Revolut Business offers a global online business account with features designed to save money on transfers, payments, and foreign exchange
The key benefit, for most users, is the account’s ability to exchange money in over 30 currencies at interbank rates, but there are loads of other benefits, including fixed future FX rates, centralised team spending and smart invoicing.
We’ll explore the pros and cons of Revolut for business, covering their features, eligibility requirements, security, and reviews. We’ll also explain their account charges in detail.
Our goal is to give you the most comprehensive information possible to decide if Revolut is the right choice for you. Click straight into the set-up process below if you’re ready to open your Revolut account, or continue researching below.
- Our verdict
- Eligibility
- How to Choose the Right Revolut Account?
- Pricing
- Accounts for Freelancers
- Pros and Cons
- Who is Revolut Bank?
- Account Features
- How Easy is it to Open an Account?
- The Revolut Business Debit Card
- Is Revolut Business Safe?
- International payments
- Revolut mobile app review
- Cryptocurrency
- Customer Reviews and Ratings
- Alternatives to Revolut Business
- FAQs about Revolut Business
- Ecommerce – Easy integration with Ecommerce via Apps and Plugins
- International payments – Send and receive money from 200 countries
- Block cards or set accounting limits with a tap
- Available for Limited Companies Only
- Accounts do not support cash or cheque deposit
Revolut Business Account Review: My Verdict
Revolut’s multi-currency account, commission-free currency exchange, and fee-free ATM withdrawals make it our top choice for businesses operating internationally.
REASONS TO SIGN UP
- The best Multi-currency account for business – You can receive, hold and exchange money in 30+ currencies worldwide with no hidden fees.
- Set fixed future Forex rates online – Book, view, and manage your contracts in the web app; Lock in your exchange rates up to 6 months in advance.
- The best bank for Cryptocurrency – Buy, hold and sell Bitcoin and Ether directly via web and mobile apps with 30+ fiat currencies, 24/7
- Purchase Business Insurance Through the APP
- A range of exclusive discounts and rewards on related financial products
REASONS TO AVOID
- You can’t deposit cash
- £3,000 daily withdrawal limit
- There is no overdraft available at the time of writing this review
- No FCSC protection since it’s not a bank yet
Is My Business Eligible?
Here is a list of the criteria for opening a Revolut Business account:
- You must operate as a Limited Company, Public Limited Company, Limited Liability Partnership, Limited Partnership, or Partnership. Individuals can sign up for a freelancer account.
- You must provide personal and business information, including your name, email address, date of birth, phone number, business name, and business address.
- You’ll need to supply a description of what your business does and how you intend to use the account.
- Your business must be based in an eligible country*.
* Revolut Business is available for companies and sole traders registered and physically present in the following countries and territories: Aland Islands, Australia, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Guernsey, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mayotte, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, and the United States.
Who cannot use Revolut?
Below is a short list of those who cannot use Revolut.
- Your business must not be engaged in any illegal activities.
- Revolut doesn’t support business accounts for the Public sector, Charity, Private foundations or trusts, or Cooperatives.
- Anyone who resides outside of the eligible countries*.
How to Choose the Right Revolut Business Bank Account?
There are four Revolut accounts designed for companies: the Free account, Grow account, Scale account and Enterprise account. There are also three accounts that are designed for Freelancers; click here if you wish to jump to the freelance section.
You can use our detailed comparison tables below to help you with your decision-making process. All features, costs and account details are accurate at the point of writing this article.
Revolut Business Accounts Pricing
| Costs for Company Accounts and Cards | Free | Grow | Scale | Enterprise |
|---|---|---|---|---|
| Monthly Account Cost Save up to 21% – 24% on annual Grow & Scale plans | Free | From £19/month | From £79/month | Custom |
| Metal Cards Additional £49 for every metal card outside of the free allowance | ✖ | 1 Free | 2 Free | Custom |
| Plastic Cards Cards can have individual limits for your allocated staff members | ✔ | ✔ | ✔ | ✔ |
| Virtual Company Cards Online cards add an additional element of security | ✔ | ✔ | ✔ | ✔ |
| Get Free | Get Grow | Get Scale | Get Enterprise |
| Transfers and Exchange for Company Revolut Accounts | Free | Grow | Scale | Enterprise |
|---|---|---|---|---|
| Free International Payments A £3 fee is applicable per international payment outside of the free allowance. Weekend and rare currencies mark-up fees apply. | ✖ | 10 | 50 | Custom |
| Free Local Payments A £0.20 fee applies per local payment outside the free allowance. | 5 | 100 | 1,000 | Custom |
| Foreign Exchange at the Interbank Rate Up to 0.4% mark-up applies for FX outside the free allowance. | ✖ | £10,000 | £50,000 | Custom |
| Crypto Exchange | 1.99% fee | 0.99% fee | 0.99% fee | 0.99% fee |
| Bulk Payments | ✖ | ✔ | ✔ | ✔ |
| Spend Like a Local in 150 Currencies | ✔ | ✔ | ✔ | ✔ |
| Hold and Exchange 30 Currencies | ✔ | ✔ | ✔ | ✔ |
| Free Transfers to Revolut Accounts | ✔ | ✔ | ✔ | ✔ |
| Local Accounts in GBP and EUR | ✔ | ✔ | ✔ | ✔ |
| Get Free | Get Grow | Get Scale | Get Enterprise |
| Accept Payments Online with Revolut’s Company Accounts | Free | Grow | Scale | Enterprise |
|---|---|---|---|---|
| UK Consumer Cards | 1% + £0.20 | 1% + £0.20 | 1% + £0.2 | Custom |
| International and Commercial Cards | 2.8% + £0.20 | 2.8% + £0.20 | 2.8% + £0.20 | Custom |
| Revolut Pay | 1% + £0.20 | 1% + £0.20 | 1% + £0.20 | Custom |
| Easy Bank Transfers Fees will never exceed £1 per transaction. | 1% + £0.20 | 1% + £0.20 | 1% + £0.20 | Custom |
| Create and Track Your Invoices | ✔ | ✔ | ✔ | ✔ |
| Accept Payments on Your Website | ✔ | ✔ | ✔ | ✔ |
| Request Payments with Shareable Links | ✔ | ✔ | ✔ | ✔ |
| Get Free | Get Grow | Get Scale | Get Enterprise |
| Accept Payments in-Person with the Company Accounts | Free | Grow | Scale | Enterprise |
|---|---|---|---|---|
| UK Consumer Cards | 0.8% + £0.02 | 0.8% + £0.02 | 0.8% + £0.02 | Custom |
| International and Commercial Cards | 2.6% + £0.02 | 2.6% + £0.02 | 2.6% + £0.02 | Custom |
| Get Free | Get Grow | Get Scale | Get Enterprise |
| Company Accounts’ Team Management | Free | Grow | Scale | Enterprise |
|---|---|---|---|---|
| Invite Unlimited Team Members | ✔ | ✔ | ✔ | ✔ |
| Team Member Permissions | ✔ | ✔ | ✔ | ✔ |
| Get Free | Get Grow | Get Scale | Get Enterprise |
| Revolut Company Accounts’ Spend Management | Free | Grow | Scale | Enterprise |
|---|---|---|---|---|
| Transfer Approval | ✖ | ✔ | ✔ | ✔ |
| Manage Your Staff’s Expenses Add members for £5 per month | ✔ | ✔ | ✔ | ✔ |
| Get Free | Get Grow | Get Scale | Get Enterprise |
| Additional Features for Revolut Company Accounts | Free | Grow | Scale | Enterprise |
|---|---|---|---|---|
| Dedicated Account Manager | ✖ | ✖ | ✖ | ✔ |
| 24/7 Support | ✔ | ✔ | ✔ | ✔ |
| Rewards | ✖ | ✔ | ✔ | ✔ |
| Business API Integrations | ✖ | ✔ | ✔ | ✔ |
| Manage Your Staff’s Payroll Add members for £3 per month | ✔ | ✔ | ✔ | ✔ |
| Connect Your Company’s Apps Xero, Slack, Quickbooks and more. | ✔ | ✔ | ✔ | ✔ |
| Get Free | Get Grow | Get Scale | Get Enterprise |
Revolut Business Accounts for Freelancers
The Revolut Freelancer accounts are aimed at self-employed individuals, contractors, and sole traders. There are three accounts for Freelancers at the point of writing this article, and they are set out in the tables below.
As with the accounts that are aimed at companies that are not Freelancers, the Free account is the basic plan, and the Professional and Ultimate accounts have more features, respectively.
| Costs for Freelancer Accounts and Cards | Freelancer Free | Freelancer Professional | Freelancer Ultimate |
|---|---|---|---|
| Monthly Account Cost Save up to 24% – 29% on annual Ultimate & Professional plans, respectively. | Free | £7 | £25 |
| Metal Cards Additional £49 for every metal card outside of the free allowance | ✖ | 0 Free | 1 Free |
| Plastic Cards Cards can have individual limits for your allocated staff members | ✔ | ✔ | ✔ |
| Virtual Company Cards Online cards add an additional element of security | ✔ | ✔ | ✔ |
| Get Freelancer Free | Get Freelancer Professional | Get Freelancer Ultimate |
| Transfers and Exchange for Freelancer Revolut Accounts | Freelancer Free | Freelancer Professional | Freelancer Ultimate |
|---|---|---|---|
| Free International Payments A £3 fee is applicable per international payment outside of the free allowance. Weekend and rare currency mark-up fees apply. | 0 | 0 | 5 |
| Free Local Payments A £0.20 fee applies per local payment outside the free allowance. | 5 | 20 | 100 |
| Foreign Exchange at the Interbank Rate Up to 0.4% markup applies for FX outside the free allowance. | £0 | £5,000 | £10,000 |
| Bulk Payments | ✖ | ✔ | ✔ |
| Spend Like a Local in 150 Currencies | ✔ | ✔ | ✔ |
| Hold and Exchange 30 Currencies | ✔ | ✔ | ✔ |
| Free Transfers to Revolut Accounts | ✔ | ✔ | ✔ |
| Local Accounts in GBP and EUR | ✔ | ✔ | ✔ |
| Get Freelancer Free | Get Freelancer Professional | Get Freelancer Ultimate |
| Accept Payments Online with Revolut’s Freelancer Accounts | Freelancer Free | Freelancer Professional | Freelancer Ultimate |
|---|---|---|---|
| UK Consumer Cards | 1% + £0.20 | 1% + £0.20 | 1% + £0.2 |
| International and Commercial Cards | 2.8% + £0.20 | 2.8% + £0.20 | 2.8% + £0.20 |
| Revolut Pay | 1% + £0.20 | 1% + £0.20 | 1% + £0.20 |
| Easy Bank Transfers Fees will never exceed £1 per transaction. | 1% + £0.20 | 1% + £0.20 | 1% + £0.20 |
| Create and Track Your Invoices | ✔ | ✔ | ✔ |
| Accept Payments on Your Website | ✔ | ✔ | ✔ |
| Request Payments with Shareable Links | ✔ | ✔ | ✔ |
| Get Freelancer Free | Get Freelancer Professional | Get Freelancer Ultimate |
| Accept Payments in-Person with the Freelancer Accounts | Freelancer Free | Freelancer Professional | Freelancer Ultimate |
|---|---|---|---|
| UK Consumer Cards | 0.8% + £0.02 | 0.8% + £0.02 | 0.8% + £0.02 |
| International and Commercial Cards | 2.6% + £0.02 | 2.6% + £0.02 | 2.6% + £0.02 |
| Get Freelancer Free | Get Freelancer Professional | Get Freelancer Ultimate |
| Freelancer Accounts’ Team Management | Freelancer Free | Freelancer Professional | Freelancer Ultimate |
|---|---|---|---|
| Invite Unlimited Team Members | ✔ | ✔ | ✔ |
| Team Member Permissions | ✔ | ✔ | ✔ |
| Get Freelancer Free | Get Freelancer Professional | Get Freelancer Ultimate |
| Revolut Freelancer Accounts’ Spend Management | Freelancer Free | Freelancer Professional | Freelancer Ultimate |
|---|---|---|---|
| Transfer Approval | ✖ | ✔ | ✔ |
| Manage Your Staff’s Expenses Add members for £5 per month | ✔ | ✔ | ✔ |
| Get Freelancer Free | Get Freelancer Professional | Get Freelancer Ultimate |
| Additional Features for Revolut Freelancer Accounts | Freelancer Free | Freelancer Professional | Freelancer Ultimate |
|---|---|---|---|
| Access on the Web or via the App | ✔ | ✔ | ✔ |
| 24/7 Support | ✔ | ✔ | ✔ |
| Rewards | ✖ | ✔ | ✔ |
| Business API Integrations | ✖ | ✔ | ✔ |
| Manage Your Staff’s Payroll Add members for £3 per month | ✔ | ✔ | ✔ |
| Connect Your Company’s Apps Xero, Slack, Quickbooks and more. | ✔ | ✔ | ✔ |
| Get Freelancer Free | Get Freelancer Professional | Get Freelancer Ultimate |
Pros and Cons of Revolut Business Banking
Pros of Revolut Business
- Send and Receive Funds in 30+ Currencies at competitive rates
- Very fast to get a basic account set up
- Choose from Free/Grow/Scale/Enterprise Accounts
- Superb mobile APP
- Quickly freeze lost or stolen card
- High Trustpilot scores
Cons of Revolut Business
- Most of the core features only come with paid accounts. The free bank account is limited.
- You are charged for ATM usage (2% fee)
- No cash deposits allowed
- £3,000 ATM withdrawal limit per day
- No FSCS Protection
Who is Revolut Bank?
Revolut was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko and is headquartered in London, United Kingdom.
Storonsky’s mission is to create the first global finance “super-app.”
The business launched in 2017, two years after the company was founded. The core business account is aimed at businesses with between 5 and 50 employees, with a core focus on the following:
- Accepting and making payments all in one place
- Simplifying spend management for teams
- Exchanging money at competitive rates
Revolut sees itself as a ‘financial operating system for businesses’ and it’s clearly working. Every month, Revolut’s £100bn transaction volume grows by approximately 10%, and more than 6,500 new active businesses sign up.
Since its launch, it has attracted 18 million customers and is now valued at over $33 billion, a higher valuation than Barclays Plc.
In 2021, Revolut applied for a British banking license, allowing it to offer overdrafts and loans. However, it has yet to receive this, operating under an “e-money” designation.
What are Revolut’s Business Account Features?
Revolut’s Business account features include:
- Multi-currency accounts: Revolut’s Business account allows businesses to hold and exchange 28 different currencies with no hidden fees.
- Invoicing and expense tracking: Revolut’s Business account allows businesses to create and send invoices directly from the app and track expenses in real-time.
- Virtual and physical cards: Revolut’s Business account allows businesses to have virtual and physical cards for employees, with the ability to set spending limits and transaction controls for each employee.
- Accountancy Software Integration: connect the account to popular accounting software like Xero, QuickBooks and more.
- Virtual IBANs: Revolut’s Business account allows businesses to have a virtual IBAN for each currency, which means you can receive payments from around the world and make payments to international suppliers.
- API access: Revolut’s Business account allows businesses to access Revolut’s API, which means you can automate your financial flows and integrate your banking with the tools and systems you already use.
- 24/7 customer support: Revolut’s Business account offers 24/7 customer support, including a dedicated team for businesses to assist with any queries or issues.
- Compliance and regulatory oversight: Revolut’s Business accounts are regulated and overseen by the Financial Conduct Authority (FCA).
How Easy is it to Open a Business Account with Revolut?
To set up a business account with Revolut, you will need to follow these seven simple steps:
- Go to the Revolut website and click the “Sign Up” button.
- Download the mobile APP and verify with your phone
- Select the “Business” option and fill in your details, including your name, email address, and phone number.
- Choose a plan that best fits your business needs.
- Follow the prompts to set up your account, including verifying your identity and adding your business information. You’ll need to scan your passport or other approved ID to verify.
- Wait a few hours to a week for Revolt to verify the account.
- Once verified, you’ll receive a GBP account with a unique sort code and account number, plus a EUR account with unique IBAN and BIC details.
The Revolut Business Debit Card
Revolut’s business cards, especially the metal ones which come with the premium accounts, are a very distinctive way to do business.
Revolut offers a standard debit MasterCard in either plastic or metal. This can be controlled from the APP either as a standalone card for directors, or you can issue multiple business cards to your team with preset account limits, so they become expense cards.
As you’d expect, the cards offer standard functionality that takes advantage of Revolut’s FX rates and digital-first financial management app.
Features include:
- Controlled spending
- Virtual cards
- Competitive FX rates
- Stylish Metal cards
- 3D Secure
- Supports borderless transactions
- End-to-end expense management
- Account managers have full Control
Is Revolut Business Safe?
Revolut makes it clear that it takes the security of its users’ funds very seriously and has implemented various measures to protect their money. These measures include protecting user accounts with multi-factor authentication, encrypting sensitive data, and continuous fraud.
Revolut is an e-money account rather than a regulated bank account. E-money accounts are generally considered safe, but you should know some differences between e-money accounts and traditional bank accounts.
One key difference is that the same e-money accounts do not qualify for the Financial Services Compensation Scheme (FSCS), which covers deposits of up to £85,000 per person per financial institution. If the bank fails. the FSCS does not cover E-money accounts.
Making International Payments with Revolut Business
Part of Revolut Business’s core USP is to streamline the process of international payments and allow organizations to reduce costs associated with financial transactions.
Many customers come to Revolut from traditional banks like Barclays or Lloyds, who typically charge £8-15 per transaction plus their own markup of 1.75%, included in the spread. Revolut offers free international payments up to certain account limits and then a £3 fee outside the free allowance.
Revolut business comes with multi-currency support, simplified payment approvals and limits, and instant notifications. With the ability to send transfers in over 30 currencies worldwide, businesses can save time and resources when paying suppliers and employees.
Businesses can send international transfers in the following currencies: GBP, EUR, USD, TRY, SGD, SEK, SAR, RON, PLN, NZD, NOK, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, AED, BGN, MXN, THB and ZAR.
Although you can’t have a currency pocket for them, it is also possible to make transfers in Indian Rupee (INR), Indonesian Rupiah (IDR), Malaysian Ringgit (MYR) and Philippine Peso (PHP) to their respective countries.
What’s the Revolut Business Exchange Rate?
Revolut uses a variable exchange rate, meaning you’ll need to check their site or APP at the point of transaction for accurate fees.
Their pricing structure is fair for international exchange; they use a simple and transparent pricing formula of rate + fee = total cost.
Currency exchanges are made using the market rate. Revolut Business applies an extra percentage-based fee for specific conversions, subject to change based on the time and frequency of currency trades.
When currency trading is less active during off-market hours, Revolut Business applies a higher fee for currency exchanges. It is important to note that foreign-exchange-market hours are 24/7 except midnight on Friday to midnight on Sunday in London.
For more details on the exchange rate, businesses can refer to the Business Terms in the Revolut app or Dashboard.
Can Revolut cards be used abroad?
Revolut cards are designed to use abroad to make business payments in local currencies. Revolut handles currency exchange at the interbank exchange rate. If you’re on the free plan, you will get a .4% markup on top of this; for the Grow and Enterprise plans you can spend £10,000 and £50,000, respectively, each month before any additional markup.
To get the best exchange rates, convert money to the destination currency in advance during the business hours of that currency. Avoid weekends, as Revolut uses Friday’s closing rate with at least a 0.5% markup to account for market fluctuations before Monday morning.
How Good is the Revolut Business App?
The Revolut Business app, available on the App Store and Google Play Store, is a very well-reviewed APP with rating of 4.6 stars from over 20,400 reviews on Google Play, while on the Apple Store it has 4.9 stars out of 26,000 ratings.
The simplicity of setup, the helpfulness of account managers, and the superiority of communication over traditional banks are other highlights. Users find the app user-friendly, with live chat support that enhances the user experience. The convenience of managing both personal and business banking within the app, along with its functional design and easy-to-use interface, contributes to its high regard among users.
Be sure to download the Revolut Business app (with a black background) instead of the personal accounts Revolut app (with a white background).
Buying Cryptocurrency with Revolut Business
Revolut offers a cryptocurrency business account that allows businesses to buy, hold, and sell Bitcoin and Ether instantly with no hidden fees. Key features of Revolut’s crypto offering for businesses include:
- Diversification of idle cash by investing in cryptocurrencies.
- Quick buying and selling of Bitcoin and Ether in 30+ fiat currencies, 24/7 on web and mobile apps.
- Access and monitoring of portfolio anytime with in-app alerts for desired coin prices, along with live and historic price data.
- Secure access and storage with customizable team member permissions, and most funds held in offline cold storage with trusted custodians.
- Availability for businesses of all sizes.
Revolut Business Account Customer Reviews and Ratings
Revolut has a score of 4.2/5 on Trustpilot based on 148,000 reviews. Reviewers speak of efficiency, convenience and good customer service.
Ratings on Reviews.IO are lower, with a 1.2-star rating out of 440 reviews.
The Revolut ‘Spend, Save, Trade’ APP gets excellent reviews on Google Play with 4.5/5 out of 2.11 million reviews.
The Revolut APP gets 4/7/5 stars out of 32.4K ratings on the Apple store.
Alternatives to Revolut Business
If you’re considering Revolut as a regular UK business bank account, its core competitors are Tide, Starling, Anna and Monzo. All of these offer excellent competitive business accounts with useful features and solid customer service.
If you’re choosing it specifically for its multi-currency support and competitive exchange rates. Wise for Business would be another to consider. Revolut offers a more comprehensive bank account here, and the rates are competitive with wise Wise within the EEA. If you need to send frequently outside this area, Wise may well have the edge.
- Ecommerce – Easy integration with Ecommerce via Apps and Plugins
- International payments – Send and receive money from 200 countries
- Block cards or set accounting limits with a tap
- Available for Limited Companies Only
- Accounts do not support cash or cheque deposit
FAQs about Revolut Business
Is Revolut a good business bank?
Revolut has a score of 4.0/5 on Trustpilot based on 123,000 reviews. Reviewers speak of efficiency, convenience and good customer service.
Is the Revolut Business account safe?
Revolut accounts do not benefit from FCSC protection, although the FCA protects it. E money accounts like Revolut use ‘safeguarding’, which means your money will be held safely rather than invested or used by the bank for other purposes.
Where is Revolut Business Available?
Aland Islands, Australia, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Guernsey, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mayotte, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom and United States.
How long does it take to open a Revolut Business account?
Revolut claim it takes no more than 10 minutes to open an account, although full approval may take from 24 hours to a few days.
Is Revolut business good?
Revolut Business has received positive reviews from some users, who appreciate its cost-effectiveness, ease of use, and seamless integration with other financial tools. It is rated ‘excellent’ on Trustpilot, although this is for the whole company, not just the business account.
Is Revolut business free?
Revolut Business has a basic free account with no monthly fee charged. For the full range of features, you’ll need to choose the paid options, priced at £25, £100, or £1000 a month, contingent on utilization.
What’s the Revolut business free allowance?
The free account comes with no free foreign transactions (£3 charge); you get 10 with the Grow account, 50 with the Scale account. Outside this allowance, it is £3 for additional.
Does Revolut Offer business insurance?
Yes, they do; you can find out more here: https://www.revolut.com/legal/business-insurance/
Can you get an overdraft with Revolut business?
Revolut Business does not currently offer an overdraft.
