If you are self-employed or have a side hustle on the go, it can be hard to keep track of invoices, accept payments and review spending. Imagine if you could do all of those things and earn yourself cashback at the same time. Revolut Pro is the new account from the digital-only banking app specifically aimed at helping freelancers manage their business funds.
What is Revolut Pro?
Revolut Pro is a free account that sits within Revolut’s retail banking app. It caters to anyone who is self-employed, such as freelancers, sole traders and contractors. While you need to have a Revolut account in order to access Revolut Pro, it operates as a separate account with its own account number, transaction history and debit card.
There are no joining requirements or monthly fees, but the account must be used for business spending only. However, keep in mind that it is not available to companies. Revolut is very clear this account is for real human beings, not incorporated businesses.
How does it work?
The main purpose of Revolut Pro is to provide an account for self-employed people to use for their business or side hustle. As mentioned, it is a separate account from a Revolut Personal account and comes with its own features as a result.
With Revolut Pro you can:
- Accept payments. Whether it’s face to face or sitting behind a desk, you can accept multi-currency payments using QR codes, payment links, customisable invoices or a Revolut card reader.
- Monitor ingoings and outgoings. You will be able to access your entire transaction history through Revolut’s app for free, keeping track of expenses and payments.
- Create professional invoices. Revolut Pro has a series of invoice templates which can be used to create, track or send invoices.
- Use your debit card. You can get a dedicated Revolut Pro debit card with which you can earn 1% cashback on all card purchases.
Who is Revolut Pro for?
Revolut Pro straddles both personal and business banking. It has been created for self-employed individuals, so the people who are not an incorporated company but who don’t want to use their personal account for their business finances. Think freelancers, sole traders and contractors.
There is no need to download the business app. The whole onboarding process can be done through the Revolut retail app.
There are a few restrictions on who can open a Revolut Pro account:
- You must have a Revolut Personal account
- You are self-employed person (not a company)
- You will only use the account for business purposes
- You pass Revolut’s onboarding checks
Revolut will undertake a series of checks as part of the onboarding process. This is basically reviewing whether you are self-employed and which market or sector you operate in, as there are some types of businesses that Revolut Pro does not support.
What are Revolut Pro’s benefits?
If you’re a freelancer or have a side hustle on the go, there are some obvious benefits to Revolut Pro including cashback rewards and a variety of account management features.
- Cashback. Earn 1% cashback on all Pro debit card purchases.
- Free account. As long as you have a Revolut Personal account, Revolut Pro is free to join and operate.
- Multiple payment methods. You can get paid via Visa, Mastercard, Apple Pay, Google Pay and contactless.
- Immediate contactless payments. Create and accept payments using payment links and QR codes.
- International payments and currency exchange. Known for its multi-currencies features, you can take advantage of competitive exchange rates when making international payments or exchanging foreign currency.
As with any rewards or additional features, there are always a few caveats. The key thing to remember with Revolut Pro is that while it sits under the retail app, Revolut expects all spending from the account to be for business purposes. Think buying supplies, booking travel or food and drink while working away. If you make personal transactions using the account you risk Revolut reversing any cashback you have received and both your Retail and Pro accounts being closed.
How to sign up to Revolut Pro
If you already have an existing Revolut Personal account, it is very easy to sign up to Revolut Pro. Just complete the following steps:
- Log in to your Revolut app.
- Click on Revolut Pro and select “Start”.
- Choose which category your business sits under.
- Provide a description of your business in a few sentences.
- Share your business website or online profile such as Facebook or LinkedIn profile.
- Agree to Revolut Pro’s terms and conditions.
- Approval is typically immediately in-app but Revolut may ask for additional information.
Is Revolut Pro safe?
Revolut Pro is a part of Revolut. While not a bank yet, Revolut is regulated by the FCA as an institution that deals in electronic money and has to hold all client funds in a “segregated account” at a licensed UK bank.
However, until Revolut officially becomes a bank, any funds held in your Revolut Pro account won’t be covered by the FSCS (Financial Services Compensation Scheme). If you are keeping all your business funds in one place, this could be a slight concern.
In terms of security, Revolut is hot on the latest technology. The app is protected by password or biometric recognition. You can also immediately freeze or unfreeze your card in-app if it is misplaced, lost or stolen.
Pros and cons of Revolut Pro
- 1% cashback on Pro debit card spend
- Fee-free account
- In-app payment acceptance methods
- Dedicated income and expense management
- Card reader
- 24-hour customer service, via the app
- Business spending only
- Some business activities are not supported
- Requires a Revolut Personal account
- No branches, which can put off those who prefer face-to-face customer service
Our verdict: Is Revolut Pro any good?
In the age of the side hustle, an account dedicated to making a freelancer’s life easier has a strong appeal. Revolut has utitlised its digital-first thinking into creating an account which offers those individuals running their own enterprises the opportunity to use the most up-to-date payment features around.
The simplicity of being able to send a payment link to a customer or accept a contactless card face to face using a card reader opens up a world of possibilities for those who are self-employed. The requirement to be a Revolut Personal account customer may put some people off, as you will essentially need to open 2 new accounts to get the end result. But for those already signed up to Revolut, it couldn’t be easier to get started with Revolut Pro.
Frequently asked questions
More guides on Finder
Business banking statistics
4 in 10 (43%) of UK business account holders have never switched banks and do not intend to switch in 2022.
5 must-know banking tips when setting up as a limited company
Find out how to approach business banking for the first time when establishing your company. Paid content.
3 benefits of connecting your business bank account to a cash flow insights tool
Find out how a deeper view of your business finances can help you drive growth. Paid content.
Juni business account review
Learn more about Juni’s business account for ecommerce and online marketing entrepreneurs.
Wise business account review
Learn more about the benefits of opening a business account with Wise
SumUp business account review
Find out more about the SumUp business account, including its pros and cons.
How to choose a multi-currency account for your business
As more businesses plan to go global, find out how a multi-currency account could benefit your operations. Paid content.
Cashplus vs Tide: Which is best for your business?
Find out whether the Cashplus or Tide business account could be the better option for you.
Best multi-currency business accounts
Discover what multi-currency business accounts are, how to get one and whether it’s worth applying for.
Ask an Expert