Revolut Business account review
- Fee
- From $0 per month
- APY
- N/A
- Minimum deposit to open
- $0
Our verdict
A business account for companies and freelancers with customized plans and 24/7 chat support.
Revolut Business offers a variety of plans for companies and freelancers. Choose between four different plans if you're a company and three plans if you're a freelancer or sole trader. You have the option of a free plan with features like software integrations, invoice tracking and virtual cards. Paid plans come with extra perks, like up to 1.9% in cashback rewards, a number of free transaction allowances, metal cards and API integrations. However, Revolut doesn't accept cash or check deposits and has no physical branches.
Best for: Businesses that operate in the US and globally.
Pros
-
Free plan option available
-
Accepts multiple businesses
-
24/7 chat support
-
Up to 1.9% cashback rewards with paid plans
Cons
-
No check or cash deposits
-
No physical branches
Who is Revolut Business best for?
Revolut Business is best suited for businesses and companies that operate in the US and internationally, since it offers international transactions, foreign currency exchange allowances and the ability to hold accounts in different currencies.It also suits many business types as it accepts private limited companies, public limited companies, limited liability partnerships, partnerships, sole traders and freelancers.
Revolut Business plans and cost
Companies have four plans to choose from, while freelancers and sole traders have three options.
Company plan options
| Plan | Monthly cost | Features |
|---|---|---|
| Free | $0 |
|
| Grow | $39.99 | All perks with Free, plus:
|
| Scale | $149.99 | All the perks of Free and Grow, plus:
|
| Enterprise | Custom | All the perks of Free, Grow and Scale, plus:
|
Freelancer and sole trader plan options
| Plan | Monthly cost | Features |
|---|---|---|
| Free | $0 |
|
| Professional | $9.99 | All perks with Free, plus:
|
| Ultimate | $39.99 | All perks with Free and Professional, plus:
|
What we like about Revolut Business
Revolut is a fintech, not a bank. Its banking services are provided by the Bank of Lithuania. Revolut is headquartered in London, and accounts are FDIC-insured up to $250,000.
And there are several plans to choose from — each with different perks. There’s also a customizable plan for companies called Enterprise. This plan lets you choose monthly allowances for things like international transactions, so you can create a plan that suits your business and your budget.
Hold, send or receive in multiple currencies
Revolut Business stands out for its international perks. Choose to keep dollars, pound sterling or euros in your account. It’s one of the most multi-currency business account options out there, offering you the ability to receive, hold or exchange money in over 25 different currencies.You can use your debit card globally, and depending on your plan’s allowances, you can enjoy a set number of free international payments per month.
The paid plans also offer allowances for currency exchanges at the real currency exchange rate, saving you money in the long term by avoiding currency exchange markups.
Pay nothing or upgrade
One of the best perks with Revolut Business is the option for a free plan, regardless of your setup. And the free plan isn’t a skeleton plan, either — you get up to 200 virtual cards and the ability to spend in over 150 currencies, hold accounts in different currencies, invite unlimited team members and much more.
You can upgrade or downgrade your plan at any time. If you upgrade, choose to move to the new plan immediately or at the start of the next billing cycle. You also have the option to pay monthly or annually for the paid plans.
Cashback rewards
With the exception of the free plans, you’ll earn cashback rewards of up to 1.9%. However, the earning limit depends on your plan, with the Enterprise company plan offering the most earning potential.
Company plan cashback limits:
- Grow — Up to $190 per month
- Scale — Up to $570 per month
- Enterprise — Up to $950 per month
Sole trader plan cashback limits:
- Professional — Up to $38 per month
- Ultimate — Up to $190 per month
Where it falls short
Like most fintechs, Revolut Business doesn’t support check or cash deposits and doesn’t have any physical branches. While it does offer 24/7 chat support, you won’t get in-person support.
Revolut’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 to $149.99+ |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers |
|
| Other fees |
|
Compare Revolut to other business accounts
Narrow down top business accounts by fees, APYs, software integrations and more. Then select Compare on up to four providers to see their features side by side.
How to open a Revolut Business account
Your business must have a physical presence in one of the following countries to be eligible for an account:
- Aland Islands
- Australia
- Austria
- Belgium
- Bulgaria
- Croatia
- Republic of Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar (waitlist)
- 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
Customer experience
Overall, reviews are mixed across the board. Revolut has a very poor F rating with the Better Business Bureau (BBB) and few customer reviews or complaints. However, as a UK-based neobank, this isn’t surprising — the BBB is a private organization that offers information on businesses mainly in the US, Canada and Mexico.
The dozens of BBB complaints state similar issues, such as locked accounts, the inability to transfer funds out of the account, trouble contacting customer support and issues resolving fraudulent charges. Revolut also doesn’t make much effort to respond to complaints, and when it does, the customer states their issues weren’t fixed.
On Trustpilot, it’s a different story — a much better one. Ratings on Trustpilot have earned Revolut an excellent 4.3-star rating, which is rare among financial institutions and neobanks. Customers praise the quick transfers between currencies, the user-friendly app and fair exchange rates and are pleased with all the features and business account plans.
In 2022, Revolut was the victim of a fraud scheme that resulted in around $23 million stolen from Revolut due to a flaw in its payment system. There were discrepancies between Revolut’s US and European systems, causing funds to be refunded using Revolut’s own money when some transactions were declined, as reported by The Hacker News. Criminal groups took advantage of the flaw, encouraging individuals to make expensive purchases that would be declined, then the refunded amounts could be withdrawn from ATMs. Some funds were recovered, but Revolut experienced a net loss of over $20 million.
Frequently asked questions
Is Revolut legit?
Yes, Revolut is a legitimate global neobank with banking services, founded in 2015. It’s licensed and regulated by the Bank of Lithuania within the European Union.
Is Revolut available in the US?
Yes, Revolut Business accounts are available in the US. It’s also available in 39 other countries.
What’s the difference between Revolut and Revolut Business?
Revolut offers personal banking options and business accounts. Like its business accounts, the personal Revolut account plans are also multi-currency friendly, as you can send and receive money in 29 currencies. The personal accounts have fewer features compared to its business accounts, but the personal account still has a free option, free transfers to Revolut account holders, rewards, investment features and even offers access to personal loans.
Business checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Your reviews
Bethany Finder
Editor, Banking
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