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.
Revolut Free Business Account
Free
Free
5 free per month
n/a
- Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
- Currently available for companies registered in and with a physical presence within the European Economic Area (EEA) and Switzerland, US and AU
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
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 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.
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.
Revolut Pro for freelancers
The Revolut Pro account gives self-employed users of the Revolut retail app whose company is not incorporated – such as freelancers, sole traders, and gig workers – a way to accept payments and to manage income and expenses.
Your Pro account is managed via the Revolut retail app, but it comes with its own debit card and your transactions are kept separate from your personal transactions.
There are five types of Revolut Pro account:
- Standard: With no monthly fee, this includes free local payments and the ability to make international transfers in over 29 currencies. There is a currency exchange limit of up to £1,000 per month.
- Plus: For £3.99 per month, you’ll receive Everything from standard plus a free additional debit card and an increased currency exchange limit of £3,000 per month.
- Premium: Pay £7.99 per month and get 20% off fees and no limits on international transfers, advanced security and priority support, partnership subscriptions at no extra cost.
- Metal: At £14.99 per month, it includes 40% off fees and no limits on international transfers, as well as top-tier partnership subscriptions worth £1,945 annually.
- Ultra: With a £45 per month introductory offer, Pro includes exclusive lifestyle benefits worth over £4,000 per year, a platinum-plated card, and global data access in over 100 countries.
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:
- Basic: 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 £19 a month and comes with 100 free local payments, five 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 £79 a month, and has 1,000 free local payments, 25 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 Visa 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
| Pro | Free | Professional | Ultimate | |
| Monthly fee | £0-£45 (depending on plan) | £0 a month | £7 a month | £25 a month |
| Transaction fees | Yes | Yes (outside of free allowance) | Yes (outside of free allowance) | Yes (outside of free allowance) |
| Account management | Via a mobile app | OnlineVia a mobile app | OnlineVia a mobile app | OnlineVia a mobile app |
| FSCS protection | No | No | No | No |
| Set-up time | Potentially same day (must have a Revolut personal account) | Potentially same day | Potentially same day | Potentially same day |
| Cash deposits | Yes (via personal account) | No | No | No |
| Cheque deposits | No | No | No | No |
| Access to other banking services | No | No | No | No |
| International payments | Yes | Yes | Yes | Yes |
| Customer service | 24/7 in-app chat function | 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 | Yes |
| Create and send invoices | Yes | Yes | Yes | Yes |
| Integration with accounting software tools | No | Yes | Yes | Yes |
Fees may apply depending on plan type and limits. For full details refer to Revolut T&C’s.
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: Revolut offers accounts to partnerships as well as sole traders and limited companies – not every business banking service 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 five different business accounts to suit everyone from new freelancers 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 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 account customers.
- App Store: 4.9 out of 5, based on over 36,200 reviews
- Google Play: 4.2 out of 5, based on over 26,600 reviews
- Trustpilot: 4.3 out of 5, based on over 171,600 reviews
This information is correct as of 4 December 2024.
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
Revolut business accounts are available to sole traders registered in and with a physical presence in a number of nations. These include the United Kingdom, the United States, Australia and much of Europe. The full list can be found at Revolut.com.
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
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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 there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.
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