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Revolut Business Review
Revolut has made its name for itself as a challenger bank disrupting the traditional banking brands in the UK. They offers users a range of accounts from freelancers to large corporates with excellent features for international transfers, attractive savings rates and a host of features integrated in the app for tax, accounting, invoices etc. Click below for more information or to apply online.
4 Products Compared
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Monthly Fee
£19 -
Card Purchases
Free -
Bank Transfers
100 free per month- 100 free local transfers per month, then 20p thereafter
- International transfers: £5
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Overdraft
-
Access
App/OnlineNo cash or cheque facilities
Product Features
- Multi-currency accounts – recieve payments and exchange in 25+ currencies
- Control and monitor team spending with multiple debit and virtual cards, manage permissions and levels of access and more
- Various payment facilities including Tap to Pay on iPhone (fees apply)
- Earn annual interest daily with a linked business savings account
Eligibility Criteria
- Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
- Currently available for companies registered in and with a physical presence within the European Economic Area (EEA), Switzerland, UK and US
*Monthly plan subscription fees will automatically apply after the trial period.
-
Monthly Fee
£79 -
Card Purchases
Free -
Bank Transfers
1,000 free per month- 1000 free local transfers per month, then 20p thereafter
- International transfers: £5
-
Overdraft
-
Access
App/OnlineNo cash or cheque facilities
Product Features
- Multi-currency accounts – recieve payments and exchange in 25+ currencies
- Control and monitor team spending with multiple debit and virtual cards, manage permissions and levels of access and more
- Various payment facilities including Tap to Pay on iPhone (fees apply)
- Earn annual interest daily with a linked business savings account
- 2 complimentary metal cards
Eligibility Criteria
- Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
- Currently available for companies registered in and with a physical presence within the European Economic Area (EEA), Switzerland, UK and US
*Monthly plan subscription fees will automatically apply after the trial period.
-
Monthly Fee
Contact Revolut -
Card Purchases
Free -
Bank Transfers
Contact Revolut -
Overdraft
-
Access
App/OnlineNo cash or cheque facilities
Product Features
- Multi-currency accounts – recieve payments and exchange in 25+ currencies
- Control and monitor team spending with multiple debit and virtual cards, manage permissions and levels of access and more
- Various payment facilities including Tap to Pay on iPhone (fees apply)
- Earn annual interest daily with a linked business savings account
- Tailored for larger businesses
Eligibility Criteria
- Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
- Currently available for companies registered in and with a physical presence within the European Economic Area (EEA), Switzerland, UK and US
*Monthly plan subscription fees will automatically apply after the trial period.
-
Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
5 free per month- 5 free local transfers per month, then 20p thereafter
- International transfers: £5
-
Overdraft
-
Access
App/OnlineNo cash or cheque facilities
Product Features
- Multi-currency accounts – recieve payments and exchange in 25+ currencies
- Control and monitor team spending with multiple debit and virtual cards, manage permissions and levels of access and more
- Various payment facilities including Tap to Pay on iPhone (fees apply)
- International payments – Send and receive money from 200 countries
Eligibility Criteria
- Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
- Currently available for companies registered in and with a physical presence within the European Economic Area (EEA), Switzerland, UK and US
*Monthly plan subscription fees will automatically apply after the trial period.
Revolut Business Banking Overview
Revolut Business, founded in 2015 and launched in 2017 by Nikolay Storonsky and Vlad Yatsenko, positions itself as a modern, flexible, and digital-first solution for business banking. Based in London, United Kingdom, Revolut initially focused on businesses with 5 to 50 employees but has since attracted over 18 million customers and achieved a valuation exceeding $33 billion, surpassing traditional banks like Barclays Plc in market value. The company’s mission is to create a global finance “super-app,” a vision that reflects in its extensive range of features and services.
Revolut Business provides e-money accounts for sole traders, limited companies, and partnerships. It offers a comprehensive set of functionalities for managing business finances, especially suited for businesses involved in foreign transactions. Revolut’s ability to handle multi-currency transactions efficiently is one of its unique selling points, offering accounts in pound sterling, euros, and dollars, and the capability to hold, send, and receive funds in over 30 currencies at competitive rates. This international capability is a significant advantage for businesses operating across different countries.
There are seven different account types for businesses, categorized under four for companies and three for freelancers and sole traders. These range from a basic free account to more advanced options such as ‘Grow’, ‘Scale’, and ‘Enterprise’. The free account provides limited features, while the paid accounts offer more comprehensive services. Revolut’s pricing structure is designed to cater to businesses of various sizes and needs, from new freelancers to established companies.
Notable features of Revolut Business accounts include multi-currency accounts, invoicing and expense tracking, virtual and physical cards for employees, integration with accounting software like Xero and QuickBooks, virtual IBANs for international payments, and API access for financial automation. The company also emphasizes 24/7 customer support and robust compliance and regulatory oversight by the Financial Conduct Authority (FCA).
The Revolut Business app enhances the user experience by allowing account holders to manage their finances conveniently from a smartphone. The app supports linking cards to digital wallets like Apple Pay or Google Pay, managing transactions, submitting expenses, and overseeing accounts and transactions. This mobile-first approach aligns well with the needs of modern businesses that require agility and flexibility in financial management.
However, there are some limitations to Revolut Business. It does not offer traditional banking features like cash or cheque deposits, and there’s a charge for ATM usage. Additionally, most core features are available only with paid accounts. As an e-money service, Revolut does not provide FSCS protection for deposits, which is a standard feature in traditional banks. This aspect might be a concern for some businesses, especially those looking for the security and reassurance offered by traditional banking systems.
Revolut Business Accounts FAQs
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Who is eligible for a Revolut business account?
The accounts are available for private limited companies, public limited companies, limited liability partnerships, partnerships, sole traders, freelancers, and unlimited companies. However, they do not support associations, charities, venture capital funds, public sector companies, trusts, SPVs, foundations, or cooperatives.
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Are there any limitations to Revolut business accounts?
You cannot deposit cash or cheques, manage your account over the phone or in a branch, and there are no overdraft or credit facilities.
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How safe are my funds with Revolut Business?
Deposits are not FSCS-protected. However, Revolut is regulated by the Financial Conduct Authority and uses ring-fenced accounts to keep your money separate from its finances.
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What is the process for opening a Revolut business account?
Apply online by providing personal and business information and verifying your identity. For registered company accounts, additional details are required. The review process typically takes 1 to 7 days.
Services offered by this provider may change over time. Always check Ts&Cs.