Last Updated on December, 2024
Revolut’s Business Account offers a quick and easy way to manage your business finances. They provide UNIQUE services to customers, including free international payments within Revolut’s business accounts, a multi-currency account, virtual and physical cards, and many more to handle your business expenses.
So, if your business involves foreign exchange, opening a Revolut Business Account would benefit you a lot.
Continue reading my Revolut Business Account Review to understand everything!
Contents
About Revolut Business Accounts
Revolut is a financial tech company that offers banking services through a mobile app. It lets you manage money easily, like a bank, but with extra features. You can exchange money, make free international payments, and exchange cash at real-time rates.
They also provide prepaid debit cards linked to your account for spending.
With Revolut Business Account, you can pay bills with friends, set up savings goals, and track your spending habits with helpful insights. It offers various account types, including FREE and premium options, with added benefits like travel insurance and cryptocurrency exchange.
One standout feature is its ability to hold and exchange different currencies, using a business bank account making it SUPER EASY for international travelers or those dealing with foreign currencies regularly.
Additionally, it provides tools for budgeting and investing, making it a versatile financial management tool:
Note that customer deposits are not protected by the Financial Services Compensation Scheme (FSCS). However, backed and FDIC-insured by a supporting bank partnership with Metropolitan Commercial Bank and Sutton Bank.
Revolut Business Account Features
Multi-Currency Business Account for Company
This special type, ‘Multi-Currency Business Account,’ is designed for companies that need to do business internationally.
Here are some important things you should know about this account:
Plus, there are different types of Revolut business accounts, including a free one and three paid ones. They are Free Plan, Grow Plan, Scale Plan, and Enterprise Account.
Each plan has different features and limits on things like FREE transfers and customer support. You can change your plan whenever you want. If you switch to a cheaper plan, it will happen in your next billing cycle.
If you upgrade to a more expensive plan, you can switch right away or wait until your next billing cycle.
Revolut Business Card
Do you know? When you get a Revolut multi-currency business account, you’ll also get a Revolut business card from Visa and Mastercard.
Here’s what you need to know about these cards:
GUESS WHAT? You can apply for cards yourself and for your team members. Each of them can have up to three physical cards and as many as 200+ virtual cards.
About ATM withdrawals, you can withdraw cash from ATMs that accept Mastercard or Visa cards. These cards work with all the currencies available in your account.
Here’s how the card features differ depending on which plan you choose:
Note: If you’re on the Enterprise plan, you can have a custom number of metal cards.
Foreign Exchange
Revolut lets you convert between different currencies right in your account. They support over 25 currencies, and you can do this anytime, day or night, using their website or mobile app.
Here are the main features of their currency exchange service:
However, the features of currency exchange can vary depending on which plan you’re on.
Keep reading:
Multi-Currency Business Account & Revolut Pro for Freelancers
Listen, for Freelancers, There’s a special option called the ‘Revolut Freelancer Business Account.’ This freelancer account allows freelancers to manage their finances easily and accept payments from clients across the globe.
There are three types of freelancer accounts: Basic, Professional, and Ultimate. Each comes with different features and benefits, depending on your needs.
The Basic account is free and includes some free local payments per month. However, there are charges for international transfers and some other features.
The professional and Ultimate accounts offer more features like mass payments, expense and payment approval, and access to the Revolut Business API Integration. They also come with more free transfers and other benefits.
In addition to business accounts, Revolut also offers a feature called ‘Revolut Pro’ (freelancer accounts) for freelancers within their accounts. This includes a Pro debit card and various cash-back options.
With Revolut Pro, freelancers can easily request payments through different methods like payment links, QR codes, or invoices.
Additionally, they can accept in-person payments using their iPhone through the Tap to Pay feature, which supports contactless payments from physical debit and credit cards, Apple Pay, and other digital wallets.
However, this feature is currently exclusive to iPhones; Android devices are not mentioned as compatible with this specific functionality.
However, transactions made with Revolut Pro are organized neatly within the app, making it easier for freelancers to keep track of their finances. This includes tracking sales, accounts, and other financial activities all in one place.
Next, I’ll discuss the transfer limits for the Revolut business account.
Transfer Limits
Listen carefully!
When you send money from your bank, there are different limits based on where you’re sending it and what currency you’re using.
For most currencies, there are no limits, but a few have specific rules. They are:
If you’re sending GBP payments to someone in the UK:
If you’re using a Freelancer Revolut Business Account:
If there are any other exceptions, you’ll see them in the app before you send money. However, remember that Revolut accounts in different countries might have different limits. You can check this or ask Revolut directly for more information.
Revolut Business Fees
Feature | Free | Grow | Scale |
Monthly Fee | Free | From GBP 19 | From GBP 79 |
Local Transfer Fee | Free for the first 5 transfers, and then GBP 0.20 | Free for the first 100 transfers, after that GBP 0.20 will be added | Free for the first 1000 transfers, after that GBP 0.20 will be added |
International Transfer Fee | GBP 5 | Free for the first 15 transfers, after that GBP 5 will be added | Free for the first 25 transfers, after that GBP 5 will be added |
Outbound GBP Faster (International Payments in the UK and SEPA) | Free | Free | Free |
Transfers from Switzerland/UK to Poland | 4 PLN | 4 PLN | 4 PLN |
Currency Exchange Fees | No (for the first GBP 1,000) After that, 0.6% | No (for the first GBP 10,000) After that, 0.6% | No (for the first GBP 50,000) After that, 0.6% |
Currency Exchange (Outside Market Hours) | 1% | 1% | 1% |
Forward Currency Contracts | 0.8% | 0.8% | 0.8% |
First Time Card Delivery Fee (Physical) | Free | Free | Free |
Additional Fees (Physical Card Delivery) | Standard shipping starts at GBP 4.99 | Standard shipping starts at GBP 4.99 | Standard shipping starts at GBP 4.99 |
Metal Cards | GBP 49 | 1 free card GBP 49 will be charged for additional card(s) | 2 free cards GBP 49 will be charged for additional card(s) |
Enterprise Plan | Customized | Customized | Customized |
ATM Withdrawal Fee | 2% per withdrawal | 2% per withdrawal | 2% per withdrawal |
Automated Payroll Fee | GBP 3 per person per month | GBP 3 per person per month | GBP 3 per person per month |
Expense Management Fee (Local Payments Per Month) | GBP 5 per person per month | GBP 5 per person per month | GBP 5 per person per month |
Revolut Business Account Requirements
Yes, what you’re thinking is right. You need to provide some documents to open a Revolut Business Account. I’ve added the details in the table below.
Eligibility | Required Documents |
Business Types | Private limited companies Public limited companies Limited liability partnership Limited partnership Partnership Sole traders Freelancer |
Eligible Countries | Australia, Austria, Åland Islands, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Guernsey, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mayotte, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, United States |
Additional Requirements | You should reside in the EEA or Switzerland At least one beneficial owner or director should reside in the EEA or Switzerland Your operating address must be located in the EEA or Switzerland |
Ineligible Businesses | Charity, Public sector organization, Private foundation or trust, Cooperative, Businesses operating in prohibited industries such as weapons, adult entertainment, cryptocurrency, gambling, and more. |
Required Documents | Identity verification (NIC or Passport) Proof of operating address Details about your business nature Incorporation details Details about the shareholders and directors of your company Power of Attorney |
Applying for a Revolut Business Account will be easy – if you consider the following:
Note: Remember to review Revolut’s business account terms and conditions, as well as any fees associated with the business account, before applying.
Revolut Customer Support
Listen, for help with Revolut:
Note: The automated phone line is only for blocking cards and does not connect to a person or allow outgoing calls.
Revolut Alternatives
Wise
Wise offers a transparent and cost-effective solution for businesses. Using Wise, you can hold and manage multiple currencies, making international transactions easy.
Their exchange rates are mid-market, which means you get the real exchange rate without any hidden markups. Transaction fees are low and transparent, with no monthly fee.
One UNIQUE feature of Wise is its Borderless Account, which allows you to hold and manage money in over 50 currencies. Plus, Wise offers business debit cards for easy spending and access to funds worldwide.
Looking for more details? Our comprehensive Wise business review is just a click away.
XE Business Account
XE is a trusted name in currency exchange, and its business account offers a range of services designed to fulfill the needs of businesses operating globally.
With XE, you can access competitive exchange rates for over 130 currencies, ensuring cost-effectiveness in international transactions. While XE doesn’t charge any fees for transactions, they may make money through the exchange rate margin.
However, their rates are transparent, allowing you to see exactly how much you’re paying. XE also provides tools like currency converters and market analysis, empowering businesses to make informed decisions when dealing with foreign exchange.
Revolut Business Vs. Wise Business
When comparing Revolut Business with Wise Business, it boils down to understanding their key features and fees. Both platforms offer international business accounts but with some distinctions.
Features
Wise Business Account | Revolut Business Account |
No monthly fees Access to 40+ currencies Integrations with accounting software like QuickBooks and Xero Offers local account details in nine major currencies | Offers multiple account plans with varying features Provides a business debit cards, cashback options, and online payment processing Integrations are available, but API access and bulk international payments are reserved for paid plans |
Fees
Wise Business | Revolut Business |
Transparent fee structure with no monthly or subscription fees Charges apply for international payments and accessing Revolut account details for multiple currencies | Monthly fees depend on the chosen plan Additional charges may apply for international and local payments per month Currency conversions, and receiving or sending USD wire payments |
Exchange Rates
Wise Business | Revolut Business |
Uses the mid-market exchange rate for all transfers, ensuring transparency | Exchange rates vary based on market conditions and may include markup during non-market hours |
Supported Currencies
Wise Business | Revolut Business |
Supports a wide range of currencies for sending, holding, and receiving, along with access to local account details | Offers fewer supported currencies compared to Wise |
In short, Wise Business may be preferable for businesses prioritizing low-cost international transfers and extensive currency support without monthly fees.
Revolut Business Accounts, on the other hand, provides additional features like cashback and online payment processing but may require a subscription fee for certain benefits.
Other relevant guides about Revolut:
Revolut Business Account Review: Final Verdict
Did you understand how a Revolut Business Account works?
So now, If you’re planning to use Revolut for business (personal accounts are for individuals), follow the guidelines I discussed above. Revolut Business Account features will help you understand whether this account will suit your business.
Remember that, a free business account scores points for its absence of monthly fees and limited free local payments.
However, if you’re not interested in owning a Revolut’s Business Account, try one of the alternatives discussed above. (This totally depends on your expectations and needs.)
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