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Revolut can offer a quick, simple way to manage your business finances. There is a significant range of features available and a strong set of customer reviews.
If your business often involves foreign transactions, Revolut Business could be especially valuable. For example, having a local account in both sterling and euros could simplify everyday business for companies operating across the UK and EU.
Promotion
Revolut Companies Free
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Monthly FeeFree
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Card Purchase FeesFree
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Bank Transfer FeesFreeLocal transfers: 5 free per month; 20p thereafter | International transfers: £3
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Offern/a
Learn more about how we bring you our review.
Key features
- 24/7 customer serviceRevolut offers 24/7 customer support through its online and in-app chat function
- Free and paid accountsRevolut offers accounts with no monthly fees for both companies and freelancers, alongside a range of paid accounts
- Local accounts in different currenciesYou can immediately set up local accounts in euros and dollars, as well as pound sterling
- Sole traders, limited companies and partnershipsRevolut business accounts are available to a number of business types, including partnerships
Revolut business account pros & cons
Pros
- Revolut offers business accounts for sole traders and companies, with no monthly fees.
- Through its online and in-app chat function, Revolut offers 24/7 customer support.
- Accounts can be accessed online and through Revolut’s mobile app.
- You can hold local accounts in pound sterling, euros and dollars.
Cons
- Since Revolut is an e-money account, your deposits will not be protected by the Financial Services Compensation Scheme (FSCS).
- You cannot deposit cash or cheques into your Revolut business account.
- You cannot manage your account by speaking to someone over the phone or in a branch.
- You cannot access overdraft or credit facilities with your Revolut business account.
The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and Cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.
Revolut business account full review
Launched in 2005, Revolut is a financial services provider that has made its name as a challenger to the traditional banking groups.
While Revolut is not a bank, it is regulated by the Financial Conduct Authority (FCA). This means it is a safe and legitimate option for business banking.
Through the Revolut Business app, businesses can send and receive global and domestic payments, track and approve spending, send invoices and more. The features available will depend on the level of plan you have.
There are seven different Revolut business accounts on offers: four for companies, and three for freelancers and sole traders.
Freelancer
With a Freelancer Revolut business account, the account will be held in your personal name, not the name of your company. This means that bank transfers will display under your name. This means that if you trade under a different name to your personal name, it may be confusing for your clients.
There are three types of Freelancer Revolut account:
- Free: This has no monthly fee and allows five free local payments per month, but no free international payments, no bulk payments, and no business API integrations.
- Professional: This costs £7 a month and has 20 free local payments per month, five free international payments, as well as the ability to integrate business APIs (application programming interfaces), execute bulk payments, and oversee your team’s spending with transfer approvals. It also comes with select business rewards offers.
- Ultimate: This costs £25 a month and has 100 free local payments per month, 10 free international payments, and one free metal bank card. It then shares the same features as the Professional account.
Company
To open a Company Revolut business account, you will need to be fully incorporated and have a valid business registration number.
There are four types of Company Revolut business account:
- Free: This has no monthly fee and five free local payments per month, but no free international payments, no bulk payments, no business API integrations, and no dedicated account manager.
- Grow: This is £25 a month and comes with 100 free local payments, 10 free international payments, one free metal bank card, the ability to make bulk payments, business API integration and select business Rewards offers. However, it does not have a dedicated account manager.
- Scale: This is £100 a month, and has 1,000 free local payments, 50 free international payments, and two free metal bank cards. It then has the same features as the Grow account and does not have a dedicated account manager.
- Enterprise: This is a tailored account for larger businesses, with a custom monthly fee. This means it will have a bespoke number of free local payments, international payments, and metal bank cards. It also has the same features as the Grow and Scale accounts, alongside a dedicated account manager.
Revolut business account features for freelancers and sole traders: at a glance
| Free | Professional | Ultimate | |
| Monthly fee | Free (Free) | £7 a month | £25 a month |
| Transaction fees | Yes (outside of free allowance) | Yes (outside of free allowance) | Yes (outside of free allowance) |
| Account management | OnlineVia a mobile app | OnlineVia a mobile app | OnlineVia a mobile app |
| FSCS protection | No | No | No |
| Set-up time | Potentially same day | Potentially same day | Potentially same day |
| Cash deposits | No | No | No |
| Cheque deposits | No | No | No |
| Access to other banking services | No | No | No |
| International payments | Yes | Yes | Yes |
| Customer service | 24/7 online and in-app chat function | 24/7 online and in-app chat function | 24/7 online and in-app chat function |
| Multiple user access | Yes | Yes | Yes |
| Create and send invoices | Yes | Yes | Yes |
| Integration with accounting software tools | Yes | Yes | Yes |
Where Revolut business account stands out
- International capabilities: With Revolut, you can instantly set up local accounts not only in pound sterling, but in dollars and euros as well. You can also receive, hold and exchange money in more than 30 currencies across the world.
- Sole traders, limited companies and LLPs: Not every business banking service offers accounts to partnerships as well as sole traders and limited companies – Revolut does.
- 24/7 customer support: Revolut offers 24/7 support for its business customers, through its in-app and online chat function.
- Range of accounts: Revolut offers seven different business accounts to suit everyone from new freelancers and established sole traders to companies generating millions of pounds a year.
Where Revolut business account falls short
- FSCS protection: Revolut is an e-money business account, not a fully-registered bank. This means your deposits are not protected under the Financial Services Compensation Scheme. However, with e-money institutions, your e-money will be deposited in a dedicated ‘safeguarding’ account with a bank, invested in low-risk assets approved by the regulator, or sometimes through an insurance policy, to protect your money if an e-money company, like Revolut, fails.
- No branch access: Revolut is an online-only service. This means that you won’t be able to visit your local branch to make transactions or seek support.
- Cash and cheques: You cannot deposit cash or cheques into your Revolut business account, which is a common feature of most traditional business bank accounts.
- Charities, public sector organisations: Revolut currently doesn’t offer accounts to charities, public sector organisations, private foundations and trusts, and co-operatives.
Revolut business account customer reviews
Revolut customers have left reviews on a range of sites. Generally, these reviews are positive.
It’s worth remembering that some of these reviews are from all Revolut customers, not just its business banking customers.
- App Store: 4.9 out of 5, based on over 17,000 reviews
- Google Play: 4.5 out of 5, based on over 15,300 reviews
- Trustpilot: 4.3 out of 5, based on over 131,000 reviews
This information is correct as of 3 May 2023.
Revolut business account eligibility
Revolut business accounts are only available to the following types of businesses:
- freelancers and sole traders
- private limited companies
- public limited companies
- limited liability partnerships
- partnerships
You and your business will also need to be based in the UK.
Certain industries will not be able to open a Revolut business account. The full list can be found here.
How to apply for a Revolut business account
In order to apply for a Revolut business account, you will likely need to complete the following steps:
- Fill out a short online form. Revolut claims this should only take around 10 minutes.
- You will need to supply Revolut with the required documentation. This may include confirmation of your business’s operating address, a short description of what your business does, verification of your identity, and which business account plan you want to open. If you are looking to open a Company account, you will also need to share your basic incorporation details, and information about the shareholders and directors of your business.
- Once all that is submitted, you will join a review queue. It may take up to 24 hours for your application to be reviewed. Revolut may be in contact to ask for further information.
Review methodology
At NerdWallet Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.
You can view our review methodology here.
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