Revolut’s business account option was created to take on the usually expensive fees associated with sending money abroad and provide business banking innovation. In this Revolut business account review, I will show what options it brings, how you can benefit from it, as well as its pros and cons.
The Revolut company refers to itself as a “digital alternative to the big banks.” Accounts can be opened online, and you don’t need to visit a branch office or call to schedule an appointment.
Revolut Business Account Review
Revolut Business accounts are available for companies with a physical location and officially registered within the United States of America, Switzerland, and the European Economic Area (EEA). The current list of eligible countries include:
Aland Islands, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, French Guiana, Germany, Gibraltar, Guadeloupe, Guernsey, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Martinique, Malta, Mayotte, Netherlands, Norway, Poland, Portugal, Reunion, Romania, Saint Martin, Slovakia, Slovenia, Spain, Sweden, Svalbard And Jan Mayen Islands, Switzerland, United Kingdom and the United States of America.
If your company conducts business outside of these regions, you can contact Revolut to notify you when they allow business accounts in the specific area(s) that you’re inquiring about.
Revolut Business currently supports the following types of businesses:
- Private limited companies (LTD)
- Public limited partnerships (PLC)
- Limited liability partnerships (LLC)
- Freelancers and sole traders
- Unlimited companies
At this time, Revolut doesn’t support cooperatives, foundations, public sector organizations, or charities. However, they say they are considering those types of businesses for future opportunities. Visit Revolut’s site to find out more about the kinds of companies that aren’t currently supported.
- Price for opening personal account
- Personal account bank details fee
- Price for opening business account
- Business account bank details fee
- Countries where you can open account
- Countries where card is available
- Available currencies for convert and hold
- Receive bank details (currencies with account details)
- Credit card payments fee
- Currency exchange fee
- Withdrawing money from ATM fee
- ATM limits
- Annual fee for holding EUR balance
- 3D Secure payments
- Card limits
- Virtual cards
- Type of card
- Card contactless payments
- Fee for card payments
- Number of physical cards you can have
- Number of virtual cards you can have
- Disposable virtual cards
- Integration with accounting software
- Compatible with Apple Pay and Google Pay
- Cryptocurrencies trading
- Insurance options
- Recurring payments
- Direct debit
- Lounge pass
- Group bills
- Stock trading
- Commodities trading
- European Economic Area, Australia, Canada, Singapore, Switzerland, Japan and the United States.
- European Economic Area, Australia, Canada, Singapore, Switzerland, Japan and the United States.
- AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RUB, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR.
- Free as long as the payment is in a currency that you currently hold.
- No cost up to 1000 GBP (or currency equivalent) per month and anything over is charged 0.5% + for the weekends 0.5% markup is applied
- Free up to £200 (or currency equivalent), then a 2% fee will apply.
- Cash withdrawals from ATMs are limited to £3,000 or currency equivalent per 24 hours.
- ATM withdrawals are limited to £3,000 or equivalent per day for all cards linked to the account and £100,000 or equivalent spending limit per month per card.
- Mastercard and Visa
- FreeAgent, QuickBooks Xero, etc.
- Only for people in UK
- Chat, phone
The following features are provided with Revolut Business accounts:
- Multiple currencies – You can hold and exchange 28 different international currencies at the same time.
- Local accounts – You can also open local accounts in different currencies.
- Prepaid debit cards – These cards can be used as team members’ business expense cards. They can withdraw funds (for a 2% fee) and make card payments.
- Virtual cards – Virtual cards ensure safe, secure online transactions.
- Direct debits – Revolut business accounts in the UK can set up direct debits.
- Mobile app – Revolut’s handy mobile application can be used to track business spending.
- Third-party tools integration – You can connect your Revolut account with tools like Slack, FreeAgent, Xero, and other similar applications.
- 24/7 support – This feature is only available to paid business users.
- Permissions – Paid business plans allow user permissions to be assigned. You can manage who sees what kind of information.
- Payment approval – Paid business plans can also receive notifications when payments need approval.
- Bulk payments – This option is only available on paid business plans. It allows bulk file creation so that multiple payments can be accepted simultaneously.
- Perks – Paid business plan holders can get added perks with Apple, Deliveroo, Expensify, Google Ads, Slack, and Zipcar.
- Expense management – Paid business plans have access to resources that help companies control expenses and receipts as employees travel for work.
- Payroll – Manage the payroll for your workforce (paid business plans only)
- Metal card – Grow, Scale, and Enterprise plan customers receive one, two, and five metal cards per account free of charge (depending on the plan). Ultimate plan freelancers can get one free card. Pro plan freelancers can buy a metal card if they want.
How Does Revolut Business work?
You’ll have to fill out an online application to sign up for a Revolut Business account. The application shouldn’t take more than about ten minutes to complete. Revolut will review your application and contact you if additional information is needed.
Applications usually take about one to seven business days to complete. The process may take a bit more time in certain instances. You can open either a corporate or freelance Revolut business account.
The primary distinction between Revolut Freelancer and Corporate accounts is that corporate accounts are ideal for companies with more than one employee.
Revolut Business fees are charged monthly. Costs will vary according to the type of business account that’s been established.
You can send and receive money in 28 different currencies with a Revolut Business account. UK and Eurozone money transfers (using Faster Payments) are either included in your paid plan or don’t cost much. Transfer fees may incur in global transfers. Intermediary banking institutions can also charge hidden fees for global transfers.
You can order multiple MasterCard or Visa prepaid debit cards with your business account. You can use them to pay for using contactless or chip and pin payments and withdraw funds at ATMs.
You’ll receive a metal card with most Revolut business plans, although the card itself doesn’t add any important additional features.
To ensure secure online transactions, you can create your own virtual bank cards. These bank cards will be in your choice of currency. The primary account manager can set custom restrictions for each card. Cards can be blocked with a single click of the mouse if needed.
Overdrafts and bank loans aren’t available at this time. Revolut says that those options are “coming soon” for business accounts.
The Revolut mobile app can be accessed on tablets and smartphones. It can be used to manage your account. You’ll find a more advanced interface on the web application.
Revolut Business accounts can be integrated with the various third-party tools like Slack for communications, Zapier for automating tasks, FreeAgent, QuickBooks, or Xero for accounting.
Revolut’s application programming interface (API) can be connected with other apps and software. It allows you to effectively automate staff and client payouts, cross-border payments, and other workflows.
Additional perks are available to Revolut Business customers. They are Deliveroo for Business, Google Ads, Slack, and other Revolut business partners.
You can use the Revolut app to create a QR code or payment link to ask for client payments if you don’t have your own site. You can text or email customers the necessary links. QR codes are shown on your phone for clients to scan in person using their mobile phone. The description, currency, and amount can be specified when the link is created.
Payments are added to Revolut account on the next business day for most online transactions. You can accept 14 different currencies. Payments can be made in a specified currency at the interbank rate, which is less expensive in terms of foreign exchange charges. You can also require that all payments be made in the same currency if you prefer.
Check, and cash payments can’t be deposited into your Revolut business account. The following payment types are currently accepted: Credit card (when the account is opened), Bank transfers (SWIFT, SEPA, and Faster Payments can be used), and PayPal.
There aren’t any restrictions to the size or amount of transfers that you can receive. Revolut may contact you to conduct security checks if you’re receiving more than 250,000 GBP daily.
Revolut accounts can send funds to one another quickly at no charge. This can occur between a business and personal accounts. SWIFT or SEPA transfers can also be used to fund your account.
If you want to use Revolut as a payment gateway on your store, Revolut has plugins for WooCommerce (check Revolut WooCommerce payment gateway), PrestaShop, or Magento for Revolut online checkout. Developers can use the Revolut Merchant API to create their own unique checkout flow. This flow can then be linked with different platforms if necessary.
Revolut Business Company
Revolut for Business has four plans for companies Free £0/month, Grow £25/month, Scale £100/month, Enterprise custom pricing.
Paid plans provide access to features such as expense management, bulk payments, and some of the Freelancer plan functions. The features of the company plans are very similar. One area where they vary is the limitations.
|Monthly Cost||£0||£25||£100||Contact Revolut|
|Free metal cards||0||1||2||5|
|Free classic cards||Unlimited||Unlimited||Unlimited||Unlimited|
|Free payments to existing Revolut accounts||Unlimited||Unlimited||Unlimited||Unlimited|
|Number of free team members*||2||10||30||Unlimited|
|Number of free Local transfers*||5||100||1000||Unlimited|
|Number of free International transfers*||0||10||50||Unlimited|
|Real rate FX allowance*||£0||£10k||£50k||Unlimited|
|Hold and exchange 28 currencies||Yes||Yes||Yes||Yes|
|GBP & EUR local accounts||Yes||Yes||Yes||Yes|
|Fee free spending abroad||Yes||Yes||Yes||Yes|
|Management of recurring payments||No||Yes||Yes||Yes|
|Team member permissions||No||Yes||Yes||Yes|
* Additional charges applied after the free limit is exceeded.
Private limited companies (LTD), public limited partnerships (PLC), limited liability partnerships (LLP), other partnerships, and unlimited companies are eligible to open a business account. Associations, charities, or publicly traded companies cannot open a business account.
Some high-risk areas of business are also not accepted by Revolut like adult entertainment, promotion of illegal content, armament, art dealers, auctions, gambling, video game arcades, cryptocurrencies, precious metals and stones dealers, client money management, non-profits or religious organizations, political parties, and used-car dealerships.
Revolut Business Freelancer
Revolut for Business Freelancer account (also known as Revolut Business Freelancer) is designed for people who work under their own name, such as sole traders, freelancers, and business professionals who are self-employed. The account and any associated bank transaction will be in that particular person’s name.
There are three account options for freelancers: the Free (£0), Professional (£7 a month), and Ultimate (£25 per month) accounts.
The free option is good for people who don’t have a lot of monthly transactions. Self-employed individuals who have a significant number of outgoing and incoming transactions in various currencies every month can benefit from subscribing to the Professional plan.
Freelancer plans allow you to order up to two physical cards. One free card is included per team member. You can create as many as 20 virtual cards to pay for items each month. The Ultimate plan includes a Metal Revolut card, but Professional plan members can only acquire that card after paying £49 for it. The Metal card is not available in the Free plan.
There are some additional advantages to the Professional plan. They include allowing your accountant to have limited access to your Revolut Business account, bulk payments, and expense management, where payments can be captured while you travel.
Revolut Business freelancer account differences:
|Free payments to existing Revolut accounts||Unlimited||Unlimited||Unlimited|
|Number of free Local transfers*||5||20||100|
|Number of free International transfers*||0||5||10|
|Real rate FX allowance*||£0||£5k||£10k|
|Free team members||1||4||10|
|Free initial company cards for each team member||Yes||Yes||Yes|
|Hold and exchange 28 currencies||Yes||Yes||Yes|
|GBP & EUR local accounts||Yes||Yes||Yes|
|Fee free spending abroad||Yes||Yes||Yes|
|Management of recurring payments||No||Yes||Yes|
|Team member permissions||No||Yes||Yes|
* Additional charges applied after the free limit is exceeded.
Revolut Business Limits
Revolut Business Company and Freelance accounts have certain limits. Transfers that exceed the free limit are charged a £3 international fee and are treated as SWIFT payments. All ATM withdrawals over the free limit are subject to a 2% fee.
Revolut for Business is a multi-currency account. Bank account details in Euros, United States dollars and British pounds are initially offered once an account has been opened. You can always get bank details for other currencies too.
Below is a summary of the limits applied to a Revolut Business Freelance and Company account.
|Freelance account||Company account|
|ATM withdrawal limit*||£3,000 per day / £100,000 per month||£3,000 per day / £100,000 per month|
|Transfer in limit||No limit (transfers in over £250,000 a day may need extra information)||No limit (transfers in over £250,000 a day may need extra information)|
|Individual transfer limit||£250,000||£250,000|
|Total Daily Transfer out limit||£2,500,000||£2,500,000|
|Total weekly transfer out limit||£10,000,000||£10,000,000|
|Single payment limit||£250,000||£250,000|
|Daily payment limit||50||2,000|
|Weekly payment limit||200||5,000|
*Any ATM withdrawal is charged a 2% fee regardless of the amount
|Monthly cost||Free: £0
|UK/SEPA transfers beyond the free quota||20p per transfer||20p per transfer|
|SWIFT transfers beyond free quota||£3 per transfer||£3 per transfer|
|Transfers to or from another Revolut account||Free||Free|
|Currency conversion fee beyond the free quota||0.4% markup on FX rate||0.4% markup on FX rate|
|Cash withdrawal rate||2%||2%|
|Online payment acceptance beyond the free quota||Consumer UK/EEA cards: 1.3%
Other cards: 2.8%
|Consumer UK/EEA cards: 1.3%
Other cards: 2.8%
Revolut Business Pros & Cons
Here are the advantages and disadvantages of the Revolut Business account:
- Account options are very flexible.
- There’s a convenient mobile application.
- Cards can be issued to your employees.
- The application process is simple.
- It’s a safe, secure system.
- Their exchange rate is very competitive.
- There’s no fee for making purchases.
- If your card is stolen or lost, it can be frozen.
- There’s a monthly withdrawal limit of 100,000 GBP (or equivalent currency) and a daily withdrawal limit of 3,000 GBP (or the currency equivalent). But for most, this is not an issue.
- Only EUR accounts can have direct debits.
- Cash withdrawals over the free limit are charged a 2% fee.
Revolut For Business Review Conclusion
Revolut has several types of business accounts that can be used by small organizations that routinely conduct transactions in the SEPA region or who have employees abroad. Transactions can be incoming or outcoming transfers, direct debits, or payments.
The Freelancer account options can be appealing to sole traders. It’s simple to move from the Free plan to the Professional level if you need to conduct more transfers than the free plan allows.
Sole traders and entrepreneurs with regular SEPA or UK transfers can benefit from having a Revolut Freelancer Professional account. Quick transactions and an intuitive interface are key selling points. The only potential drawback are international transfer fees.
Freedom and flexibility are what Revolut Business accounts can offer. The amount you pay depends on how much you expect that your account will be used. Competitive pricing is a highlight for organizations that conduct transactions in various international currencies regularly.
Revolut accounts should work well for companies that depend on outside business services or conduct international business.
Revolut won’t let you load cash into your business account with Revolut. There are also fees for ATM withdrawals. It might not be the best choice for companies that routinely use or receives large amounts of cash.
Revolut’s innovations are important but can also be expensive for some. Their free accounts are flexible but only have limited functionality. Premium plans have more features, but they can be costly for small organizations.
I hope this Revolut business account review managed to show you what it offers, the fees involved, and overall pros and cons.
- Various account plans for every company needs
- Cards can be issued to employees
- You can manage all through mobile application
- Application process is simple and easy
- Competitive currency exchange rates
- Various features
- You can get bank details in several currencies
- To have higher limits and access to more features, you need to upgrade your account
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