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Revolut Business review
A convenient and secure option for your business’s banking needs.
Revolut is a digital banking solution that caters to over 1.1 million users daily. It’ll soon be offering its business banking service to users in Singapore, which might be useful to local companies in search of a new, affordable payments platform.
Revolut Business is not available in Singapore yet
At the time of writing (5 March 2020), Revolut Business’s services have yet to launch in Singapore. However, you can join the waitlist by signing up on Revolut’s Singapore website and be notified once it’s been released. This review covers Revolut Business’s benefits and features that are currently available in other countries to give potential Singapore users an idea of what to expect.
Here’s a list of features that we can look forward to once Revolut Business launches in Singapore:
Multi-currency transactions. Hold, send and receive funds in 28+ currencies — at interbank exchange rates.
Company cards. Enjoy easy expense tracking with both virtual and physical corporate cards. Spend in over 150 currencies at the real exchange rates.
Multiple accounts creation. Create an unlimited accounts for your specific business needs instantly.
Integrated expenses management. Manage all your accounts in real-time on a centralised dashboard.
Easy accounting. Export transactions or integrate with accounting tools like Xero, FreeAgent, Quickbooks and more.
Bulk and recurring payments. Schedule bulk or repeat payments to automatically settle bills and subscriptions.
Safe money flows. Permissions function to control what team members can do.
Card limits and control options. Keep your account safe with card-freezing, location-based security, and spending limits.
What are the benefits of a Revolut Business account?
Revolut offers a wide array of benefits, including:
All-in-one business banking app. Keep track of all your business finances with multiple banking features in a single app.
Instant balance top-up. Reload funds from your bank account to your Revolut account fast and conveniently.
Multi-currency wallet. Hold up 28+ currencies in your account and exchange them instantly at the real exchange rates.
Interbank exchange rate. Unlike most banks that apply a margin on top of the interbank exchange rate, this one doesn’t.
Free Revolut transfers. Free instant transfers between Revolut accounts.
In-app customer support. Revolut offers customer support in 5 different languages via their in-app chat.
What should I look out for?
However, do take note of the potential shortcomings Revolut Business account holders might face:
No physical bank branches
ATM operators may still charge a direct fee on N26 debit cards, which is independent of N26’s charges.
Is Revolut Business safe?
In Singapore, Revolut is regulated as a remittance business by the Monetary Authority of Singapore (MAS). Its client funds are held at Australia and New Zealand Banking Group Limited, Singapore Branch. Should anything happen to Revolut, you will be able to claim your funds from this segregated account.
As an authorised institution, Revolut is obliged to meet all MAS regulations with respect to keeping client money safe and comply with all respective anti-money laundering laws.
Revolut has multiple advanced features and procedures to ensure the safety of your money:
Segregated client account. Funds are stored in a segregated account held with a tier-1 partner bank (Barclays/Lloyds).
Safe transactions. All of your card transactions are processed by the Mastercard, Maestro or Visa network, and therefore protected by their rules.
Fraud detection. If suspicious transaction activity is detected, Revolut will freeze your card to protect your money.
Two-factor authentication. Revolut offers 2FA to ensure secure logins.
Block or unblock feature. Users can temporarily freeze their missing cards in Revolut’s app or web dashboard.
Disable or enable NFC option. Users can disable contactless, online or swipe payments when necessary.
How to sign up to Revolut Business in Singapore
Revolut’s sign-up process is completely digital, making it easy and efficient for all users. Before applying, make sure that you meet the eligibility criteria and have the required documents on hand.
Sign up requirements and process may differ
Do note that the eligibility criteria, required documents and sign-up process we’ve provided is based on the registration guide for Revolut Business in its current supported countries.
These may be slightly different when Revolut Business is launched in Singapore. We’ll update this section when it’s here, so stay tuned!
Your company needs to be registered in any of Revolut Business’ supported countries and have a physical presence.
Your identity documents (e.g. NRIC, passport or driver’s license)
Basic incorporation details (e.g. company registered name, incorporation number and trading name)
Copy of your company’s incorporation certificate or registry extract
Head to Revolut Business website
Click on the ‘Sign up in minutes’ button
Fill in a short online application form
Input your personal details, including your full name, residential address and date of birth
Select your business type: whether you’re a freelancer or have a formally registered company
Provide your business information: company’s registered name, incorporation number and trading name.
You may have to submit the latest incorporation certificate or registry extract if requested.
Upload your identity documents and a description of your company location and business operations.
Submit your application and allow time for verification
Although Revolut’s Singapore Business account prices and feature list have not been disclosed, if overseas accounts are an accurate gauge, then this could be a useful tool for local businesses to consider.
Yes, you can head on to Revolut’s Singapore page and sign up on the waiting list to do so.
Revolut Business is open to private limited companies, public limited partnerships, limited liability partnerships, sole traders, freelancers, and unlimited companies. Associations, charities and funds are not supported.
Trisha Bhullar is Finder’s Singapore-based personal finance writer. After working in digital marketing with multiple Fintech startups, she acquired a strong love for everything related to finance. Trisha is currently pursuing higher education in economics and computer science, using her knowledge to provide a millennial perspective on modern finance.
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