Revolut Business account closed: the terms, your balance and where to bank next
Revolut has closed your company's account, or told you it will. Under the business terms of Revolut Bank UAB, its Lithuanian bank, applicable from 22 September 2026, an ordinary closure generally comes with 60 days' notice and a balance left afterwards can be claimed for 6 years. Where you bank next depends on where the company is registered, what it can prove about its presence there, and where you live.
What Revolut's own documents say
From Revolut's help centre and the Revolut Bank UAB Business Terms applicable from 22 September 2026.
| Topic | Rule | Official source |
|---|---|---|
| The company | Registered in the UK or the EEA and able to prove its physical presence there | Revolut help centre |
| The applicant | For a UK or EEA company, lives in the UK, the EEA, the United States, Australia, Singapore or India, or in one of a few listed territories | Revolut help centre |
| Country not supported | The application goes on a priority waitlist until Revolut opens the country | Revolut help centre |
| Number of accounts | One per company, and no new account if Revolut has already closed the previous one | Business Terms, part II |
| Ordinary closure | Generally 60 days' notice; 30 days for a larger business, meaning 10 or more employees or a turnover or balance sheet above a threshold set in the terms | Business Terms, part II |
| Immediate closure | Allowed in "Exceptional Circumstances": a breach of the usage restrictions, a serious or repeated breach, an unpaid debt, a material change in the beneficial ownership or management of the business, a sale of significant assets, or where a law, regulator, court or ombudsman requires it | Business Terms, part II |
| Balance after closure | Can be claimed from Revolut support for 6 years | Business Terms, part II |
Revolut Bank UAB is a Lithuanian bank (company number 304580906, licence code LB002119) supervised by the Bank of Lithuania and the European Central Bank; it holds your money as a deposit (Revolut Bank UAB Business Terms).
Revolut can also refuse an association, a political or religious organisation, a trust, an SPV, a foundation, a business in insolvency or a prohibited activity. Prohibited activities include adult and dating services, cannabinoids, weapons, precious metals and art, counterfeit goods, gambling, crowdfunding, holding client funds and streaming, plus anything outside Revolut's risk appetite. Some services, crypto for example, can be restricted after the account opens (Business Terms, part II).
A Latvian SIA can meet the company condition, not the applicant one
Revolut checks the company and the person who applies, and then it decides.
Latvia is in the EEA, so a Latvian SIA can meet the company condition, provided it can prove a physical presence in Latvia. The residence condition is about you: Revolut lists the UK, the EEA, the United States, Australia, Singapore, India and a few territories (Revolut help centre), and a Latvian company does not change where you live.
UK, EEA, US, Australia, Singapore or India
A SIA that can prove its presence in Latvia meets both written conditions. Revolut still decides, and the terms bar a new account for a company it has already closed.
Any country not on the list
The company condition is met, the applicant condition is not. Look at the providers further down this page, and tell each one where you really live.
Physical presence is the condition that matters. We found no official guidance on what Revolut accepts as proof of it. What a Latvian SIA can show is set out in the next section: a legal address where it can be reached, an accountant under contract, an annual report the register publishes. Latvian law itself counts the absence of premises in the country of registration as one of the three signs of a shell arrangement.
Declare the real facts to every provider: where you live, where your customers are, what you sell. A coherent, truthful file is the point. Plan shareholder or director changes with care too, because a material change in ownership or management is among the grounds for immediate closure.
What a provider can check on a Latvian SIA
Each line comes from Latvian law or an official register page.
| Item | Rule | Official source |
|---|---|---|
| Public register | Anyone can consult the entries and filed documents: board members, representation rights, paid-up capital, legal address | Commercial Law, sections 7 and 8 |
| Legal address | The board declares that the company can be reached there and has a legal basis to be there, with the cadastral designation | Register of Enterprises |
| Accounting | Kept by an accountant, or by an external accountant under a written contract, who is bound by the AML law | Accounting Law, section 34 |
| Annual report | Filed with the VID within 5 months of year end for micro and small companies, 7 months for larger ones; the register then publishes it | Annual Reports Law, sections 97 and 98 |
| VAT number | The VID points to VIES for checking that a VAT number is valid | VID, VIES |
The shell ban in Latvian AML law
Latvia's AML law, with amendments in force on 15 October 2026, defines a shell arrangement by three signs: no real economic activity, or activity of little or no economic value, without documents proving otherwise; a country of registration that does not require financial statements to be filed with supervisory authorities; no premises for economic activity in that country (section 1(1), point 15.¹). Section 21.¹(1) bars Latvian credit institutions, payment institutions and electronic money institutions from serving one that shows both of the first two signs, and section 20(3) shields an institution that ends a relationship under the law from civil liability (AML law). Latvia requires the annual report to be filed, so for a SIA the test is the first sign: documents that show real activity. The ban binds institutions under Latvian law; Revolut Bank UAB is a Lithuanian bank and applies its own conditions.
Latvia checks substance too
The VID can suspend a company's activity without warning, within 5 working days, after an infringement where the legal address is on its risk list, the company cannot be reached there several times in a year, or the shareholder or director has no intention of doing business, and then order banks and payment providers to stop its settlements (Law on Taxes and Duties, section 34.¹). It also refuses VAT registration to a company it cannot reach at its legal address (VAT Law, section 69(1)).
Where a Latvian SIA can apply after Revolut
Conditions as published. Each provider makes its own decision.
Wise Europe
The Wise Europe business agreement of 7 August 2026 requires a business organised or registered in the EEA and allows one account per business (sections 4.1 and 4.2). Latvia is on Wise's list of opening countries (Wise help). We found no residence list for the directors of an EEA company.
Airwallex
Airwallex attaches a company registered in Latvia to its Lithuanian entity (Airwallex help). It asks for a legally constituted company in good standing, with no link to sanctions lists, no shell bank and no bearer shares, and says approval is not guaranteed (Airwallex help).
Latvian banks are bound by the shell ban above; we found no public account-opening criteria, as their checks follow internal procedures. We introduce SIAs to banks and payment institutions, and the bank decides; our page on opening a business bank account in Latvia explains how. If card payouts went to Revolut, note that Stripe asks for a physical bank account, not a virtual one (Stripe).
Wise closes accounts too, and our page on what happens when Wise closes a business account sets out its terms. For card processing, see the page on a closed Stripe account.
After Revolut closes your account
In order, counting from Revolut's notice.
Read which closure it is
Ordinary, generally with 60 days' notice, or immediate, under the exceptional circumstances in the terms.
Move the money out
In an exceptional closure you can convert to your base currency and make an external transfer, nothing else. Cards, withdrawals and transfers to other Revolut accounts stop.
Give payers new details
In an exceptional closure, incoming payments are rejected and returned, so update customers and payment processors.
Fix the file
Check the address, accounts and records against what you declared. Do not apply again to Revolut for the same company: the terms rule it out.
Apply to another provider yourself
Wise Europe, Airwallex or a Latvian bank, each on its published conditions, with the real facts on where you live and what you sell.
Claim any balance left
Write to support@revolut.com. The terms allow 6 years after closure.
What a Latvian company does not change
No set-up guarantees that a provider opens an account or keeps it open: the provider decides, and Latvian law sets a minimum, not a duty to accept anyone. Providers close European accounts too, for prohibited businesses, for links to sanctions lists, and for risk signals such as an abnormal number of claims and chargebacks or a fast rise over usual volume, both named in PayPal's Latvian contract (PayPal). An EU company is also more visible: payment providers report payees with more than 25 cross-border payments a quarter (VAT Law, section 147).
Your home country's rules still apply. Controlled foreign company rules, the tax residence of a company managed from where you live, and foreign-exchange rules were outside the sources of this page. Check this with a licensed adviser in your country before you move income into a Latvian company.
Open points
We found no official guidance on what Revolut accepts as proof of physical presence. Revolut's Latvian terms page was blocked when we read it, so the version served to a Latvian company is not confirmed and this page relies on the Revolut Bank UAB PDF. We did not read Airwallex's closure terms.
What Balt Partners does, and what it does not
We are based in Riga. You apply to each provider yourself.
The Latvian company
We form the SIA in Riga, then set up its VAT registration and its accounting with an accountant under contract.
Introductions and documents
We introduce the company to banks or payment institutions and prepare the documents they usually ask for. We do not open provider accounts for you or file abroad.
Our page on real substance for a Latvian company goes further on address, management and accounts. If your company is a US LLC today, see alternatives to Mercury for non-resident founders.
Questions about a closed Revolut Business account
The Revolut Bank UAB business terms allow an ordinary closure, generally with 60 days' notice, and an immediate closure in exceptional circumstances, such as a breach of the usage restrictions, an unpaid debt or a material change in the ownership or management of the business. The terms also list prohibited activities.
In an exceptional closure you can convert funds to your base currency and transfer them to an external account before the closure date. A balance left after closure can be claimed from Revolut support at support@revolut.com for 6 years.
Not for the same company. The terms allow one account per company and no new account when Revolut has already closed the previous one.
For a company registered in the UK or the EEA, the person applying must live in the UK, the EEA, the United States, Australia, Singapore or India, or in a few listed territories. Applications from other countries go on a priority waitlist until Revolut opens them.
Latvia is in the EEA, so a Latvian SIA can meet the company condition if it can prove a physical presence in Latvia. The applicant must still live in a listed country, and Revolut decides. We found no official guidance on what it accepts as proof of presence.
Wise Europe accepts businesses organised or registered in the EEA, Airwallex attaches Latvian companies to its Lithuanian entity, and Latvian banks open accounts on their own internal criteria. Each provider decides on the file you give it.