Revolut Business Account Review
Revolut Business is a great option for those that are wanting to open a business account that deals with multiple currencies and where exchange rates are key.
Revolut Business is pitched as the global online business account and there are many benefits to opening an account with Revolut include:
- The ability to exchange money in over 30 different currencies (at real exchange rates)
- Fixing future foreign exchange rates
- Option for no monthly fee accounts
- Opening an account can take less than 10 minutes
- Option of a metal card
You can get 1 month free on a paid plan via our Revolut link*
This review looks into all of the features of Revolut Business so you can see if it's the right business account for you to open. Please note this is general information and does not constitute financial advice.
Chances are you've heard of Revolut as they've been around since 2015 and on the success of their personal accounts they have since launched Revolut business accounts which too are proving popular amongst businesses in the UK.
Over 500,000 companies have since become Revolut business customers and they continue to be popular amongst founders especially with their focus on the advantages they offer to those who run businesses that work with multiple currencies.
What do you get with a Revolut business account?
In Revolut's own words, they are a 'Digital alternative to the big banks' and aim to make the opening, managing and using an account a much more efficient, easier and better value proposition in comparison to the high street banks.
With more and more business owners realising the need to be able to deal in multiple currencies in both a logistic and cost effective way, Revolut for business has become a go to option for those with a business that either operates in several countries or deals with multiple currencies.
Who is Revolut business for?
Revolut business is suitable for the majority of business owners in the UK no matter how your business is set up as well as if you do deal with several currencies or simply just GBP transactions.
You'll find you can quickly and easily open an account and these are suitable for:
- Sole traders
- Limited companies (private)
- Public Limited Companies (PLC)
- Limited Liability Partnerships (LLP)
If you are one of the above then you'll need also need to make sure you:
- Are 18 years old or older
- Have access to your companies house details
- Have proof of ID
- Have your businesses details such as address and set up
Once you've got these then you'll be able to go on the Revoluts business account website and apply for an account, this typically takes less than 10 minutes.
Once you've applied and have been approved you'll be able to send and receive payments, hold multiple currencies, be sent a business debit card, set up direct debits and much more.
Revolut for business is available in numerous countries including the UK, US, Germany, France and over 20 others mostly within the European Economic Area. This particular Revolut business review focuses on their offering for UK business owners.
The best Revolut business features
For a lot of businesses, the majority of business accounts you can open will tick off all of the features you'll need and you'll see these below along with additional features that sets Revolut apart from its competition.
The most common features that Revolut customers use are:
- Sending and Receiving money
- UK Sort code and Account number - Given to your straight away once you're approved
- Direct debits - the ability to set up and manage these within the app
- Prepaid debit cards - Great option to be able to give to your staff to use for business expenses
- Multiple currencies - Revolut business accounts can let you hold multiple currencies (30+) as well as send and receive them
- A great mobile app - It's no surprise they have a fantastic app to manage your account with
- Business Integrations - Link your account to tools such as Slack, Xero and many others
- Virtual cards - Give your business that added level of security by creating virtual cards to make transactions online instead of your physical card details
- Metal Cards - A little perk, these vary from being free on certain plans to a small charge (£5) on the standard plan
How to open a Revolut business account
One of the biggest pain points when it comes to opening a business account can often be the actual opening process, however, digital-based companies such as Revolut have made it not only faster but much more simple to open them.
With Revolut you'll be able to open a business all through either the app or the website in a matter of minutes with little more than your ID and some details. A refreshing change from the days when opening a bank account for your business would take weeks and involve multiple trips to your local bank.
Revolut business pricing
So how much does it cost, Revolut business pricing is competitive, and as you'll see if you have checked out the competition fees and charges are all relatively similar.
Of course one of the most important factors when choosing a business bank in the UK is to consider the fees that are associated with it.
Revolut business customers can choose from 4 different plans that are:
- Free - As the name suggests this has no monthly fee and you'll get access to your account, you'll get a range of transactions included but the paid plans generally offer increased number of 'free' transactions and other perks. Note that there may be fees and limits on products, please check the terms and conditions on the Revolut website for full details
- Grow - This plan is £25 per month and gives you additional benefits such as a metal card, 10 free international payments, 100 free local payments and more
- Scale - At £100 a month this is one of the more pricey plans for any digital business account however you do get access to 1,000 free local payments, 50 free international payments and additional perks.
- Enterprise - If you're a very large business then you can speak directly to Revolut to get a custom plan with custom features
Remember that the monthly fee is one easy to see fee but there are additional fees for transactions and services that a bank offer, so it is always worth checking on the company website for all of the comprehensive pricing.
If cost is a key factor for you then it may be worth exploring the free business bank account options that are available as well as the best startup business accounts.
What's the Revolut business app like?
As you'd expect from a company that doesn't have any physical branches the app is well designed, easy to use, and makes managing your business finances via it simple, fast and efficient.
Additionally using any of the features from sending payments, converting currency, managing card permissions etc is really a clean and intuitive process.
There are often times as a business owner that you'll want to access your account within your laptop or computer and Revolut have a desktop login which means you can access your account within a browser. You can do these by scanning a QR code or by logging in with your email.
Most business apps have similar features that cover most scenarios such as the ability to freeze cards instantly if they are lost or stolen, app spend management built in, ability to exchange currencies, implement spend limits, send international transfers, and of course have real time notifications.
Who is Revolut?
Revolut is a company that started back in 2015, initially offering a simple prepaid credit card, allowing people who wanted the features of a credit card excluding the borrowing element to be able to get one more easily.
Due to the success of this, they expanded the financial products that they offered and allowed people to open personal accounts which saw them really grow the number of customers and as a business as a whole.
The natural next step was for them to offer something suitable for companies and so Revolut business accounts were created and they have since seen over half a million people open one.
The company itself was founded by entrepreneurs Nikolay Storonsky and Vlad Yatsenko in 2015 and currently has headquarters in London. It currently has over 15 million customers and has a valuation of over $30 billion.
Revolut business alternatives
There are a number of alternatives to Revolut business if you're looking for a business account which is similar but that isn't Revolut, these include:
Tide business accounts - A close competitor they offer a range of similar services
Anna money - More focused on the freelancer, sole trader and SME market
The Revolut business credit card
One clever marketing strategy that Revolut introduced was the metal card, this distinctive business card is as the name suggests, made of metal. This makes it very eye-catching and often provokes the question of "What is that".
This is great marketing from Revolut and in the years since this was introduced, other companies have followed suit and introduced more eye catching and in some cases metal cards.
Does it do anything that a plastic card doesn't? The answer is no, it simply looks pretty cool and many opt to upgrade their account solely to get the metal card.
Is Revolut business any good?
Revolut for Business has received positive reviews (4/5 on Trust Pilot from over 125,000 reviews), especially for businesses that operate internationally or have a global market. Does this mean that if you only operate in the UK that it's not a good choice, certainly not. It just allows you the option of knowing that if you do decide to then the card and business will be able to cater to your needs.
If you've got a personal account with the company then it could be a good option to have your business with them for ease but in reality, it won't make a huge difference.
If your focus is on having currency accounts within your business banking that can handle currency exchange, have virtual and physical cards as well as accounting tools then it should be an option for you to explore.
Downsides to Revolut business accounts
There are always pros and cons to any business or bank, with Revolut these include:
- No option to deposit cash
- No overdraft facility
It's important to understand both the positives and negatives of a company before you sign up to them as well as thoroughly read through all of the information on the company's website especially when it comes to a financial decision.
Is Revolut business safe?
Although not FSCS protected, your money within Revolut business is 'safeguarded' meaning that they don't use the money themselves for investing or other purposes.
Does Revolut business offer overdrafts?
Currently, Revolut for business does not offer overdraft facilities.
If you see a * next to a link it means we are affiliated with the company and therefore may make a small commission if you sign up, this does not affect our reviews or information provided, this simply helps us run FounderPass and help give you the best information possible.
Information we provide is for general information and does not constitute financial advice. Always ensure do your own research when making decisions especially financial ones.