Revolut has had a strong 2019 so far. The challenger bank topped the list of best startups in a recent poll. This success is in no small part thanks to their refreshing take on both business and personal banking. Revolut recently expanded their offering to include a free business account, giving the company even greater appeal. We take a detailed look at the company in our full review of the Revolut business account.
Quick look – pros & cons
Here’s a quick glimpse of everything we liked and disliked
about Revolut’s new and improved business offering. We go into further details,
Quick and easy to get set up with a functional
A range of price points, allowing you to choose
a service that’s right for you.
A handy mobile app that’s packed full of
features for helping you manage your money.
Competitive rates on international currencies
Most of the essential features only come with
the paid accounts. The free one is limited.
ATM transactions are charged.
The account doesn’t accept cash deposits.
Overall, there are plenty of positives that we liked about
the service. The negatives really depend on the type of business transactions
that you make.
What is Revolut for Business?
Revolut is a fintech firm founded in July 2015. They’ve
grown to become one of the biggest startups in this sector, with over 6 million
customers worldwide. They offer banking services as well as currency exchange,
both of which use the Revolut app. The company has brought innovation to the
financial industry, providing quick and easy ways to get started with a
business or personal account.
Revolut for Business is a ‘business account platform for domestic and international payments, designed to save you time and money.’
Business users have a choice between a few different options when it comes to Revolut products. However, as stated on the website, Revolut for Business is a ‘business account platform for domestic and international payments, designed to save you time and money.’
How does Revolut Business work?
Like many challenger banks, Revolut uses a phone or tablet
app in conjunction with a Mastercard to deliver a powerful banking experience. There
are options for both freelancers and businesses of all sizes, from small
startups to larger organisations.
Sign up is typically a fairly straightforward process. You
need a business email address and details of your company, and you can sign up
in minutes using the app. There’s no contract, and you can cancel at any time.
The app has several functions that allow you to manage your
money. This includes account overviews, including your balance across 28
different currencies. You can also view employee spending across Revolut’s
The app has several functions that allow you to manage your money. This includes account overviews, including your balance across 28 different currencies.
There are four tiers of account for businesses and two for
freelancers, giving you the choice to select one that suits your needs. They
range in terms of costs and scale, although the company recently announced a
new tier of free accounts, giving even broader appeal to the service. Paid
services are charged monthly, and you can change your plan or cancel the
service at any point.
What features does Revolut Business have?
There are a lot of features you can potentially benefit from
with a Revolut for Business account or freelancer account. The ones you’ll get
depend largely on how much you pay for the service. However, there are some
basic features that are common to all tiers Revolut offers:
payments to Revolut accounts. You can make unlimited, free payments to
other Revolut accounts. This applies to all levels of their service.
team members. You can add access and corporate cards for other users. This
ranges from two to unlimited, depending on the service you choose.
local transfers. The account offers between five and unlimited monthly
transactions through local accounts.
exchange currencies. You can select from 28 different currencies, and have
local accounts in both GBP and EUR.
prepaid debit cards. These can be used for business expenses and ATM
Higher, paid tiers of the service also benefit from the
priority support. You can get dedicated support at any time of the day.
international transfers. Ranging from 10 to unlimited per month.
allowance on real-rate foreign exchange. Get the same rate the banks do,
ranging from £10k per month to unlimited.
All of these features, and more, aim to make your accounting
and financial affairs quick and easy.
What are the fees for using Revolut Business?
Like most services in this sector, the better features come
at a cost. However, the free accounts for business and freelancers still
provide a good level of services for those just starting out. Once you’ve
established yourself though, you’ll need to pay for access to the better
The current price structure for accounts is as follows:
Account. As the name suggests, £0 per month with some features.
Account. The first paid tier costs £25 per month and gives considerably
more features than the free offering.
Account. For more developed companies, the £100 monthly fee provides a lot
of scale for growth.
Account. For larger companies, a £1000 monthly fee gives you unlimited
access to all the best features Revolut has to offer.
For the freelancer accounts:
Account. This basic offering gives a modest set of features if all you’re
doing is moving money in and out of the account.
Account. For more established freelancers, the £7 monthly fee could save
you a fair amount on other fees, particularly for international transfers.
Other fees also apply once you go above the threshold of your monthly allowance:
Additional team members cost £5 each.
Local transfers cost £0.2 per transactions.
International transactions cost £3.
Foreign exchange transactions cost 0.4% of the
Who is Revolut Business for?
The beauty of the Revolut for Business account is that it
scales based on the size of your company. The four tiers offer a diverse set of
features to match the budgets of startups and small and medium-sized
enterprises. The fact they also have freelancer accounts adds another dimension
to Revolut’s service.
The beauty of the Revolut for Business account is that it scales based on the size of your company.
If you’re looking for a banking app that’s easy to set up
and simple to use, there are few better services on offer at the moment.
Currently, it’s not quite the complete solution, as features like business
loans, overdrafts, payroll and expense management have yet to be added.
However, all of these functions are on the roadmap for the coming months. Once
they include these features, Revolut could be among the market leaders for
What are the drawbacks of using Revolut Business?
Good as it is, Revolut’s service isn’t perfect. There are,
like with any fintech provider, a few problems. The extent to which they affect
you depends somewhat on what you plan on using the account for.
One of our biggest issues is that the free account doesn’t really give you much when it comes to transaction thresholds.
One of our biggest issues is that the free account doesn’t
really give you much when it comes to transaction thresholds. Five free local
transfers seems quite limiting, particularly with a £0.2 charge on every
subsequent one. If you plan on making international transfers, then things are
even worse. Even for the £25 per month option, you only get 10. So, if you deal
with international clients a lot, it could end up costing you.
There’s also no option to deposit cash into your account.
Again, cash-based businesses will likely want to look elsewhere for their
How safe is Revolut Business?
Safety is a top priority for Revolut, whether it’s for their
business or personal accounts. Their website is secure and encrypted, and the
app uses all of the security features we’ve come to expect from such
In terms of your money, Revolut keeps funds in ring-fenced
accounts at Lloyds and Barclays. This means your capital is safe at all times.
If for any reason (unlikely as it seems) your funds are compromised, Revolut
follows FCA, EMR and Payment Services Regulations. As a result, your funds are
guaranteed, even if Revolut goes under.
Revolut Business verdict
Overall, we’re very impressed with what Revolut has to offer
on the business side of things. Particularly with the addition of the free
accounts, it now seems to cater to just about every startup and SME. The app is
simple to use and is full of features, and we particularly like how fast it is
to get started with everything.
Overall, we’re very impressed with what Revolut has to offer on the business side of things. Particularly with the addition of the free accounts…
It’s not quite perfect – some of the limitations on free
transactions mean that it could be expensive, particularly if you deal with overseas
clients a lot. However, if you can overlook these issues, then there are few
better accounts on the market right now.
With a clear route of expansion in mind, Revolut could easily become the new standard in convenient business banking in the near future.