The 30-Second Summary
- Revolut’s UK business terms allow it to close an account with two months’ notice, or immediately in a listed set of situations. Revolut doesn’t have to tell you the reason.
- Open a new account before the closure takes effect. You need account details in your company’s name to move the remaining balance and to give to clients.
- PayDo opens business accounts in 3–5 business days, with a dedicated IBAN and one account manager who knows your business.
If Revolut has closed your business account, the first step is a new business account in your company’s name. Once it is open, you can move the remaining balance and send clients your new payment details. Below is why Revolut closes business accounts and what to check before choosing the next provider.
Why Revolut closes business accounts
Revolut’s business terms let it close an account with two months’ notice, or immediately in a set of listed situations. It is not required to explain the decision.
The terms say the notice Revolut gives depends on the reason for closure. In that 2025 Financial Ombudsman decision, Revolut closed a business account with immediate effect. The ombudsman found the closure reasonable but said Revolut should have given notice first. UK providers are not obliged to explain a closure, and Revolut rarely does.
Closures are common across UK providers. In FCA data for July 2022 to June 2023, up to 6.9% of business accounts were terminated in the central range, and up to 11.4% of business account applications were declined. Firms named concerns about financial crime and inactive accounts as the main reasons.
For IT and service companies, a review usually starts with one of these:
- a sharp rise in monthly volume;
- payments to or from countries that are new for the account;
- incoming payments the provider can’t match to your stated business;
- company documents that are missing or out of date.
The full list is in why payment providers close accounts.
What happens to your money after the closure
With notice, you keep access until the closure date and move the balance out yourself. With an immediate closure, payments are blocked and the balance is returned after the provider finishes its review.
That review can take weeks. In one Ombudsman case, a business was without its funds for three months after Revolut blocked and closed its account.
- Download statements and invoices now. A closed account can’t be accessed again.
- Ask Revolut in writing for the closure date and how the remaining balance will be returned.
- Open a new business account in your company’s name.
- Send clients and payment platforms your new account details.
- Move subscriptions and recurring card payments to new cards.
If payments are blocked rather than the account closed, see what happens to your money when an account is frozen.
How to challenge a Revolut closure
Start with a written complaint to Revolut. If you are unhappy with the final response, a UK micro or small business can take the complaint to the Financial Ombudsman Service.
The Ombudsman covers businesses with turnover under £6.5 million and either fewer than 50 staff or a balance sheet under £5 million. It rarely tells a provider to reopen an account, because firms can choose their customers. It can rule against a provider that closed an account without the notice its terms require, as in the 2025 case above.
What to look for in a new business account
Choose a provider that accepts your business model and payment countries at application and gives you a named person to talk to. Check opening time and payment rails before you sign.
- Written confirmation that your business model and payment countries are accepted.
- A named account manager, in addition to in-app chat.
- A dedicated IBAN in your company’s name.
- SEPA, SEPA Instant, Faster Payments and SWIFT.
- Opening time stated in business days.
Ask how the provider handles growth: who you tell when volumes rise and what they will need from you.
Why PayDo fits companies leaving Revolut Business
PayDo opens business accounts for UK and EU companies in 3–5 business days. Every business client works with one dedicated account manager.
- No one to talk to. One dedicated account manager handles your account from onboarding onwards.
- Closed after growth. Your expected volumes and payment countries are agreed at onboarding. When they change, you agree new ones with your account manager.
- Weeks without an account. Opening takes 3–5 business days.
- Account details clients trust. PayDo is a direct member of SEPA and SEPA Instant, so euro payouts settle in seconds
- Paying contractors abroad. Mass Payments via API in EUR and GBP, and SWIFT transfers in other currencies from the same Business Account.
- Team expenses. Virtual and physical corporate cards on the same account.
PayDo is authorised by the FCA in the UK and the MFSA in Malta and registered with FINTRAC in Canada. It keeps client funds at tier-1 European banks, separate from its own.
FAQ
Can Revolut close a business account without notice?
Yes. Revolut’s business terms allow immediate closure in a listed set of situations. In other cases, the terms provide for two months’ notice.
Does Revolut have to explain why it closed my account?
No. UK providers are not required to give a reason for closing an account, and Ombudsman decisions have upheld this.
Can I get my Revolut Business account reopened?
Rarely. The Financial Ombudsman generally doesn’t require a provider to reopen an account, because firms can decide who they serve.
How long does it take to open a new business account with PayDo?
PayDo opens business accounts in 3–5 business days.
Is PayDo a good fit for IT companies leaving Revolut Business?
Yes. PayDo serves IT and service companies registered in the UK and EU. It provides a dedicated IBAN, SEPA, SEPA Instant, Faster Payments and SWIFT, and one account manager from the first day.