Name: Revolut business account
Brand: Revolut
SKU: revolut-business-account

Last Updated on October, 2024

Revolut’s Business Account offers a quick and easy way to manage your business finances. They provide UNIQUE services to customers, including free international payments within Revolut’s business accounts, a multi-currency account, virtual and physical cards, and many more to handle your business expenses.

So, if your business involves foreign exchange, opening a Revolut Business Account would benefit you a lot.

Continue reading my Revolut Business Account Review to understand everything!

About Revolut Business Accounts

a screenshot of revolut business account home page

Revolut is a financial tech company that offers banking services through a mobile app. It lets you manage money easily, like a bank, but with extra features. You can exchange money, make free international payments, and exchange cash at real-time rates.

They also provide prepaid debit cards linked to your account for spending.

With Revolut Business Account, you can pay bills with friends, set up savings goals, and track your spending habits with helpful insights. It offers various account types, including FREE and premium options, with added benefits like travel insurance and cryptocurrency exchange.

One standout feature is its ability to hold and exchange different currencies, using a business bank account making it SUPER EASY for international travelers or those dealing with foreign currencies regularly.

Additionally, it provides tools for budgeting and investing, making it a versatile financial management tool:

Revolut Business: For new businesses with basic features to manage finances.
Freelancers: For individuals working independently, with features for invoicing and tracking expenses.
Corporate: For larger companies, providing enhanced control, customization, and unlimited team member access for local and free international payments within Revolut.
Enterprise: Custom solutions for big corporations, including dedicated support and bulk payment options.
SMEs: Offers advanced features like multi-currency accounts, free international payments within Revolut, and team management.
E-residency: For e-residents of certain countries, offering easy business banking for entrepreneurs working remotely.
Charity: Designed for non-profits, with tools to manage donations and finances efficiently.

Note that customer deposits are not protected by the Financial Services Compensation Scheme (FSCS). However, backed and FDIC-insured by a supporting bank partnership with Metropolitan Commercial Bank and Sutton Bank.

GO TO REVOLUT BUSINESS

Revolut Business Account Features

Multi-Currency Business Account for Company

This special type, ‘Multi-Currency Business Account,’ is designed for companies that need to do business internationally.

Here are some important things you should know about this account:

You can have multiple accounts in many currencies, which makes it easier to deal with international transactions with bulk payments.
You can transfer international payments in lots of different currencies, including GBP, EUR, USD, and many others for account holders.
There’s no limit on how much money you can receive in certain currencies from around the world.
You can set up automatic payroll, which makes paying your employees easier.
There are tools to help you keep track of your expenses and transactions.
You can link your account to popular accounting software like Xero or QuickBooks.
You can manage your account on your phone using the Revolut Business Account app.

Plus, there are different types of Revolut business accounts, including a free one and three paid ones. They are Free Plan, Grow Plan, Scale Plan, and Enterprise Account.

Each plan has different features and limits on things like FREE transfers and customer support. You can change your plan whenever you want. If you switch to a cheaper plan, it will happen in your next billing cycle.

If you upgrade to a more expensive plan, you can switch right away or wait until your next billing cycle.

GO TO REVOLUT MULTI CURRENCY BUSINESS ACCOUNT

Revolut Business Card

Do you know? When you get a Revolut multi-currency business account, you’ll also get a Revolut business card from Visa and Mastercard.

Here’s what you need to know about these cards:

They’re debit cards, which means you’re spending your own money, not borrowing.
You can get both physical and virtual cards.
Virtual cards (for online purchases)
Physical cards (for in-person transactions).
You can order these cards easily through the Revolut app.
You can keep track of expenses by setting spending limits and seeing all transactions. Plus, you’ll get reminders to upload receipts.
If you need to, you can freeze or unfreeze cards quickly and easily.
You can use these cards all around the world, in 150 different currencies, at the current exchange rate used by banks (the interbank rate).
If you want to add a professional touch, you can even get a metal card with your company’s branding on it.

GUESS WHAT? You can apply for cards yourself and for your team members. Each of them can have up to three physical cards and as many as 200+ virtual cards.

About ATM withdrawals, you can withdraw cash from ATMs that accept Mastercard or Visa cards. These cards work with all the currencies available in your account.

Here’s how the card features differ depending on which plan you choose:

With the Free plan, you get plastic and virtual cards for both Visa and Mastercard.
With the Grow and Scale plans, you also get metal cards for both Visa and Mastercard. In the Grow plan, you get one metal card for free, and in the Scale plan, you get two for free.
With all plans, you can withdraw cash from ATMs, but there’s a 2% fee applied.
And with all plans, you can use the cards in 150 different currencies worldwide without any additional fees per payment.

Note: If you’re on the Enterprise plan, you can have a custom number of metal cards.

GO TO REVOLUT BUSINESS CARD

Foreign Exchange

Revolut lets you convert between different currencies right in your account. They support over 25 currencies, and you can do this anytime, day or night, using their website or mobile app.

Here are the main features of their currency exchange service:

You can access the interbank rates, which are usually very good, for exchanging, holding, sending, and spending money in over 25 currencies.
You can use a limit to stop orders and set rates for buying or selling currency in the future, and these can be automated.
They’ll send you alerts in the app when a currency hits a price you’ve set.
If you want a guaranteed rate for exchanging currency in the future, you can use forward contracts. There are two types: fixed dates (where you agree on a specific date) and flexible dates (where you choose a range of dates).

However, the features of currency exchange can vary depending on which plan you’re on.

Keep reading:

With the Free plan, you can convert and hold over 25 currencies. There’s a limit of £1000 for currency exchanges at the interbank rate, and there’s a fee for amounts over that limit or exchanges outside regular market hours.
With the Grow and Scale Plans, you get more flexibility. You can convert up to £10,000 and £50,000 at the interbank rate. (You can also use limit and stop orders)
All plans included on the Enterprise plan will have different allowances for free currency conversion, designed to your needs.

Multi-Currency Business Account & Revolut Pro for Freelancers

Listen, for Freelancers, There’s a special option called the ‘Revolut Freelancer Business Account.’ This freelancer account allows freelancers to manage their finances easily and accept payments from clients across the globe.

There are three types of freelancer accounts: Basic, Professional, and Ultimate. Each comes with different features and benefits, depending on your needs.

The Basic account is free and includes some free local payments per month. However, there are charges for international transfers and some other features.

The professional and Ultimate accounts offer more features like mass payments, expense and payment approval, and access to the Revolut Business API Integration. They also come with more free transfers and other benefits.

In addition to business accounts, Revolut also offers a feature called ‘Revolut Pro’ (freelancer accounts) for freelancers within their accounts. This includes a Pro debit card and various cash-back options.

With Revolut Pro, freelancers can easily request payments through different methods like payment links, QR codes, or invoices.

Additionally, they can accept in-person payments using their iPhone through the Tap to Pay feature, which supports contactless payments from physical debit and credit cards, Apple Pay, and other digital wallets.

However, this feature is currently exclusive to iPhones; Android devices are not mentioned as compatible with this specific functionality.

However, transactions made with Revolut Pro are organized neatly within the app, making it easier for freelancers to keep track of their finances. This includes tracking sales, accounts, and other financial activities all in one place.

Next, I’ll discuss the transfer limits for the Revolut business account.

GO TO REVOLUT PRO

Transfer Limits

Listen carefully!

When you send money from your bank, there are different limits based on where you’re sending it and what currency you’re using.

For most currencies, there are no limits, but a few have specific rules. They are:

SEPA Instant Credit Transfer: You can send up to EUR 100,000 for each payment.
Faster Payments Service in the UK: You can send up to GBP 1,000,000 for each payment.
ACH transfer in the US: You can send up to USD 1,000,000 for each payment.

If you’re sending GBP payments to someone in the UK:

You can send up to GBP 250,000 for a single payment.
There are daily, weekly, and total number limits for international payments.

If you’re using a Freelancer Revolut Business Account:

The limits are the same as for GBP payments in the UK.

If there are any other exceptions, you’ll see them in the app before you send money. However, remember that Revolut accounts in different countries might have different limits. You can check this or ask Revolut directly for more information.

Revolut Business Fees

Feature	Free	Grow	Scale
Monthly Fee	Free	From GBP 19	From GBP 79
Local Transfer Fee	Free for the first 5 transfers, and then GBP 0.20	Free for the first 100 transfers, after that GBP 0.20 will be added	Free for the first 1000 transfers, after that GBP 0.20 will be added
International Transfer Fee	GBP 5	Free for the first 15 transfers, after that GBP 5 will be added	Free for the first 25 transfers, after that GBP 5 will be added
Outbound GBP Faster (International Payments in the UK and SEPA)	Free	Free	Free
Transfers from Switzerland/UK to Poland	4 PLN	4 PLN	4 PLN
Currency Exchange Fees	No (for the first GBP 1,000) After that, 0.6%	No (for the first GBP 10,000) After that, 0.6%	No (for the first GBP 50,000) After that, 0.6%
Currency Exchange (Outside Market Hours)	1%	1%	1%
Forward Currency Contracts	0.8%	0.8%	0.8%
First Time Card Delivery Fee (Physical)	Free	Free	Free
Additional Fees (Physical Card Delivery)	Standard shipping starts at GBP 4.99	Standard shipping starts at GBP 4.99	Standard shipping starts at GBP 4.99
Metal Cards	GBP 49	1 free card GBP 49 will be charged for additional card(s)	2 free cards GBP 49 will be charged for additional card(s)
Enterprise Plan	Customized	Customized	Customized
ATM Withdrawal Fee	2% per withdrawal	2% per withdrawal	2% per withdrawal
Automated Payroll Fee	GBP 3 per person per month	GBP 3 per person per month	GBP 3 per person per month
Expense Management Fee (Local Payments Per Month)	GBP 5 per person per month	GBP 5 per person per month	GBP 5 per person per month

Revolut Business Account Requirements

Yes, what you’re thinking is right. You need to provide some documents to open a Revolut Business Account. I’ve added the details in the table below.

Eligibility	Required Documents
Business Types	Private limited companies Public limited companies Limited liability partnership Limited partnership Partnership Sole traders Freelancer
Eligible Countries	Australia, Austria, Åland Islands, 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
Additional Requirements	You should reside in the EEA or Switzerland At least one beneficial owner or director should reside in the EEA or Switzerland Your operating address must be located in the EEA or Switzerland
Ineligible Businesses	Charity, Public sector organization, Private foundation or trust, Cooperative, Businesses operating in prohibited industries such as weapons, adult entertainment, cryptocurrency, gambling, and more.
Required Documents	Identity verification (NIC or Passport) Proof of operating address Details about your business nature Incorporation details Details about the shareholders and directors of your company Power of Attorney

Applying for a Revolut Business Account will be easy – if you consider the following:

Download the Revolut Business app from the App Store or Google Play Store.
Open the app and sign up for a new account. You need to provide your email address and create a password.
Fill in your business details, including the name of your company, business address, industry, and company registration number (if applicable).
Revolut will ask you to verify your identity to comply with regulatory requirements. This basically involves uploading a photo of your government-issued ID (passport or driver’s license) and a selfie.
Depending on your business type and location, Revolut may request additional documents, such as address proof or business account registration documents.
Once you’ve completed the application process and submitted all required documents, Revolut will review your application. Approval times can differ, but you should receive a response within a few business days.
If your application is accepted, you’ll get an email with guidelines on how to activate your account and order any necessary physical cards.
Once they activate your account, you can start your Revolut business account to transfer international payments, manage expenses, and access other features offered by Revolut.

Note: Remember to review Revolut’s business account terms and conditions, as well as any fees associated with the business account, before applying.

Revolut Customer Support

Listen, for help with Revolut:

Revolut Help Center: Find answers to common questions about sign-up, features, cards, and more.
24/7 Chat: Get immediate assistance from experts within the app.
For additional support, you can email them at [email protected].
Use the automated line +442033228352 (fees may apply), for card blocking only.
Request a call through a special feature for enterprise plans.

Note: The automated phone line is only for blocking cards and does not connect to a person or allow outgoing calls.

Revolut Alternatives

Wise

Wise offers a transparent and cost-effective solution for businesses. Using Wise, you can hold and manage multiple currencies, making international transactions easy.

Their exchange rates are mid-market, which means you get the real exchange rate without any hidden markups. Transaction fees are low and transparent, with no monthly fee.

One UNIQUE feature of Wise is its Borderless Account, which allows you to hold and manage money in over 50 currencies. Plus, Wise offers business debit cards for easy spending and access to funds worldwide.

Looking for more details? Our comprehensive Wise business review is just a click away.

GO TO WISE BUSINESS

XE Business Account

XE is a trusted name in currency exchange, and its business account offers a range of services designed to fulfill the needs of businesses operating globally.

With XE, you can access competitive exchange rates for over 130 currencies, ensuring cost-effectiveness in international transactions. While XE doesn’t charge any fees for transactions, they may make money through the exchange rate margin.

However, their rates are transparent, allowing you to see exactly how much you’re paying. XE also provides tools like currency converters and market analysis, empowering businesses to make informed decisions when dealing with foreign exchange.

GO TO XE BUSINESS

Revolut Business Vs. Wise Business

When comparing Revolut Business with Wise Business, it boils down to understanding their key features and fees. Both platforms offer international business accounts but with some distinctions.

Features

Wise Business Account	Revolut Business Account
No monthly fees Access to 40+ currencies Integrations with accounting software like QuickBooks and Xero Offers local account details in nine major currencies	Offers multiple account plans with varying features Provides a business debit cards, cashback options, and online payment processing Integrations are available, but API access and bulk international payments are reserved for paid plans

Fees

Wise Business	Revolut Business
Transparent fee structure with no monthly or subscription fees Charges apply for international payments and accessing Revolut account details for multiple currencies	Monthly fees depend on the chosen plan Additional charges may apply for international and local payments per month Currency conversions, and receiving or sending USD wire payments

Exchange Rates

Wise Business	Revolut Business
Uses the mid-market exchange rate for all transfers, ensuring transparency	Exchange rates vary based on market conditions and may include markup during non-market hours

Supported Currencies

Wise Business	Revolut Business
Supports a wide range of currencies for sending, holding, and receiving, along with access to local account details	Offers fewer supported currencies compared to Wise

In short, Wise Business may be preferable for businesses prioritizing low-cost international transfers and extensive currency support without monthly fees.

Revolut Business Accounts, on the other hand, provides additional features like cashback and online payment processing but may require a subscription fee for certain benefits.

Other relevant guides about Revolut:

Revolut Business Account Review: Final Verdict

Did you understand how a Revolut Business Account works?

So now, If you’re planning to use Revolut for business (personal accounts are for individuals), follow the guidelines I discussed above. Revolut Business Account features will help you understand whether this account will suit your business.

Remember that, a free business account scores points for its absence of monthly fees and limited free local payments.

However, if you’re not interested in owning a Revolut’s Business Account, try one of the alternatives discussed above. (This totally depends on your expectations and needs.)

FAQs

Revolut offers both personal and business accounts, each tailored for different needs. A personal account is for managing individual finances, including handling money in over 30 currencies, while a business account is designed specifically for business-related financial management.

Revolut Business accounts are prohibited for businesses involved in weapons, adult entertainment, cryptocurrency, gambling, auction houses, cannabinoids, investment funds, fine art dealing, pension schemes, second-hand cars, quasi-cash merchants, and streaming.

Yes, your money with Revolut Business is safe. It’s stored with trusted banks, and deposits are protected up to £85,000 if the bank faces issues.

About Revolut Business Accounts

Revolut Business Account Features