Widely used in the UK and Europe, Revolut has become a reputable challenger bank known for it’s ease of use between countries in the EU given the interbank exchange rate and free IBAN account. Revolut for Business is simply an extension of this existing service, catering for fledgling businesses who work with multiple currencies.
The ability to set up unlimited multi-currency accounts allows you to organise your accounts exactly as you would like, catering to all manner of industries and business sizes who operate within the EU. Integration with accounting software and flexible permissions for users also means the Revolut for Business account will complement your business, whatever size or industry it happens to inhabit.
Our verdict
Revolut for Business is a versatile business bank account provider that caters for those opening a business for the first time, all the way up to established businesses with more than 30 employees.
Money Guru Rating: 4.7/5
- Pros and cons
- Products
- Eligibility criteria
- App features
- Security
- Spending abroad
- Fees and charges
- Support
- Summary
Pros and Cons
Offers app-based business bank account
Receive and send funds in up to 28 currencies
Issue unlimited cards to employees
Innovative app to check your balance
Create multiple accounts to isolate expenses
Export transactions to accounting software
Free instant transfers between Revolut accounts
Schedule monthly payments
Create Virtual cards
Pay at least £7 per month to access key features
Priority support only available through paid accounts
International transfers cost £3 each
Local transfers cost £0.20 each
Loans and overdrafts coming soon
As a modern challenger bank, Revolut is already well known for providing accounts that assist customers make transactions across Europe. If your business is international, then it might make sense to go with a provider who specialises in international transfers and multiple currencies.
Whilst it hasn’t got any branches to visit, you can still get plenty of online support, and manage your business finances on-the-go as a small business owner, sole trader or freelancer. The smartphone app is a great way to check your account 24/7 and you can switch to a paid account at any time to unlock more features.
Products
- Business bank account – with a free business bank account you won’t have to pay fees, but you only have 5 free transfers per month and have to pay for international transfers. There is also a 0.4% mark-up on the real rate you should get when making a currency exchange
- Freelancer – the freelancer account will cost you £7 per month but comes with 20 free transfers, 5 free international transfers and up to £5k exchanged at the real rate per month
- Grow – for £25 per month you get up to 100 free transfers and 10 international transfers and an allowance of up to £10k for real rate conversions
- Scale – jump up to £100 per month for 1000 free transfers and 50 international transfers, alongside £50k of real rate conversions
- Enterprise – if you can stump up £1000 per month you will have unlimited free transfers to anywhere in the world and unlimited real rate conversions
Eligibility criteria
- At least 18 years old
- Have a registered business within the EEA (European Economic Area)
- Proof of your business address and Companies House details
- Own a compatible smartphone with a screen larger than 3.5 inches (Apple watches, iPhones or iPads running iOS 10 or phones running Android 6.0 or above)
- Have a government-issued form of ID
App features
The Revolut for Business app gives you easy access to your entire company finances, including accounts set up to handle certain currencies and expenses. This is made even clearer in the desktop app, with a dashboard allowing you to make transfers, track spending on company cards and make edits to user permissions.
Accounts visibility means that you can separate different currencies into separate accounts and get an overview of all of them from your smartphone, or on your desktop computer. This allows you to monitor your entire business expenditure from one place, all whilst on-the-go.
Roles & Permissions shows you exactly who has access to your accounts, and allows you to adjust what people are able to see and subsequently change. This is ideal if you have a number of employees or colleagues that each have a card to spend on.
API & Integrations mean that you can create your own automated processes or simply connect your current accounting software with your account, meaning you can easily track all of your expenses month-on-month
Security
You will have personal details to sign into your Revolut for business account, and be able to make use of security features that come as standard with your smart device, such as Touch ID or Face ID. As the administrator of the account you can adjust the permissions of your employees and make sure they can only see relevant information to them.
Revolut runs a secure server that protects their mobile apps and desktop app, allowing information to be kept safe no matter where you access your account from. The 2048-bit SSL encryption will keep your account secure and your personal information confidential.
Spending abroad
Given that Revolut is set up to allow you to work in multiple currencies, it stands to reason that they also allow you to spend easily whilst outside of the UK. Using your Mastercard will ensure that you can spend without incurring hidden fees and also while getting a preferable exchange rate, as long as you always spend in the local currency.
Withdrawing from an ATM will incur a 2% fee, but it’s best to avoid this altogether and stick with card transactions and transfers. Depending on what kind of account you have, you will have a certain allocation of free international transfers. After that you will be charged £3 for each transaction.
Fees and charges
With Revolut for business, the more you pay per month, the less you have to pay in fees. What you will need to do is work out how many transfers you need to make and how much currency you plan on converting at the real rate. This should give you a better idea of which premium account would be best for you.
Outside of your free allowance, the following fees will apply:
- Local Transfers – 20p
- International Transfers - £3
- Mark-up on real rate conversion – 0.4%
- New Team member - £5
Support
I you have any questions about your business bank account you should be able to get support online, take advantage of the in-app chat that is available 24 hours a day, or call the automated phone line for further support.
The other thing to consider with Revolut support is that if you have a premium account you will be able to get a quicker response when it comes to support. Chances are if you have a lot of questions you may want to upgrade first before seeking out your answers, especially if you plan on using your account a lot.
Summary - 4.7/5
Revolut for Business is a versatile business bank account provider that caters for those opening a business for the first time, all the way up to established businesses with more than 30 employees.
Given this option to scale up your business bank account, the simple design and the ability to work between currencies makes Revolut a fantastic option for those looking to work internationally and make the most of clients and suppliers in the EU.
Do you want to sign up for a Revolut business bank account? Head over to our business bank account table to find the ideal provider for your business. Use the link below to get started.