Revolut Pro Clarification

Hey all, I’ve asked :r: support wether collecting rent and from multiple rental properties would suffice a :r: Pro account opening, and I was told that this would violate the T&C. I’ve since then had a read through but I couldn’t find anything specifically for Rent collection or Real Estate managing. :r: Business is not possible as I don’t have a compony. Any thoughts?

On a side note, support was supper helpful and suggested that I can use my personal account for this provided I can show proof (Rental Agreement). A Pro account would be so nice though as I could issue receipts etc. =)

You don’t mention your jurisdiction, I assume the situation will be similar in most countries to the UK.

The Pro account technically is a business account, you just don’t need a separate app and log-in for it. You are right, the terms and conditions don’t say anything about rent and property, however if you check under unsupported industries it says right on top that “You cannot hold, exchange, transfer or manage client funds in a Revolut Business account.” Here in the UK that affects 98 out of 100 landlords and 100% of estate and letting agents. You’re in good company; law firms and travel agents are in the same boat. You wouldn’t be affected if you don’t work with deposits and service charges (they do count, even if they remain only a short while in the account).

I don’t work for Revolut, so I have to make assumptions why they chose that. I think the main reasons would be there are extra considerations regarding anti money laundering checks, and there is extra work involved should they receive an order of attachment for you when there are protected third party funds to consider. And depending on how (un)cooperative the customer is, that can mean just a little extra work or having someone work almost full time on it.

Handling this is not rocket science, but presumably it is not a priority for Revolut. Most start ups target the low hanging fruits first and then work their way up.

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It makes sense now why they might be wary of landlords or any businesses that handle deposits and service charges, given the potential complications tied to anti-money laundering checks and possible orders of attachment.

It’s a bit disappointing that Revolut doesn’t cater to this segment yet, but I understand the need for startups to prioritize.

Hopefully, as they grow, they can incorporate features and policies that accommodate real estate management.

Thanks again for shedding light on this!

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Have you approached the Revolut Business Team to see if they have a solution to your conundrum?
You can direct a question in [this topic] to @PereViladrich

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Hey. Thanks for the response but Revolut Business is not going to help as I don’t have a company. If I am not mistaken, a company tax ID is required to open a business account, which is something I don’t have.

All it is is just collection of rent and utility payments.

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I have a business account as a sole trader without company registration and just my personal tax ID. Just select “Freelancer” instead of “Company”, however that doesn’t change the terms and conditions. I doubt that would solve your problem. Maybe ask the Business Team directly as suggested by Graham above.

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Oh, I didn’t know that this is possible. Thank you so much. I’ll look into it. :pray:t2:

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Hi
When I try to log into my account it just brings me to chat with an advisor, the chat is closed so can’t continue and when I try to start a new chat it just brings me back to the closed one with Mohamed the advisor, I think it’s because I tried to open a pro account, I gave my website but think they are looking for invoices, I have literally just started my business so I have none. Not sure what to do as I need to get into my normal revolut account, don’t even need the pro one I only opened it because of card cash back.
Regards
Kevin Gorman

@Migo Hello, Welcome to the :r: community. :heart_eyes:

Sorry to hear about your problem.:frowning_face:

Please reach out to us through our social media channels for personalized assistance. For contact details, check this topic.

Veda | Community Team