Sign up to Revolut for Business to get £50
- Exclusive £50 offer for Finder customers
- Make international payments quickly
- Get prepaid corporate cards
- Don't worry about the hidden fees
- Cutting edge multi-currency current accounts
We’ve highlighted the key features of Revolut for Business to help you decide if it’s the right option for your company.
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. 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.
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:
With Revolut For Business, you can currently choose between two types of pricing plan:
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 ones and the fees will be the same applied for the free plan. All plans also include free card payments in your account’s currency, but charge a 2% fee on all ATM withdrawals.
Beside all the basic features you can expect, such as the Revolut card and a slick mobile app, Revolut For Business also offers:
Revolut says it’s also working on a bunch of other features that will be launching in the near future, such as loans and overdrafts, expense management and the ability to accept card payments from customers.
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 spot is still being able to offer a competitive price to companies that deal in different currencies. 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 the country).
Finally, keep in mind that you can’t load cash into your business account with Revolut and that ATM withdrawals are charged a fee. If for some reason your business receives or uses a lot of cash, Revolut is probably not the best option.
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.
Just like for 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.
In a nutshell, Revolut’s business account is slick, smart and easy to use and set up, but only worth its price if you really need its international payment features.
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