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Legal Agreements

Business Terms of Service

IMPORTANT: PLEASE CAREFULLY READ THE FOLLOWING TERMS OF SERVICE. YOU ACKNOWLEDGE THAT YOU UNDERSTAND AND AGREE TO ALL OF THESE TERMS IF YOU HAVE CREATED OR USED A REVOLUT FOR BUSINESS ACCOUNT OR HAVE CLICKED AN "I ACCEPT" BUTTON WITH RESPECT TO THE USE OF REVOLUT FOR BUSINESS SERVICES.

1.1 These Terms constitute a framework agreement which sets out the terms of (a) you and us entering into Revolut Transaction(s); and (b) the use of the Revolut Dashboard and other Revolut Services. Before you can enter into Revolut Transactions and benefit from the Revolut Services with us you are required to:

  1. read these Terms and tick the box online confirming the accuracy of the information provided online and your agreement with these Terms; and

  2. provide us with such documentation, photographs and information as we may reasonably request to comply with our regulatory obligations.

1.2 These Terms incorporate the Website Terms, the Cookie Policy, the Privacy Policy, the Website Acceptable Use Policy and any Supplements by this reference.

1.3 Once you have completed the above and you have passed our internal checks, we shall make the Revolut Dashboard available to the Revolut Dashboard Users you selected when agreeing to these terms.

1.4 You confirm that you have provided the correct Information during the process of creating a Revolut Account and that the person(s) you have selected as Revolut Dashboard Users and Revolut Cardholders have your full authority to act on your behalf in accordance with these Terms. You undertake that, if your details change, you will notify us immediately. You shall bear any losses that occur due to the submission of invalid, incorrect or inaccurate Information and the actions of Revolut Dashboard Users and Revolut Cardholders subject to any limits which have been imposed upon them on the Revolut Dashboard.

Regulatory Information

2.1 These Terms are between you (the “User”, “you” or “your”) and Revolut Ltd. (“Revolut”, “we”, “us” or “our”). Revolut is a company incorporated in England and Wales with company number 08804411 and whose registered office and head office is at Level 39 1 Canada Square E14 5AB London UK. Revolut is the issuer of Electronic Money in your Revolut Electronic Money Account and performs the payment services related to your Revolut Electronic Money Account. Revolut is authorised by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011 for the issuing of electronic money. We are included in the FCA’s Register of Electronic Money Institution firms (Form Reference Number 900562) which can be found on the FCA website.

2.2 The Revolut Cards are issued by Wirecard Card Solutions Limited (the “Revolut Card Issuer”). being a company incorporated in England & Wales, with company number 07875693, whose registered office is at Third Floor, Grainger Chambers, 3-5 Hood Street, Newcastle-upon-Tyne, NE1 6JQ. Wirecard Card Solutions Limited is also authorised by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011 for the issuing of electronic money. Wirecard Card Solutions Limited is included in the FCA’s Register of Electronic Money Institution firms (Form Reference Number 900051) which can be found on the FCA website. A Revolut Cardholder will have to agree to the Revolut Cardholder Terms prior to being able to use his/her Revolut Card.

2.3 We are also subject to the Payment Services Regulations 2009 (the “Regulations”) which regulate how payments must be transmitted and provide protection when you send money to an account within the European Economic Area (EEA) and the payment is in Euros, Sterling or another EEA-State currency.

2.4 If you require further information on the status of Revolut or the Revolut Card Issuer as Electronic Money Institutions, details are available on the FCA website www.fca.org.uk. The FCA can be contacted at 25 The North Colonnade, London, E14 5HS or on telephone number (+44)(0)20 7066 1000.

2.5 These Terms are separate and independent from the [Revolut Cardholder Terms which govern the Revolut Cardholder’s use of his/her Revolut Card.

2.6 Revolut uses Saxo Payments A/S, company registration no. 32338895, Philip Heymans AllĂ© 15, 2900 Hellerup, Denmark, as payment and FX provider for Business Accounts. Saxo Payments is a payment institution authorised and regulated by the Danish Financial Supervisory Authority. By agreeing to Revolut’s Business Terms of Service you also agree to be bound by Saxo Payments A/S’s Business Terms, Privacy Policy and the Code of Conduct which are available on the following link: https://www.saxopayments.com/businessterms.

Commencement, Term and your Revolut Account

3.1 These Terms shall commence on the day that Revolut confirm to you that your Revolut Account has been approved and shall continue for a period of 1 month (“Trial Period”). Unless terminated earlier in accordance with Clause 34 (“Termination”), the term shall automatically extend for a period of 12 months (the “Annual Term”) at the end of the Trial Period and at the end of each Annual Term, unless you give notice to us to terminate these Terms prior to the end of the Trial Period or the then current Annual Term.

3.2 There are three plans you can choose for your Revolut Account, being:

  1. the “Start Plan” where your Monthly Top Up Volume cannot exceed GBP£100,000;
  2. the “Standard Plan” where your Monthly Top Up Volume cannot exceed GBP£1,000,000; and
  3. the “Professional Plan” where there is no limit on your Monthly Top Up Volume.

The Subscription Fees for each of the plans are set out in Schedule 2.

3.3 Your Revolut Electronic Money Account is an account in which Electronic Money, which Revolut has issued to you, in exchange for receiving money from you or on your behalf, is stored. The Electronic Money in your Revolut Electronic Money Account may be used by:

  1. Revolut Dashboard Users to enter into Revolut Dashboard Transactions, subject to the permissions they are limited to; and

  2. Revolut Cardholders to enter into Revolut Card Transactions, subject to the limitations imposed upon the relevant Revolut Cardholder.

3.4 Revolut Dashboard Users and Revolut Cardholders may be required to provide supplemental information to us to be able to use all of the functionality available to them.

3.5 When we hold Electronic Money for you, us holding the funds corresponding to the Electronic Money is not the same as a Bank holding money for you in that: (a) we cannot and will not use the funds to invest or lend to other persons or entities; (b) your Electronic Money will not accrue interest; and (c) your Electronic Money is not covered by the Financial Services Compensation Scheme. The funds corresponding to Electronic Money will be held in one or more segregated bank accounts separately from our own funds, in accordance with the provisions of the Electronic Money Regulations 2011.

3.6 You are able to store up to twenty five currencies in your Revolut Electronic Money Account. These are subject to change from time to time.

3.7 We may stop your and the Revolut Dashboard Users’ access to the Revolut Dashboard and/or your and the Revolut Cardholders’ use of your Revolut Card on reasonable ground relating to:

  1. the security of the Revolut Dashboard or the Revolut Card;

  2. the suspected unauthorised and/or fraudulent use of the Revolut Dashboard or a Revolut Card.

The Revolut Dashboard

4.1 The Revolut Dashboard is our portal where Revolut Dashboard Users can (subject to the permissions they hold):

  1. add and remove Revolut Dashboard Users;

  2. edit the permissions for other Revolut Dashboard Users;

  3. add and remove Revolut Cardholders;

  4. edit the permissions of Revolut Cardholders;

  5. perform Top Ups via Stored Card, Electronic Money Exchanges, Instant Transfers and Revolut Bank Transfers;

  6. review and accept or decline Instant Transfers;

  7. verify your identity with us;

  8. view your Revolut Transaction History;

  9. view the balance and currency of the Electronic Money you hold in your Revolut Electronic Money Account;

  10. enter the details of your User Bank Account and your Stored Card(s).

4.2 Revolut Dashboard Users may access the Revolut Dashboard via the Business Account Portal.

Verification of Identity

5.1 You agree to cooperate with all requests made by us or any of our third party service providers in connection with your Revolut Account, to identify or authenticate the identity of you, any Revolut Dashboard Users or any Revolut Cardholders or validate your funding sources or Revolut Transactions. This may include asking you for further information that will allow Revolut to reasonably identify you or any Revolut Dashboard Users or Revolut Cardholders, including verifying your Information against third party databases or through other sources. This will also include verifying the identity of any of your directors, partners and/or ultimate beneficial owners.

5.2 We reserve the right to close, suspend, or limit access to your Revolut Electronic Money Account and/or the Revolut Services in the event we are unable to obtain or verify such Information.

5.3 We may confidentially verify the information you provide us with or obtain information on you and your Revolut Dashboard Users and Revolut Cardholders ourselves or through third parties from secure databases. Some of the searches which we or a third party may perform, such as a credit check, may leave a soft footprint on the individual’s credit history. This will not affect the individual’s credit rating. By entering into these Terms, you confirm that you and all of your directors, partners, ultimate beneficial owners, Revolut Dashboard Users and Revolut Cardholders (as appropriate) consent to us or a third party on our behalf carrying out such verifications.

5.4 You must ensure the information on your Revolut Account is always accurate and up to date. If at any time we believe that your information is outdated or inaccurate, we may contact you and request further information or request that you go through the verification process again. Your Revolut Transaction Limit will be adjusted accordingly while we verify your identify. We shall not be liable for any losses arising out of your failure to maintain up to date information.

Top Ups to your Revolut Electronic Money Account

6.1 In order to Top Up the Electronic Money in your Revolut Electronic Money Account, you will need to perform a Top Up via a Stored Card (if available), or via a User Bank Transfer or via a Third Party Bank Transfer.

6.2 We may, at our reasonable discretion (for example, without limitation, to limit fraud or credit risk), impose limits on the amount of money you can receive through the Revolut Services. In order to lift your receiving limit, you must provide us with supplemental information. If you have a Top Up limit on your Revolut Electronic Money Account, you can view it by logging onto your Revolut Dashboard and accessing the Profile section.

Top Ups via Stored Card

6.3 When this function is available, in order to Top Up via a Stored Card, you will need to add the details of the Stored Card onto your Revolut Dashboard. A Revolut Dashboard User may only add details of a Stored Cards to the Revolut Dashboard if he/she is the named holder of Stored Card. Purchase of Electronic Money via Stored Card will be for the amount and the currency defined by you.

Top Ups via User Bank Transfer and Third Party Bank Transfer

6.4 You may also fund your Revolut Electronic Money Account by entering into a User Bank Transfer or a Third Party Bank Transfer. Upon our receipt of the amount sent via User Bank Transfer or a Third Party Bank Transfer, we will issue the corresponding value of Electronic Money to your Revolut Electronic Money Account. The details of the bank account, belonging to Revolut, to send the money will be set out on the Revolut Dashboard. It is essential that you or the third party (as applicable) enter the correct bank account details when performing the User Bank Transfer or Third Party Bank Transfer. If you enter the incorrect bank account details and we do not receive the money then we are not responsible for any losses you incur as a result. If you enter the incorrect bank details and we receive your money, but in the incorrect account, or you send us money in a currency other than the currency you indicated to us when we provided you with the bank account details, then we will not be liable for any losses that you incur if our bank performs a currency conversion to change the money received into the currency of the bank account to which the money was sent.

6.5 You agree that Revolut is not responsible for any fees applied by your payment service provider for any User Bank Transfer or Third Party Bank Transfer, nor does Revolut control when it will receive the funds from your payment services provider.

Revolut Transactions

7.1 You fully authorise:

  1. Revolut Dashboard Users to enter into Revolut Dashboard Transactions on your behalf; and
  2. Revolut Cardholders to enter into Revolut Cardholder Transactions on your behalf.

For the avoidance of doubt, Revolut shall have no liability to you for Revolut Dashboard Users entering into Revolut Dashboard Transactions and Revolut Cardholders entering into Revolut Card Transactions on your behalf. It is your responsibility to ensure that you:

  1. terminate a person from being a Revolut Dashboard User and/or a Revolut Cardholder if you no longer want them to be able to enter into Revolut Dashboard Transactions and/or Revolut Card Transactions (respectively) on your behalf, for example, if they are no longer employed by you; and

  2. limit a Revolut Dashboard User’s and/or a Revolut Cardholder’s ability to enter into Revolut Dashboard Transactions and/or Revolut Card Transactions (respectively) as you deem appropriate.

7.2 The following are “Revolut Dashboard Transactions”:

  1. “Electronic Money Exchange” means using Electronic Money in one currency to purchase Electronic Money in another currency using our Exchange Rates;

  2. “Instant Transfer” – this means us sending Electronic Money in your Revolut Electronic Money Account to the Revolut Electronic Money Account of a different Revolut User; and

  3. “Revolut Bank Transfer” – this means us redeeming Electronic Money in your Revolut Electronic Money Account, with or without an associated Monetary Exchange taking place, and transferring the equivalent amount of money to the Counterparty Bank Account.

7.3 The following are “Revolut Card Transactions”:

  1. “ATM Withdrawal” – this means a Revolut Cardholder using his/her Physical Revolut Card and PIN to redeem Electronic Money from your Revolut Electronic Money Account and obtain the equivalent amount of cash from an ATM with or without a Monetary Exchange taking place; and

  2. “Revolut Card Purchase” means a Revolut Cardholder using his/her Revolut Card to purchase goods and/or services from a merchant by entering the details of his/her Revolut Card or PIN whereby the Electronic Money in your Revolut Electronic Money Account is redeemed and the equivalent amount of money is sent to the relevant merchant, through the card schemes with or without a Monetary Exchange taking place. 7.4 Revolut may refuse to enter into a Revolut Transaction with you at any time and for any reason.

7.5 Revolut provides virtual receipts for all Revolut Transactions, which are accessible on the Revolut Dashboard. In addition to virtual receipts, merchants should provide you with receipts when Revolut Cardholders enter into a Revolut Card Purchases. Revolut will not and is under no obligation to provide you with a physical receipt or other written confirmation in connection with any Revolut Transaction.

Exchange Electronic Money

8.1 Revolut Dashboard Users can exchange Electronic Money in your Revolut Electronic Money Account to Electronic Money in another currency by using the Exchange function on the Revolut Dashboard. The currencies of Electronic Money which you are able to purchase and store in your Revolut Electronic Money Account are limited to those set out on the Revolut Dashboard and are subject to change from time to time without us being required to provide you with notice.

8.2 The Revolut Dashboard User will be informed, on the Revolut Dashboard, prior to sending his/her request to enter into the Electronic Money Exchange, of:

  1. the amount of Electronic Money you will use to purchase the amount of Electronic Money in your required currency;

  2. the amount and currency of the Electronic Money you wish to purchase;

  3. the exchange rate of the Electronic Money Exchange.

8.3 In order to submit the request to enter into the Electronic Money Exchange, the Revolut Dashboard User will need to confirm the details which have been entered by hitting the button entitled “Exchange” on the relevant part of the Revolut Dashboard.

8.4 The request to enter into an Electronic Money Exchange will be accepted when we confirm to you that the Electronic Money Exchange has been entered into, on the Revolut Dashboard.

8.5 The amount of Electronic Money you can exchange at the interbank rate is limited.

Instant Transfer

9.1 When this function is available, Revolut Dashboard Users will be able to send your Electronic Money using the Revolut Dashboard.

9.2 Revolut Dashboard Users can make a request to enter into an Instant Transfer by logging onto the Revolut Dashboard, clicking on the Send button and following the on-screen instructions. The Revolut Dashboard User will need to enter the Counterparty’s details requested on the Revolut Dashboard (the ‘unique identifier’) in order to request entry into an Instant Transfer. It is your responsibility to make sure that the Counterparty’s unique identifier is entered correctly. Any error may result in the Instant Transfer being unsuccessful or delayed. We shall not be liable for any losses you incur from a Revolut Dashboard User entering the incorrect unique identifier.

9.3 If the Counterparty is already a Revolut User, the Revolut Dashboard User will be informed on the Revolut Dashboard, prior to confirming your request to enter into the Instant Transfer, of:

  1. the Counterparty’s name;
  2. the amount and currency of Electronic Money you wish to send to the Counterparty; and
  3. the Fees for the Instant Transfer (if any).

9.4 In order to submit the request to enter into the Instant Transfer, the Revolut Dashboard User will need to confirm the details which have been entered by hitting the button entitled “Send” on the relevant part of the Revolut Dashboard. Once the Revolut Dashboard User has provided confirmation (provided the Counterparty is a Revolut User), then at this time we will have been deemed to have received your request to enter into the Instant Transfer.

9.5 If the Counterparty is not a Revolut User, then the request to enter into an Instant Transfer shall be pending for 24 hours (excluding weekends and bank holidays in England). The request to enter into the Instant Transfer will be not be deemed as received until the Counterparty is approved as a Revolut User, within the 24 hours (excluding weekends and bank holidays in England) that the Instant Transfer is pending. The Counterparty will receive an SMS with instructions on how to open a Revolut Account. You authorize Revolut to send an SMS to the Counterparty on your behalf. If the Counterparty does not sign-up to Revolut within 24 hours of the SMS being sent to them, then the pending Instant Transfer will be terminated.

9.6 If the Counterparty is not a Revolut User then:

  1. the request to enter into the Instant Transfer will be pending and will not be deemed to have been received by us until the non-Revolut User has been accepted as a Revolut User;

  2. the Instant Transfer should be completed at the latest by the end of the Business Day following the day upon which the Counterparty becomes a Revolut User, provided the Counterparty becomes a Revolut User before the pending Instant Transfer lapses.

9.7 Once your Electronic Money has been sent, you will be able to view the completed Instant Transfer on the Revolut Transaction History part of the Revolut Dashboard.

Revolut Bank Transfer and Monetary Exchange

10.1 You can enter into a Revolut Bank Transfer by Revolut Dashboard Users using the Revolut Dashboard.

10.2 Revolut Dashboard Users can make a request to enter into a Revolut Bank Transfer on your behalf by logging onto the Revolut Dashboard, clicking on the Send button and following the on-screen instructions. The Revolut Dashboard User will need to enter the Counterparty Bank Account details (as requested on the Revolut Dashboard) in order to request entry into a Revolut Bank Transfer. It is your responsibility to make sure that the details of the Counterparty and the Counterparty Bank Account (the ‘unique identifiers’) are entered correctly. Any error in information may result in the Revolut Bank Transfer being unsuccessful or delayed. We shall not be liable for any losses you incur from a Revolut Dashboard User entering the incorrect Counterparty Bank Account details.

10.3 The Revolut Dashboard User will be informed on the Revolut Dashboard, prior to confirming your request to enter into the Revolut Bank Transfer, of:

  1. the details of the Counterparty Bank Account;

  2. the amount and currency of money you wish to send to the Counterparty; and

  3. the Fees for the Revolut Bank Transfer (if any).

10.4 In order to submit the request to enter into the Revolut Bank Transfer, the Revolut Dashboard User will need to confirm the details which have been entered by hitting the relevant button on the relevant part of the Revolut Dashboard.

The request to enter into the Revolut Bank Transfer shall be deemed to be received at the time at which the Revolut Dashboard User provided his/her confirmation except that where the request to enter into a Revolut Bank Transfer would otherwise be deemed to be received on a day which is not a Business Day or is received after 2.30 pm, London time on a Business Day, we have the right to treat the request to enter into the Revolut Bank Transfer as having been received on the next Business Day.

10.5 Where the Payment is denominated in:

  1. Euro or Sterling, we shall ensure that the amount of the Revolut Bank Transfer is credited to the Counterparty’s payment service provider’s account by the end of the Business Day following that on which your request to enter into the Revolut Bank Transfer was deemed to have been received;

  2. a currency other than Euro or Sterling but the account of the Counterparty’s payment service provider is located within the European Economic Area (‘EEA’), we shall ensure that the amount of the Revolut Bank Transfer is credited to that account by the end of the fourth Business Day following that on which request to enter into the Revolut Bank Transfer was deemed to have been received; and

  3. a currency other than Euro or Sterling and the account of the Counterparty’s payment service provider is located outside the EEA, we shall endeavour to ensure that we action the Revolut Bank Transfer as soon as is reasonably practicable.

10.6 If the currency of the Counterparty Bank Account (in accordance with the information provided by a Revolut Dashboard User on the Revolut Dashboard) is different to the currency of the Electronic Money you are using to enter into the Revolut Bank Transfer, then as part of the Revolut Bank Transfer we shall perform a Monetary Exchange to the appropriate currency prior to sending the money to the Counterparty Bank Account. In this event, you will be informed of the Exchange Rate for the Monetary Exchange prior to confirming the Revolut Bank Transfer.

10.7 A Revolut Dashboard User may revoke your request to enter into the Revolut Bank Transfer at any time prior to the of the end of the Business Day prior to the date upon which the Revolut Bank Transfer is due to take place.

10.8 Once the Revolut Bank Transfer has been completed, you will be able to view the completed Revolut Bank Transfer on the Revolut Transaction History part of the Revolut Dashboard.

10.9 If, for whatever reason, the funds are not deposited in the Counterparty Bank Account and are returned to Revolut, they will be converted into the currency of the Electronic Money they were originally withdrawn from. Due to the difference in price for purchasing and selling currencies and/or fluctuations in currency exchange rates, the amount of Electronic Money you receive back into your Revolut Electronic Money Account may be more or less than what was originally redeemed to perform the Revolut Bank Transfer. Revolut is not liable for any losses you incur in this respect.

10.10 Some Counterparties accept payment by setting recurring payments to be deducted from your Revolut Electronic Money Account on a regular basis. The amount of the recurring payment and the intervals at which the payments will be deducted is determined by the arrangement between you and the relevant Counterparties and their terms and conditions will apply. If you wish to amend or cancel your reoccurring payment, you may only do this by contacting the Counterparties directly.

ATM Withdrawal and Monetary Exchange

11.1 Subject to the restrictions put on the relevant Revolut Cardholder on the Revolut Dashboard, Revolut Cardholders can use their Revolut Cards to withdraw cash from an ATM. In such an event we will redeem Electronic Money in your Revolut Electronic Money Account and the Revolut Cardholder will be provided with the equivalent amount of cash. The Revolut Cardholder will need to follow the instructions on the ATM machine to perform the ATM Withdrawal. This may involve entering his/her PIN.

11.2 If the Revolut Cardholder chooses to be charged for the currency he/she withdraws in a currency other than the currency for which you hold enough Electronic Money in your Revolut Electronic Money Account, then the Electronic Money in your Revolut Electronic Money Account will be redeemed and used to purchase money in the currency for which the Revolut Cardholder has chosen to be charged. In such an event our Exchange Rate will be used.

11.3 Where a currency conversion is offered to a Revolut Cardholder by the merchant or ATM owner and you choose to authorise the payment transaction on the basis of the ATM owner’s exchange rate and charges, Revolut has no liability to you for that currency conversion. You can find more information on this at https://revolut.com/faq.

Revolut Card Purchase and Monetary Exchange

12.1 Subject to the restrictions put on the relevant Revolut Cardholder on the Revolut Dashboard, Revolut Cardholders can use their Revolut Card to purchase goods and/or services from a merchant either online or at a point of sale terminal anywhere that accepts the Revolut Card. In such an event we will redeem Electronic Money in your Revolut Electronic Money Account and the merchant will be sent, less any fees from the Revolut Card Issuer, the equivalent amount of money. The Revolut Cardholder will need to follow the instructions on the relevant website or point of sale machine to perform the Revolut Card Purchase. This may involve the Revolut Cardholder entering the details of Revolut Card (the card number, expiry date and CVC number) or his/her PIN.

12.2 If the Revolut Cardholder chooses to be charged for his/her purchase in a currency other than the currency for which you hold enough Electronic Money in your Revolut Electronic Money Account, then the Electronic Money in your Revolut Electronic Money Account will be redeemed and used to purchase money in the currency for which you have chosen to be charged. In such an event our Exchange Rate will be used.

12.3 Where a currency conversion is offered to you by the merchant and you choose to authorise the payment transaction on the basis of the merchant’s exchange rate and charges, Revolut has no liability to you for that currency conversion. You can find more information on this at https://revolut.com/faq.

Receive Electronic Money

13.1 Where the function becomes available, if you receive Electronic Money into your Revolut Electronic Money Account, we will send a notification to the Revolut Dashboard and display the payment in your Revolut Transaction History.

13.2 When the function becomes available, a Revolut Dashboard User can request a payment from another Revolut User by using the “Request Money” function on the Revolut Dashboard. You should only use this function for amounts owed to you and that are due for payment in full. This service may not be used as a debt collection or enforcement tool.

Exchange Rates

14.1 The “Exchange Rate” means the rate at which you can use one currency to purchase the another currency. Generally, for major currencies during FX market hours we offer you the interbank rate. However, in certain circumstances, it is not possible to provide you with the interbank rate including when the FX market is closed on weekends or on bank holidays or when your Exchange Rate involves illiquid currencies. It may also not be possible to provide you with the interbank rates due to other external factors such as volatile market conditions, a system failure of Revolut or any other external factors. In such instances, we might provide you with FX rates different from the interbank rate. Please see Schedule 2 for more details. We will use the Exchange Rates set out in Schedule 2, where we can, however you will be informed (where possible) of the exact Exchange Rate for each Revolut Transaction prior to your entry into same. It is your responsibility to ensure that you are happy with the Exchange Rate we offer you, Revolut Dashboard Users and Revolut Cardholders prior to entering into each Revolut Transaction. In addition, our live exchange rates are available on the Revolut Dashboard.

Your Balance and Negative Balances

15.1 You acknowledge that balances and available funds reported on the Revolut Dashboard are only approximate real time balances rather than the settled balances in your Revolut Electronic Money Account. A real time balance may not take into account pending debits and credits. Revolut will provide you with information on pending debits and credits as soon as it has that information.

15.2 If for any reason you have a negative balance in your Revolut Electronic Money Account, you agree to immediately Top Up the required amount to correct the negative balance, such amounts being due without the need for previous notification. If you fail to do so:

  1. we may exercise our right of set off in accordance with Clause 20 (Our Right to Set-Off) of these Terms;

  2. initiate a chargeback procedure for any specific transaction which led to your Revolut Electronic Money Account having a negative balance;

  3. take debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge you the expenses we reasonably incur in connection with any debt collection or enforcement efforts;

  4. if Revolut requests that you complete a Top Up in order to correct a negative balance and you fail to do so within 7 Business Days, you authorise us to initiate a payment transaction for the amount of the negative balance (or the equivalent in another currency) from your linked bank account or payment instrument.

Security

16.1 You must ensure that all Revolut Dashboard Users take all reasonable steps to:

  1. keep his/her Username and Password safe; and

  2. ensure that access to the Revolut Dashboard is kept safe.

16.2 The requirement in Clause 16.1 includes, but is not limited to, for the avoidance of doubt:

  1. each Revolut Dashboard User:

    1. logging off the Revolut Dashboard every time he/she leaves the computer (or other device) used to gain access to the Revolut Dashboard;

    2. keeping the computer the Revolut Dashboard User uses to gain access to the Revolut Dashboard safe and secure and locked with a secure password;

    3. not writing down or telling anyone his/her Username or Password;

    4. changing his/her Password regularly;

    5. if he/she receives any SMSs or emails, questionnaires, surveys, or other links that require you to provide his/her Password, not providing your information and contacting our customer services team via the chat function on the Revolut Dashboard;

    6. ensuring that the computer and e-mail account(s) and mobile phone he/she uses to communicate with us are secure and only accessed by the Revolut Dashboard User, as the computer, e-mail address and mobile phone may be used to reset his/her Password or to send information relating to the security of the Revolut Dashboard;

    7. if at any time he/she thinks that his/her Password has been lost, stolen or any other person knows his/her Password, informing customer services immediately via the chat function on the Revolut Dashboard;

    8. irrespective of whether or not the Revolut Dashboard User is using a public, a shared or his/her own computer (or other device) to access the Revolut Dashboard:

    9. always ensuring that his/her login details are not stored by the browser or cached or otherwise recorded; and

    10. never using any functionality that allows the Username and/or Password to be stored by the computer or other device he/she uses to gain access to the Revolut Dashboard.

  2. each Revolut Cardholder:

    1. keeping his/her Revolut Card safe and secure;

    2. not writing down or telling anyone his/her PIN or details of the Revolut Card;

    3. disabling his/her Revolut Card or otherwise reporting to us, at any time if he/she thinks the security of the Revolut Card is at risk, for example, if it is lost or stolen;

16.3 All Revolut Transactions are processed by automated methods, and anyone who obtains access credentials to the Revolut Dashboard or access to a Revolut Card could use it to enter into Revolut Transactions without your permission. If you, a Revolut Dashboard User and/or a Revolut Cardholder notices misuse, theft or unauthorized use of Username, Password or PIN or any other activity that makes you suspicious, you must contact the customer services team using the chat function on the Revolut Dashboard. If you suspect identity theft or theft of Electronic Money, we suggest that you contact your local police as well.

Restrictions on the use of the Revolut Services

17.1 It is not permitted to:

  1. use the Revolut Services for any illegal purposes, including, but not limited to fraud and money laundering, unlawful sexually oriented materials or services, counterfeit products, unlawful gambling activities, the funding of terrorist organizations, the unlawful purchase or sale of tobacco, firearms, prescription drugs, other controlled substances or other products prohibited by law. Revolut will report any suspicious activity and cooperate with any relevant law enforcement agency or regulator;

  2. use the Revolut Services to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services it provides, or to obtain goods or services without paying the amount due partially or in full;

  3. breach these Terms or the Revolut Cardholder Terms or any other agreement or policy that you have agreed with Revolut or with the Revolut Card Issuer;

  4. create more than one Business Account without our prior written consent;

  5. use the Revolut Services to violate any law, statute, ordinance, or regulation;

  6. use the Revolut Services for any illegal purposes including the purchase or sale, or the facilitation of the purchase or sale of, illegal goods or services;

  7. use the Revolut Services to conduct activities pertaining to adult entertainment/pornography, auction houses, charities, chemicals and allied products, dating and escort services, binary options, legal services, political or religious organisations, video game arcades or establishments and business claiming to trade in prime bank guarantees, debentures, letters of credit or medium term notes;

  8. infringe Revolut’s or any third party’s copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy;

  9. act in a manner that is defamatory, libelous, threatening or harassing when using the Revolut Services;

  10. provide us with false, inaccurate or misleading information;

  11. use the Revolut Services to engage in debt-collection activities;

  12. instruct us to send or receive what we reasonably believe to be potentially fraudulent funds on your behalf;

  13. refuse to cooperate in an investigation or provide confirmation of your identity or any Information you provide to us;

  14. attempt to intentionally or knowingly receive or attempt to receive funds from both Revolut and a merchant for the same Revolut Transaction;

  15. control a Revolut Account that is linked to another Revolut Account that has engaged in any of these Restricted Activities;

  16. conduct your business or use the Revolut Services in a manner that is likely to result in or may result in complaints, disputes, reversals, chargebacks, fees, fines, penalties or other liability to Revolut, other Users, third parties or you;

  17. use your Revolut Account or the Revolut Services in a manner that the Revolut Card Issuer, Visa, MasterCard, American Express, Discover or any other electronic funds transfer network reasonably believes to be an abuse of the card system or a violation of card association or network rules;

  18. allow any of the currencies in your Revolut Electronic Money Account to have a negative balance;

  19. provide yourself with a cash advance from your credit card (or help others to do so);

  20. take any action that imposes an unreasonable or disproportionately large load on our infrastructure; facilitate any viruses, Trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or information; use an anonymizing proxy; use any robot, spider, other automatic device, or manual process to monitor or copy our Website without our prior written permission; or interfere or attempt to interfere with the Revolut Services;

  21. take any action that may cause us to lose any of the services from our Internet service providers, payment processors, or other suppliers;

  22. use the Revolut Services to test credit card behaviours;

  23. circumvent any Revolut policy or determinations about your Revolut Electronic Money Account including, but not limited to, attempting to create a new or additional Revolut Account when a Revolut Electronic Money Account has a negative balance or has been restricted, suspended or otherwise limited; creating new or additional Revolut Electronic Money Accounts using Information that is not your own (e.g. name, address, email address, etc.); or using someone else’s Revolut Electronic Money Account;

  24. harass our employees, agents, or other Users;

  25. refuse to cooperate in an investigation or provide confirmation of your identity or any Information you provide to us;

  26. use the Revolut Services in a manner that we believe may be a violation of any applicable electronic payment network rules, card association or network rules, or applicable law;

  27. use the Revolut Services to trade FX for speculative purposes or for FX arbitrage;

  28. refuse or fail to provide further information about you or your business activities that we may reasonably request;

  29. conduct your business or use the Revolut Services in a manner that leads us to receive a disproportionate number of claims or chargebacks;

  30. have a credit score provided by a third party provider of Revolut’s choosing which indicates a higher level of risk associated with your use of the Services;

  31. reveal your Password to anyone or use anyone else’s Password.

17.2 You must ensure that Revolut Dashboard Users and Revolut Cardholders only enter into Revolut Transactions relating to the sale or supply of goods and services in compliance with all applicable laws and regulations. The fact that a person or entity accepts payments via a Revolut Transaction is not an indication of the legality of the supply or provision of the goods and services.

17.3 We reserve the right to refuse to perform a Top Up from or enter into a Revolut Bank Transfer to any Restricted Countries.

17.4 If Revolut, in its sole discretion, believes that you may have breached the provision of this Clause, we may take action to protect ourselves, other Users and third parties. The action we may take includes but is not limited to:

  1. closing, suspending, or limiting your access to your Revolut Electronic Money Account or any or all of the Revolut Services.

  2. contacting other Users who have transacted with you; contacting your bank or credit card issuer; and/or warning other Users, law enforcement, or impacted third parties of your actions;

  3. updating inaccurate Information you have provided to us;

  4. taking legal action against you;

  5. terminating these Terms or access to the Website;

  6. fully or partially reversing a Revolut Transaction; and/or

  7. blocking your access to your Revolut Electronic Money Account and/or Revolut Dashboard temporarily or permanently.

17.5 Where possible, Revolut will provide you with the relevant information regarding the actions imposed, but we may be unable to do so in accordance with the appropriate law including avoiding disclosing protected third party information or interfering in the course of an investigation.

Revolut Transaction Limits

18.1 We reserve the right to impose at our sole discretion Revolut Transaction Limits, based on criteria determined by us and that does not have to be disclosed.

18.2 Revolut Dashboard Users can view some of these Revolut Transaction Limits by logging onto the Revolut Dashboard. Revolut may, from time to time, provide you with procedures or methods to remove or increase such limits.

Suspending your use of the Revolut Services

19.1 We reserve the right to change, suspend or discontinue any aspect of the Revolut Services at any time, including hours of operation or availability of the Revolut Services or any Revolut Services feature, without notice and without liability.

Our Right to set-off

20.1 On the happening of any event which entitles us to be compensated by you, we shall be entitled to recover any sum due to us by retaining part or all of any sum that you have lodged with us under any Revolut Transaction or otherwise. You shall have no similar right of set-off. For the avoidance of doubt, this includes if one of the currency balances in your Revolut Electronic Money Account shows that you owe us an amount of funds for any reason or has a negative balance, Revolut may set-off the amount you owe us by using funds you maintain in that currency or in a different currency balance or by deducting amounts you owe us from money you receive into your Revolut Electronic Money Account, or money you attempt to withdraw or send from your Revolut Electronic Money Account, or in a different Revolut Electronic Money Account which you control and by deducting funds from any withdrawals you attempt to make.

20.2 If the amount owed to us is in a currency which is different to the money or Electronic Money you hold with us, we shall convert the amount you hold with us to the currency of the amount you owe us by applying our Exchange Rates. We do not need to notify you of this conversion occurring.

Our Liability to Micro-Enterprises and Charities with respect to Instant Transfers, Revolut Bank Transfers, ATM Withdrawals and Revolut Card Purchases

21.1 This Clause applies if you are a Micro-Enterprise or a Charity.

21.2 If you believe that an Instant Transfer, Revolut Bank Transfer, ATM Withdrawal and/or a Revolut Card Purchase has been incorrectly executed or was not authorised by you, a Revolut Dashboard User and/or a Revolut Cardholder, you must inform us as soon as possible via the chat function on the Revolut Dashboard. Failure to notify us immediately on becoming aware or within the 13 months of the date of the unauthorised or incorrectly executed Instant Transfer, Revolut Bank Transfer, ATM Withdrawal or Revolut Card Purchase will result in you losing your entitlement to have the matter corrected.

21.3 Where it is established that an Instant Transfer, Revolut Bank Transfer, ATM Withdrawal and/or a Revolut Card Purchase was not authorised by you, a Revolut Dashboard User and/or a Revolut Cardholder and you have notified us in a timely manner within 13 months of the date of the unauthorised Instant Transfer, a Revolut Bank Transfer, an ATM Withdrawal or a Revolut Card Purchase, unless Clause 21.4 applies, we shall refund to you the full amount debited without authorisation.

21.4 You will be liable for:

  1. all losses incurred in respect of an Instant Transfer, a Revolut Bank Transfer, ATM Withdrawal or Revolut Card Purchase made by us which was not authorised by you, a Revolut Dashboard User and/or a Revolut Cardholder, if you (or a Revolut Dashboard User or a Revolut Cardholder on your behalf) have acted fraudulently, or have intentionally or with gross negligence failed to comply with the obligations set out in Clause 16 (Security) or you have not notified us on time in accordance with Clause 21.2; and

  2. where Clause 21.4(a) does not apply, up to ÂŁ50 of any losses incurred in respect of Instant Transfers, Revolut Bank Transfers, ATM Withdrawals or Revolut Card Purchases which were not authorised by you, a Revolut Dashboard User and/or a Revolut Cardholder where you (or a Revolut Dashboard User or a Revolut Cardholder on your behalf) have otherwise failed to comply with your obligations under Clause 16 (Security).

Our Liability to Users which are not Micro-Enterprises and Charities with respect to Instant Transfers, Revolut Bank Transfers, ATM Withdrawals and Revolut Card Purchases

22.1 This Clause applies to you if you are a not a Micro-Enterprise or a Charity.

22.2 Regulations 54(1), 55(3) or (4), 60, 62, 63, 64, 67, 75, 76 and 77 of the Payment Services Regulations 2009 shall not apply to you.

22.3 If you believe that an Instant Transfer, Revolut Bank Transfer, ATM Withdrawal and/or a Revolut Card Purchase has been incorrectly executed or was not authorised by you, a Revolut Dashboard User of a Revolut Cardholder you must inform us as soon as possible via the chat function on the Revolut Dashboard. Failure to notify us immediately on becoming aware or within the 1 month of the date of unauthorised or incorrectly executed Instant Transfer, Revolut Bank Transfer, ATM Withdrawal or Revolut Card Purchase will result in you losing your entitlement to have the matter corrected.

22.4 Where it is established that an Instant Transfer, Revolut Bank Transfer, ATM Withdrawal and/or a Revolut Card Purchase was not authorised by you, a Revolut Dashboard User or a Revolut Cardholder and you have notified us in a timely manner within 1 month of the date of the unauthorised Instant Transfer, Revolut Bank Transfer, ATM Withdrawal or Revolut Card Purchase, we will be liable for all losses if you can prove beyond a reasonable doubt that the unauthorised Instant Transfer, Revolut Bank Transfer, ATM Withdrawal and/or a Revolut Card Purchase was performed as a result of our fraud or gross negligence.

22.5 Except as set out in Clause 22.4, you will be liable for all losses incurred with respect to Instant Transfers, Revolut Bank Transfers, ATM Withdrawals or Revolut Card Purchases which were not authorised by you, a Revolut Dashboard User and/or a Revolut Cardholder.

General Liability

23.1 You are responsible for the acts and omissions of the Revolut Dashboard Users and Revolut Cardholders under these Terms as if they were your own.

23.2 Except where you have acted fraudulently, you will not be liable for any losses incurred in respect of an Instant Transfer, Revolut Bank Transfer, ATM Withdrawal or a Revolut Card Purchase which was not authorised by you, a Revolut Dashboard User and/or a Revolut Cardholder which occurs after a Revolut Dashboard User or a Revolut Cardholder has notified us, without undue delay, on becoming aware of the loss, theft, misappropriation or unauthorised use of the Revolut Card or the Password which relate to those losses. You can notify us via the chat function on the Revolut Dashboard.

23.3 We shall not be liable for non-execution or defective execution in relation to an Instant Transfer or Revolut Bank Transfer we have made in accordance with a unique identifier given to us by a Revolut Dashboard User which proves to be incorrect. However, we shall make reasonable efforts to recover funds involved in that transaction and may charge you for doing so, including passing on to you charges made by intermediary banks and/or the payee’s bank for their assistance in the tracing process.

23.4 We are not liable to you for the correct execution of an Instant Transfer, a Revolut Bank Transfer, an ATM Withdrawal or a Revolut Card Purchase, if we can prove to you (and where relevant, to any payee’s payment services provider) that the payee’s payment services provider received the payment within the appropriate time period.

23.5 Please note any restriction on your liability in relation to an unauthorised or incorrectly executed payment transactions set out in the Payment Services Regulations 2009 does not apply to losses in relation to Electronic Money Exchanges or Monetary Exchanges.

23.6 We are liable to you for the correct transmission of a payment order representing a Top Up via Stored Card within the relevant time limit. Where we are liable, we will immediately re-transmit the payment order in question.

23.7 We shall not be liable to you for any:

  1. delay or failure to perform our obligations under these Terms (including any delay in payment) by reason of any cause beyond our reasonable control including but not limited to any action or inaction by you or any third party, any Force Majeure Event, bank delay, postal delay, failure or delay of any fax or electronic transmission, any accident, emergency, act of god or any abnormal or unforeseeable circumstances; or

  2. consequential or indirect loss (such as loss of profits or opportunity) you may incur as a result of us failing to perform our duties under a Revolut Transaction; or

  3. losses as a result of a requirement imposed on us by the Payment Services Regulations 2009 or the Electronic Money Regulations 2011 or our obligations under the laws of any EEA state or other jurisdiction.

23.8 You are responsible for all liabilities, financial or otherwise, incurred by the Revolut Card Issuer, Revolut, a Revolut User, or a third party caused by or arising out of your breach of these Terms, your use of the Revolut Services, and any use of your Revolut Account. You agree to reimburse the Revolut Card Issuer, Revolut, a Revolut User, or a third party for any and all such liability, to the extent not prohibited by applicable law.

23.9 You remain liable under these Terms in respect of all charges and other amounts incurred through the use of your Revolut Account at any time, irrespective of termination, suspension or closure.

23.10 You alone are responsible for understanding and complying with any and all laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your use of the Revolut Services, including but not limited to, those related to export or import activity, taxes or foreign currency transactions. You are liable to the state and other subjects for fulfilment of all tax obligations independently. Revolut shall not be responsible for the execution of tax obligations, or calculation and transfer of taxes applied you.

23.11 You agree to defend, reimburse or compensate us (known in legal terms to “indemnify”) and hold Revolut, our third party providers, our employees or agents who are authorised to act on our behalf harmless from any claim or demand (including legal fees) made or incurred by any third party due to or arising out of your, the Revolut Cardholders, the Revolut Dashboard Users or your other employees' or agents' breach of these Terms, breach of any law and/or use of the Revolut Services.

23.12 Nothing in these Terms shall operate to exclude liability for death or personal injury or for fraud or fraudulent misrepresentation or for any liability that cannot be excluded or amended by law.

23.13 In no event shall Revolut be liable for loss of profits or any special, incidental or consequential damages arising out of these Terms or otherwise in connection with the Revolut Services, howsoever arising.

23.14 To the extent permitted by applicable law, Revolut is not liable, and you agree not to hold it responsible, for any damages or losses (including, but not limited to, loss of money, goodwill, or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly from:

  1. Revolut Dashboard Users and Revolut Cardholders acting under your authorisation in accordance with these Terms and the limitations imposed upon them on the Revolut Dashboard;

  2. your inability to use the Revolut Services for whatever reason;

  3. delays or disruptions in the Revolut Services;

  4. viruses or other malicious software obtained by accessing the Website or any associated site or service;

  5. glitches, bugs, errors, or inaccuracies of any kind in the Revolut Services;

  6. the content, actions, or inactions of third parties;

  7. a suspension or other action taken with respect to your Revolut Account;

  8. your need to modify practices, content, or behaviour, or your loss of or inability to do business, as a result of changes to these Terms or Revolut’s policies;

  9. illegal actions and operations of third persons performed using counterfeited and/or illegal documents or illegally received data;

Withdrawing Funds

24.1 A Revolut Dashboard User may withdraw funds from your Revolut Electronic Account by entering into a Revolut Bank Transfer and choosing a User Bank Account as the Counterparty Bank Account.

24.2 Revolut is not responsible for the withdrawal payment once the funds are received by your payment service provider as Revolut is the payer and not the payment service provider for withdrawals.

Closing Your Account

25.1 Your Revolut Account will be closed at the end of the term of this agreement in accordance with Clause 3.1 or upon termination of these Terms in accordance with Clause 31.1 (Amendments to these Terms) and Clause 34 (Termination).

25.2 If your Revolut Electronic Money Account holds a balance at the time of its closure, we may ask you to withdraw your funds within a reasonable period of time, during which your Revolut Electronic Money Account will be accessible for the purpose of withdrawing the remaining balance only. After the expiry of this period you will not be able to access your Revolut Electronic Money Account but you may withdraw any remaining funds for a period of six years from the date of closure of your Revolut Account by contacting customer service and requesting that the funds be sent to you by returning the funds by either a card refund or bank transfer. When your Revolut Account is closed, any pending instructions will be cancelled.

25.3 You may not close your Revolut Account to evade an investigation. If you attempt to close your Revolut Account while Revolut is conducting an investigation, it may freeze the account to protect all parties to the Revolut Services, its affiliates, or a third party against any liability. You will remain liable for any obligations related to your Revolut Account even after it is closed.

Notice and Communications

26.1 You agree and consent to electronic receipt of all Communications that we provide in connection with the Revolut Services. We will provide Communications to you by making them available on the Revolut Dashboard or by emailing them to you at the primary email address listed in your Revolut Account profile.

26.2 It is your responsibility to ensure that Revolut Dashboard Users log onto the Revolut Dashboard regularly and regularly review the Revolut Dashboard, the Website and their primary email address and open and review communications that we deliver to you through those means. You are obligated to review your notices and Revolut Transaction History, and to promptly report any questions, apparent errors, or unauthorized Revolut Transactions. Failure to contact us in a timely manner may result in loss of funds or important rights.

26.3 We may contact you from time to time to notify you of changes or information regarding your Revolut Account. It is your responsibility to ensure you regularly check the Revolut Dashboard and that your contact information stored on your profile in the Revolut Dashboard is up to date. You may contact us in accordance with these Terms via the chat function on the Revolut Dashboard.

Data

27.1 The processing of your data is governed by these Terms, any applicable Supplements as well as our Privacy Policy.

27.2 Revolut reserves the right to transmit the Information or personal data about you as well as activity in your Account to law enforcement institutions, state authorities and financial institutions, if such is necessary to comply with relevant legislation, and in order to identify whether these Terms and relevant legislation have not been violated.

27.3 By providing Revolut with a telephone number (including a mobile telephone number), you agree to receive autodialled and pre-recorded message calls at that number. The ways in which you provide us a telephone number include, but are not limited to, providing a telephone number at Revolut Account opening, adding a telephone number to your profile on your Revolut Dashboard at a later time, providing it to one of our employees, or by contacting us from that phone number. If a telephone number provided to us is a mobile telephone number, you consent to receive SMS or text messages at that number, for service-related matters. We will not share your phone number with non-affiliated third parties for their purposes without your consent and we will never market, advertise, or solicit you using autodialling or pre-recorded messages, but we may share your phone numbers with the Revolut Card Issuer, our affiliates or with other service providers, such as billing or collections companies, who may contact you using autodialled or pre-recorded message calls or text messages.

27.4 You understand and agree that Revolut may, without further notice or warning and in our discretion, monitor or record the telephone conversations you or anyone acting on your behalf has with Revolut or its agents for quality control and training purposes or for its own protection. You acknowledge and understand that, while your communications with Revolut may be overheard, monitored, or recorded without further notice or warning, not all telephone lines or calls may be recorded by Revolut, and Revolut does not guarantee that recordings of any particular telephone calls will be retained or retrievable.

27.5 You agree that we can use your Information in connection with your Revolut Account, to enable us to review, develop and improve our products and services. This may involve providing your Information to our partners, affiliates, agents, distributors and suppliers to process Revolut Transactions and for their statistical research and analytical purposes. We may also disclose your Information as required by law, regulation or any competent authority or agency to investigate possible fraudulent, unlawful or unauthorised activity.

Intellectual Property

28.1 The Revolut Dashboard and the Website and all intellectual property rights contained therein, including but not limited to any content, are owned or licenced by us. Intellectual property rights means rights such as: copyright, trademarks, domain names, design rights, database rights, patents and all other intellectual property rights of any kind whether or not they are registered or unregistered (anywhere in the world). Revolut’s intellectual property include "Revolut.com," "Revolut", “Beyond Banking”, “the Global Money App” and all logos related to the Revolut Services. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of Revolut. You may not copy, imitate, or use them without our prior written consent. You may not copy, imitate or use Revolut’s intellectual property rights without prior written consent.

28.2 We reserve all of our rights in any intellectual property in connection with these Terms. This means, for example, that we remain owners of them and free to use them as we see fit.

28.3 Nothing in these Terms grants you any legal rights in the Revolut Dashboard and/or the Website, other than as necessary to enable you to access the Revolut Dashboard. You agree not to adjust or try to circumvent or delete any notices contained on the Revolut Dashboard (including any intellectual property notices) and in particular in any digital rights or other security embedded or contained within the Revolut Dashboard.

Requesting Information

29.1 You may request, at any time during the extent of these Terms, a copy of these Terms and any of the information set out in the Schedule 4 of the Payment Services Regulations 2009.

Customer Support and Complaints

30.1 We take all complaints seriously. Any complaints about us or the services we provide should be addressed to the chat function on the Revolut Dashboard. You should clearly indicate that you are wishing to make a complaint to us. This helps us to distinguish a complaint from a mere query. Our complaints procedure (available on our Website) sets out the process for submitting and resolving any complaints. You may request a copy of our complaints procedure at any time by contacting customer services via the chat function on the Revolut Dashboard.

30.2 A final response to your complaint, or a letter explaining why the final response has not been completed, will be sent to you within 8 weeks of your complaint having being made. Should this not be possible due to unforeseen circumstances or lack of information, we will contact you.

30.3 If after having received our final response you are still unhappy or not satisfied, and you are (a) a microenterprise; (b) a small charity; or (c) a small trust, then you may, if your complaint falls with the Financial Ombudsman’s Jurisdiction, be able to take your complaint to the Financial Ombudsman Service (FOS) details of which are available on the following link www.financial-ombudsman.org.uk/faq/complain.html. You can also call the FOS on 0300 123 9123 or write to: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR.

Amendments to These Terms

31.1 These Terms may be amended unilaterally by us, by providing you with two months’ notice. These changes will be deemed to have been accepted by you where you do not, before the proposed date of the entry into force of the changes, notify us to the contrary. If you do notify us to the contrary, your notification will be deemed to be a notice that you wish to close your Revolut Account and terminate these Terms on the date upon which the changes are to take effect.

31.2 Where an amendment to the Terms is required by law or relates to the addition of a new service, extra functionality to the existing Service, a reduction in the cost of the Services or any other change which neither reduces your rights nor increases your responsibilities, the amendment may be made without prior notice to you and shall be effective immediately.

Fees

32.1 We do not charge any Subscription Fees during the Trial Period. We charge Subscription Fees for the Revolut Services after the Trial Period is over. The Subscription Fees vary depending on which Revolut Plan you have signed up for. The Subscription Fees are payable monthly in arrears . The Subscription Fees are set out in Schedule 2.

32.2 In addition to the Subscription Fees, we charge:

  1. fees for the issuance of Physical Revolut Cards and the delivery of Physical Revolut Cards;

  2. fees for withdrawing cash at an ATM;

  3. any other transactional fees as clearly shown on the Revolut Dashboard prior completing an action and accepted by a User.

32.3 We shall deduct the Subscription Fees that you owe us from the GBP currency balance in your Revolut Electronic Money Account. If there is not enough GBP balance in your Revolut Electronic Money Account, we shall deduct the equivalent Subscription Fees from a different currency balance(s) using our Exchange Rates. If there is not enough Electronic Money in your Revolut Electronic Money Account to pay your fees in any currency, then we shall take our fee from the Stored Card you supplied when signing up for the Revolut Services or other Stored Card belonging to you or a Revolut Dashboard User which has been provided to us. We reserve the right to suspend your access to your Revolut Services if we are not paid any monies owing to use by you on time.

32.4 Fees for the issuance and delivery of Physical Revolut Cards shall be charged at the time the request for Physical Revolut Card is made. If your Revolut Electronic Money Account balance is insufficient to cover the fees for the issuance and/or the delivery of the Physical Revolut Card, then we may refuse to issue the Physical Revolut Card

32.5 ATM Withdrawal fees will be charged at the time the ATM Withdrawal is performed. If your Revolut Electronic Money Account balance is insufficient to cover the ATM Withdrawal Fees, we may refuse to execute the ATM Withdrawal. Please be aware that some ATM providers charge additional fees for the use of their ATMs and some merchants add a surcharge for accepting certain types of cards. You may also be subject to merchant’s terms and conditions of business when the Revolut Cardholders use the Revolut Card and it is your and the Revolut Cardholder’s (on your behalf) responsibility to review and agree these before proceeding with a Revolut Card Transaction.

Warranty

33.1 The Revolut Services are provided on an "as is," "as available" basis and without any representation or warranty, whether express, implied or statutory. Revolut, and the officers, directors, agents, joint venturers, employees and suppliers of Revolut, make no representation or warranty of any kind whatsoever for the services or the content, materials, information and functions made accessible by the Revolut Services used on or accessed through the Revolut Services, or for any breach of security associated with the transmission of sensitive information through the Revolut Services.

33.2 Revolut does not warrant that the Revolut Services will be uninterrupted or error free. Revolut shall not be responsible for any service interruptions, including, but not limited to, system failures or other interruptions that may affect the receipt, processing, acceptance, completion or settlement of Revolut Transactions or the Revolut Services.

33.3 Revolut does not have any control over the products or services that are paid for using the Revolut Services.

33.4 Revolut is not responsible for the quality, performance, or any consequential results of the products and/or services purchased using the Revolut Services.

Termination

34.1 Revolut, in its sole discretion, may terminate these Terms at any time, by giving you two months’ notice. The termination of these Terms will not affect any of our rights or your obligations arising under these Terms.

34.2 If you are a Charity or a Micro-Enterprise, you may terminate these terms at any time by proving us with one month’s notice, such notice to be provided using the chat function on the Revolut Dashboard. If you have chosen to pay annually in advance for your Subscription Fees then you will be reimbursed accordingly on a proportionate basis.

34.3 Without prejudice to any rights that have accrued under these Terms, or any party’s other rights or remedies, either party may at any time terminate these Terms with immediate effect by giving written notice to the other party if:

  1. the other party commits a material breach of any term of these Terms and (if such breach is remediable) fails to remedy that breach within a period of 30 days after being notified in writing to do so;

  2. the other party repeatedly breaches any of the terms of these Terms in such a manner as to reasonably justify the opinion that its conduct is inconsistent with it having the intention or ability to give effect to the terms of these Terms;

  3. the other party is subject to a bankruptcy, insolvency, winding up or other similar event; and/or

  4. the result of laws, payment scheme rules, regulatory authority rules or guidance or any change in or any introduction thereof (or change in the interpretation or application thereof) means that it is unlawful or contrary to any such law, rules, order or regulations for either of the parties to perform or give effect to any of its obligations hereunder and such obligation cannot be readily severed from these Terms.

34.4 Without prejudice to any rights that have accrued under these Terms or any of the party’s rights or remedies, we may at any time terminate these Terms with immediate effect by giving written notice to you if:

  1. there is a change of control of you or you dispose of a substantial part of your assets. In this Clause, “control” means the possession by any person(s) or nominee(s) directly or indirectly of the power to direct or cause the direction of another person and “change of control” is construed accordingly;

  2. we are unable to verify your information in the manner set out in these Terms;

  3. you are an individual and you die or you are a partnership and your partnership ends;

  4. we have reason to believe that your business and/or use of the Revolut Services: damages, corrupts, degrades, destroys and/or otherwise adversely affects the Revolut Services, or any other software, firmware, hardware, data, systems or networks accessed or used by you;

  5. there is a material change in the type of business activities you carry out;

  6. there is a significant fluctuation (either positive or negative) in the aggregate number of Revolut Transactions you enter into or the average Montly Top-Up Volume;

  7. you and/or the Revolut Dashboard Users and/or the Revolut Cardholders have acted or omitted to act in any way which we reasonably determine to diminish our or the Revolut Card Issuer’s business operations and/or reputation and/or goodwill and/or which we reasonably determine or suspect to give rise to any offence or any increased risk or liability to us; and/or

  8. we are unable to provide the Revolut Services to you through the inability of any third party to provide us with any good and/or service that we require to provide the Revolut Services to you.

34.5 Other actions we may take. If you have breached the terms of these Terms (including a breach of your obligation to pay us any amount owing), we are otherwise entitled to terminate these Terms, or we may:

  1. suspend your use of the Revolut Services (in whole or in part) in which case we will not treat any order for a Revolut Transaction that you may wish to make as being received by us;

  2. report any Revolut Transaction or any other relevant information about you and your use of the Revolut Services to the relevant regulatory authority, law enforcement agency and/or government department; and/or

  3. if appropriate, seek damages from you.

34.6 Termination of these Terms requires the closing of your Revolut Electronic Money Account in accordance with Clause 25 and the termination of all Revolut Cards and the associated Revolut Cardholder Terms. Revolut will, in conjunction with the Revolut Card Issuer, deal with your remaining balance in accordance with these Terms and the Revolut Cardholder Terms.

34.7 Any terms which by their nature should survive, will survive the termination of these Terms.

Miscellaneous

35.1 In order to use other functions of the Revolut Services, you may be requested to accept other terms and conditions, either with Revolut or with a third party.

35.2 To be eligible to use the Revolut Services, you must:

  1. pass our regulatory due diligence checks;

  2. not be in breach of these Terms; and

  3. not have had any previous Revolut Account closed by us.

35.3 These Terms shall be governed by the laws of England & Wales and any claim or dispute under these Terms shall be subject to the non-exclusive jurisdiction of the Courts of England & Wales.

35.4 These Terms do not intend to confer any benefit on any third party and no third party shall have the right to enforce these Terms or any Revolut Transactions under the Contract (Rights of Third Parties) Act 1999 or otherwise.

35.5 The Electronic Money in your Revolut Electronic Money Account belongs to the person or legal entity which is registered as the Revolut Account holder. We recognise only the rights of the holder of the Revolut Account. You cannot assign or transfer legal ownership of the Revolut Electronic Money Account to anyone.

35.6 It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. We are not responsible for determining whether taxes apply to your Revolut Transactions, or for collecting, reporting or remitting any taxes arising from any Revolut Transactions. You hereby agree to comply with any and all applicable tax laws in connection with your use of the Revolut Services, including without limitation, the reporting and payment of any taxes arising in connection with Revolut Transactions made through the Revolut Services.

35.7 If we fail to enforce any of our rights under the Terms, or applicable laws, it shall not be deemed to constitute a waiver of such right.

35.8 You may not transfer or assign or sell any rights or obligations you have under these Terms or otherwise grant any third party a legal or equitable interest over your Revolut Electronic Money Account without Revolut’s prior written consent. Revolut reserves the right to transfer or assign these Terms or any right or obligation under these Terms at any time.

35.9 We may comply with any subpoena, levy, or other legal process which we believe to be valid. We may notify you of such process electronically, by phone, or in writing.

35.10 Both the Revolut Card Issuer and Revolut have the right to change any of its third-party service providers, including without limitation the Card Processor, with or without notice.

35.11 Revolut reserves the right, but shall have no responsibility, to edit, modify, refuse to post or remove any provider content, in whole or in part, that in its sole and absolute discretion is objectionable, erroneous, illegal, fraudulent or otherwise in violation of these Terms.

35.12 Unless stated otherwise in these Terms, if any provision of these Terms is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced.

35.13 We do not provide advice and contract on an execution only basis. We may provide information to you from time to time, for example via the Revolut Dashboard or the Website, but we will not and do not provide advice to you either upon the merits of a proposed Transaction or upon any other matter. Before entering into any Revolut Transaction you and the Revolut Dashboard Users and Revolut Cardholders (on your behalf) must make your and their own independent assessment as to whether it is appropriate to enter into a Revolut Transaction based upon your own judgment and upon such advice from such advisers as you consider necessary. It is an express term of every Revolut Transaction which you and the Revolut Dashboard Users and Revolut Cardholders (on your behalf) enter into with us that you are not relying upon any communication (written or oral) made by us as constituting advice about or a recommendation to enter into such Revolut Transaction. Foreign currency exchange rates are subject to fluctuations outside our control. Past movements or trends in the movement of foreign currency exchange rates should not be taken as an indicator of future movements in such exchange rates.

35.14 Clause, Schedule and paragraph headings shall not affect the interpretation of these Terms.

35.15 A person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality).

35.16 The Schedules form part of these Terms and shall have effect as if set out in full in the body of this agreement. Any reference to this agreement includes the Schedules.

35.17 A reference to a company shall include any company, corporation or other body corporate, wherever and however incorporated or established.

35.18 Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular.

35.19 Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

35.20 These Terms shall be binding on, and enure to the benefit of, the parties to these Terms and their respective personal representatives, successors and permitted assigns, and references to any party shall include that party’s personal representatives, successors and permitted assigns.

35.21 A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time.

35.22 A reference to writing or written includes email and the chat function on the Revolut Dashboard.

35.23 An obligation upon you includes an obligation upon the Revolut Dashboard Users and Revolut Cardholders.

35.24 Any obligation on a party not to do something includes an obligation not to allow that thing to be done.

35.25 These Terms shall be concluded and interpreted in the English language. If these Terms are translated into another language, it is for reference purposes only. All communications between the parties shall be in the English language.

35.26 Any reference to an English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than England, be deemed to include a reference to that which most nearly approximates to the English legal term in that jurisdiction.

35.27 A reference to these Terms or to any other agreement or document referred to in these Terms is a reference to these Terms or such other agreement or document as varied or novated (in each case, other than in breach of the provisions of these Terms) from time to time.

35.28 References to Clauses and Schedules are to the Clauses and Schedules of these Terms and references to paragraphs are to paragraphs of the relevant Schedule.

35.29 Any words following the terms including, include, in particular, for example or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.

35.30 Supplements to these Terms are an integral part of these Terms, under which you and Revolut agree on usage of specific services as defined in the Supplements.

35.31 The definitions set out Schedule 1 apply to these Terms.

Schedule 1 — Definitions

“ATM Withdrawal” has the meaning set out in Clause 7.3(a).

“Business Account” means a Revolut Account created for primarily business purposes as opposed to personal use and registered under the name and details of a registered company, LLP, sole trader or partnership.

“Business Account Portal” means the webpage accessible through the Website where a Revolut Dashboard User can obtain access to your Revolut Dashboard.

“Business Day” means a day other than a Saturday, Sunday or public holiday in England when banks in London are open for business.

"Card" means a Revolut-branded card issued to Revolut Cardholders by the Revolut Card Issuer.

"Card Processor" means a third-party payment network card (e.g, Global Processing Services) processor.

"Chargeback" means a request that you or a Revolut Dashboard User files directly with your debit or credit card company to invalidate a Top Up.

“Charity” has the meaning set out in the Payment Services Regulations 2009;

"Communications" means information provided relating to your Revolut Account or any Revolut Transaction, including: any agreements and policies you agree to, (e.g., these Terms) including updates to these agreements or policies; disclosures and notices, including prospectuses and reports for transaction receipts or confirmations; Revolut Account statements and history; and payments authorizations and transaction receipts or confirmations; documents; and any other information related to your Revolut Account or the Revolut Services.

“Cookie Policy” means the cookie policy relating to the Website which can be found at https://revolut.com/cookies.

“Counterparty” means the person you wish to send Electronic Money or money to.

“Counterparty Bank Account” means the bank account of the Counterparty.

“Electronic Money” means electronically stored value represented by a claim against Revolut.

“Electronic Money Exchange” has the meaning set out in Clause 7.2(a).

“Exchange Rate” has the meaning set out in Clause 14;

“FCA” means the Financial Conduct Authority of the United Kingdom whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom; further information on the FCA can be obtained on the FCA’s website at www.fca.org.uk.

“Fees” means the fees and exchange rates payable by you depending on your Revolut Plan, the details of which are set out in Schedule 2.

“Force Majeure Event” means an event which is beyond the reasonable control of an affected party including without limit any market disruption, acts or restraints of government(s) or public authorities, war, revolution, strikes or other industrial action, fire, flood, natural disaster, explosion, terrorist action, the suspension or limitation of trading by any execution venue, or any breakdown, failure, defective performance or malfunction of any telecommunications settlement or other equipment or systems.

"Information" means any confidential and/or personally identifiable information or other information, including but not limited to the following: name, email address, date of birth, tax identification number, billing/shipping address, phone number and financial information.

“Instant Transfer” has the meaning set out in Clause 7.2(b);

“Micro-Enterprise” means businesses which employ fewer than 10 persons and whose annual turnover and/or annual balance sheet total does not exceed EUR 2 million.

“Monetary Exchange” is not a service in its own right but will be part of a Revolut Bank Transfer, an ATM Withdrawal or a Revolut Card Purchase and means redeeming Electronic Money in your Revolut Electronic Money Account and using it to purchase money in a different currency using our Exchange Rates;

“Monthly Top Up Volume” means the total amount of money Revolut receives on your behalf during the course of a month, measured in GBP. If we receive money on your behalf which is not GBP, then for the purposes of calculating the Monthly Top Up Volume, the money shall be converted to GBP using our Exchange Rate.

“Password” means a Revolut Dashboard User’s password required to gain access to the Revolut Dashboard via the Business Account Portal.

“Physical Revolut Card” means the tangible plastic cards which allow Revolut Cardholders to enter into ATM Withdrawals and Revolut Card Purchases on your behalf.

“PIN” means personal identification number, which is associated with the Revolut Cardholder’s Revolut Card and allows the Revolut Cardholder to enter into Revolut Card Transactions.

“Professional Plan” has the meaning set out in clause 3.1.

“Privacy Policy” means out privacy policy which can be found on the Website.

“Restricted Countries” means those countries that do not appear on the Revolut Dashboard.

"Revolut" "we," "us," or "our" means Revolut Ltd, the details of which are set out in Clause 2.1.

“Revolut Account” means your relationship with us as described in these Terms.

"Revolut Account Profile" means your profile, accessible on the Revolut Dashboard where Revolut Dashboard Users can view, among other things, your details, your price plan and your verification limits.

“Revolut Bank Transfer” has the meaning set out in Clause 7.2(c).

“Revolut Card” means both Physical Revolut Cards and Virtual Revolut Cards.

“Revolut Cardholder Terms” means the terms and conditions between the Revolut Card Issuer and Revolut Cardholders relating to the issuance to Revolut Cardholders and the use by Revolut Cardholders of the Revolut Card.

“Revolut Card Issuer” means Wirecard Card Solutions Limited, the details of which are set out in Clause 2.2.

"Revolut Card Purchase" has the meaning set out in Clause 7.3(b).

“Revolut Card Transaction” has the meaning set out in clause 7.3.

“Revolut Dashboard” has the meaning set out in Clause 4.1.

“Revolut Dashboard Transaction” has the meaning set out in clause 7.2

“Revolut Electronic Money Account” means your account with us in which your Electronic Money is held;

“Revolut Plan” means the Start Plan, the Standard Plan and the Professional Plan.

"Revolut Services" means Revolut Dashboard Users being given access to the Revolut Dashboard via the Business Account Portal and being able to enter into Revolut Dashboard Transactions (subject to their permissions), Revolut Cardholders being issued with a Revolut Card and being able to enter into Revolut Card Transactions and the management of your Revolut Account.

“Revolut Transactions” means both Revolut Dashboard Transactions and Revolut Card Transactions.

“Revolut Transaction History” means the list of Revolut Transactions you have entered into, which is available on the “Transactions” section of the Revolut Dashboard.

“Revolut Transaction Limits” means the limits Revolut imposes on the Revolut Transactions you can enter into, the details of which will be set out on the Revolut Dashboard.

“Revolut User” means a user of Revolut which is not you.

“Standard Plan” has the meaning set out in Clause 3.1.

“Start Plan” has the meaning set out in Clause 3.1.

"Stored Card" means the credit card, debit card, or other payment card, which a Revolut Dashboard User registers for use on the Revolut Dashboard and which will be used by Revolut to receive funds against which we will issue Electronic Money to your Revolut Electronic Money Account or for other purposes under these Terms.

“Subscription Fees” means the fees payable (monthly in arrears) by you which are dependent on the Revolut Plan which you choose, which are set out in Schedule 2.

“Supplement(s)” means an agreement between Revolut and you for the provision of separate services by Revolut to you.

“Third Party Bank Transfer” means a payment from a person which is not you to one of our bank accounts, the details of which we shall provide to you, as part of the process of requesting a Top Up.

“Top Up” means you or a third party sending money to us in return for us issuing Electronic Money to your Revolut Electronic Money Account as further described in Clause 6.

"User", “you” or “your” means you being the business that has agreed to these Terms to use the Revolut Services.

“Username” means a Revolut Dashboard User’s username required to gain access to the Revolut Dashboard via the Business Account Portal.

“User Bank Account” means a bank account belonging to you.

“User Bank Transfer” means a transfer from a User Bank Account, performed by the User’s payment service provider, to one of our bank accounts, the details of which we shall provide to you, as part of the process of requesting a Top Up.

“Virtual Revolut Cards” means the virtual non-tangible cards that allow Revolut Cardholders to enter into Revolut Card Purchases on your behalf.

“Website” means out general website, the web address of which is www.revolut.com.

“Website Acceptable Use Policy” means the website acceptable usage policy which can be found on our Website.

“Website Terms” means the terms and conditions regarding the use of our Website which can be found on our Website.

Schedule 2 — Fees

Revolut Plan Payable monthly in arrears
Start Plan
(you have a Monthly Top Up Limit of ÂŁ100,000 or equivalent in other currencies)
ÂŁ25
Standard Plan
(you can Top Up more than ÂŁ100,000 but your Monthly Top Up Limit is ÂŁ1,000,000 or equivalent in other currencies)
ÂŁ100
Professional Plan
(you have no Monthly Top Up Limit, i.e. you can Top Up more than ÂŁ1,000,000 or equivalent in other currencies)
ÂŁ1,000

Revolut Card Fees and ATM Withdrawal Fees

Revolut Physical Card
Issuance Charge
ÂŁ0 (or currency equivalent)
Revolut Physical Card
Standard Delivery Charge
ÂŁ6 (or currency equivalent)
Revolut Physical Card
Global Express Delivery Charge
ÂŁ12 (or currency equivalent)
Revolut Virtual Card
Issuance Charge
Free
Revolut Bank Transfers As advised prior to entering into Bank Transfer.
ATM Withdrawal Fee 2% of value of ATM Withdrawal
Maximum daily ATM withdrawal €2,200 (or currency equivalent)
Maximum yearly ATM withdrawal €33,000 (or currency equivalent)
Maximum daily activity €5,000 (or currency equivalent)
Maximum yearly point of sale activity €33,000 (or currency equivalent)

Exchange Rates

Currencies During FX market hours Outside of FX market hours
USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK and PLN only. The interbank rate 0.5% above the interbank rate on all exchanges.
All other currencies except THB, RUB and UAH. The interbank rate 1.0% above the interbank rate on all exchanges.
THB, RUB and UAH. 1.0% above the current interbank rate on all exchanges. 2.0% above the interbank rate on all exchanges.

The interbank rate is provided by financial exchanges and may be delayed as specified by financial exchanges or our data providers.

Please note that the above exchange rates are a guide only. We do not guarantee the above exchange rates. It is your responsibility to ensure that you are happy with the Exchange Rate for each Revolut Transaction you enter into prior to entering into the Revolut Transaction.

Copyright (c) 2017 Revolut LtdLegal AgreementsPrivacy PolicyFair Usage
Revolut Ltd is a company registered in England and Wales (No. 08804411). Revolut Ltd is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900562.