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Revolut Business: An Extensive Review

Revolut Business Review

Looking to take the financial management of your business to the next level? Look no further than Revolut Business. Users can create a new account online without heading out to a branch.

This means the platform is built for global business owners who are always on-the-move and require flexibility in managing their funds online. This powerful tool offers superb pricing plans and features depending on your business size and how much you use your account.

By opening a Revolut Business account, users will get access to both European and UK bank account. Users will accept payments in multiple currencies and make payments to and from any country using the SWIFT network. Read our in-depth Revolut Business review to find out whether it is the right fit for your business.

About Revolut Business

Revolut is a fintech online bank that has grown in popularity over the past few years. Revolut Business is the business part of the standard Revolut account.

It is built for modern businesses to help them manage and transfer money across numerous currencies fast, thereby saving time and money. Eight million+ people and businesses use this neo banking platform. Revolut Business offers services via a mobile app and Revolut card. Revolut app is compatible with both – iOS and Android.

Important Details

  • Site – https://business.revolut.com/
  • Established Year – 2015
  • HQ Location – London, United Kingdom
  • Twitter – Revolut Business
  • LinkedIn Page – Revolut Business

Features

We’ve highlighted the essential features of Revolut for Business:

  • An internationally-used business account in 24 currencies
  • No additional charges for international Mastercard assignments or currency exchange.
  • Unlimited corporate credit cards
  • Easy management of business accounts online
  • A fully functional mobile app with plenty of features to keep an eye on expenses and business finances.
  • Easy to set up a business account

Getting Started with Revolut Business

Creating a Revolut for Business account is easy. Just head to the https://business.revolut.com/ website and fill out an application form. You also need to confirm your operating address and verify your identity (uploading a valid international passport, an ID, or a driver’s license).

Completing an identity check online will take just several minutes. When the account has been confirmed, you will get a reply within seven days. Revolut for Business has two different accounts – Revolut for Business Corporate account and the freelancer account.

Requirements for creating a Revolut Business Corporate Account:

  • Business name, company details, and address
  • ID picture, name, and a selfie
  • A summary of what a company does and it’s location
  • Necessary details associated with company shareholders and directors

Requirements for creating a Revolut Business Freelancer account:

  • ID picture, name, address, and a selfie
  • A summary of the services business offers and its location

After successful registration, Revolut will grant you an account in GBP with a sort code, an account number, and a EUR account with IBAN and BIC details.

Funding Account and Receiving Money

After successful registration, users can fund Revolut for Business account using different deposit methods such as PayPal, credit card, bank transfer. The platform does not support cash deposits. After the initial transfer, you will not see credit card deposits as an option. Just SWIFT, Faster Payments (UK), SEPA deposits are allowed.

If you use PayPal, you need to first register the RIB of your Revolut account and perform a SEPA transfer. It will take nearly two days. There are no charges for sending money to others no matter what Revolut account you use.

With Revolut, there are also no limits to the number of transfers users can make. But if the transfer is more than £250k per day, Revolut might call you and perform some regular security checks.

Pricing Plans

Revolut For Business offers two types of pricing plan to its users:

Free Plan

Registering for a free account is ideal for sole traders with less need to send and receive money.

Price: £0 per month

Pros

  • Five local transfers per month
  • Onboard two additional team members

Cons

  • Do not offer you much flexibility in making constant payments
  • No free international transfers, which mean you will need to pay £3 per transaction.
  • No 24/7 priority support
  • You will be able to process bulk payments

Grow Plan

Price: £25 per month

Pros

  • Onboard ten team members for free
  • Conduct 100 free local and 10 free international transfers
  • Use £10k Forex free transfers every month
  • Offer you access to priority 24*7 customer service, payment approvals, user permissions, and bulk payments.

Scale Plan

Price: £100 per month

Pros

This plan offers users similar features as that of the Grow plan. But it gives you a lot more in the form of monthly transaction allocation. It includes:

  • You can have 1,000 free local transfers and 50 international transfers each month
  • FX-free allocation threshold hikes to £50k
  • You can import 30 team members

Enterprise Plan

Price: £1,000 per month

If your business is large, then the Enterprise plan is perfect for you.

Pros

  • No account limits
  • All local and international transactions are free
  • You can use fee-free FX rates on every transfer
  • Import as many team members as you can without paying extra monthly charges

Customer Support

Standard Revolut account holders usually get in-app customer support 24*7. But the waiting times are longer than predicted. However, Revolut Business account holders enjoy incredible customer support on priority. The skilled customer service team responds faster, unlike free account holders. But we did not find any telephone support service.

Pros

Multi-Account Access

If your business employs multiple people, you can quickly add your staff members to access your business account.

Open Local Accounts

Revolut Business also allows you to open a local account across the European Union and the United Kingdom. It enables you to send and receive local payments hassle-free.

Conduct Forex Transactions at the Market Rate

Revolut Business lets users exchange 28 currencies at the market rate. However, depending on the specific pricing plan you are on, the free FX transfers will be limited.

Virtual Pre-Paid Debits Card Support for Staff

Creating a new Revolut Business account gives users access to a prepaid debit card. You can apply for multiple cards if your team members need to process weekly or monthly business transactions in bulk.

Seamless Business Software Integration

Revolut Business even allows users to integrate their accounts with diverse third-party business software platforms. It includes FreeAgent, Slack, Clear Books, Sage, Xero, etc. This spares resources, time, and expenses and lets you focus on what is vital to you and your business.

Sub-Accounts

You can set up a Revolut Business sub-account for each of the allowed 24 currencies. It is mainly beneficial if you have a vast customer base in a country. It is because your business partners can pay you directly in local currency.

Cons

No Cash Deposits

Revolut Business does not allow cash deposits on your account.

Charges for ATM Withdrawals

For all ATM withdrawals, you need to pay a fee.

No Phone Support

There is no telephonic support available for newbies.

Not Affordable

Revolut Business can be costly for large-sized businesses that require additional account features.

FAQ

Can Revolut be Trusted?

Yes, Revolut is a legit company that lets users securely send money abroad. Since it is authorized by the Financial Conduct Authority (FCA), Revolut caters to all the FCA requirements for managing and guarding clients’ funds. This means you can trust it fully.

Who Can Use Revolut Business?

All types of companies, freelancers, and sole traders can use Revolut Business account. Few industries are excluded from creating a business account. For example, it is suitable for:

  • Auction houses
  • Casinos and gambling providers
  • Companies in the pornography industry, Escort service, and other sexual services
  • Crypto companies
  • Ammunition and weapon companies
  • Dealer for used vehicles
  • Precious gemstone and metal traders
  • Any trade in illicit goods and other stuff
  • Financial service providers of all types
  • Art dealer

But Revolut Business is perfect for those companies that perform plenty of foreign transactions and regularly work with foreign currencies.

What Are the Alternatives of Revolut Business?

Best Revolut Business alternatives include:

  • TransferWise
  • N26
  • Bunq
  • Fidor Bank
  • Penta

How Can I Cancel My Revolut Account?

Remember, the contract runs for one year after the free version gets over. If you want to cancel your Revolut Business account after trying it for free, you can immediately get in touch with customer support.

Can I Have Multiple Accounts?

Yes, users can have multiple accounts both in the same and diverse currencies.

From Which Countries Can User Register?

Legal inhabitants from the following countries can sign-up at Revolut Business:

  • UK
  • Ireland
  • France
  • Belgium
  • Estonia
  • Iceland
  • Greece
  • Malta
  • Netherlands
  • Hungary
  • Romania
  • Czech Republic
  • Poland
  • Sweden
  • Portugal
  • Norway
  • Lithuania
  • Switzerland
  • Bulgaria
  • Australia
  • Republic of Cyprus
  • Austria
  • Finland
  • Spain
  • Liechtenstein
  • Denmark
  • Germany
  • Slovakia
  • Italy
  • Luxembourg
  • Slovenia
  • Latvia
  • Croatia

Conclusion:

If you want to get ultimate control over your business finances, Revolut Business is the perfect solution. It provides an integrated suite of banking and financial services that provide a seamless experience to the customers.

With the mobile app and desktop site, business customers can meet their business account needs 24*7 both globally and locally. The bonus part is that users can cancel or change their monthly plan at any time. Visit the website today to open a Revolut for Business account.

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