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Revolut originally made its mark with its Swiss Army knife of a personal account.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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Control your finances with one app
Click the button and get to know more about N26 business account designed especially for individual businesses. Don't wait, apply for it now!
Get a business account and debit card for £11 a month
Click the button and check out what Anna Money offers you when you decide to apply for a business account. Start your 3-month trial now!
Transfer your money abroad easily with Revolut
Click this button and get to know more about Revolut business account. Open your account and transfer your money with no fees and no waiting
Open your Starling business account for free
Click this button and find out more about setting up a business account with Starling. Download the app and start running your account for free.
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.
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
- 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.
- 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.