Glossary

Annual account maintenance fee

Fixed charges for managing the account.

Maintaining the account

The account provider manages the account, making it available for the customer’s use.

Sending account statement

Sending the account statement where required by law or requested by the customer.

Documentation on single operations

Document delivery concerning the operations made by the clients

Available balance

The amount available in the account that the account holder may use.

Issuing a debit card

Issuance by the account provider of a payment card linked to the customer’s account. The amount of each transaction made using the card is debited directly and in full to the customer’s account.

Issuing a credit card

Issuance by the account provider of a payment card linked to the customer’s account. The total amount of transactions made using the card during an agreed period is debited, in full or in part, to the customer’s account on an agreed date. Where interest is payable on amounts used, it is governed by the credit agreement between the account provider and the customer.

Chargeback

A credit returned to a payment card following the successful reversal, cancellation or refund of a payment transaction, including where a customer’s dispute is upheld.

Cash withdrawal

The customer takes out cash from their account.

Recharge of a pre-paid card

Credit a certain amount on a pre – paid card

Cash deposit

The customer deposits cash to their account.

Issuance of cheque books

Issuance of a cheque book.

Instant credit transfer

A credit transfer executed immediately, twenty-four hours a day and every day of the year, subject to the applicable scheme rules, account eligibility and any limits communicated to the customer.

SEPA credit transfer

The account provider transfers an amount of money from the customer’s account to another account, in accordance with the customer’s instructions, to a recipient in a SEPA country.

Non-SEPA credit transfer

The account provider transfers an amount of money from the customer’s account to another account, in accordance with the customer’s instructions, to a recipient in a non-SEPA country.

Credit facility

An agreement under which the account provider commits to make available to the customer an amount of money in addition to the available balance on the account. The agreement sets the maximum amount made available and any fees and interest payable by the customer.

Overdraft

Amounts of money used by, or otherwise charged to, the customer in excess of the credit facility (“use beyond the credit facility”); or amounts used by, or otherwise charged to, the customer where no credit facility exists and in excess of the customer’s available balance (“overdraft without a credit facility”).

Direct debit

The customer gives another person (payee) the right to instruct the account service provider to transfer money from the customer's account to the payee’s account. The account service provider transfers the money to the payee on the day or days agreed between the customer and the payee. The amount may vary.

Automatic payment of E-Invoices

The account service provider, in accordance to the instructions given by the customer in advance, pays the electronic invoice of the payee submitted via the payer’s online banking system.

Administration of EUR incoming payments

Receipt and processing of incoming EUR payments from accounts held in SEPA countries.

Administration of cross border incoming payments

Receipt and processing of incoming non-EUR payments and/or payments from accounts held outside the SEPA area.

Standing order

A periodic transfer of a specified amount of money from the customer’s account to another account, executed by the account provider in accordance with the customer’s instructions.

Card transfer

A payment initiated through the Revolut app to the card number of a supported non-Revolut payment card. Any applicable fee is calculated in real time and shown to the customer before confirmation of the transaction.

Pay All Fees

An optional service for eligible international transfers under which the customer pays a flat upfront fee intended to ensure that the beneficiary receives the full transfer amount, instead of the standard international-transfer fee. Availability and the applicable fee depend on the base currency and are shown before the transfer is confirmed.

Currency exchange

The conversion of an amount from one currency into another using the Revolut exchange rate and, where applicable, an exchange fee.

Revolut exchange rate

The variable exchange rate set by Revolut using data feeds from independent sources and transaction-specific factors.

Exchange limit

The monthly exchange amount included in the customer’s plan before a fair usage fee may apply.