Basic Banking Service
Discover Revolut's Basic Banking Service
Having a bank account is essential today for receiving salaries or social benefits, making payments, and paying bills. To ensure that no one is excluded from the banking system, Revolut offers the Basic Banking Service.
This service provides all the essential features of a Standard Revolut plan, designed to guarantee access to banking for eligible individuals. Its features, eligibility criteria, and usage fees are all strictly governed by Belgian law.
Main features and limitations
By law, the product includes a minimum set of features. These features include a checking account and a debit card that guarantee your ability to perform the following core services within the EU:
- Withdrawing money (in euro)
- Making wire transfers, including standing orders and Direct Debits
- Paying with a payment card (electronically or online)
- Receiving account statements
Revolut does currently not offer cash deposits in Belgium for any of its clients.
The Basic Banking Service only allows you to make transactions if there are sufficient funds in your account. You cannot have a negative balance, and no credit or overdraft facilities can be attached to this account.
The minimum set of services that are mandated by law are offered free of charge. These are detailed in our Fee Information Document. Please note that other products and services that fall outside of the scope of the Basic Banking Service may be subject to fees.
Our Basic Banking Service is subject to fees as well as T&Cs
You must meet all of the following requirements
You may not already have a Basic Banking Service or another bank account with a bank in Belgium (unless you can prove that account is being closed).
You must have less than €10,239.43 (legally indexed amount) across all your bank accounts, and you must not hold credit agreements totalling €10,239.43 or more. Additionally, your average annual balance must not exceed the legally indexed threshold.
Your application must not violate the anti-money laundering and terrorism financing laws (specifically the law of 18 September 2017). Revolut must be able to establish your identity and perform the required checks in line with these regulations.
This also means that if you have previously been off-boarded at Revolut due to non-compliance, we can refuse you the right to onboard.
You must legally reside in a European Union member state. Alternatively, you can be eligible if you are a Belgian national residing outside the EU who was removed from the Belgian population register no later than 10 years ago.
In order to apply for a Basic Banking Services account a formal application needs to be submitted, requiring the applicant to indicate whether they already have access to a payment account or Basic Banking Service in Belgium. Within 10 business days after receipt of the application, Revolut must assess the application and inform the client if the application was refused.
Revolut can refuse your application or terminate your account
Access to the Basic Banking Service may be refused or the service terminated if the legal conditions are not met.
Specifically, Revolut may refuse your application if:
- it violates anti-money laundering or counter-terrorism financing laws
- you already hold a payment account in Belgium or exceed the statutory financial thresholds
Revolut may terminate an existing Basic Banking Service if:
- you no longer legally reside in an EU member state
- there has been no payment transaction on the account for more than 24 consecutive months
- you open another payment account in Belgium or exceed the maximum allowed average balance
- you provided incorrect information to obtain the service
- the account is used for illegal purposes
Revolut may also refuse your application or terminate your Basic Banking Service if you are in violation with our T&Cs.
If your application is refused or terminated, we will notify you in writing via email with a justification. If you wish to challenge this decision, you can start a complaints procedure with Revolut or contact the Belgian Ombudsfin.
Are you just looking for a regular account?
The Basic Banking Service comes with strict eligibility criteria: you may not have another bank account in Belgium and there are maximum account balances. A regular Revolut plan may be a better fit for you.