Information Sheet - Basic Account

Information Sheet on Revolut Basic Current Account

This information sheet is valid for Revolut basic account and is effective from 30 September 2026.

Name of the account provider: Revolut Bank UAB - Italian branch

Via Dante 7, 20124 - Milan

Listed in the Bank of Italy register of banks with code 3669

National identification number: 12372510961

Parent company - Revolut Bank UAB

Konstitucijos ave. 21B, 08130 Vilnius, Republic of Lithuania

Telephone: +370 800 50 500

a bank incorporated and licensed in the Republic of Lithuania with company number 304580906 and authorisation code LB002119 and whose registered office is at Konstitucijos ave. 21B, 08130 Vilnius, the Republic of Lithuania. We are licensed and regulated by the Bank of Lithuania and the European Central Bank as a credit institution. You can see our licence on the Bank of Lithuania website here and our incorporation and company documents on the Lithuanian Register of Legal Entities website here. The Bank of Lithuania is the central bank and the financial supervisory authority of the Republic of Lithuania whose address is Gedimino ave. 6, 01103 Vilnius, the Republic of Lithuania, registry number 188607684 (further information on the Bank of Lithuania can be obtained on its website at www.lb.lt, the Bank of Lithuania can be contacted at on telephone number +370 800 50 500).

What is Revolut Account:

Your account with us is a current account and the money in it is held by us as a deposit. This type of account is commonly called a “current account” and it is a type of bank account where you can store and withdraw money, and make payments. In these terms and conditions we may refer to it as the “Revolut Account”, a “current account” or an “account”.

A current account is a contract whereby the bank performs a cash service for the customer: it keeps their savings and manages the money with a range of services (including withdrawal of cash and payments within the available balance).

Other services (such as debit cards, credit cards, direct debits) are usually linked to the current account.

A current account is a safe product. The main risk is the counterparty risk, i.e. the possibility that the bank may not be able to repay the account holder all or part of the available balance. For this reason, Revolut adheres to the Lithuanian deposit guarantee scheme (deposits are insured by the Lithuanian State Company "Deposit and Investment Insurance".), which provides each account holder with a coverage limit of up to EUR 100,000 for a single deposit or for all customers deposits held with Revolut Bank UAB.

Above that amount, there is the risk connected with the application of the “bail-in” – introduced by Directive 2014/59/EU and implemented in Italy by Legislative Decrees no. 180 and 181 of 16 November 2015 – which is aimed at preventing and managing potential bank crises. The “bail-in” rules establish, in particular, the order of the parties who would be involved in the rescue of a bank: only after the resources of the riskiest category have been exhausted are the resources of the next category used, according to the following hierarchy: (a) shareholders; (b) holders of other capital instruments; (c) other subordinated creditors; (d) unsecured creditors (including holders of unsubordinated, unsecured bonds); (e) natural persons and micro, small and medium-sized enterprises holding deposits above EUR 100,000 per depositor (the so-called depositor preference).

Other risks may be linked to the loss or theft of debit cards, credit cards, identification data and passwords used to access the account online, but these are also minimised if the account holder observes the ordinary rules of prudence and care.

For consumers with few transactions, the basic account may be indicated.

To be eligible to apply for the Basic Account, you must:

• be 18 or over;
• be legally resident in the European Union;
• not hold a payment account (either solely or jointly) with a bank in Italy, or, if you do currently hold a payment account with another bank in Italy, you must have received notice that your payment account will be closed; and
• satisfy any other eligibility criteria that may apply by law (for example, pass our anti-money laundering and counter-terrorist financing checks).

The basic account is offered on preferential terms to disadvantaged groups: for consumers with a valid ISEE of less than 11,600 euros, the annual fee is zero, and they are exempt from stamp duty. To qualify for the exemption, you must submit a valid ISEE declaration.

The Practical Guide to Current Accounts, which provides guidance in choosing an account, is available at www.bancaditalia.it and on Revolut website. The Bank of Italy guide “Payments in e-commerce in simple words” (“I pagamenti nel commercio elettronico in parole semplici”), which provides a map of the instruments to be used for online purchases, is also available at www.bancaditalia.it and on the Revolut website in the Transparency section.

You must not use Revolut Basic Current Account for business purposes. If you want to use your Revolut account for business purposes, you will need to either apply for a Revolut Pro account or a Revolut Business account.

Normally you must be 18 or over to open a Revolut Basic Account.

Moreover, opening more than one Revolut personal account for your own individual use is not permitted.

Main Economic Conditions:

The expense items shown in the table below are inclusive of any penalties, tax charges and book-entry fees and represent, to a good approximation, the bulk of the total costs incurred by an average consumer holding a Basic account. This means that the statement does not include all cost items. Some of the excluded items may be important in relation to both the individual account and the operations of the individual customer.

It is always advisable to periodically check whether the current account purchased is still the most suitable for one's needs. For this, it is useful to carefully examine the list of expenses incurred during the year, set out in the account statement, and compare it with the indicative costs for typical customers indicated by the bank in the Fee Information Document.

Withdrawal and complaints

Withdrawal

The agreement for Revolut Account is indefinite. It means that it is valid until you or we end it.

You can withdraw from this agreement and so end it within the first 14 days of opening a Revolut account by letting us know through the Revolut app or by emailing us at support@revolut.com. You have a right to withdraw without paying any penalties and without having to indicate any reason. In case of withdrawal from the agreement we will return any remaining balance to you. In addition to this right of withdrawal (“diritto di ripensamento”) under the Consumer Code, you also have the right to withdraw from the agreement at any time, without penalty and without any closing costs. You can also exercise your right to withdraw by sending a certified letter with return receipt (raccomandata con avviso di ricevimento) to our branch address at Via Dante 7, 20123 Milan, Italy.

You can close your account, and so end the agreement, at any time by letting us know. You can do this through the Revolut app, by writing to us at our head office or by emailing us at support@revolut.com. There is no charge or fee to close your account.

You will still have to pay any charges you've run up (for example, if you've asked for an extra Revolut Card). Where fees are invoiced on a periodic basis, on withdrawal they are payable by you only in proportion to the period prior to withdrawal and, if paid in advance, they are refunded to you on a pro rata basis. We may also charge you any cancellation fees that apply to other agreements you've entered into with us (for example, if you cancel your Plus, Premium, Metal or Ultra subscription; Paid Plan terms and conditions can be found here).

We may also close the account, but we will give you at least 60 days notice through the Revolut app, by text message or by email, except for the cases where we have a right to close the account with immediate effect as per our Personal terms.

If your account has been temporarily restricted, we may not be able to close your account until we have completed our enquiries.

When withdrawal takes effect and how the account is operated until closure

Withdrawal takes effect from the date on which we receive your request. From that date until the account is definitively closed, the account operates on a limited basis solely to allow the relationship to be wound down (for example, to settle pending transactions, incoming credits and direct debits) and no new operations inconsistent with closure will be carried out. Any remaining balance will be returned to you. In any event, whether you or we close the account, you will have at least 60 days to withdraw the money we hold for you, and during that period the ordinary payment limits and fees continue to apply.

Maximum period for closing the contractual relationship

We have a maximum of 6 business days for closing the contract relationship. Where you request the transfer (portability) of the payment account, closure takes place within a maximum of 12 business days. Where the account is closed by the Bank, closure takes effect at the end of the two months’ (60 days’) prior notice, except where we are entitled to close it with immediate effect.

Maximum statutory time limit for transferring the payment account

We have a maximum of 12 business days for transferring the Revolut Account.

How to make a complaint

If you wish to make a formal complaint, you can do that using this form. You can also send an email to us at formalcomplaints@revolut.com or a certified email to revolut.italy.pec.complaints@legalmail.it. You can also send your complaint by ordinary post to our branch address: via Dante 7, 20123 - Milano. If you express your wish to complain when communicating with us, we will provide you with a complaint form, or may submit the formal complaint form for you and have our agents analyse your case as a formal complaint.

We will answer within 60 calendar days if your complaint relates to banking products. If the complaint relates to payment services as per EU Directive 2015/2366(PSD2), we will answer within 15 business days from the complaint receipt. In exceptional cases, if it is not possible to answer within 15 business days, we will send an interim answer with reasons on response delay and an indication of the final response date. In any case the deadline for sending the final answer will not exceed 35 business days.

If you are unhappy with our answer or if you do not receive any answer from us, you can, before resorting to the competent judicial authority, refer:

• to the Arbitro Bancario Finanziario (ABF). For more information about the ABF you can visit the website www.arbitrobancariofinanziario.it. The operational guides on the Banking and Financial Ombudsman (“ABF in simple terms” and “Guide to using the ABF Portal”) are available on Revolut’s website, in the “Transparency” section.
• to another specialised body, enrolled in the register held by the Ministry of Justice and available on the website www.giustizia.it.

The Practical Guide to the Arbitro Bancario Finanziario (“ABF in simple terms” and the “Guide to using the ABF Portal”) is available on Revolut’s website in the “Transparency” section, on the ABF website (www.arbitrobancariofinanziario.it) and at the branches of the Bank of Italy.

Glossary