Revolut Business account review
This digital banking challenger offers business accounts with a wide range of features. Learn more about the tools on offer and the fees involved with Revolut Business.
Revolut originally made its mark with its Swiss Army knife of a personal account. It then launched a business account to appeal to a wider set of customers, and this has been featured as one of our best business bank accounts. It also has an account that is specifically for freelancers however in this review we’ve delved into the key features and fees of Revolut Business to help you decide if it’s the right option for your company.
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What is Revolut Business?
As the name suggests, it’s Revolut’s business account option, which comes with different pricing and features depending on how big your business is and how much you use the account.
Revolut says it understands how important it is for international businesses to save on transfer costs and send global payments fast. A Revolut business account allows companies to manage and transfer money across numerous different currencies quickly. These accounts are currently available in the UK and the EU.
How does Revolut work?
Like many of its app-based competitors, Revolut works entirely from your phone or tablet, apart from the physical cards you are issued alongside the app.
Revolut’s app is all about money management. The display is clear and if you’re working from a tablet you can view all your accounts from one page.
There are several tabs provided to make handling company funds easier, these include:
- Accounts. View your business balance across accounts in 28 currencies. Revolut provides your business with easy access to international payments and transfers and allows you to manage your accounts across multiple countries.
- Cards. Revolut provides prepaid cards for your company. From this cards tab you can review employee spending and card balances.
- Counterparties. The counterparties tab gives you a rundown of all the companies partnered with Revolut. These partnerships allow you to send money to selected businesses with no waiting time and no fees. From here you can perform transactions with these companies and review past payments.
- Settings. Manage your account information, personal details and app settings via this tab.
Revolut Business price plans
With Revolut Business, a registered company can currently choose between two types of pricing plan:
- A basic free plan. It comes with no monthly fee, but only a handful of features are included and you’ll be charged separately for the others. Money transfers in the UK cost £0.20 each after the first 5; international money transfers cost £3 each, plus there’s a 0.4% fee that applies to all foreign exchanges (including card payments).
- Subscription plans. You pay a monthly fee, but get a higher number of free transactions. You can choose between three subscription plans:
> The “Grow” plan is £25 a month, and you get 100 free transfers in the UK, 10 free international transfers and a £10,000 allowance of free foreign currency exchange at the real exchange rate. You also get metal card included for free.
> The “Scale” plan costs £100 a month, and you’ll have 1,000 free transfers in the UK, 50 free international transfers and a £50,000 allowance of free foreign currency exchange. You also get 2 metal cards with this account.
> Finally, the top-tier plan is called “Enterprise” and comes with unlimited free transfers and exchange allowances, plus custom metal cards, but you’ll have to contact Revolut to get a price for your individual business.
Whichever your plan, if you reach your monthly limit of free transactions, you can keep on using the account – you’ll simply be charged for the extra transactions and the fees involved will be the same as for the free plan. All plans also include free card payments in your account’s currency, but there’s a 2% fee on all ATM withdrawals.
Revolut Business features
Beside all the basic features you can expect, such as the Revolut card and a slick mobile app, Revolut Business also offers:
- Additional team members. Who can be administrators of the account. You can only add another person with the free account, but this goes up to 9, 29 and as many as you like with the subscription plans.
- Virtual and prepaid cards. These can be given to your colleagues and used for physical and online purchases. Virtual cards are free, whereas physical prepaid cards cost £4.99 each per team member (the first card for the account holder is free).
- Multicurrency accounts. These are Revolut’s signature mark. You can exchange up to 28 currencies. You’ll also get both a sterling and a euro account, including sort code, account number and IBAN.
- Integration with a bunch of popular business software packages. Including messaging software Slack, and accounting apps Xero and Clear Books (more on this below).
- Invoicing tool. Create, personalise and send invoices to clients directly from your account. The tool also tracks when the invoices are paid and automatically reconciles them.
- Expenses product. Only available with the subscription plans, this enhanced expenses management tool includes: an automatic receipt matching system which reads receipts and attaches them to expenses; the ability to forward digital receipts to a Revolut Business account via email or by uploading files; and the ability to automatically categorise repeat expenses into sections such as subscriptions or transport.
- Priority 24/7 customer service. This also only comes with the subscription plans.
Revolut’s integration with Clear Books
Revolut business customers now have the option of linking their account to Clear Books, which provides online accounting software for small businesses, contractors, freelancers and sole traders.
This will allow customers who have an account with both firms to view transaction records, track whether invoices are paid or outstanding, quickly record bills and expenses, and set up automatic allocation smart rules for matching repeat transactions. The software also creates financial reports, such as P&Ls, balance sheets and VAT returns.
The feed from Revolut to Clear Books is updated four times a day, allowing users to quickly match sales and purchases, and generate a complete picture of their business finances.
Accepting payments online with Revolut Business
A new feature unveiled by Revolut in November 2020 means that business account holders in the UK can now accept customers’ online card payments directly into their account. Revolut says that these payments will be settled the next day, and that payments can be accepted in 14 currencies.
The costs for taking these payments will be a 1.3% fee for UK and EEA consumer debit and credit cards, and a 2.8% fee for all other cards. However, account holders on paid Revolut Business plans will receive an allowance of free UK and EEA card payment acceptance every month. The allowance for Grow subscribers is £2,000, and for Scale subscribers is £9,000.
In order to accept card payments, businesses can use a website checkout plugin offered by Revolut, or build their own checkout experience using the customisable widget and merchant API. Or, if they don’t have an online store, businesses can request payments from anywhere in the world by sharing a secure payment link with their customers.
Revolut also announced two new merchant plugins in March 2021 – PrestaShop and WooCommerce – for businesses looking to accept card payments on their websites. With PrestaShop, the Revolut Business plugin now comes pre-installed or can be found in the PrestaShop add-ons marketplace. WooCommerce users can download the latest version of the Revolut Business plugin from the official WordPress marketplace or search the admin panel of their WooCommerce store. They can accept payments and sync between WooCommerce and Revolut Business orders, as well as refund customers straight from their WooCommerce store.
Is Revolut suitable for your business?
Revolut’s business account offers a great degree of flexibility and you’ll be charged depending on how much you plan to use the account.
However, its strongest point is still being able to offer a competitive price to companies that deal in different currencies. Plus an additional feature called FX Forwards allows account holders (who are limited companies) to lock in future exchange rates. They can book a contract of GBP, USD and EUR up to three months in advance via their web app, for a 0.8% fee. So if your company works internationally, or relies on services outside of your business, then an account with Revolut is more likely to suit your needs.
If your company works mainly within the UK instead, it can still be competitive, but you may be able to find a better match – namely, a business account with no monthly fees that also allows free ATM withdrawals and more free money transfers within this country.
Finally, keep in mind that you can’t load cash into your business account with Revolut and that ATM withdrawals incur a fee. If for some reason your business receives or uses a lot of cash, Revolut is probably not the best option for you.
Video interview: Revolut’s Jamie Devlin explains how it can help your business
Revolut’s Jamie Devlin says: “The thing that is really exciting for me is seeing the number of businesses in the UK and in other jurisdictions in Europe whose main focus is their domestic market, but the reason they’ve signed up to Revolut Business is because we’re quicker to sign up to, we’re also cheaper and what we do really well is help businesses stay in control of their finances.”
Is Revolut safe?
Revolut Business customer reviews
Out of 5, the Revolut Business app has a rating of 4.8 from over 11,000 reviews in the App Store. It also performs well on Google Play, where it has a score of 4.5 from around 11,300 Android app users (July 2022).
On Trustpilot, customer reviews are for the Revolut brand in general, not its business account specifically. Here, Revolut received an average mark of 4.4 out of 5, and a rating of Excellent, from over 111,700 reviews (July 2022). Users praised Revolut’s customer service, as well as the international banking and overseas card use features.
Pros and cons of Revolut Business
- Good flexibility: you can choose different pricing options depending on how you use your business account.
- Prepaid and virtual cards for anyone that needs them.
- Competitive exchange rates on multiple international currencies, competitive price on international money transfers and FX Forwards option to fix exchange rates for a set time.
- A slick mobile app with a lot of features to keep an eye on your expenses and business finances, including an invoicing tool.
- Easy and quick to apply for and set up.
- The free account doesn’t include many free transactions.
- Charge for all ATM withdrawals.
- You can’t deposit cash in your account.
- Not FSCS protected.
Our verdict: Is Revolut Business any good?
Just like its personal counterpart, the top feature of Revolut’s business account is the ability to hold different currencies and exchange them for no fees. This is a really unique feature that most banks, traditional or challenger, cannot compete with.
However, when it comes to business accounts, Revolut’s innovations come for a price. The free account, while more flexible, doesn’t really include much, whereas the premium options are comprehensive but not exactly cheap for a small business.
Get started by visiting Revolut’s website and sign up for an account. If you have read this review and decided that Revolut’s account is not for you, you can also compare other business bank accounts on the market.
In a nutshell, Revolut’s business account is slick, smart and easy to use and set up, but only worth the price if you really need its international payment features.
Frequently asked questions
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