Introduction
Revolut is a neo-banking platform that offers financial services through a mobile application and a Revolut card. The platform aims to simplify all aspects of banking into one app without a physical bank branch. Designed for clients and businesses always on the move, this approach can improve the banking process by creating a cohesive, speedy, and user-friendly online-only experience. Revolut seeks to adapt to the customer’s needs by giving them control over their funds. Since joining the industry in 2015, Revolut has been at the forefront of launching different products through business and consumer accounts. If you plan to open your business bank account, Revolut for Business is a potential solution due to its wide range of features and easy global payment options.
What is Revolut for Business?
Revolut Business is a banking alternative specifically designed for businesses and freelancers around the world. If your business frequently involves foreign transactions, Revolut Business could be particularly useful. For example, having a local account in both sterling and euros would simplify everyday dealings for many companies, as would the capacity to receive, hold, and exchange funds in more than 30 currencies. Revolut Business also streamlines expenses, spending approvals, and other everyday tasks by incorporating all processes into the app. You may also find its ability to sync with other business services beneficial. Revolut for Business is managed through a mobile application. The features available will depend on the level of plan you have.
Getting Started with Revolut for Business
Note: Before opening a Revolut for Business account, you need to ensure your venture meets the eligibility criteria. Revolut Business is currently available for businesses registered in and with a physical presence within the United States of America, European Economic Area (EEA), Switzerland, and the United Kingdom. The complete list of countries eligible is as follows: Aland Islands, Austria, 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, and the United States. For companies, Revolut for business accepts Private Limited Companies (LTD), Public Limited Partnership (PLC), Limited Liability Company (LLC), Limited Partnership (LP), General Partnerships, Limited Liability Partnership (LLP), Sole traders, and freelancers. Currently, Revolut for Business does not support charities, public sector companies, foundations, and cooperatives. To open a business account with Revolut, you will be required to fill out an application form on the website, and you will get a response within two working days. Note that Revolut for Business has different accounts and options, so you will be asked to choose your next step accordingly when you register.
Watch the video: How to open a Revolut for Business account introduction Important: To open a Revolut for Business Corporate account, you will need to provide your name, address, ID photo, and a selfie for an identity-check, business name, address, and incorporation details. A summary of the company’s location, what the business does, along with the details of the directors/shareholders, will also be required.To open a Revolut for Business Freelancer account, you will be asked to provide your name, address, photo ID, and a selfie for an identity-check, as well as a summary of the location and what the business does. When your account is verified, Revolut will provide you a GBP account with an account number and a sort code, as well as a EUR account with IBAN and BIC information.
Topping up the Account and Receiving Money
Revolut for Business accounts can be funded through a credit card, bank transfer, and PayPal. The platform does not support cash deposits. Once your account has been opened, Revolut for Business gives you an option to add funds to your account via credit card. After this initial transfer, credit card deposits will no longer be an option. Only Faster Payments (UK), SEPA and SWIFT deposits are allowed. To use PayPal, clients must register the RIB of the Revolut account and make a SEPA transfer. This process takes about two days. Different Revolut accounts can also send each other money instantly, whether from the Personal Revolut account or a Business Revolut account. There are no charges for this kind of transfer. Note that with Revolut, there are no limits to the number or size of transfers you can receive. In some cases, transfers exceeding £250k per day might force Revolut to call you and perform some routine security checks.
Revolut Business Pricing & Plans
Revolut for Business offers different plans for both corporate and freelance accounts. The plans are billed every month. There are different rates for the Free, Grow, Scale, and Custom plans under Revolut for Business business accounts.
Free – £0 monthly
Revolut’s Free plan is good for small businesses and new customers, as there is no monthly fee for it. The account is free. You will get access to local GBP and EUR account details and payments, hold and exchange 30+ currencies, international IBAN, physical and virtual cards, mobile and web app, Revolut connect, Open API, corporate cards, unlimited, free transfers to other Revolut users. The plan also includes 5 local GBP or EUR transfers per month. If you want to make international transfers beyond GBP or EUR or exchange money, Revolut will charge a flat 0.40% fee on any FX and charge £3 per transfer. Two team members in total are included in the plan — yourself and one other.
Grow – £25 monthly
The Revolut Grow plan attracts a £25 monthly subscription fee. This plan is appropriate for small businesses. You are allowed to add 10 team members to your account with 100 free local transfers. You also get 10 free international transfers, while FX’s allowance at the real rate is £10k. This plan includes everything in the free plan plus priority 24/7 assistance, 1 free metal card (£49 for each additional card outside of the free allowance or equivalent amount in your chosen currency), user permissions, payment approval, perks, and expenditure management.
Scale – £100 monthly
The Scale plan will cost you £100 per month in the subscription fee. This amount will give you access to all features under the Growth plan. Additionally, Scale customers can add 30 team members for free and claim 2 free metal cards (£49 per extra card outside of the free allowance, or equivalent amount in your chosen currency). You will also get 1,000 free local transfers and 50 international transfers. Lastly, you will have an allowance of FX at the real rate of £50k.
Custom
This is the most advanced plan with individually agreed prices and features.
Freelancer account
For the freelancer account, there are three plans: Free, Pro, and Ultimate.
Free – £0 monthly
Free plan does not cost anything per month. You will be eligible for unlimited free payments to other Revolut accounts and 5 free local transfers. However, this plan does not allow for international transfers. The features under the Free account for corporates can be enjoyed under this plan.
Pro – £7 monthly
Pro account attracts a monthly fee of £7. The account comes with 20 free local transfers and 5 free international transfers. The allowance of FX at the real rate is £5k.
Ultimate – £25 monthly
Ultimate plan costs £25 per month and offers 10 free international transfers, 100 free local transfers, a free FX allowance of £10k, and much more.
Revolut for Business Main Features
To meet the client’s needs, Revolut for Business comes with unique features as highlighted below.
Multi-currency Account
The Revolut for Business account enables you to receive, hold and exchange money in 30+ currencies worldwide. For local payment, the account offers GBP and EUR currencies. With this account, clients can set up several instant accounts for specific business needs. Through the accounts dashboard, clients can also track all transactions in real-time.
Payment Cards
Clients can order more than one prepaid MasterCard debit card under the Revolut for Business account. The account manager has the right to set spending restrictions on various cards. Like consumer accounts, clients can create virtual bank cards to choose currencies for online transactions. The debit card allows you to spend money both in the UK and abroad.
Mobile App
The Revolut for Business is accessible through mobile apps supported on Android and iOS platforms. The app provides convenience for those who are always on the go. The web interface, however, is recommended for accessing additional functions.
Roles and Permission
Revolut for a Business account allows the account manager to delegate access to the account. The manager assigns team members different roles with certain restrictions. The set up limits account access for team members according to their role in your business. You can also set up payment rules and let your team review and approve payments before they are sent.
Revolut Connect
Revolut Connect allows Revolut for Business account holders to link their accounts to additional tools and applications for everyday usage in order to increase productivity. Xero, QuickBooks, FreeAgent, Zapier, and Slack are some of the most popular Revolut Connect tools.
Open API
Advanced users can utilize Revolut for Business to combine Revolut’s API with other tools and apps. Customers can utilize API integration to automate their operations, such as international payments.
Bulk Payment
This function is designed for businesses with a large number of employees and clients. With Revolut for Business, you can handle their payments in bulk, either weekly or monthly, with the press of a button.
Prepaid Virtual and Debit Cards
Upon opening a Revolut for Business account, you will be granted a prepaid debit card. Additionally, you can apply for multiple cards to suit your team’s needs. If you need to process transactions that don’t warrant an individual debit card issuance, you can instead create virtual cards via your Revolut Business account. The cards allow holders to upload receipts, choose categories in the mobile app and receive automatic reminders about missing information.
Customer Service
Revolut for Business has 24/7 customer service. The service was enabled after customers raised complaints regarding the long wait times. Although the same customer service handles queries from the consumer accounts, Revolut for business clients are given the highest priority. Furthermore, there is a telephone support service alongside an in-app chat.
Revolut for Accountants
Revolut enables accountants to enjoy seamless integrations, end-to-end expense management, and user permissions. This feature enables bookkeepers to access all client accounts from a single dashboard for easy organization of work.
Revolut for Business Loans
Revolut offers unsecured business loans ranging between £1,000 and £25,000 to manage cash flow and grow your business. Interest rates for loans vary from 12.5% to 25%, depending on your credit history and financial performance. Note: To be eligible for a business loan, you must be a UK-registered business with UK-based founders. You also have to be trading for 18 months or more or have filed at least one set of financial accounts with Companies House, covering at least 12 months.
Payroll
Beginning of 2022, Revolut Business launched Payroll, an app packed with features to help make paying your employees a no-frills, uncomplicated experience. Add your employees to Revolut Business, then sync their details with your payment info. Revolut will calculate taxes, NI, and pension contributions for you. Any changes to employee tax codes, student loans, and more are synced with HMRC daily and updated for you automatically. You can set up automated payments schedules, customize pay for anyone in your business, award bonuses, pay freelancers, adjust deductions and easily make one-off changes to employee salaries. Note: Payroll is available for all UK-based businesses and is charged at £3 per active team member per month.
On-demand Pay
On-demand pay allows employees to track and withdraw a portion of their accrued earnings anytime, instantly. In addition, employees can observe how much they’ve earned after each shift, week, or whenever they want to get complete visibility of their money.
Revolut Rewards
Receive personalized discounts and cashback from your Revolut app. All offers are selected and updated regularly for you. Currently, Rewards are available in the UK, US, France, Poland, Italy, Romania, Portugal, Sweden, Spain, Denmark, Ireland, Singapore, and Australia.
Revolut Perks
A paid business plan allows users to access additional perks with some of the companies, namely Apple, Zipcar, Expensify, Google Ads, Slack, and Deliveroo.
Additional features
Metal cards
Customers on paid plans can get their hands on the exclusive 18-gram stainless steel Revolut Business cards.
Accept payments online at great rates
Receive card payments worldwide with low fees and next-day settlement and securely and keep more of what you earn with their competitive pricing model. Depending on your selected Revolut Business plan, you can enjoy an allowance of the free UK and EEA consumer card payment acceptance every month, with no extra fees. Revolut charges a 1% + £0.20 fee for European consumer card payments and a 2.8% + £0.20 fee for all other card payments.
Record out-of-pocket expenses
You can access all your business spending on Expenses – including non-Revolut transactions, making it easy to attach a receipt, categorize and review card and bank payments, and out-of-pocket expenses. Currently available on iOS and web.
Create and forward payment links
Accept payments without any websites or coding resources. Simply create a payment link and receive card payments quickly and securely without sharing your account details. You can share your payment link by email, SMS, or invoice with anyone anywhere.
Request payments with QR codes
Accept convenient, safe, socially distanced payments with QR-codes that you generated on your Revolut Business mobile app.
Forward digital receipts via email
You can forward your digital receipts to your Revolut Business account via email or upload files directly to make expenses smoother. Exclusive to paid plans and available on iOS, Android, and web.
Automatic receipt matching
Revolut will automatically match any uploaded documents to the appropriate expense. So whether you’ve manually uploaded or forwarded from email, they will take care of the tedious and time-consuming work of sorting out your expenses. Exclusive to paid plans and available on iOS, Android, and web.
Invite your whole team in one go
Save time by inviting your whole team to join at once by adding their email addresses, choosing their roles, and sending the invites. Available on iOS, Android, and web.
Immediately categorize repeat expenses
Automatically categorize repeat expenses, like subscriptions to services and transport. Available on Web, Android, and iOS on paid plans.
Payee info check
Extra validation of your payee’s information, ensuring it’s accurate and matches the details their bank holds, so you can be assured you’re sending money to the correct recipient every time. Available on Web, Android and iOS.
Safer spending with virtual cards and 3D Secure
Revolut Business cards support 3D Secure, and contactless card limits help fight contactless fraud. In addition, you can generate virtual cards to get extra protection from theft and fraud when you spend online, using one per transaction.
Effortlessly search previous transactions
There is a search bar for your transactions to find what you’re looking for without endless scrolling quickly.
Automated invoices
You can set a date for your invoices to start, how often they should be sent (weekly, monthly, or a custom range), and the end date.
Customize your expenses for export made easy
Customize your expenses for export. You can download all the info as CSV or PDF once you’re finished to avoid having multiple files.
Is Revolut Safe?
In order to protect funds, Revolut has put in place several measures. For example, all client money is stored in a segregated account held within Barclays and Lloyds. Additionally, the platform is authorized by the FCA, meaning it adheres to all regulations. Revolut also uses machine learning techniques to evaluate cardholder activity and detect any fraudulent transactions. Two-factor authentication is also utilized for login and essential activities. To protect your company’s finances and sensitive data, the team additionally uses email and SMS verifications. Note: You can find more information about the company’s cybersecurity measures in our comprehensive ‘Is Revolut Safe?’ guide.
Upcoming Features
According to Revolut’s team, the following features are under construction for Business account holders:
Loans and overdrafts. These will be fast and affordable loans that are tailored to your business needs;Local accounts in other currencies. Revolut is set to add more local account options for faster and cheaper payments;Accepting card payments for free. This feature will enable your business to accept card payments for free;Customizable card designs. This feature allows you to put your business front and center by branding even your business debit cards.
Pros of Revolut Business
✔️ Account flexibility; ✔️ Free option available; ✔️ Prepaid and virtual cards for anyone that needs them; ✔️ Competitive exchange rates on multiple international currencies and competitive prices on international money transfers; ✔️ Receive, hold and exchange funds in over 30+ currencies; ✔️ A slick mobile app with a lot of features to keep an eye on your expenses and business finances; ✔️ Up to 200 virtual debit cards per team member and three plastic cards on all plans; ✔️ Easy and quick application and set up; ✔️ Modern corporate payment cards; ✔️ 24/7 customer service; ✔️ Local accounts in pound sterling and euros; ✔️ Account for freelancers; ✔️ Safe and secure.
Cons of Revolut for Business
❌ The free Account doesn’t include many free transactions; ❌ 2% ATM withdrawal fee; ❌ You can’t deposit cash into your account; ❌ No overdrafts or credit available; ❌ Limited fee-free payments; ❌ No physical bank (or staff you can talk to in-person); ❌ No cash paying-in facilities; ❌ Priority 24/7 support only for paid accounts.
Should you use Revolut Business?
Businesses with an international reach are the right candidates for Revolut Business. The various packages will give you a seamless experience in managing your business. You can manage all of your payment needs locally and globally at the touch of a button, thanks to a user-friendly smartphone app. The Revolut team understands that your business needs other tools and applications to run smoothly. For this case, the Revolut for Business mobile app allows software integrations, among other features. Over the years, Revolut has introduced different plans for businesses. As a new client, you can always try the free account and then upgrade depending on your business needs. You may cancel or modify your monthly plan at any time, ensuring that you are not charged more if your circumstances change. The Freelancer account is ideal for self-employed individuals, especially because switching from the Free to the Professional plan is straightforward.
Conclusion
A business that transacts in foreign currency is the ideal client for Revolut for Business accounts. The neo banking platform offers the much-needed convenience and flexibility for entities that operate globally. Additionally, Revolut is a good option because they have a currency exchange at the interbank rate alongside free and easy international payments. This is an advantage for any business. However, while the various features are undoubtedly a great bonus for many companies, be aware of the cost. Pick the right tier for your business by considering which elements you would regularly use and how much you might pay in extra fees. Also, keep in mind that Revolut is not ‘a traditional bank’, so if your company relies on cash transactions or cheques, there might be more appropriate options.
