• Revolut Pro: Designed for freelancers, it offers tools to accept payments and potentially earn cashback based on your plan.
• Revolut <18: A free parent-controlled account for youngsters (ages 6-17) to learn about money management in a safe environment.

This table compares the available plans offered by Revolut:

Revolut account eligibility: A quick guide

• Standard personal account: 18+ and legal resident of a supported country (most of Europe, UK, Australia, Singapore, Japan, US). Check Revolut's website for the latest list.
• Revolut Pro: Existing Revolut personal account holder, self-employed individual, business use only (approval required).
• Revolut under 18: Available in Europe, Australia, Singapore, and the US (requires a parent/guardian with a Revolut account and meets country-specific minimum age).

How long does it take to open a Revolut account?

Opening a Revolut personal account can be done in a matter of minutes. The actual verification process may take a little longer, up to  7 days in some cases.

How much does it cost to open a Revolut account?

Revolut doesn't explicitly state any fees for opening a standard personal account.

There's also no minimum deposit required to get started.  However, it's always a good idea to double-check with Revolut directly for the latest information on any potential fees. 

They do have monthly fees for some of their premium plans, so be sure to consider which plan suits your needs before signing up- Standard Plan(GBP 0), Plus Plan(GBP 3.99), Premium plan(GBP 7.99), Metal Plan (GBP 14.99), and Ultra plan(GBP 45).

How to open a Revolut business account?

While Revolut offers a streamlined personal account signup, opening a business account requires a different approach. Here's what you need to know:

• Online application: Fill out a short online form to initiate the process.
• Review queue: After submitting the application, your request will be reviewed by the Revolut business team. They might contact you for additional information or clarification.

Required documents include:

• Business details: Incorporation details like registered name, address, trading name, legal form, registration date, and incorporation number.
• Your information: Your name, address, photo, and a valid photo ID (passport is an example) for identity verification.
• Business operations: The operating address of your business.
• Business nature: Documents proving the nature of your business activity.
• Ownership and authority: Information on directors and shareholders, along with proof of your authority to open and manage the account.

Note: The specific requirements might vary depending on your business type. It's always best to check the latest information directly with Revolut for the most accurate details.

OhentPay- The alternative you seek

While Revolut is a popular choice for managing finances, it's not the only player in the game. If your primary focus is sending money internationally, then OhentPay might be worth exploring.

OhentPay stands out for its specialization in remittance services. They offer competitive exchange rates and transparent fees, ensuring your recipient gets the most value. Additionally, OhentPay boasts a user-friendly mobile app for a smooth money transfer experience.

They offer competitive exchange rates and transparent fees, ensuring your recipient gets the most value. Additionally, OhentPay boasts a user-friendly mobile app for a smooth money transfer experience.

Who should consider OhentPay?

• Individuals who regularly send money abroad (over 190 countries, and over 50 currencies available )
• People looking for a hassle-free and transparent money transfer service.
• Those who prioritize competitive exchange rates and low fees.