Revolut Business Review – Business Banking Made Easy

A review of Revolut's popular business bank account

Updated: August 3, 2021
Revolut Business Review – Business Banking Made Easy
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Revolut has had a strong 2019 so far. The challenger bank topped the list of best startups in a recent poll. This success is in no small part thanks to their refreshing take on both business and personal banking. Revolut recently expanded its offering to include a free business account, giving the company even greater appeal. We take a detailed look at the company in our full review of the Revolut business account. 

Quick look – pros & cons

Here’s a quick glimpse of everything we liked and disliked about Revolut’s new and improved business offering. We go into further details, below:

Pros:

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  • Quick and easy to get set up with a functional business account.
  • A range of price points, allowing you to choose a service that’s right for you.
  • A handy mobile app that’s packed full of features for helping you manage your money.
  • Competitive rates on international currencies and transfers.

Cons:

  • Most of the essential features only come with the paid accounts. The free one is limited.
  • ATM transactions are charged.
  • The account doesn’t accept cash deposits.

Overall, there are plenty of positives that we liked about the service. The negatives really depend on the type of business transactions that you make.

What is Revolut for Business?

Revolut Business on laptop.
Manage your account online or from the mobile app

Revolut is a fintech firm founded in July 2015. They’ve grown to become one of the biggest startups in this sector, with over 6 million customers worldwide. They offer banking services as well as currency exchange, both of which use the Revolut app. The company has brought innovation to the financial industry, providing quick and easy ways to get started with a business or personal account.

Revolut for Business is a ‘business account platform for domestic and international payments, designed to save you time and money.’ 

Business users have a choice between a few different options when it comes to Revolut products. However, as stated on the website, Revolut for Business is a ‘business account platform for domestic and international payments, designed to save you time and money.’ 

How does Revolut Business work?

Like many challenger banks, Revolut uses a phone or tablet app in conjunction with a Mastercard to deliver a powerful banking experience. There are options for both freelancers and businesses of all sizes, from small startups to larger organisations.

Sign up is typically a fairly straightforward process. You need a business email address and details of your company, and you can sign up in minutes using the app. There’s no contract, and you can cancel at any time.

The app has several functions that allow you to manage your money. This includes account overviews, including your balance across 28 different currencies. You can also view employee spending across Revolut’s prepaid cards.

The app has several functions that allow you to manage your money. This includes account overviews, including your balance across 28 different currencies.

There are four tiers of account for businesses and two for freelancers, giving you the choice to select one that suits your needs. They range in terms of costs and scale, although the company recently announced a new tier of free accounts, giving an even broader appeal to the service. Paid services are charged monthly, and you can change your plan or cancel the service at any point.

What features does Revolut Business have?

There are a lot of features you can potentially benefit from with a Revolut for Business account or freelancer account. The ones you’ll get depend largely on how much you pay for the service. However, there are some basic features that are common to all tiers Revolut offers:

  • Free payments to Revolut accounts. You can make unlimited, free payments to other Revolut accounts. This applies to all levels of their service.
  • Additional team members. You can add access and corporate cards for other users. This ranges from two to unlimited, depending on the service you choose.
  • Free local transfers. The account offers between five and unlimited monthly transactions through local accounts.
  • Hold and exchange currencies. You can select from 28 different currencies, and have local accounts in both GBP and EUR.
  • Access to prepaid debit cards. These can be used for business expenses and ATM withdrawals.

Higher, paid tiers of the service also benefit from the following:

  • 24/7 priority support. You can get dedicated support at any time of the day.
  • Free international transfers. Ranging from 10 to unlimited per month.
  • An allowance on real-rate foreign exchange. Get the same rate the banks do, ranging from £10k per month to unlimited.

All of these features, and more, aim to make your accounting and financial affairs quick and easy.

What are the fees for using Revolut Business?

Like most services in this sector, the better features come at a cost. However, the free accounts for businesses and freelancers still provide a good level of services for those just starting out. Once you've established yourself though, you’ll need to pay for access to the better features.

The current price structure for accounts is as follows:

  • Free Account. As the name suggests, £0 per month with some features.
  • Grow Account. The first paid tier costs £25 per month and gives considerably more features than the free offering.
  • Scale Account. For more developed companies, the £100 monthly fee provides a lot of scale for growth.
  • Enterprise Account. For larger companies, a £1000 monthly fee gives you unlimited access to all the best features Revolut has to offer.

For the freelancer accounts:

  • Free Account. This basic offering gives a modest set of features if all you’re doing is moving money in and out of the account.
  • Professional Account. For more established freelancers, the £7 monthly fee could save you a fair amount on other fees, particularly for international transfers.

Other fees also apply once you go above the threshold of your monthly allowance:

  • Additional team members cost £5 each.
  • Local transfers cost £0.2 per transactions.
  • International transactions cost £3.
  • Foreign exchange transactions cost 0.4% of the transaction.

Who is Revolut Business for?

The beauty of the Revolut for Business account is that it scales based on the size of your company. The four tiers offer a diverse set of features to match the budgets of startups and small and medium-sized enterprises. The fact they also have freelancer accounts adds another dimension to Revolut’s service.

The beauty of the Revolut for Business account is that it scales based on the size of your company.

If you’re looking for a banking app that’s easy to set up and simple to use, there are few better services on offer at the moment. Currently, it’s not quite the complete solution, as features like business loans, overdrafts, payroll and expense management have yet to be added. However, all of these functions are on the roadmap for the coming months. Once they include these features, Revolut could be among the market leaders for business banking.

What are the drawbacks of using Revolut Business?

Good as it is, Revolut’s service isn’t perfect. There are, like with any fintech provider, a few problems. The extent to which they affect you depends somewhat on what you plan on using the account for.

One of our biggest issues is that the free account doesn’t really give you much when it comes to transaction thresholds.

One of our biggest issues is that the free account doesn’t really give you much when it comes to transaction thresholds. Five free local transfers seems quite limiting, particularly with a £0.2 charge on every subsequent one. If you plan on making international transfers, then things are even worse. Even for the £25 per month option, you only get 10. So, if you deal with international clients a lot, it could end up costing you.

There’s also no option to deposit cash into your account. Again, cash-based businesses will likely want to look elsewhere for their business accounts.

How safe is Revolut Business?

Safety is a top priority for Revolut, whether it’s for their business or personal accounts. Their website is secure and encrypted, and the app uses all of the security features we’ve come to expect from such technology.

In terms of your money, Revolut keeps funds in ring-fenced accounts at Lloyds and Barclays. This means your capital is safe at all times. If for any reason (unlikely as it seems) your funds are compromised, Revolut follows FCA, EMR and Payment Services Regulations. As a result, your funds are guaranteed, even if Revolut goes under.

Revolut Business verdict

Overall, we’re very impressed with what Revolut has to offer on the business side of things. Particularly with the addition of the free accounts, it now seems to cater to just about every startup and SME. The app is simple to use and is full of features, and we particularly like how fast it is to get started with everything.

Overall, we’re very impressed with what Revolut has to offer on the business side of things. Particularly with the addition of the free accounts…

It’s not quite perfect – some of the limitations on free transactions mean that it could be expensive, particularly if you deal with overseas clients a lot. However, if you can overlook these issues, then there are few better accounts on the market right now.

With a clear route of expansion in mind, Revolut could easily become the new standard in convenient business banking in the near future.

Revolut Business FAQ

How much does Revolut Business cost?

How do you open a Revolut Business account?

Matt Crabtree
Matt Crabtree
Hi, I'm Matt and I'm an author here at CompareBanks. I write about a range of topics including UK bank stories and the latest news in the banking world. If you'd like to get in touch, feel free to send me an email using the link in my bio.

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Comments

Skylar Seals
August 30, 2021

Revolut has not provided me with the $40 referral bonus that I have earned. The person I referred has not received their $40 either. Do you know how difficult it is to get an elderly person with limited income to create an account with a bank that they don’t know anything about? Unfortunately, it was one of their last options to try and be able to afford their medication last month.

The offer itself is very enticing, spend $15 and get $40 in return for both you and the person that referred you, as long as your ID checks out. That particular referral program has been over since the 24th of Augusta 2021 and the requirements were met by both the person I referred and myself.

We still have not seen the $40 in either of our accounts. In the live chat option the Customer service gives me a different answer every time I bring it up.

Overall I would say that my experience with Revolut has been a negative one. This is only one of the problems that I have had with them and the most frustrating because I can’t get a solid answer. They could at least just tell me I’m screwed.

My profile picture is a screenshot of customer service chat I had on 12 August 2021.

It seems that you can’t actually view the profile pictures on here at least in full size so I’m going to type it out verbatim what that picture says.

What he says will be marked with an X since his name is Xavier and what I say it will be marked with an M for me.

_____________\\\\\\\\________________
X:
Hi there my name is Xavier And I’m here to help you today. Please Allow me a moment to check your case.

M:
OK

X:
May I know the name of the person you preferred?

M:
Marc Fischer

X:
I can see the amount has been redeemed and it will reflect in your account in a few days

M:
Do you have any idea as to when?
Because when I read the terms and conditions it seems as if it should’ve been immediate.

X:
Sometimes it takes some time for this amount to hit your account

M:
He’s had it completed for a few days. So will that be a few days from when he completed it or if you days from now?

X:
From when he completed it as some payments may go into pending and as it takes time for them to clear out.

_______\\\\\\\\_____________\\\\\\\\\\_______

This, like I said was on August 12. It is now the 30th a few days, if we can all agree that means two, has been passed for two weeks now.

Do not use this service, they have Shady business practices.

Reply

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