Cannot create a business account for a new business


#1

I am struggling with to set up a business account for a ltd company I have just created. Authentication requires a bank statement for the business and an invoice that outlines proof of nature. None of this is available if the business has only just been created and Revolut is the first business bank account.

Support have stopped responding to my message as of Friday, does anyone know how best to proceed?


#2

Hi @WandaK,

Thank you for your feedback.

That’s a bit strange. If it’s a LTD company registered in the UK we do not require a bank statement.

However, I can take a closer look at what’s going! Could you please drop me a direct message your company’s name and email address?

Regards,

Andreas K.


#3

Sorry to dig this topic out of the grave, but if we want a euro IBAN, it seems you request a bank statement from another bank.
I don’t need this at the moment as I’m only doing business in the UK, but how are we supposed to comply if we only ever used Revolut for our business?
Thanks.


#4

Just posting here to confirm that I was asked for a UK bank account statement to request my own IBAN, the same as @quentinb.

I’m interested in knowing the response to this, too. For my existing Ltd company, it’s no problem, but there will be other companies I’d like to on-board onto Revolut medium-term, for which I intend to use Revolut as a primary bank account.

Looking forward to the official response.


#5

Hi there.

The bank statement is required to receive a unique IBAN for the account. It is regulation from our banking provider. If you wish to have unique details for currencies other than GBP and EUR you need to provide us with business bank statement.


#6

Are there plans to improve upon this once you receive your European license?

The reason I ask is, it seems unfeasible to lead Revolut down of a path of being a next-gen bank account, or by your own slogan’s claim, “better than a bank”, if your customers require a bank before signing up.

There’s simply no way for a new company to use your service without going the traditional route first… right?


#7

I’m really with @itsmelee on this one, you need to stop asking people to have existing bank accounts. That also goes for Personal accounts: before even being able to verify your identity, people need to deposit £20 by card (debit or credit, no prepaid afaik) or wire transfer (with same name).

I know you have a lot on your plate and are probably limited by your bank providers, card providers, and other partners, but I hope you’ll get much more independent soon, so you can stand on your own as a real bank, while doing all that new fin-tech magic :slight_smile:


#8

One more thing, even though I like the sleek design on your Business website, it does feel a bit… empty. I hope you have big plans for it, it sure has a lot of potential!

Good luck :slight_smile:


#9

Hi @quentinb and @itsmelee - thanks for the input on this.

To clarify, for unique GBP and EUR accounts, and pooled accounts in other currencies, you do not need an existing bank account (so you can use Revolut as your only account). It is only if you opt to generate unique account details that we require another bank account details due to our banking partners’ requirements. This is clearly not optimal and something we hope to fix this year.

Thanks again,
James


#10

Clearly. As a business, asking your clients to send payments to “Revolut” + reference doesn’t look professional.
Glad to hear you’re working on a way to improve this.


#11

Hi Andreask,

Please help me I have had so much trouble starting my business account. I keep logging in and it will tell me to give documents to support the business some are very hard to get as business has only just started. We do have a barclays account for the business but would rather use revolute.

Also Very time I login it keeps asking me for the same documents that I handed in last time. and the support portal just wont reply. I have messaged them for 3 days.

I thought giving you a message before asking the community would be better.

My email login is ali.rohafza@graphitealchemy.com


#12

Hi @aliro90 :wave:

Really sorry to hear about the trouble you’re experiencing with the application!
I will request our onboarding specialist to look into this with priority. We will contact the account applicant via business chat as each application is confidential and we should rather not discuss them in this thread.

Kind regards,
Olga


#13

Hi @olga_revolut,

I understand the onboarding process has been quite slow in the past and from what I see it has improved. Is that true? How long would it take roughly if I apply now for a business account given that my business is located in Gibraltar? I know you can’t be very specific but I just need to know if it is a matter of waiting 2-3 weeks or a matter of waiting for months.

Many thanks!


#14

The standard onboarding takes a couple of days, the advanced… several weeks. Assuming Gibraltar counts as just another part of the UK.


#15

@olga_revolut @Oleksii @JamesRevolut can I get an official answer to this? Thanks!


#16

Hi @herzzanu :wave:

Thank you for your question! The more details you provide us with, the faster the standard onboarding process will be. On average, it’s expected to take up to 5 business days.
Advanced onboarding tends to be a little bit more time-consuming as applications are sent for an additional review - you can, however, expect initial feedback within 2 weeks.

Kind regards,
Olga