Revolut is a neo banking platform that offers its financial services through a mobile application and a Revolut card. The platform is designed for clients and businesses who are always on the move or anyone in need of flexibility in managing their funds.
Revolut seeks to adapt to the customer’s needs by giving them control over their funds. Since joining the industry in 2015, Revolut has been at the forefront of launching different products through business and consumer accounts.
If you plan to open your business bank account, Revolut for Business is a potential solution due to its wide range of features and easy global payment options.
What is Revolut for Business?
Revolut for Business is a banking alternative specially designed for businesses and freelancers. The account targets clients looking to access traditional business account services. The selling point of this financial product is that it saves time and money for businesses when making local and international payments.
Customers who open a business account with Revolut have access to both UK and European bank accounts, allowing them to make payments in GBP and EUR, as well as other currencies. Revolut for Business is managed through a mobile application.
Getting Started with Revolut for Business
Before opening a Revolut for Business account, you need to understand if your venture meets the eligibility criteria. Your business needs to be registered with a physical presence in the European Economic Area (EEA) region (Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and Switzerland).
For companies, Revolut for business accepts Private limited companies (LTD), Public limited partnership (PLC), Limited partnership (LP), Limited liability partnership (LLP), Sole traders, and freelancers. Currently, Revolut for Business does not support charities, public sector companies, foundations, and cooperatives.
To open a business account with Revolut, you will be required to fill out an application form on the website, and you will get a response within seven days. Note that Revolut for Business has different accounts and options, so you will be asked to choose your next step accordingly when you register.
To open a Revolut for Business Corporate account, you will need to provide your name, address, ID photo, and a selfie for an identity-check, business name, address, and incorporation details. A summary of the company’s location, what the business does, along with the details of the directors/shareholders, will also be required.
To open a Revolut for Business Freelancer account, you will be asked to provide your name, address, photo ID, and a selfie for an identity-check, as well as a summary of the location and what the business does. When your account is verified, Revolut will provide you a GBP account with an account number and a sort code, as well as a EUR account with IBAN and BIC information.
Topping up the Account and Receiving Money
Revolut for Business accounts can be funded through a credit card, bank transfer, and PayPal. The platform does not support cash deposits.
Once your account has been opened, Revolut for Business gives you an option to add funds to your account via credit card. After this initial transfer, credit card deposits will no longer be an option. Only Faster Payments (UK), SEPA and SWIFT deposits are allowed. To use PayPal, clients must register the RIB of the Revolut account and make a SEPA transfer. This process takes about two days.
Different Revolut accounts can also send each other money instantly, whether from the Personal Revolut account or a Business Revolut account. There are no charges for this kind of transfer.
Note that with Revolut, there are no limits to the number or size of transfers you can receive. In some cases, transfers exceeding £250k per day might force Revolut to call you and perform some routine security checks.
Revolut for Business Pricing & Plans
Revolut for Business offers different plans for both corporate and freelance accounts. The plans are billed every month. There are different rates for the Free, Grow, Scale, and Custom plans under Revolut for Business business accounts.
Revolut’s Free plan is good for small businesses and new customers, as there is no monthly fee for it. The account is free. You will get access to local GBP and EUR account details and payments, hold and exchange 28 currencies, international IBAN, physical and virtual cards, mobile and web app, Revolut connect, Open API, corporate cards, unlimited, free transfers to other Revolut users.
The plan also includes 5 local GBP or EUR transfers per month. If you want to make international transfers beyond GBP or EUR or exchange money, Revolut will charge a flat 0.40% fee on any FX and charge £3 per transfer. Two team members in total are included in the plan — yourself and one other.
The Revolut Grow plan attracts a £25 monthly subscription fee. This plan is appropriate for small businesses. You are allowed to add 10 team members to your account with 100 free local transfers. You also get 10 free international transfers, while FX’s allowance at the real rate is £10k. This plan includes everything in the free plan plus priority 24/7 assistance, 1 free metal card (£49 for each additional card outside of the free allowance or equivalent amount in your chosen currency), user permissions, payment approval, perks, and expenditure management.
The Scale plan will cost you £100 per month in the subscription fee. This amount will give you access to all features under the Growth plan. Additionally, Scale customers can add 30 team members for free and claim 2 free metal cards (£49 per extra card outside of the free allowance, or equivalent amount in your chosen currency). You will also get 1,000 free local transfers and 50 international transfers. Lastly, you will have an allowance of FX at the real rate of £50k.
This is the most advanced plan with individually agreed prices and features.
For the freelancer account, there are three plans: Free, Pro, and Ultimate.
Free plan does not cost anything per month. You will be eligible for unlimited free payments to other Revolut accounts and 5 free local transfers. However, this plan does not allow for international transfers. The features under the Free account for corporates can be enjoyed under this plan.
Pro account attracts a monthly fee of £7. The account comes with 20 free local transfers and 5 free international transfers. The allowance of FX at the real rate is £5k.
Ultimate plan costs £25 per month and offers 10 free international transfers, 100 free local transfers, free FX allowance of £10k and much more.
Revolut for Business Main Features
To meet the client’s needs, Revolut for Business comes with unique features as highlighted below.
The Revolut for Business account enables holders to send and receive money in 28 different currencies. For local payment, the account offers GBP and EUR currencies. With this account, clients can set up several instant accounts for specific business needs. Through the accounts dashboard, clients can also track all transactions in real-time.
Clients can order more than one prepaid MasterCard debit card under the Revolut for Business account. The account manager has the right to set spending restrictions on various cards. Like consumer accounts, clients can create virtual bank cards to choose currencies for online transactions. The debit card allows you to spend money both in the UK and abroad.
The Revolut for Business is accessible through mobile apps supported on Android and iOS platforms. The app provides convenience for those who are always on the go. The web interface, however, is recommended for accessing additional functions.
Roles and Permission
Revolut for a Business account allows the account manager to delegate access to the account. The manager assigns team members different roles with certain restrictions. The set up limits account access for team members according to their role in your business. You can also set up payment rules and let your team review and approve payments before they are sent.
Revolut Connect allows Revolut for Business account holders to link their accounts to additional tools and applications for everyday usage in order to increase productivity. Xero, QuickBooks, FreeAgent, Zapier, and Slack are some of the most popular Revolut Connect tools.
Advanced users can utilize Revolut for Business to combine Revolut’s API with other tools and apps. Customers can utilize API integration to automate their operations, such as international payments.
This function is designed for businesses with a large number of employees and clients. With Revolut for Business, you can handle their payments in bulk, either weekly or monthly, with the press of a button.
Prepaid Virtual and Debit Cards
Upon opening a Revolut for Business account, you will be granted a prepaid debit card. Additionally, you can apply for multiple cards to suit your team’s needs. If you need to process transactions that don’t warrant an individual debit card issuance, you can instead create virtual cards via your Revolut Business account. The cards allow holders to upload receipts, choose categories in the mobile app and receive automatic reminders about missing information.
Revolut for Business has 24/7 customer service. The service was enabled after customers raised complaints regarding the long wait times. Although the same customer service handles queries from the consumer accounts, Revolut for business clients are given the highest priority.
Furthermore, there is a telephone support service alongside an in-app chat.
Revolut for Accountants
Revolut enables accountants to enjoy seamless integrations, end-to-end expense management, and user permissions. This feature enables bookkeepers to access all client accounts from a single dashboard for easy organization of work.
Revolut for Business Loans
Revolut offers unsecured business loans ranging between £1,000 and £25,000 to manage cash flow and grow your business. Interest rates for loans vary from 12.5% to 25%, depending on your credit history and financial performance.
To be eligible, you must be a UK-registered business with UK-based founders. You also have to be trading for 18 months or more or have filed at least one set of financial accounts with Companies House, covering at least 12 months.
A paid business plan allows users to access additional perks with some of the companies, namely Apple, Zipcar, Expensify, Google Ads, Slack, and Deliveroo.
Revolut for Business Security
In order to protect funds, Revolut has put in place several measures. For example, all client money is stored in a segregated account held within Barclays and Lloyds. Additionally, the platform is authorized by the FCA, meaning it adheres to all regulations.
Revolut also uses machine learning techniques to evaluate cardholder activity and detect any fraudulent transactions. Two-factor authentication is also utilized for login and essential activities. To protect your company’s finances and sensitive data, the team additionally uses email and SMS verifications.
Customers can find more information about the company’s cybersecurity measures here.
According to the Revolut’s team, the following features are under construction for Business account holders:
- Loans and overdrafts. These will be fast and affordable loans that are tailored to your business needs;
- Local accounts in other currencies. Revolut is set to add more local account options for faster and cheaper payments;
- Accepting card payments for free. This feature will enable your business to accept card payments for free;
- Payroll. This feature will allow end-to-end management of the payment cycle for the entire workforce;
- Metal cards;
- Customizable card designs. This feature allows you to put your business front and center by branding even your business debit cards.
Pros of Revolut for Business
✔️ Account flexibility.
✔️ Prepaid and virtual cards for anyone that needs them.
✔️ Competitive exchange rates on multiple international currencies and competitive prices on international money transfers.
✔️ A slick mobile app with a lot of features to keep an eye on your expenses and business finances.
✔️ Easy and quick to apply for and to set up.
✔️ Modern corporate payment cards
✔️ 24/7 customer service.
✔️ Account for freelancers.
✔️ Safe and secure.
Cons of Revolut for Business
❌ The free account doesn’t include many free transactions.
❌ All ATM withdrawals are charged a fee.
❌ You can’t deposit cash into your account.
Should You Use Revolut for Business?
Businesses with an international reach are the right candidates for Revolut for Business. The various packages will give you a seamless experience in managing your business. You can manage all of your payment needs locally and globally at the touch of a button, thanks to a user-friendly smartphone app.
The Revolut team understands that your business needs other tools and applications to run smoothly. For this case, the Revolut for Business mobile app allows software integrations, among other features.
Over the years, Revolut has introduced different plans for businesses. As a new client, you can always try the free account and then upgrade depending on your business needs. You may cancel or modify your monthly plan at any time, ensuring that you are not charged more if your circumstances change.
The Freelancer account is ideal for self-employed individuals, especially because switching from the Free to the Professional plan is straightforward.
A business that transacts in foreign currency is the ideal client for Revolut for Business accounts. The neo banking platform offers the much-needed convenience and flexibility for entities that operate globally. Additionally, Revolut is a good option because they have a currency exchange at the interbank rate alongside free and easy international payments. This is an advantage for any business.
What is Revolut for Business?
Revolut is a fintech enterprise intended as a digital Swiss Army Knife alternative to the traditional legacy brick-and-mortar banking. It’s a feature-rich, multi-functional personal accounting and financial app. However, not long after it started, it added a Business type account to appeal to a larger variety of clients.
The Revolut Business type account comes with different pricing (where Standard account is free) and specialized features depending on the needs, nature and scope of the business and how much you’d be using the account. Understanding the importance of fast and cheap cross-border transfers for international business in our globalized and hyper-connected world, Revolut’s business account aims to fulfill and exceed precisely those needs, allowing companies to manage and transfer funds across 28 different world currencies in a matter of seconds (almost instantaneously, instead of having to wait for days). Revolut Business is basically Revolut customized as a business account platform for domestic and international payments, with the purpose of saving you time and money.
Unlike traditional banks, it does not incur unnecessary or hidden fees, whereas accounting is streamlined to reduce stress and make it simpler for employees (allowing you to manage individual employee expenses and set monthly spending limits per card, for example). Bulk payments can also be made and permissions set as to what can be seen as well as rules for payments requiring approval (or other conditional payments and invoices). Receipts can be attached with descriptions and expenses seen in real time via the mobile app. In contrast, transactions can be exported and integrated with other accounting tools like Xero, FreeAgent and similar.
However, Registering a Business account is currently available only in the jurisdictions of the UK and the EU.
For businesses, there are four plans: Free, Grow (£25/month), Scale (£100/month), and Enterprise (£1,000/month).
Can Freelancers use Revolut for Business?
Revolut for Business offers two pricing options – Company and Freelancer. The Freelancer account can be free or cost seven pounds per month, depending on included features.
A Freelancer Plan available for £6.99 is specifically dedicated to freelancers, sole traders and small limited companies with just a single employee. These differ from Business accounts in that transfers appear under your details and employees cannot be added (except for an accountant).
Revolut makes sense for freelancers since it helps you streamline your transactions with clients and customers by integrating your account and Revolut card with your bank account, allowing you to withdraw money straight to your card.
What are the key benefits using Revolut for Business?
Revolut for Business offers an integrated suite of financial and banking services, providing a smooth and seamless experience via the mobile app. It is especially competitive in terms of reasonable fees and charges relative to other well-known international payment services and payment processors. Moreover, it is exceptionally fast and straightforward, unencumbered by unnecessary steps and hops, hidden fees and bureaucratic friction (also offering free of charge ATM withdrawals).
Additionally, Revolut integrates and interoperates with a range of existing services, standards and applications, all of which spares you a lot of time, resources and expenses, allowing you to focus your attention on what’s important to you, your work and your business.
Registration and identity verification is very quick to set up and usually doesn’t take more than a day, while the customer service is reliable and always available.
What are the requirements to open a Revolut for Business account?
The process of opening up a Business account in Revolut, needless to say, may take slightly longer than opening up a personal one. The whole procedure is usually finalized on the same day, but there are instances where the process may take up to five days.
Opening up a Business account requires that you confirm your operating address and verify your identity (uploading either an international passport, an ID, or a driver’s license — the latter two, however, are not currently an option for non-EU and non-UK citizens, but will be in the future).
The basic criteria for opening a Revolut Business account is that your company is registered and operating from either the EEA (European Economic Area) or Switzerland. However, this should not be a cause for concern because it is acceptable if the firm is owned or directed by nationals from other countries.
Revolut supports sole traders, freelancers, limited companies, public companies and partnerships (as well as the local European equivalents); however, it doesn’t accept political organizations and Forex speculators.
The first thing needed is a picture of an ID for the following people in the company to be registered with the account: Yourself; The other business owner(s); Anyone else who has or might have significant control over the business.
A business owner is considered to be anyone who directly or indirectly controls 25% or more of the shares in the company. In some instances, Revolut may need additional information about other shareholders too.
The signing up process asks you to provide a few other basic details about yourself, the directors and shareholders of the business (like your date of birth and personal address). Revolut has a quick and easy process letting you invite everyone to fill out their own details, and if necessary, complete their identity check online in a matter of minutes.
Finally, a selfie is required to confirm that you are the one providing and filling out the information.
For UK, EU, EEA or Swiss nationals, this should be a valid passport, identification card or driving licence (UK) with a minimum of one month until the document’s expiry.