Revolut Business Account Review 2024: Fees, Features, and More
Revolut Business Account is a cutting-edge financial management solution designed to simplify and streamline the way businesses handle their finances. Whether you’re a freelancer, startup, or established company, Revolut Business offers a range of features and tools to help you manage your money more efficiently and effectively.
At its core, Revolut Business is a multi-currency business account that enables you to send, receive, and exchange funds in multiple currencies at competitive rates. With a Revolut Business account, you can easily manage your expenses, track your transactions, and make payments across borders without the high fees and complex processes associated with traditional banking.
But Revolut Business is more than just a business account. It’s a comprehensive financial management platform that offers a wide range of features and tools to help you take control of your business finances. From expense tracking and invoicing to team management and API integration, Revolut Business provides everything you need to manage your money and grow your business.
In this in-depth review, we’ll take a closer look at the key features and benefits of Revolut Business Account. We’ll explore the different account plans and pricing options, as well as the various tools and integrations available to help you streamline your financial operations. We’ll also examine the security and compliance measures in place to protect your funds and data, and hear from real users about their experiences with the platform.
Whether you’re looking to simplify your business finances, reduce your costs, or expand your operations internationally, Revolut Business Account is a powerful solution worth considering. So let’s dive in and discover how Revolut Business can help you take your business to the next level.
Revolut Business Account Eligibility and Account Setup
Revolut Business supports various business types, including limited companies, partnerships, and sole traders. The business must operate in a country where Revolut Business is available and follow their terms and conditions. Some industries may not be eligible.
The account setup process is straightforward. Fill out a short online application, which takes about 10 minutes. Revolut then reviews the application as part of their business onboarding process. Once approved, the account is ready to use. The process is simple and efficient.
Revolut Business Account Plans and Pricing
Revolut Business offers several plans to fit different business needs:
Company Accounts:
- Free: For startups looking to streamline finances
- Grow (£19/month): For growing businesses that need scalable tools
- Scale (£79/month): For larger businesses with complex financial needs
- Enterprise: Custom solutions for large corporations
Revolut Business Free Plan
Feature | Limit/Allowance | Cost |
---|---|---|
Subscription Fee | N/A | Free |
Local Transfers | 5 Free/month, excluding USD, GBP, EUR, and CHF | £0.2 each for additional transfers |
International Transfers | None | £5/transfer. If transfer made to a local account in the USA, £8/transfer |
ACH Transfers | None | 0.2% fee (min £0.5) |
FX Allowance | Up to £1000/month free | 0.6% fee if limit is exceeded |
Cards | One free per team member | Fee for additional cards |
ATM Withdrawals | Fees apply | N/A |
Expenses App | Per active team member | £5/member |
Payroll App | Per active team member | £3/member |
Exchange Rates | Depends on the parameters of your exchange | Varies |
Revolut Business Grow Plan
Feature | Limit/Allowance | Cost |
---|---|---|
Subscription Fee | N/A | From £19/month |
Payments to Revolut Accounts | Unlimited | Free |
Team Members | Unlimited | Free |
Local Transfers | 100 per month (excludes incoming transfers in USD, GBP, EUR, and CHF) | £0.2 per transfer after free allowance |
Guaranteed SWIFT OUR Transfers | None | Variable fee applies |
International Transfers | 5 per month (excludes incoming transfers in USD, GBP, EUR, and CHF) | £5 per transfer, £8 per transfer to a USA local account outside your home country |
ACH Transfers | None | 0.2% of the transfer amount (min £0.5) |
Free FX Allowance | £10,000 / month | 0.6% fee beyond free allowance |
Plastic Card | 1 per team member | Standard delivery £4.99, Express delivery varies |
Metal Card | 1 per business | incl. free express delivery £49, replacement £39.99 |
Additional Plastic/Metal Card Above Free Allowance | Standard delivery £4.99, Express delivery varies | |
ATM Withdrawals | 2% fee on all withdrawals | |
Expenses App | £5 per active team member | |
Payroll App | £3 per active team member | |
Physical Cards Limit | 3 per team member | |
Virtual Cards Limit | 200 per team member | |
Monthly Card Spend | Unlimited | |
Monthly Top-up | Unlimited | |
ATM Withdrawal Limit | £3000 per 24 hours or equivalent in other currencies |
Revolut Business Scale Plan
Feature | Limit/Allowance | Cost |
---|---|---|
Monthly Subscription | N/A | From £79/month |
Cards | 60 Free Physical Cards | £5 each for additional cards |
ATM Withdrawals | First £10,000/month | 2% fee after limit |
Local Payments | First 1000 transfers/month | £0.20 each for additional transfers |
International Payments | 10 Free transfers/month | £3 each for additional transfers |
SEPA Transfers | Unlimited | Free |
FX | Up to £100,000/month free | 0.4% markup after limit |
Invoicing | Free in account’s base currency | Varies if not base currency |
Receiving Payments | Free till £100,000 (Revolut Checkout) | 1.9% + £0.20 each for additional transactions |
Custom Workflows | Up to 500 workflows/month free | £0.20 for additional workflows |
Premium Support | 24/7 | Free |
Revolut Business Enterprise Account
Feature | Limit/Allowance | Cost |
---|---|---|
Subscription Fee | Custom | N/A |
Payments to Revolut Accounts | Unlimited | Free |
Team Members | Unlimited | Free |
Local Transfers | Custom | N/A |
Guaranteed SWIFT OUR Transfers | None | Fee Applies |
International Transfers | Custom, excludes incoming transfers in USD, GBP, EUR, and CHF | Fees Apply |
ACH Transfers | None | 0.2% of the transfer amount (Minimum £0.5) |
Free FX Allowance | Custom | Custom |
Plastic Card | 1 per team member | Standard Delivery: £4.99; Express Delivery: Variable |
Metal Card | Custom | including Free Express Delivery: £49; Replacement: £39.99 |
ATM Fees | N/A | 2% fee on all withdrawals |
Expenses App | Per active team member | £5/member |
Payroll App | Per active team member | £3/member |
Physical Cards Limit | 3 per team member | N/A |
Virtual Cards Limit | 200 per team member | N/A |
Monthly Card Spend | Unlimited | N/A |
Monthly Top-Up | Unlimited | N/A |
ATM Withdrawal Limit | £3000 per 24 hrs or equivalent in other currencies | N/A |
Freelancer Accounts:
- Free: To separate personal and business finances at no cost
- Professional (£5/month): Enhanced features for easier financial management
- Ultimate (£19/month): Top-tier features for high-demand freelancers
The plans include a range of features and limits on transactions, team members, and optional add-ons like expense tracking and payroll.
Revolut Business Freelancer Free Account
Feature | Limit/Allowance | Cost |
---|---|---|
Subscription Fee | N/A | £0 per month |
Payments to Revolut Accounts | Unlimited | Free |
Team Members | Unlimited | Free |
Local Transfers | 5 per month (excluding incoming transfers in USD, GBP, EUR, and CHF) | £0.2 per additional transfer |
Guaranteed SWIFT (OUR) Transfers | None | Fee Applies |
International Transfers | 0 per month (excludes incoming transfers in USD, GBP, EUR, and CHF) | £5 per additional transfer, £8 per transfer to a USA local account outside your home country |
Free FX Allowance | £0 per month | 0.6% fee where you exceed your free FX allowance |
Plastic Card | 1 per account holder | Standard Delivery: £4.99; Express Delivery: Variable |
Metal Card | Not Included | N/A |
ATM Fees | N/A | 2% on all withdrawals |
Expenses App | £5 per active team member | |
Payroll App | £3 per active team member | |
Physical Cards Limit | 3 per team member | N/A |
Virtual Cards Limit | 200 per team member | N/A |
Monthly Card Spend | Unlimited | N/A |
Monthly Top-Up | Unlimited | N/A |
ATM Withdrawal Limit | £3000 per 24 hrs or equivalent in other currencies | N/A |
Online Card Transactions | Variable & Flat fee applies based on card type and currency of transaction |
Revolut Business Freelancer Pro Account
Feature | Limit/Allowance | Cost |
---|---|---|
Subscription Fee | N/A | From £5/month |
Payments to Revolut Accounts | Unlimited | Free |
Team Members | Unlimited | Free |
Local Transfers | 20 per month (excludes incoming transfers in USD, GBP, EUR, and CHF) | £0.2 per additional transfer |
Guaranteed SWIFT OUR Transfers | None | Variable fee applies |
International Transfers | 0 per month (excludes incoming transfers in USD, GBP, EUR, and CHF) | £5 per additional transfer, £8 per additional transfer to a USA local account outside your home country |
Free FX Allowance | £5k / month | 0.6% fee beyond free allowance |
Plastic Card | 1 per account holder | Standard delivery £4.99, Express delivery varies |
Metal Card | 0 per business | N/A |
ATM Fees | N/A | 2% on all withdrawals |
Expenses App | £5 per active team member | |
Payroll App | £3 per active team member | |
Physical Cards Limit | 3 per account owner | N/A |
Virtual Cards Limit | 200 per account owner | N/A |
Monthly Card Spend | Unlimited | N/A |
Monthly Top-Up | Unlimited | N/A |
ATM Withdrawal Limit | £3000 per 24 hrs or equivalent in other currencies | N/A |
Online Card Transactions | Variable and flat fee applies based on card type and currency of transaction (1% for UK consumer cards, 2.8% for other cards) |
Revolut Business Freelancer Ultimate Account
Feature | Limit/Allowance | Cost |
---|---|---|
Subscription Fee | N/A | £19/month |
Payments to Revolut Accounts | Unlimited | Free |
Team Members | Unlimited | Free |
Local Transfers | 100 per month (excludes incoming transfers in USD, GBP, EUR, CHF) | £0.2 per additional transfer |
Guaranteed SWIFT (OUR) Transfers | None | Flat fee applies |
International Transfers | 5 per month (excludes incoming transfers in USD, GBP, EUR, CHF) | £5 per additional transfer, £8 per additional transfer to a USA local account outside your home country |
Free FX Allowance | £10k per month | 0.6% fee beyond free allowance |
Plastic Card | 1 per account holder | Standard delivery: £4.99, Express delivery: varies |
Metal Card | 1 per business | Including free express delivery: £49, Replacement for lost/stolen: £39.99 |
ATM Fees | N/A | 2% on all withdrawals |
Expenses App | Per active team member | £5/member |
Payroll App | Per active team member | £3/member |
Physical Cards Limit | 3 per team member | N/A |
Virtual Cards Limit | 200 per team member | N/A |
Monthly Card Spend | Unlimited | N/A |
Monthly Top-Up | Unlimited | N/A |
ATM Withdrawal Limit | £3000 per 24 hrs or equivalent in other currencies | N/A |
Online Card Transactions | Variable & Flat fee applies based on card type and transaction currency (1% for UK consumer cards, 2.8% for other cards) |
Key Features
- Expense Tracking: Monitor expenses in real-time to stay on budget.
- Automated Bulk Payments: Process multiple payments at once to save time.
- Team Permissions: Control account access for different team members.
- Physical and Virtual Cards: Provide employees with secure payment options.
- Low-Cost Transfers: Send money domestically or abroad at competitive rates.
For freelancers, key features include:
- Invoicing: Create and send professional invoices directly from the account.
- Multi-Currency Accounts: Receive and manage payments in different currencies.
- Expense Management: Track, categorize, and report business expenses easily.
Please note that these rates are subject to change at any time by Revolut, so ensure to check their official pricing page to understand all fees.
Revolut Business Cards
Revolut offers physical and virtual debit cards with advanced features:
- Set spending limits and track transactions
- Freeze and unfreeze cards as needed
- Get reminded to submit receipts for easy bookkeeping
- Use virtual cards for secure online payments and subscriptions
- Access competitive rates for transactions in 150 currencies
- Optional metal cards for paid plans to make a professional impression
- 3D Secure and contactless limits to prevent fraud
Revolut Foreign Exchange and Multi-Currency Accounts
Revolut Business excels in managing multiple currencies:
- Exchange 25 currencies at competitive interbank rates
- Schedule exchanges, hold, send, and spend money 24/7
- Automate trades with limit and stop orders
- Get alerts when target exchange rates are met
- Lock in rates for up to 12 months with Forward Contracts
- Receive and send money with borderless account details
Revolut Business Account Integrated Business Tools
Revolut Business offers a suite of tools to streamline operations:
- Analytics: Track spending, visualize data, and monitor trends.
- Expenses: Easily submit, approve, and reimburse expenses.
- Invoices: Create and send professional invoices; track payment status.
- Payroll: Securely batch pay employees with a few clicks.
- Rewards: Access exclusive offers and cashback deals for all business sizes.
These tools reduce manual work and provide valuable insights for decision-making.
Crypto Business Account
Revolut’s innovative Crypto Business Account lets you:
- Buy, hold, and sell Bitcoin and Ether from your business account
- Convert crypto to 25 fiat currencies anytime with no hidden fees
- Get alerts when coin prices reach your desired levels
- Control who can set up crypto transactions or view the portfolio
- Benefit from offline cold storage with trusted custodians for security
This feature offers a way for businesses to explore cryptocurrency markets.
Revolut Business Account Online Payment Solutions
Revolut Business provides flexible options to send, spend, and receive money:
- Accept payments from customers worldwide
- Use Revolut Reader to take contactless payments on your device
- Get paid remotely with secure payment links
- Let customers pay instantly by scanning a QR code
- Send links to get direct invoice payments
- Process online payments 24/7 with Revolut Payment Gateway
These tools make it easy to accept payments in various scenarios.
Revolut Security and Compliance
Revolut Business prioritizes the security of your funds and data:
- Funds are held with trusted banking partners and safeguarded under UK and EU regulations
- Transactions are protected by advanced security features like 3D Secure and customizable limits
- The platform complies with data protection regulations and employs encryption to protect sensitive information
- User-friendly tools are provided to help businesses meet their compliance obligations
With a focus on security and compliance, Revolut Business offers peace of mind for account holders.
Revolut Business Account Integrations and API
Revolut Business supports integrations with popular business tools:
- Connect your account with accounting software like Xero, QuickBooks, and FreeAgent
- Use the Revolut API to automate financial processes and build custom solutions
- Integrate with tools for expense management, payroll, and more
- Benefit from a growing ecosystem of third-party apps and services
These integrations help streamline workflows and save time on manual tasks.
Revolut Business Account Perks and Partner Offers
Revolut Business account holders can access exclusive perks:
- Discounts on business tools and services from Revolut partners
- Cashback on common business expenses like travel, advertising, and software
- Special offers from co-working spaces, marketing agencies, and more
- Perks are available to all account holders, regardless of plan or business size
These partner offers and perks provide additional value for Revolut Business users.
Revolut Business Account Customer Support and Resources
Revolut Business provides multiple channels for support and learning:
- 24/7 in-app chat support for quick assistance
- Dedicated phone support for premium account holders
- Comprehensive online help center with articles and tutorials
- Business community forum to connect with other users and share knowledge
- Regular webinars and events to learn about features and best practices
Whether you need help with a specific issue or want to expand your knowledge, Revolut Business offers support and resources to help you succeed.
Revolut Web App and Mobile Apps
In addition to the feature-rich web app, Revolut Business offers mobile apps for iOS and Android:
- Manage your account, cards, and transactions on the go
- Approve and categorize expenses with a few taps
- Send and request payments from your mobile device
- Get real-time notifications and insights about your business finances
- Benefit from biometric login and other mobile-specific security features
The mobile apps provide a convenient way to stay on top of your business finances from anywhere.
Open API and Revolut for Business Developers
For businesses with more advanced needs, Revolut offers an open API and developer tools:
- Build custom integrations and automate financial workflows
- Access real-time data and insights about your business transactions
- Create custom payment experiences for your customers
- Benefit from a sandbox environment for testing and development
- Get support from the Revolut developer community and documentation
With the open API, businesses can create tailored solutions that fit their unique requirements.
Revolut Business Account User Reviews and Ratings
Revolut Business has received positive reviews from users across various platforms:
- High ratings on app stores for ease of use and functionality
- Positive testimonials from businesses of different sizes and industries
- Praise for the platform’s speed, security, and cost-effectiveness
- Users appreciate the wide range of features and integrations
These user reviews provide social proof of the platform’s value and effectiveness.
Getting Started with Revolut Business
Opening a Revolut Business account is quick and easy:
- Sign up online with your business details and identification
- Choose your plan and complete the verification process
- Order your physical cards and set up your account preferences
- Start managing your business finances and take advantage of the platform’s features
Revolut Business offers a hassle-free way to get started with modern financial management.
The Future of Revolut Business
Revolut Business is constantly evolving to meet the changing needs of businesses:
- Regular updates and new features based on user feedback and industry trends
- Expansion into new markets and currencies to support global business
- Partnerships with leading companies to offer more integrations and perks
- Investment in security and compliance to stay ahead of regulatory requirements
By choosing Revolut Business, you benefit from a platform that adapts to the future of business finance.
Conclusion
In conclusion, Revolut Business is a comprehensive financial management platform that offers a wide range of features and benefits for modern businesses. From multi-currency accounts and expense tracking to open APIs and partner perks, Revolut Business provides the tools and support needed to streamline financial operations and drive growth.
With a focus on security, compliance, and user experience, Revolut Business is well-positioned to meet the evolving needs of businesses in 2024 and beyond. Whether you’re a freelancer, startup, or established company, Revolut Business can help you manage your finances more efficiently and effectively.
To experience the benefits of Revolut Business firsthand, sign up for a free trial of a paid plan and explore the platform’s features. With a dedicated support team and extensive resources, you’ll have everything you need to succeed with Revolut Business.
Take control of your business finances today and join the thousands of companies already benefiting from Revolut Business.
- Multi-Currency Wallets
- Integration with Business Tools
- Expense Management
- Virtual and Physical Cards
- Security
- No Deposit Protection
- Account Freezing
- Customer Service
FAQs about Revolut Business Account
Revolut Business is an advanced, feature-packed financial platform, specifically designed for a wide range of professionals and businesses. These include small to medium-sized enterprises (SMEs), startups, freelance workers, and large organisations. It offers a host of services aimed at making the banking experience easier, more convenient, and efficient.
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Unlock the potential of your business with the right banking partner. Our in-depth guide to the Best Business Bank Accounts showcases top-tier options designed to meet your specific requirements. Explore a range of accounts suitable for businesses of all sizes, and compare key features to find the perfect fit. From seamless integration with accounting software to competitive rates and dedicated support, discover the ideal account to streamline your finances and fuel your business’s growth. Take control of your business banking today and find the account that empowers your success.