Score 8.0
Regulation FCA
Score 8.0
Regulation FCA

What is Revolut Business Banking?

Established in 2015 as an innovative mobile alternative to traditional banks, Revolut offers a range of digital banking services in conjunction with currency transfer and exchange. As one of the most prominent startups in the mobile banking sector, the company already boasts over 7 million active users.

Following the success of their personal banking mobile product, Revolut branched into the rapidly growing business banking arena. Their impressive suite of digital business banking services provides everything modern small to medium businesses need, from multi-currency accounts and fee-free transactions to more advanced tools such as expense management and bulk payments.

Key Details

Founded
2015
Headquarters
UK
Users
7 million +
Backed By
Barclays & Lloyds
Regulation
FCA
Based on 59,465 reviews
Revolut Key Details
Founded 2015
Headquarters UK
Users 7 million +
Backed By Barclays & Lloyds
Regulation FCA
Get Started with Revolut Business

Revolut Business Account Pros & Cons

Pros
  • green-check-mark Quick and easy to get set up with a functional business bank account.
  • green-check-mark A flexible range of price points, allowing you to choose the features and allowances that are right for your business.
  • green-check-mark A well designed mobile app that’s packed full of features to help you manage your business’s money.
Cons
  • ATM withdrawals incur (low) fees.
  • You can not deposit cash into your account.

Revolut Business Banking Features

Multi-Currency Accounts

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When you open a Revolut Business account, you automatically get access to both a UK and a European bank account. You can accept funds in Pounds or Euro and exchange up to 28 other currencies, with more coming.

With the option to hold IBANs in different currencies, you can exchange and transfer money without excessively high exchange rates and hidden fees. You can even set up a Euro direct-debit to quickly pay for international subscriptions, and this is all done with the Revolut app.

Payments

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For organisations that have multiple employees on the books, you can process weekly or monthly payments in bulk. It’s as easy as the click of a button with a Revolut account.

It’s easy to stay in control of your business finances. Recurring, automated, and similar transactions can be created once, and then set to a schedule. Just store and forget. As a time-saving practice, see payment overviews with schedule and status details and execute all transactions from the app.
The automation doesn’t stop there, Revolut can automatically notify recipients that you’ve sent a payment, including the estimated payout date.

Corporate Card

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A Revolut Business account offers prepaid debit cards. These can be used in shops or online like any other debit card. If your sales team requires multiple cards, you can arrange that too.

Mix and match your requirements, link several multi-currency accounts to one card, or connect multiple ones to a single account. For businesses that do not need physical debit cards, virtual cards are also able to be generated.

Employees, roles & permissions

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Via the app, managers can grant access to multiple team members. This can be done as limited account access based on their role in your business. Thay way, you control who can manage users, payments, accounts, and card settings. You can even control the level of access to each user. For example, no access, edit rights, and read-only.

Set up payment approval processes to avoid mistakes. Let individual team members review and approve payments before they’re sent. These can be straightforward or as complex as required.

Integrations & API

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As well as linking to accounting software Revot can also build custom integrations to meet your business needs.

This integration can automatically trigger transactions based on client or supplier behaviour. Examples are:

Suppliers – payments can be triggered directly from inventory management systems.
Delivery – successful delivery of a food order can trigger an automatic payout to drivers.
Insurance – an insurer can pay a weekly “no claims” payout to all of their customers who haven’t claimed on their insurance policy.

Perks

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Revolut has partnered with companies across the UK and Europe to offer special discounts and bonuses to other businesses. The list of partners grows daily, but some current offers are:

  • Kaspersky – 6 months of free business protection
  • Apple – get up to 6% off Macs, 2% off iPhones and iPads, and 10% off Accessories.
  • Amazon Business – get 25% off your first order, up to £200.
  • Sparqa Legal – get free access to legal guidance and a £50 credit to purchase legal documents.
  • Deliveroo – get 5% cashback on your food and beverage expenditure in the first month.
  • Lifesearch – get free advice and up to 10% discount on life insurance and business protection.

Security

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There’s a lot of buzz throughout the business community about the safety of deposited funds with digital banks. Revolut holds your funds in secured accounts with Barclays and Lloyds, where they can’t be invested or lent elsewhere. Then, in the unlikely event that anything untoward should occur, Revolut follows FCA, EMR, and Payment Services Regulations. That way, your funds are guaranteed.

Every card transaction is processed and protected with a second-step provided by Mastercard, Maestro, or Visa. Revolut also uses cutting-edge device learning algorithms that analyse cardholders’ behaviour. This enables them to detect any suspicious transactions. If identified as abnormal, your card is frozen while you investigate. Cards can be frozen and even unfrozen, via the app.

Customer Support

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Even though there’s no telephone assistance, Revolut offers 24/7 in-app support and responds very quickly. Business holders get priority over standard account holders, for even faster replies.

Their website has an online help-centre which already has a library of commonly asked questions and answers. This library is growing all the time.

Additional Features Coming Soon

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Coming very soon, dependant on the price package are these additional business features:

  • Loans and overdrafts.
  • Local accounts in other currencies.
  • The ability to raise, send and track invoices.
  • Accepting card payments for free.
  • Easy direct debit management.
  • Fully integrated payroll.
  • Metal cards.
  • Customisable card designs.
  • Google authenticator.
  • Google SSO.

Pricing & Plans

To open a Revolut Business bank account (which can only be done via Revolut’s website, not the app), select one of 5 plans after registering. Each plan offers different allowances on Revolut’s main banking features, such as the number of users per account, the number of free transfers and currency exchange allowances.

The Free Plan, with no monthly fee, is excellent for brand new businesses, freelancers with simple banking needs or those who just want to get a feel for the account. The Professional Plan, at €/£7 per month is best for sole traders, entrepreneurs and freelancers, offering more advanced features and allowances than the free plan. Grow, at €/£25 per month, is ideal for small businesses that have up to 10 team members, and will easily pay for itself if you send and receive multiple payments throughout the month.

The Scale Plan, at €/£100 per month, is perfect for businesses that expect to handle a high volume of foreign transactions. The Enterprise Plan is a tailored package created for large companies whose transaction levels are above and beyond what the other price packages offer. Revolut will confirm with you the monthly fees based on your needs.

All plans can be upgraded or downgraded at any time via your Revolut Business account.

All plans include the following features:

  • Hold and exchange 28 currencies
  • Local accounts in GBP and EUR
  • IBAN for global transfers
  • Prepaid debit cards
  • Mobile app for cardholders
  • Virtual cards
  • Accounting integrations
  • Open API

The following table presents additional features and their allowances per plan.

StandardProfessionalGrowScaleEnterprise
Price per month £0£7£25£100Upon request
Free payments to other Revolut accountsUnlimitedUnlimitedUnlimitedUnlimitedUnlimited
Free team members141030Unlimited
Free local transfers/m5201001,000Unlimited
Free international transfers/m051050Unlimited
Allowance of FX at the real rate£0£5k£10k£50kunlimited
Priority 24/7 support
User permissions
Payment approval
Bulk payments
Perks
Expense management
Standard
Price per month £0
Free payments to other Revolut accounts Unlimited
Free team members green-check-mark
Free local transfers/m 5
Free international transfers/m close-mark-black
Allowance of FX at the real rate £0
Priority 24/7 support close-mark-black
User permissions close-mark-black
Payment approval close-mark-black
Bulk payments close-mark-black
Perks close-mark-black
Expense management close-mark-black
Professional
Price per month £7
Free payments to other Revolut accounts Unlimited
Free team members 4
Free local transfers/m 20
Free international transfers/m 5
Allowance of FX at the real rate £5
Priority 24/7 support green-check-mark
User permissions green-check-mark
Payment approval green-check-mark
Bulk payments green-check-mark
Perks green-check-mark
Expense management green-check-mark
Grow
Price per month £25
Free payments to other Revolut accounts Unlimited
Free team members 10
Free local transfers/m 100
Free international transfers/m 10
Allowance of FX at the real rate £10k
Priority 24/7 support green-check-mark
User permissions green-check-mark
Payment approval green-check-mark
Bulk payments green-check-mark
Perks green-check-mark
Expense management green-check-mark
Scale
Price per month £100
Free payments to other Revolut accounts Unlimited
Free team members 1000
Free international transfers/m 50
Allowance of FX at the real rate £50k
Priority 24/7 support green-check-mark
User permissions green-check-mark
Payment approval green-check-mark
Bulk payments green-check-mark
Perks green-check-mark
Expense management green-check-mark
Enterprise
Price per month Upon request
Free payments to other Revolut accounts Unlimited
Free team members Unlimited
Free local transfers/m Unlimited
Free international transfers/m Unlimited
Allowance of FX at the real rate Unlimited
Priority 24/7 support green-check-mark
User permissions green-check-mark
Payment approval green-check-mark
Bulk payments green-check-mark
Perks green-check-mark
Expense management green-check-mark
Get Started for Free with Revolut Business

Revolut Fees

No matter which price package you choose, there are several free transactions allowed. After you have gone over the monthly threshold, fees per transaction can be charged. However, these fees are dramatically lower than the standard bank charge per transaction.

The 3 types of charges are local and international transfer fees and ATM withdrawal fees.

Free Domestic Transfers green-check-mark green-check-mark green-check-mark
Free International Transfers green-check-mark close-mark-black close-mark-black
ATM Withdrawl Fees

2% fee

2.5% fee

2% fee

Free Domestic Transfers
green-check-mark green-check-mark green-check-mark
Free International Transfers
green-check-mark close-mark-black close-mark-black
ATM Withdrawl Fees

2% fee

2.5% fee

2% fee

FAQ

Who can open a Revolut Business account?

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Revolut Business accounts are designed for all types of businesses, but best suit SMBs, freelancers, startups, sole traders, online businesses and local businesses. Enterprise plans are available for larger businesses.

Which countries can I open an account in?

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Currently, companies registered in and with a physical presence within the European Economic Area (EEA) and Switzerland are eligible.

New account holders receive two accounts, one based in the UK (with UK sort code) and one that can be used across Europe (IBAN). You can currently get IBANs for 28 currencies.

Which documents do I need to open a Revolut Business Account?

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For verification purposes, the easiest way to open an account is to provide the most up-to-date incorporation certificate or registry extract.

For identity check purposes, your name, address, a photo of your ID, and a selfie are needed.

How do I open a Revolut bank account?

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Opening an account is as simple as completing the online form and uploading a few documents.

How can I access my account?

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Once you have signed up, you can access your account via Revolut Business’s user-friendly smartphone app, available in iOS and Android, or the desktop web app via Revolut’s website.

Is my money safe?

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Yes – Your funds are held in a segregated account with a tier-1 partner bank such as Lloyds or Barclays and never lent to anyone else. Revolut Business is regulated by the Financial Conduct Authority (FCA) and all card transactions are protected by Mastercard, Maestro or Visa.

User Reviews

5/5
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If you are looking for a bank account for your business this, is the bank to use as the UI is super user friendly and all the features are easy to use, fees are low, a big economy on bank fees! Thumbs up for the great work guys!

By Simon March, 2020
5/5
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Awesome service and app. Won’t go back to “regular” banking. Great support through chat, good functionality, nice exchange rates. At the tip of my fingers.

By Tenzing Norgay March, 2020
4.5/5
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I have used Revolut business now for 1 year. The service has been great. I get asked every few months to submit invoices etc and never had any issues. To be able to use the card on other countries is great. I have seen stories in Facebook where people say they have there money frozen for months, but I can honestly say I have had no issues. Overall I would recommend it 100%

By LtechUK March, 2020

Our Verdict

The Revolut Business account is ideal for any business. You can perform the vast majority of your business banking needs, such as sending and receiving money, organising payments, invoicing and bookkeeping all via Revolut Business’s comprehensive mobile or web app.

The company plays it smart by offering 5 different price plans; this enables business owners to calculate what they believe their transaction needs will be, and select the right plan accordingly. Being able to switch between packages for stronger, or leaner months is a perfect solution for industry fluctuations. You can even cancel your monthly plan at any time without penalty.

With proactive views on expansion and customer offerings, Revolut is set to be the market leader in digital banking, especially for the business community.

There’s nothing to lose in trying the account out. It’s easy to open, and by choosing the free package, business owners have the option of testing the product first. Once they see how smooth and seamless the product is, they can decide to adopt it as their primary (or side-by-side with a traditional bank account) source for business banking.