Revolut for Business review

Looking for a business account with flexibility and easy-to-use features? Revolut for Business could work for your company.

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Revolut business account cards
Product NameRevolut Business Free
Monthly fee€0
Number of users2
Fee for additional users€5 per user per month
Free monthly Euro transfers5
Currency conversion fee0.4%
More Info
Product NameRevolut Business Grow
Monthly fee€25
Number of users10
Fee for additional users€5 per user per month
Free monthly Euro transfers100
Free international transfer limit10 per month
Currency conversion fee0.4%
More Info
Product NameRevolut Business Scale
Monthly fee€100
Number of users30
Fee for additional users€5 per user per month
Free monthly Euro transfers1,000
Free international transfer limit50 per month
Currency conversion fee0.4%
More Info
Product NameRevolut Business Enterprise
Monthly fee€1,000
Number of usersUnlimited
Fee for additional users€5 per user per month
Free monthly Euro transfersUnlimited
Free international transfer limitUnlimited
Currency conversion fee0.4%
More Info
Product NameRevolut Business Free
Monthly fee€0
Number of users2
Fee for additional users€5 per user per month
Free monthly Euro transfers5
Currency conversion fee0.4%
More Info
Product NameRevolut Freelancer Professional
Monthly fee€7
Number of users4
Free monthly Euro transfers20
Free international transfer limit5 per month
Currency conversion fee0.4%
More Info

About Revolut for Business

Revolut is a digital banking app that has grown at a rapid pace since launching in Ireland a few years ago. Today the online-only bank has more than half a million customers across the country. Globally the company has secured 250,000 sign-ups for its business accounts, which are called Revolut for Business. We’ve rounded up the key features and costs of each of these, to help you decide whether an account with Revolut is the right option for you.

What are the main business accounts offered by Revolut?

There are currently four main business accounts to compare with Revolut. These are:

  • Free. The €0 per month account offers a basic range of features, including having two named account holders. You’ll get five free regular bank transfers per month with this plan.
  • Grow. This €25-per-month account unlocks more benefits and comes with 100 free regular bank transfers. You’ll also get 10 named account holders and 10 fee-free international transfers. Plus, you get €10,000 of free foreign currency exchanges, set at the ‘real’ exchange rate. This is the rate used by banks to exchange money with one another each day.
  • Scale. Pay €100 a month and you’ll get up to 30 named account holders, 1000 free regular bank transfers, 50 fee-free international transfers and €50,000 of free foreign currency exchanges
  • Enterprise. The top-tier plan costs €1,000 a month and comes with unlimited monthly allowances

Revolut also offers two plans for freelancers who open a business account under their own name. These are named Free (€0 p/m) and Professional (€7 p/m) – the latter includes the standard benefits of five free international transfers and up to €5,000 in fee-free foreign currency exchanges.

All of these accounts bill on a monthly basis and you can amend or cancel your plan at any time.

What other features are offered by Revolut for Business?

Here are some more pros and cons of Revolut’s Free account:

  • It’s free to open an account
  • Free transfers to and from other Revolut accounts
  • Hold and exchange 28 currencies
  • Local and non-local accounts – effectively you’ll have an EU bank account and a UK one
  • IBAN for global transfers
  • Prepaid debit cards – to manage business expenses
  • Mobile app for cardholders
  • Google Pay and Apple Pay payments are accepted
  • Virtual cards – let team members make online payments, and more
  • Connect – link your account with other business processes
  • Open API – automate your spending, including recurring payments
  • After your five free regular transfers, it costs €0.2 per transaction thereafter
  • €3 charge per international transfer
  • There’s a 2% fee on ATM withdrawals
  • It costs €5.99 to get an additional or replacement card
  • 0.4% mark-up on foreign currency exchanges
  • Priority 24/7 support
  • User permissions
  • Payment approval
  • Bulk payments
  • Perks
  • Expense management
  • No bank branches

Let’s compare this to the bank’s Grow account. This is its cheapest paid-for account; it costs €25 per month, excluding fees or charges:

  • It’s free to open an account
  • Free transfers to and from other Revolut accounts
  • Hold and exchange 28 currencies
  • Local and non-local accounts – effectively you’ll have an EU bank account and a UK one
  • IBAN for global transfers
  • Prepaid debit cards – to manage business expenses
  • Mobile app for cardholders
  • Google Pay and Apple Pay payments are accepted
  • Virtual cards – let team members make online payments, and more
  • Connect – link your account with other business processes
  • Open API – automate your spending, including recurring payments
  • Priority 24/7 support
  • User permissions
  • Payment approval
  • Bulk payments
  • Perks
  • Expense management
  • 0.4% mark-up for anything above the €10,000 allowance on foreign currency exchanges
  • After your 100 free regular transfers, it costs €0.2 per transaction thereafter
  • There’s a 2% fee on ATM withdrawals
  • It costs €5.99 to get an additional or replacement card
  • €3 per transfer charge for each international transfer you make on top of your 10 per month free transfers
  • No bank branches

Make sure you read the full terms of each Revolut account so that you understand any other conditions they may have, and to avoid unexpected charges and fees.

Compare Revolut for Business with other digital banks in Ireland

Data indicated here is updated regularly
Name Product Monthly fee Number of users Free monthly Euro transfers
bunq Business
€9.99
20
N/A
Benefit from multiple accounts, the ability to link your bookkeeping software, receipt linking, employee access, and simple payments.
N26 Business
€0
10
Unlimited
A convenient business account for freelancers. Benefit from cashback, spending categorisation and free foreign currency payments.
Soldo Pro
Soldo Pro
€5
Unlimited
40.000 €
N26 Business You
€9.90
10
Unlimited
A premium business account with free foreign currency payments, cashback and a complimentary insurance package.
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Is my money safe with Revolut?

In December 2018, Revolut secured its European banking licence from the European Central Bank. However, at the time of writing, this was still being put into place. Revolut still has obligations to safeguard your funds in a separate tier-1 bank, so that you can get them back should anything happen to the company.

Revolut’s smartphone app offers protection in the form of a password or fingerprint ID. If your card is lost or stolen, you can immediately freeze or unfreeze it in the app.

How to sign up to Revolut for Business

It’s easy to sign up for a business account with Revolut and you can start this process by completing an online application form. You’ll be asked to add and verify your email address; you’ll need to give a phone number, along with some further personal and business details. During your application, you’ll have to verify your identity by providing a valid ID and taking a selfie. Typically, it takes between one and seven days for Revolut to review your application.

After you’ve signed up and chosen your plan, you can request a contactless Revolut card and start using your account. You can change or cancel your plan at any time during a 14-day trial period.

All of Revolut’s business features can be accessed from a mobile app on both iOS and Android devices.

Compare all Revolut for business products in Ireland

Data indicated here is updated regularly
Name Product Monthly fee Number of users Free monthly Euro transfers
Revolut Freelancer Professional
€7
4
20
A professional account for up to 4 users. Hold and exchange 28 currencies, get user permissions, expense management and more.
Revolut Business Grow
€25
10
100
Receive 10 free team members, 100 free local transfers and exchange up to €10,000 into 28 currencies at the real rate.
Revolut Business Scale
€100
30
1,000
A multi-currency account with 30 free team members included. Get a mobile app for all cardholders and virtual cards.
Revolut Business Enterprise
€1,000
Unlimited
Unlimited
A premium account with unlimited transfers, exchange and more. Hold 28 currencies and receive a local Euro and GBP account.
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Frequently asked questions

Bottom line

Revolut certainly has plenty going for it: the ease at which you can access, manage and control your finances are big pluses for the fin-tech. Such features put it in the same bracket as other challenger banks, which continue to grow ever-more popular with consumers. Where Revolut distinguishes itself from its competitors is perhaps seen in its drive to launch new features on a regular basis, along with increasingly high customer service ratings. However, the benefits offered by Revolut aren’t going to be the best fit for every business. There are a number of different options you should consider before making the crucial decision of who your company should bank with.

 

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