Revolut was launched in 2015 by business partners Nikolay Storonsky and Vlad Yatensko as a pre-paid card. It has since developed to offer numerous products including a business account. In this article, we look at what features are on offer with a Revolut business account including the different types of accounts, Revolut business fees and how it compares to other business bank accounts. For more information on Revolut's personal account, read our Revolut review.
What is Revolut Business?
Revolut has launched a business account in a bid to shake up business banking and tackle the high charges associated with traditional banks when sending money abroad. Revolut describes itself as a 'digital alternative to the big banks' and accounts can be set up online without the need to set up an appointment or visit a branch.
Is my business eligible?
To open a Revolut Business account your business must be registered with a physical presence in the following countries within the European Economic Area (EEA) and Switzerland:
- Aland Islands
- Austria
- 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
If your business operates outside of these areas you can register your interest with Revolut to be notified when they plan to expand to that country.
Revolut Business supports companies that are:
- Private limited Company (LTD)
- Public limited Company (PLC)
- Partnerships
- Limited liability partnership (LLP)
- Sole traders & freelancers
It cannot yet support charities, public sector companies, foundations and cooperatives but Revolut says it is looking to do that in the future. For more information on the types of businesses that are not accepted at Revolut, you can head to Revolut's website.
Revolut Business account features
With the Revolut Business account, you benefit from the following features:
- Multiple currencies - The ability to hold, receive and exchange 30+ currencies
- Local accounts - 2 local accounts in GBP and EUR
- Prepaid debit cards - business expense cards for your team members. They can be used to make card payments as well as withdraw cash for a 2% fee.
- Virtual cards - for secure online transactions
- Direct debits - Revolut business accounts in the UK can set up direct debits under the Home section, the three dots and Details
- Mobile app - card owners have a mobile app that they can use to track their business spending
- Link to business applications - link to applications such as Xero, FreeAgent and Slack to help keep you connected
- 24/7 support - For all business users
- Permissions - the ability to set user permissions to control who can see what
- Transfer approval - get notifications to approve transfers (only available for paid business plans)
- Bulk payments - create a bulk file to allow multiple payments at the same time (only available for paid business plans)
- Rewards - paid business plan users can gain access to additional perks with some of the following companies, Apple, Zipcar, Expensify, Google Ads, Slack, Deliveroo
- Expense management - manage receipts and expenses on the go, add members for £5 per month
- Payroll - manage the payroll for your workforce with simple tools, add members for £3 per month
- Accept payments - accept customer payments via your website with the Revolut widget and plugin (fees apply) or accept card payments in the store or on the go with a Revolut Reader
How does Revolut Business work?
To sign up to Revolut Business you need to fill in an online application that should take around 10 minutes. The application is then reviewed by Revolut who may need to contact you further. The application process normally takes around 1-7 business days to complete but can take a bit longer.
With Revolut business you can open two types of accounts; company and freelancer.
What are the requirements to open a Revolut Business company account?
- Name, address, ID photo and a selfie for an identity-check
- Business name, address and incorporation details
- A summary of the company's location and what the business does
- Basic information regarding the company directors/shareholders - defined as someone who owns more than 25% in the business - (an identity check for these is also required, this can be submitted on their behalf or completed by them)
What are the requirements to open a Revolut Business freelancer account?
- Name, address, ID photo and a selfie for an identity-check
- A summary of the location and what the business does
Once you have successfully set up your business account you will receive an account in GBP with an account number and sort code and a EUR account with IBAN and BIC details. You will now be able to hold, exchange and transfer your money among 30 currencies including AUD, EUR, GBP, JPY, RUB, THB and USD.
How much does Revolut Business cost?
More than 500,000 companies have signed up to Revolut Business and the number is steadily growing. The fees for Revolut Business are charged monthly and the cost varies depending on the type of business account you have opened.
What is the cost of the Revolut Business company account?
| Plan | Free | Grow | Scale | Enterprise |
| Monthly Cost | £0 | £25 | £100 |
Contact Revolut
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| Free metal cards | 0 | 1 | 2 | Custom |
| Free payments to existing Revolut accounts | Unlimited | Unlimited | Unlimited | Unlimited |
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| Number of free Local payments (£0.20 fee applies outside of free allowance) | 5 | 100 | 1,000 | Custom |
| Number of free International payments (£3 fee applies per payment outside of free allowance) | 0 | 10 | 50 | Custom |
| Real rate FX allowance* (0.4% fee outside of free allowance) | £0 | £10k | £50k | Custom |
| ATM withdrawals | 2% fee | 2% fee | 2% fee | 2% fee |
| Hold and exchange 30 currencies | |
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| 24/7 support | |
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What is the cost of the Revolut Business freelancer account?
| Plan | Free | Professional | Ultimate |
| Monthly Cost | £0 | £5 | £19 |
| Free metal cards | 0 | 0 | 1 |
| Free payments to existing Revolut accounts | Unlimited | Unlimited | Unlimited |
| Number of free Local payments (£0.20 fee applies outside of free allowance) | 5 | 20 | 100 |
| Number of free International payments (£3 fee applies per payment outside of free allowance) | 0 | 5 | 10 |
| Real rate FX allowance* (0.4% fee outside of free allowance) | £0 | £5k | £10k |
| ATM withdrawals | 2% fee | 2% fee | 2% fee |
| Free initial company cards for each team member | |
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| Hold and exchange 30 currencies | |
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| GBP & EUR local accounts | |
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| IBAN number | |
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| Bulk payments | |
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| Manage expenses (£5 per month to add members) | |
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| Manage payroll (£3 per month to add members) | |
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* Additional charges applied after the free limit is exceeded, further details are explained below.
With a Revolut Business account, the fees are billed monthly (every 30 days) and are deducted from your business account balance. If there are insufficient funds then the amount with be deducted from one of your other linked accounts.
Revolut says it is hoping to introduce loans and overdrafts, additional currencies and invoices in the future for both freelancer and company accounts.
Revolut Business limits
Below is a summary of the limits applied to a Revolut Business Freelance and Company account. Any ATM withdrawal is subject to a 2% fee and any transfer over the free limit will be treated as a SWIFT payment and will be charged a £3 international fee.
| Freelance account | Company account | |
| ATM withdrawal limit* | £3,000 per day / £100,000 per month | £3,000 per day / £100,000 per month |
| Transfer in limit | No limit (transfers over a set amount may need extra information) | No limit (transfers over a set amount may need extra information) |
| Individual transfer limit | £250,000 | £250,000 |
| Total Daily Transfer out limit | £500,000 | £30million |
| Total weekly transfer out limit | £1million | £100million |
*Any ATM withdrawal is charged a 2% fee regardless of the amount
Is Revolut Business safe?
With no bank branches and everything based online it can make it hard to completely trust an 'app-only bank'. Revolut has applied for a UK banking license however it is not yet able to operate as a fully-fledged bank account in the UK. Revolut is an e-money institution and your money is therefore not protected by the FSCS, however, Revolut says it is committed to 'safeguard' money it receives from its customers in an account with a tier-one UK Bank. It is therefore protected by FCA requirements and in the event of the bank going bust, you would be entitled to claim your money back through those guidelines.
Any transactions made with a Revolut card are protected by Mastercard or Visa rules.
Revolut Business customer reviews
Revolut is rated as Excellent on Trustpilot with 4.3 out of 5 stars from over 123,000 reviews. 75% of users rate is as 'Excellent' and 10% of users rate Revolut as 'Bad'. There is no separate account for Revolut Business on Trustpilot but some customers have commented on problems with setting up Revolut Business accounts and how difficult it is to communicate via chat to resolve problems.
Alternatives to Revolut Business
Revolut's closest competitors when it comes to business banking are Monzo and Starling. So how does it compare to its competitors? In the below table, we summarise the differences between the free Revolut, Starling and Monzo business bank accounts. For more information on the Monzo and Starling business accounts read our reviews:
Revolut Business vs Monzo business vs Starling Bank business
| Revolut | Starling Bank | Monzo | |
| Cost | FREE | FREE | FREE |
| Deposit cash | |
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| Free local transfers | limits apply | |
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| Categorised spending | |
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| Integrated accounting software | |
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| FSCS protection | |
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| Direct debit | |
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| Overdraft | |
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| Free Cash withdrawal | |
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Pros and cons of Revolut Business
Pros of a Revolut Business account
- Flexible account options
- Mobile app
- Competitive exchange rate
- Freeze card if lost or stolen
Cons of a Revolut Business account
- Does not accept cash or cheque deposits
- Daily £3,000 ATM withdrawal limit and a monthly limit of £100,000
- 2% fee on cash withdrawal
- Not yet a fully-fledged UK bank so your money is not protected by the FSCS
Summary
Overall, Revolut business has a range of business accounts to suit most business types and you can benefit from its free basic account or enhance the features on offer with its premium accounts. Revolut Business may be worth considering if your company deals in a range of currencies as its multi-currency account allows you to hold money in up to 30 currencies and easily make payments worldwide.
However, if you need to make regular cash or cheque deposits to your business account then you may wish to consider its competitors such as Starling or Monzo, as this is not something that Revolut offers. Another thing to consider is that Revolut is not yet a full UK bank account so you are not yet able to benefit from FSCS protection.
