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.
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 and 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, French Guiana
- Germany, Gibraltar, Guadeloupe, Guernsey, Greece
- Hungary
- Iceland, Ireland, Isle of Man, Italy
- Jersey
- Latvia, Liechtenstein, Lithuania, Luxembourg
- Martinique, Malta, Mayotte
- Netherlands, Norway
- Poland, Portugal
- Reunion, Romania
- Saint Martin, Slovakia, Slovenia, Spain, Sweden, Switzerland, Svalbard and Jan Mayen Islands
- United Kingdom
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 partnership (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 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 and exchange 28 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 Payments > Scheduled payments
- 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 paid business users only
- Permissions - the ability to set user permissions to control who can see what (only available for paid business plans)
- Payment approval - get notifications to approve payments (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)
- Perks - 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 (for paid business plans only)
- Payroll - manage the payroll for your workforce with simple tools (paid business plans only)
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; corporate and freelancer.
What are the requirements to open a Revolut Business corporate 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 amongst 28 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 classic cards | Unlimited | Unlimited | Unlimited | Unlimited |
| Free payments to existing Revolut accounts | Unlimited | Unlimited | Unlimited | Unlimited |
| Number of free team members* | 2 | 10 | 30 | Unlimited |
| Number of free Local payments (£0.20 fee applies outside of free allowance) | 5 | 100 | 1000 | 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 |
| Free UK and EEA consumer card payment acceptance (1.3% fee applies outside of free allowance, 2.8% fee for all other payments) | £0 | £2k | £9k | Custom |
| Hold and exchange 28 currencies |  |
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| GBP & EUR local accounts | |
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| IBAN number | |
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| Fee free spending abroad | |
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| Management of recurring payments |  |
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| Manage expenses | |
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| Payroll | |
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| Team member permissions | |
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| Payment approval | |
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* Additional charges applied after the free limit is exceeded, further details are explained below.
What is the cost of the Revolut Business freelancer account?
| Plan | Free | Professional | Ultimate |
| Monthly Cost | £0 | £7 | £25 |
| 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 |
| Free UK and EEA consumer card payment acceptance (1.3% fee applies outside of free allowance, 2.8% fee for all other payments) | £0 | £500 | £2k |
| Free initial company cards for each team member | |
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| Hold and exchange 28 currencies | |
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| GBP & EUR local accounts | |
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| Fee free spending abroad | |
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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, invoices and the ability to accept card payments in the coming months 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 in over £250,000 a day may need extra information) | No limit (transfers in over £250,000 a day may need extra information) |
| Individual transfer limit | £250,000 | £250,000 |
| Total Daily Transfer out limit | £2.5million | £2.5million |
| Total weekly transfer out limit | £10million | £10million |
| Single payment limit | £250,000 | £250,000 |
| Daily payment limit | 50 | 2,000 |
| Weekly payment limit | 200 | 5,000 |
*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 banking license however it is not yet able to operate as a fully-fledged bank account. 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 4.4 out of 5 stars from over 89,000 reviews. 76% of users rate is as 'Excellent' and 9% 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 | Monzo | |
| Cost | FREE | FREE | FREE |
| Deposit cash | |
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| Free local transfers | * |
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| Instant notifications | |
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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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*depending on the payment plan there is a limit to the number of free transfers
** this is available via the expense management tool with the paid-for business plans
Pros and cons of Revolut Business
Pros of a Revolut Business account
- Flexible account options
- Mobile app
- Ability to issue cards to employees
- Easy to apply
- Secure
- Competitive exchange rate
- Free purchases
- Freeze card if lost or stolen
- Ability to apply for a Revolut Business loan
Cons of a Revolut Business account
- Does not accept cash or cheque deposits
- Daily £3,000 withdrawal limit and a monthly limit of £100,000
- Can't automatically add funds to the account
- Direct debits only available for EUR accounts
- 2% fee on cash withdrawal
- Not yet a fully-fledged bank
- Currently unable to earn interest
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 28 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.
