Revolut Business Account

Revolut is an online business account already used by over 50 million individuals and businesses worldwide, including 10 million people in the UK. The platform launched in 2015 and has been backed by well-known investors throughout Europe. Business customers can monitor and manage their accounts 24/7 on the Revolut app and desktop site.

Revolut Business Services

Current Accounts

A Revolut current account shows a clear summary of all your earnings and outgoings, as well as upcoming payments. Business customers and their team can also use pre-paid Revolut MasterCards, with all spending activity easily trackable on the app.

Their Basic account is now free (£0/month). This is a handy account for businesses trading in different countries. You can receive and exchange 25+ currencies without paying hidden fees, and spend in 150 different currencies too. With this account, you receive 1 plastic card but you can have up to 200 virtual cards for other authorised persons.

The Basic account allows unlimited instant transfers and up to 5 local transfers in GBP, EUR, or CHF per month. Additional local transfers cost just £0.20 per transaction.

If you do business in other countries, international transfers cost just £5 per transaction. If you need to receive money from the United States, you can expect to pay a fee of £8 per Fedwire transfer. Guaranteed SWIFT (OUR) and Automated Clearing House (ACH) transfers are also possible.

Revolut also offers payment processing services. The costs vary according to how the payment is made (i.e., online or in person), the type of card the customer uses, and the currency. You can get the lowest payment processing fee by using Revolut Pay for in-store transactions, which will cost you 0.5% of the transaction value plus a flat fee of £0.02.

For online transactions, a customer purchasing something from you costs 1% of the transaction value (for customers using a UK Mastercard or Visa) plus a flat fee of £0.20. If a customer pays with Amex or another type of card, the fees range from 1.7% to 2.8% plus the flat fee of £0.20 per transaction.

The fees for in-person card transactions using a Revolut Reader or Terminal start at 0.8% of the transaction fee (for UK Visa and Mastercard holders) plus a flat fee of £0.02 per payment. As above, the fees for Amex and other card users are higher.

Business owners who need to manage employee expenses and payroll can do so easily through Revolut, even with the Basic account. Payroll management costs £3 per active user, whilst expense management tools cost £5 per active member.

Revolut also offers a range of paid business accounts, ranging from the Grow account (£19/month) to the Scale plan which costs £79 per month. Bespoke enterprise plans are also available, but you’ll need to contact an advisor to get pricing based on your particular needs.

Both the Grow and Scale accounts have many of the same features as the Basic account, but with more generous terms. For instance, Basic account holders can only exchange up to £1,000 per month at the interbank rate, whilst Grow and Scale accounts can exchange up to £10,000 and £50,000 per month at the interbank rate, respectively.

Grow accounts receive up to 5 no-fee international transfers per month, and up to 100 local transfers in either British pounds, Euros, or Swiss francs.

Scale users get up to 25 free international transfers per month and as many as 1,000 free local transfers in GBP, EUR, or CHF.

Upgrading to a Grow or Scale account also gives you access to more sophisticated management tools, including expense management and approval, invoice payment integration, and analytics tools so you can better understand cashflow patterns over time.

Revolut syncs with popular business account and task management tools, including Sage, Slack, Xero, and Zoho.

Crucially, Grow, Scale, and Enterprise accounts also come with savings accounts which are not offered under the Basic Plan.

Savings Accounts

Revolut offers business savings accounts for Grow, Scale, and Enterprise accounts. With a Revolut savings account, interest is paid on a daily basis and users can withdraw funds at any time.

The company offers different interest rates depending on the type of account you have. Currently, Grow account holders benefit from a 2.25% interest rate. If you have a Scale account, you’ll receive 2.75% in interest per day. Enterprise account holders receive the most generous rate, which is 3.51%.

Overdrafts

Unavailable.

Business Finance and Loans

Unavailable.

Revolut Reviews and Ratings

Revolut has a lot of reviews on Trustpilot – over 172,000 with 75% rate the app and service 5/5. Users are particularly impressed with how easy it is to use and how transparent the fees are. Smart Money People reviewers give it 4.89 out of 5, and they love how easy it is to spend abroad and the cheap monthly fee.

There are far fewer reviews on Reviews.io, and they’re much lower-rated. Some have found it difficult to get through to a real person in customer services, and that payments have been blocked without warning or reason. These comments are few and far between though, compared to the thousands of happy reviewers across other review sites.

Revolut is on the Which? list of Best Banks for 2024, with a customer satisfaction score of 81%. This makes Revolut the 6th best-ranked bank by Which?, out of a total of 20 banks.

Going forward, Revolut has announced that it plans to launch business credit products in Europe and to continue offering competitive interest rates through its business savings accounts.

The company also intends to launch Revolut-branded ATMs in Spain in 2025, and to integrate AI into the Revolut app to steer users “towards smarter money habits, enhanced financial decision-making and streamlined admin.”

Trustpilot – 4.3/5 (based on 172,681 reviews)
Smart Money People – 4.89/5 (based on 38,176 reviews)
Which? – 81% positive customer score
Reviews.io – 1.3/5 (based on 816 reviews)

Pros

• Great for cheap foreign transfers.
• Simple and convenient account management.
• Excellent reviews on Trustpilot.

Cons

• Still a relatively new service – potentially less stability than a conventional bank.
• Can be expensive for larger businesses in need of extra account features.
• No credit or overdraft products are available yet.

Website: Revolut Business Account

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