Basic Banking Service Account
If you signed up to Revolut after (15 March 2025), this version of our terms applies to you.
This document (the “Basic Banking Service Account Terms”) sets out the terms and conditions for your payment account with basic features (your “Account) and they apply along with our Personal Terms for the Belgian Branch (the “Personal Terms”). Together, they form the legal agreement between you and us (Revolut Bank UAB Belgian branch) for your Account. You can download a copy of these terms from the Revolut app at any time. To use all the functions of the Revolut app, you must be connected to the internet. Your Account is provided to you by Revolut Bank UAB via its Belgian Branch.
Where there is any difference between the Basic Banking Service Account Terms and our Personal Terms, these Basic Banking Service Account Terms will prevail in respect of your Account.
We offer this Account to our customers in accordance with our obligations under Belgian law to provide a “basic banking service”.
Eligibility
To be eligible to apply for a basic banking service account, you must:
- be 18 or over;
- be legally resident in the European Union or be a consumer of Belgian nationality resident outside a Member State of the European Union who was struck off the Belgian population register of the Belgian population less than ten years ago;
- not hold a payment account (either solely or jointly) with a bank in Belgium, or, if you do currently hold a payment account with ano
- her bank in Belgium, you must have received notice that your payment account will be closed;
have no more than 10,000 euros in accumulated annual credit balance (on any other bank accounts you may hold, either at Revolut or elsewhere).; and
satisfy any other eligibility criteria that may apply by law (for example, pass our anti-money laundering and counter-terrorist financing checks).
A payment account means an account for day-to-day transactions that allows you to (at least) (a) deposit funds, (b) withdraw cash within the European Union and (c) make and receive payments (including credit transfers) within the European Union to and from a third party.
Opening a Basic Banking Service Account
You can sign up to the Basic Banking Service through the Revolut App by following our instructions.
We may ask you as part of our onboarding process to declare that you are eligible for an Account and to provide any evidence we deem necessary to prove your eligibility for a Basic Banking Service Account.
If we decide to refuse your application for an Account, we will notify you in writing.
If we refuse to open a basic banking service account for you and you have any complaint in relation to this decision, please refer to the Personal Terms or the Complaints Policy on the Revolut website where you can find full details on our complaints handling procedure.
Your Basic Banking Service Account
We make the basic banking service account available to you for personal use. You may not use it for business or commercial purposes.
You do not need to buy any other Revolut products or services to access a basic banking service account.
Your basic banking service account is a “basic banking service account”, which we make available to you as required by Belgian law. If you choose to open a basic banking service account, you may not have access to other Revolut products and services in the Revolut app that are not connected to the account’s basic features. We will let you know in-app if we apply any of such restrictions.
You may only hold one basic banking service account at any time. We will provide you with a debit card for your basic banking service account. You must keep your basic banking service account in credit at all times and have sufficient funds in your account to cover any payments. In the event that a transaction would result a negative balance, the transaction will not be executed. We do not apply maintenance or transaction fees (euro) to your basic banking service account however other fees and charges may apply (including for transactions in currencies other than euro).
The maximum fee for the basic banking service account is fixed by law. Each year, the maximum price is adapted to the consumer price index. Our Basic Banking Service Account is free. We do not apply maintenance or transaction fees to your Basic Banking Service Account however other fees and charges may apply (including for transactions in currencies other than euro). Please see our Fees page (Standard Plan) for more information.
Changes to your Account
If your basic banking service account is no longer suitable for your needs or you are no longer eligible to hold the basic banking service account you can contact us via the Revolut app. You will have two options:
- you can switch from your basic banking service account (i.e. an account with basic features) to an ordinary Revolut account; or
- you can fully close your basic banking service account
You will not have the option to fully close your basic banking service account if you have entered into a separate agreement with us or another Revolut company that requires you to keep your personal account with us open until that other contract is terminated (e.g. a personal loan). In those circumstances, only the option to switch your basic banking service account will be available to you.
Switching to a standard Revolut account
If you switch to a standard Revolut account, fees and charges will apply in accordance with the fees information set out on our webpage for Belgium. We will switch your basic banking service account to a standard Revolut account by giving you two months’ notice in the following circumstances:
- you have more than 10,000 euros in accumulated annual credit balance.
- you can avoid us switching you to a standard Revolut Account by contacting us within this notice period to fully close your basic banking service account (unless we cannot close your account as described in these terms).
Closing your Account
You can close your basic banking service account by contacting us in the manner described in these Terms.
We may unilaterally (i.e. without your consent) decide to close or suspend your Account with immediate effect and without prior notice where one or more of the following conditions is met:
- you are convicted of fraud, breach of trust, fraudulent bankruptcy or forgery; you knowingly use your basic banking service account for unlawful purposes; and/or
- you gave us incorrect information when applying for the basic banking service account, and if you would have given us the right information, we would not have opened the banking service account for you; and or
- You are no longer legally resident in a Member State of the European Union.
We may unilaterally close or suspend your banking service account by giving you two months’ notice (unless it would be contrary to national security or public policy to give you such notice) where one or more of the following conditions is met:
- there has been no transaction on your banking service account for more than 24 months in a row;
- you are no longer legally residing in the European Union; and
- you have opened another payment account in Belgium.
If we suspend or close your account in accordance with these terms and you have a complaint about this decision, you can submit a complaint to us and you also have the right to contact the Financial Ombudsman Service and Directorate-General for Economic Inspection.