The fintech unicorn offers a business account with a wide range of features.
Revolut originally made its mark with its Swiss Army knife of a personal account.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.
We’ve highlighted the key features of Revolut for Business to help you decide if it’s the right option for your company.
Get 3 months free trial with Revolut for Business!
- Business accounts made easy
- Make international payments quickly
- Get prepaid corporate cards
- Don't worry about the hidden fees
- Cutting edge multi-currency current accounts
Get 3 months free trial and free business card!
Hold multiple currencies, transfer money internationally, and issue employees with corporate cards for global fee free spending using Revolut’s business account.
Video interview: Revolut’s Jamie Devlin reveals new features for 2019
What is Revolut?
Revolut says it understands how important it is for international businesses to save on transfer costs and send global payments fast.
The Revolut business account allows companies to manage and transfer money across numerous different currencies quickly. The account is currently available in the UK and the EU.
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How does Revolut work?
Like many of its 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 twenty-five 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 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 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.
Is Revolut suitable for your business?
Revolut charges a subscription fee for its service. If your company works internationally, or relies on services outside of your business, then an account with Revolut may be what you’re looking for. If your company works mainly within the UK and the EU and is mostly self-reliant then Revolut may be an extra investment that you might not need.
Security
It doesn’t matter whether it’s a traditional or a challenger bank, security is a priority. Revolut is no exception, and it takes every measure to make sure your money is safe. Revolut keeps your funds in segregated accounts at Lloyd’s and Barclays bank, using the protection of established banks to keep your capital from being compromised.
In the very unlikely event that your money is lost or stolen, Revolut follows all the requirements of the FCA, EMR and Payment Services Regulations, meaning your money will always be returned. All your information is kept behind a password and face and phone verification.
Pros and cons of Revolut
Pros
- Prepaid cards for anyone that needs them and a simple way of managing employee spending through the app.
- Partnerships with almost 20,000 businesses making outsourcing extra work cheaper and easier.
- Competitive exchange rates on multiple international currencies.
- Manage money on international accounts, making spending in different countries simple.
- Record of transactions on both company cards and between different businesses.
- Safe and secure.
- Fully licensed by the FCA and PRA.
Cons
- High fees for signing up and using Revolut’s service.
- Traditional banks are still necessary for most of your financial needs and are still used by Revolut to provide their services.
- Some may struggle to trust an app-based bank with their business’ finances.
There are plenty of pros to opening a business account with Revolut. If you believe your business could benefit from the services provided by Revolut then you could do worse than consider working with it.
I bought a new iPhone yesterday. My revolute app will not open onto the keypad display. What do I need to do to transfer my existing account across?
Hi Dave,
Thanks for your inquiry.
As per Revolut, they don’t have a mobile app for their business customers just yet. However, they are working on it. But for the meantime, you may use a web browser of your phone to log in to your account.
I hope this helps.
Kind regards,
Bella
How much does each card cost, or are they included? Is there a limit?
Hi Olly,
Thanks for getting in touch with finder. I hope all is well with you. :)
They don’t charge you for the card, but rather there’s a subscription fee that you need to pay every month. You can check their pricing on their website. Regarding the limit, there’s no limit to how much money you can transfer with Revolut. However, if you are planning to transfer a huge amount of money, you might need to notify Revolut’s customer support to obtain authorisation.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
i’m trading in europe and want to receive payments from business customers by bank transfer. is revolut suitable for this?
Hi Colin,
Thanks for getting in touch with finder. I hope all is well with you. :)
Yes, you can use Revolut to receive payment from your customers. If payments would be coming within Europe, then the IBAN information is enough. If payments would be coming outside of Europe, then you need to use the SWIFT information.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Hi,
I would like to know if there are similar types of business banking as offered by Revolut.
Tried opening one for a sports club but Revolut are not offering this service.
Thanks!
Hi Mark,
Thanks for getting in touch with finder. I hope all is well with you. :)
If Revolut isn’t working for you, you may want to check our list of digital banking providers. On that page, you will see a table that allows you to conveniently compare your options. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application. Please review the criteria, details of the financial product, and its conditions, then contact the provider directly to discuss your eligibility.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I wanted to find out if Revolut is classed as a UK Bank?
Hello Fiona,
Thank you for your comment.
According to one of the Revolut team member, Revolut is not classified as a bank, therefore you don’t have a bank account.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn