Revolut Business Account Review
Revolut launched in 2014. They offer a range of business accounts that are suitable for various types of freelancer or companies. You can compare their products in our comparison table, or read on for a full review of Revolut Business Accounts.
Compare Revolut Business Bank Accounts
Revolut Business Account Review
Revolut is a financial services provider launched in 2015 that has made its name as a challenger to the traditional banking groups.
It aims to simplify all aspects of banking into one app, without a physical bank branch. This approach can improve the banking process for some businesses by creating a user-friendly, efficient and speedy online-only experience. However, those businesses that rely on cash deposits and in-person support may be better suited to using a traditional bank.
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 is not a bank, but is regulated by the Financial Conduct Authority (FCA). This means it is a safe and legitimate option for business banking.
Here, we analyse what the Revolut Business account has to offer and compare its features to other digital business accounts on the market.
Pros and cons of Revolut Business account
Pros of Revolut Business account
- local accounts in pound sterling and euros
- up to 200 virtual debit cards and three plastic cards per person on all plans
- dedicated mobile app for Revolut Business (track spending and record receipts)
- sync with accounting software, such as Xero QuickBooks and Sage
- fast, 10-minute application
- fee-free option
- receive, hold and exchange funds in over 30 currencies
- 24/7 support
Cons of Revolut Business account
- no physical bank (or staff you can talk to in person)
- no cash paying-in facilities
- no cheque deposits
- 2% ATM withdrawal fee
- limited fee-free payments
- no overdrafts or credit available
What plans does Revolut Business offer?
Revolut Business offers customers three fixed plans, plus the option to customise a plan for their business. The features available grow with each plan, though the less comprehensive plans still allow customers to access certain features for a fee.
As well as a free account, Revolut offers two paid-for accounts – Grow and Scale – each with differing options and monthly fees. There is also a Custom Enterprise option, which is priced based on the features you select.
What are the Revolut Business account fees?
For businesses looking for a free account, Revolut Business does offer an option without a monthly fee.
The two chargeable options are the Grow account for £25 a month and the Scale account for £100 a month. There is also a customisable option.
What features does Revolut Business offer customers?
A Revolut Business account includes a variety of features essential to the running of any business. You will likely find these are basic components of most business accounts on the market. You can withdraw cash, make and receive payments, and keep track of your money.
Alongside these basic features, a Revolut Business account also includes additional services to help businesses keep on top of their finances. These include:
- dedicated mobile app for Revolut Business customers
- local accounts in pound sterling and euros
- receive, hold and exchange funds in over 30 currencies
- track spending in app
- approve payments in app
- issues physical and virtual cards
- issues up to 200 virtual cards per team member
- syncs with business services such as Slack
- records receipts in app
- withdraw cash
- card payment integration through a merchant account
How does Revolut Business compare to other digital banks?
The table below shows how Revolut Business compares to other digital business account providers.
| Tide | Starling | Cashplus | CountingUp | Mettle | Anna | Revolut | Card One Money | Acorn | Fair Everywhere | Monzo | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FCA regulated | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| FSCS protection | Yes (with ClearBank) | Yes | Yes | No | No | No | No | No | No | No | Yes |
| Licensed bank | No | Yes | Yes | No | No | No | No | No | No | No | Yes |
| Free UK transfers | No (20p per transfer) | Yes | Yes (with limits) | No (30p per transfer) | Yes | Yes (with paid plans, limits apply) | Yes (with limits) | No | No | No | Yes |
| Cash deposits | Yes (for a fee) | Yes (0.7% fee, min £3) | Yes (0.5% fee) | Yes (for a fee) | Yes | Yes (1% fee may apply) | No | Yes (for a fee) | Yes (for a fee) | Yes | Yes (£1 fee) |
| Free ATM withdrawals | No (£1 fee) | Yes | No (fees apply) | No (£1 fee) | Yes | Yes (with paid plans, limits apply) | No (2% fee) | No (£1.50 fee) | No (£1.50 fee) | No (£1.50 fee) | Yes |
| Integration with accounting software | Yes | Yes | Yes | Yes (built-in) | Yes | Yes | Yes | Yes | No | Coming soon | Yes (with paid account) |
| International transfers | No | Yes | Inbound only | Yes (through a partner) | No | Yes (through a partner) | Yes | Yes | Yes | Yes | Outbound only |
| Create and send invoices | Yes (for a fee) | Yes (for a fee) | No | Yes | Yes | Yes | Yes | No | No | No | Yes (with paid account) |
Source: NerdWallet, November 2022
What do Revolut customer reviews say?
Although customer reviews are not always an accurate prediction of what any individual experience with a company might be, it can still be a good way to gauge a business more generally.
If you are looking to judge Revolut Business on the testimony of their users, you will find plenty of positive reviews online:
Trustpilot: 4.3 out of 5, based on over 121,000 reviews, with 75% rating it as ‘5-star’.
Apple Store: 4.8 out of 5, based on 13,800 reviews.
Google Play: 4.5 out of 5, based on over 13,300 reviews.
This information was correct as of 2 December 2022.
Conclusion
Revolut can be a simple, quick 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. Having a local account in both sterling and euros would simplify everyday business for many companies, as would the ability to receive, hold and exchange funds in more than 30 currencies.
Revolut Business also simplifies expenses, spending approvals and other everyday tasks by incorporating the processes into the app. You may also find its ability to sync with other business services useful.
But while these features are certainly a great bonus for many companies, you should be aware of the cost. Be sure to pick the right tier for your business by considering which features you would regularly use and how much you might end up paying in additional fees. Also bear in mind that Revolut is not a bank, so if your company relies on cheques or cash transactions, there will be more suitable options out there.
Revolut Business Account FAQs
What is Revolut Business banking?
Revolut Business banking is the digital banking platform’s business product.
Revolut was founded in 2015 as part of a growing industry of challenger banks. These companies attempt to cut out the perceived inefficiencies and costs of traditional banking, often by operating online only.
Many challenger banks, including Revolut, do not offer services commonly associated with banks, such as cash and cheque deposits, in favour of focusing on how the banking process can be simplified using technology.
Is Revolut a bank?
Revolut is not currently registered as a bank in the UK because it does not have a UK banking licence.
In the UK, Revolut is considered an electronic money (e-money) institution so it is still regulated by the FCA.
Revolut intends to obtain a UK banking licence, so it may become a fully-fledged bank.
Is my money safe with Revolut?
Revolut is regulated by the FCA, which means it must take certain steps to protect customers’ funds. This includes safeguarding your money at registered banks.
As Revolut is not a registered bank, you would not be covered directly by the Financial Services Compensation Scheme (FSCS) if Revolut were to go bust.
Instead, the money you send Revolut is held in a dedicated client money bank account at a registered bank. The money would be safe in those external accounts as they are separate from Revolut’s own finances.
The Revolut Business app also contains a series of security features, such as two-factor authentication. Card payments are protected by the company providing the card.
How does a Revolut Business account work?
You can open a Revolut Business account online, as there are no physical branches.
Once your account is open, you can use it like any other. Make payments, receive payments, use your card and explore the extra features of the account and the app.
How does the Revolut Business login work?
Logging into your Revolut Business account involves generating a code through the app, which is sent to you via SMS. You must enter this code to log in.
This extra level of authentication can make a big difference to the security of your account.
Does the Revolut Business have an app?
The Revolut Business app is available in Google Play and the Apple App Store. It is free to download and is a critical tool in creating an account and accessing its features.
You will need to use the app to operate almost every basic feature of your Revolut Business account. It can also be used to track spending, sync with business services and record receipts.
Revolut offers different apps for business and personal banking, so make sure you download the correct one.
Does Revolut offer traditional support?
If there is an issue with your Revolut Business account, you should contact their support team. You can access support services 24 hours a day, seven days a week.
Revolut Business support can be accessed through the app and website. It is a web chat-only system, so you will not be able to speak to someone over the phone or have a face-to-face meeting.
However, if you are on the Scale or Enterprise plans, you can schedule a support call with your Relationship Manager.
How can I open a Revolut Business account?
You can apply for a Revolut Business account by filling out a short online form. Revolut claims this should only take 10 minutes.
Revolut may contact you to request further details about your application. The length of time the entire application takes will depend upon the complexity of your business and how easily you are able to provide certain documents, such as proof of your operating address and the nature of your business.
Services offered by this provider may change over time. Always check Ts&Cs.
