Which Is Better for UK businesses weighing FSCS protection against multi-currency breadth?
If you are a UK sole trader, neither of these is quite what you think. Revolut Business will not open an account for you at all: it takes limited companies, LLPs and partnerships, and the UK is absent from the list of markets where Revolut banks freelancers.
What you get pointed at instead is Revolut Pro, in the personal app, with no subscription fee. So if you have not incorporated, the FSCS argument below is not yours to have, and we would sort the entity question out before anything else.
If FSCS deposit protection is non-negotiable, choose Revolut Business. We rate the newly authorised bank licence as a structural step-change, no other major fintech in this segment now has direct FSCS at that depth except Starling.
If you need 38 multi-currency IBANs across hospitality, manufacturing, iGaming, or another niche industry, choose Equals Money. Its 30,000+ company customer base spans verticals Revolut Business doesn’t specifically target.
When your business holds £100,000+ in foreign-currency balances, the FSCS gap matters operationally. Revolut’s new accounts usually carry direct FSCS cover; Equals Money offers e-money safeguarding only.
If you bill more than five international invoices a month, Equals Money’s 38 IBANs may beat Revolut’s wallet model for receiving in local currencies. Confirm the exact FX terms with Equals before committing, the published rate is 0% within a pre-loaded currency and 1.5% outside it.
Revolut vs Equals Money Fees and Charges
Revolut Basic is £10/month, with up to 10 local transfers and 1 international transfer included; extra international transfers cost £5 each.
Grow is £35/month billed monthly (£30/month if paid annually) with 5 free international transfers and a bigger FX allowance. Scale is £125/month billed monthly (£90/month annually) with 25 free.
Equals Money Business is £25/month with up to 20 physical cards and up to 50 free virtual cards; Business Plus is £35/month with up to 50 physical cards and 100 virtual. Physical cards cost £10 one-off to issue; ATM withdrawals cost £1.50 UK and international.
On FX, Equals Money is free to spend in any of 21 major currencies if you’ve pre-loaded that wallet, and charges 1.5% if you spend a currency you don’t hold. That’s a real, published figure, not the vague “in-house FX expertise” marketing line it’s sometimes reduced to.
On Revolut, you get near-interbank rates within your plan’s FX allowance; above it, a 0.6% markup applies. For consistently high-volume FX, we’d point you at Wise Business instead of either provider here.
Neither account takes UK cash deposits. If your business handles cash daily, pair either one with a high-street account, because neither will touch it.
On UK Faster Payments, Revolut is free within plan allowances; above the allowance, fees apply per plan. Equals Money doesn’t itemise UK Faster Payment fees prominently on its pricing page, worth confirming directly before you commit to volume.
| Cost | Revolut Basic | Revolut Grow | Equals Money Business |
|---|---|---|---|
| UK sole traders | Not accepted² | Not accepted² | Accepted |
| Monthly fee | £10 | £35 billed monthly (£30 if paid annually) | £25 (up to 20 physical cards) |
| International transfers | 1 free, then £5 each | 5 free/month | Internal wallet transfers free; no SWIFT payout |
| FX rate | Interbank within £1,000 allowance, 0.6% above | Interbank within £15,000 allowance, 0.6% above | 0% if wallet pre-loaded; 1.5% if not |
| Physical card issuance | Included | Included | £10 one-off per card |
| ATM withdrawals | Not itemised | Not itemised | £1.50 UK and international |
| FSCS protection | Usually yes for new accounts¹ | Usually yes for new accounts¹ | No (e-money safeguarding) |
| Fees verified from provider pricing pages, May 2026. ¹Revolut Bank UK Ltd launched as a fully authorised UK bank on 11 March 2026 (FRN 981170), when the PRA lifted the mobilisation restrictions on the licence it had held since July 2024; some new signups may still be onboarded to the older e-money entity temporarily during the phased rollout. ²Revolut Business accepts limited companies, LLPs and partnerships. UK sole traders are directed to Revolut Pro, a separate no-subscription account in the personal Revolut app. | |||
Revolut vs Equals Money Features and Tools
Weigh feature depth carefully. Revolut Business ships team cards with per-employee spend controls, expense capture, crypto access on Grow and Scale, and a published developer API, also on Grow and Scale, not Basic.
Equals Money gives you 38 multi-currency IBANs with multi-currency wallet management. We rate it broader than Revolut on currency depth and on industry-vertical support, hospitality, manufacturing, iGaming.
When your team needs spend controls across 5-50 employees, Revolut Business has the deeper per-employee card programme. Equals Money supports virtual and physical cards but with less published depth on spend rules.
Revolut has invoicing on every plan, creation, recurring invoices, and automatic reminders, paid by bank transfer with no extra setup; card payment on an invoice needs a separate Merchant account. Neither Revolut nor Equals Money matches Tide’s zero-setup card-payment invoicing, though.
For accounting integration, both connect to Xero. Equals Money stops there; Revolut also connects to QuickBooks and FreeAgent. Neither matches Sage.
For payment infrastructure, Revolut offers a published API (Grow and Scale) for programmatic supplier payments, batch processing, and ledger sync. Equals Money offers in-house FX expertise and account management rather than a self-serve API.
Revolut also gives you crypto access on Grow and Scale, no equivalent at Equals Money. For a digital-asset business needing crypto rails, Revolut is the only option here.
A five-person agency invoicing clients in three currencies feels the difference at month-end. On Revolut, the finance lead pulls the ledger sync without touching a spreadsheet.
On Equals Money, the same team exports Xero data by hand for anything beyond card limits, because there’s no equivalent API.
| Feature | Revolut Business | Equals Money Business |
|---|---|---|
| Invoicing | Every plan (Merchant account needed for card payment) | Not a core feature |
| Multi-currency IBANs | 25+ wallets | 38 currencies, 21 free |
| Accounting integrations | Xero, QuickBooks, FreeAgent | Xero only |
| Developer API | Grow and Scale only | Not available |
| Crypto access | Grow and Scale only | Not available |
| Team expense cards | Per-employee spend controls | Virtual and physical, less published depth |
| Features verified against provider websites, May 2026. | ||
Revolut vs Equals Money International Payments
If you receive in five or more foreign currencies, Equals Money’s 38 multi-currency IBANs across 21 free major currencies beat Revolut’s 25+ wallet model on breadth.
Revolut gives you near-interbank FX within your plan’s allowance; above it, a 0.6% markup applies. For sustained high-volume FX, that matters.
Run the number rather than trusting the headline. Convert £50,000 into EUR a month on Revolut Grow and the allowance covers £15,000 of it. The other £35,000 is charged at 0.6%, which is £210 a month, or £2,520 a year you did not plan for.
Only Scale’s £60,000 allowance actually covers that volume, and Scale is £125/month billed monthly (£90/month if you pay annually). So at £50,000 a month the honest comparison is Scale against Equals Money, not Grow.
Add the 1% weekend surcharge if you convert on a Saturday or Sunday, which lands on top of the 0.6%. Equals Money pricing is more relationship-based, so confirm your specific volume with them directly before you commit.
For receiving foreign currency, Equals Money provides multi-currency IBANs with local clearing in 21+ markets. Revolut provides multi-currency wallets, with less explicit local-clearing breadth.
On protection, weigh the gap carefully when holding meaningful foreign-currency balances. Revolut’s new accounts, opened from 11 March 2026, usually carry FSCS cover to £120,000, though the rollout is staged and some new signups may still land on the older e-money entity temporarily.
Equals Money is e-money-safeguarded, full stop, no phased path to FSCS cover exists for it.
For card spending overseas, Revolut charges interbank FX within allowance; Equals Money offers its in-house FX model but doesn’t publish a card-specific markup on its main pricing page.
Revolut vs Equals Money Customer Reviews and Reputation
The two serve very different bases. Revolut Business sits inside a group reaching 13+ million UK customers across personal and business accounts; Equals Money serves 30,000+ companies across hospitality, manufacturing, iGaming, and other verticals.
Revolut complaints cluster around compliance freezes during onboarding, the familiar fintech pattern where a flagged transaction holds the account for 24-72 hours.
Equals Money’s positive reviews lean on the in-house FX expertise, the relationship-management model, and the breadth of currency support. Its review base is smaller than Revolut’s, but sits close on Trustpilot, around 4.7 stars from 500+ reviews.
When your bookkeeper urgently needs a supplier paid on a Friday afternoon, both providers’ Faster Payments rails clear in seconds. The compliance-hold risk is comparable on both sides.
Support splits sharply by model. Revolut offers 24/7 in-app chat to business customers; Equals Money offers dedicated account managers for higher-tier customers, closer to Allica or HSBC’s relationship-banking style.
Revolut vs Equals Money for FSCS Protection vs Multi-Currency Breadth
For FSCS-protected multi-currency banking, Revolut Business wins after its 11 March 2026 bank launch, we rate it the most multi-currency-capable FSCS-protected option on the market, with the rollout caveat that some new signups may still land on the e-money entity temporarily.
For 38 multi-currency IBANs and relationship-led FX expertise, Equals Money wins outright. Its currency breadth and vertical-specific support beat Revolut on niche-industry coverage.
When you process £500,000+ a month and need enterprise pricing, both offer custom tiers. Beyond Revolut Grow’s £500k cap, plan for Scale or Enterprise.
If you operate in iGaming, hospitality, or another industry where mainstream banks restrict service, Equals Money explicitly markets to those verticals. Revolut Business has more generic positioning.
If your hospitality business gets turned down by three high-street banks in the same week for “reputational risk,” you don’t have the luxury of picking the statutory safer option too. Equals Money’s willingness to onboard is worth more here than the FSCS badge Revolut carries.
Downsides of Revolut and Equals Money
- Equals Money: no FSCS protection. It is e-money safeguarding only. For balances above £10,000, that gap matters operationally.
- Equals Money: FX terms need confirming. The 0% rate only applies to a pre-loaded currency wallet; spend outside it and you pay 1.5%. Plan your currency wallets ahead of spend, not after.
- Equals Money: thin accounting integration. Xero only, no native QuickBooks or Sage. If your accountant runs either, you’re exporting manually every month-end.
- Revolut: no UK sole traders. Revolut Business accepts limited companies, LLPs and partnerships only. If you have not incorporated, you are sent to Revolut Pro in the personal app, a different product with different limits, and this comparison stops being about you.
- Revolut: the Grow FX allowance is smaller than it looks. £15,000/month, not £50,000. Convert £50,000 on Grow and £35,000 of it is billed at 0.6%, about £210 a month. Only Scale’s £60,000 covers that volume.
- Revolut: transfer limits on Basic. Only one free international transfer a month; the £5-per-transfer charge bites fast on a cross-border-heavy business.
- Revolut: balance caps. £500k on Grow, £1m on Scale, £2m on Enterprise. Hold more operating cash than that and you’re into a multi-account setup.
- Both: no UK cash deposits. When a day’s takings come in as cash, you’re carrying them to a high-street account, because neither of these will take them.
- Both: compliance-hold risk. A flagged transaction can lock an account for 24-72 hours during review at either provider. It’s a known fintech pattern, not specific to one brand.
Alternatives to Revolut and Equals Money
You don’t have to choose between Revolut and Equals Money alone. We compared several adjacent UK business accounts that solve specific problems better than either:
- Starling Business, free PRA-licensed UK banking with FSCS cover and only light multi-currency needs. We rate Starling as the strongest free FSCS-protected challenger if international breadth isn’t your priority.
- Allica Business Rewards, a full PRA-licensed bank with cashback and interest on deposits. We rate it best for established UK SMEs holding £50k+ on deposit.
- Wise Business, mid-market FX from 0.33% on a one-off £50 setup, no monthly fee. The cheapest cross-border option here for occasional or moderate-volume international transfers.
- HSBC or Barclays, for high-street branch access plus business lending. Both PRA-licensed, both FSCS-direct, both with trade finance.
Final Verdict: Revolut or Equals Money?
Choose Revolut Business if you want FSCS-protected multi-currency banking, team card programmes with spend controls, API access on Grow or Scale, or 24/7 in-app support.
We rate Grow at £35/month billed monthly (£30/month if paid annually) as the value pick once you need more than Basic’s single free international transfer.
Choose Equals Money if you need 38 multi-currency IBANs, relationship-led FX expertise, or operate in a vertical where mainstream banks restrict service, iGaming, certain hospitality sub-sectors. Its 30,000+ company customer base reflects that positioning.
When FSCS protection on multi-currency balances is critical, Revolut wins. When breadth of currencies and vertical-specific support is critical, Equals Money wins.
Pair either account with Wise Business for the lowest-cost cross-border SME transfers. Neither Revolut nor Equals Money matches Wise on mid-market FX from 0.33%.
If you’re still torn at the invoice deadline, ask which mistake costs you more: a compliance freeze on a Friday when a supplier is waiting, or a 1.5% fee on a currency wallet you forgot to pre-load. That answer usually picks the account for you.
Frequently Asked Questions
Is Revolut Business FSCS-protected?
Usually, for new accounts, though not unconditionally. Revolut Bank UK Ltd launched as a fully authorised UK bank on 11 March 2026, when the PRA lifted the mobilisation restrictions on the licence it had held since July 2024. New applicants are usually onboarded directly to the FSCS-protected bank entity, with cover up to £120,000 per eligible depositor, but the rollout is staged, so some new signups may still land on the older Revolut Ltd e-money entity temporarily. Check which entity holds your account in your terms before assuming cover applies.
Can a UK sole trader open a Revolut Business account?
No. Revolut Business accepts limited companies, LLPs and partnerships. Revolut’s own freelancer eligibility FAQ lists the markets where a sole trader can open a business account, France, Germany, Italy, Romania, Poland, the Netherlands, Belgium, Greece and a handful of others, and the UK is not among them. UK sole traders are directed to Revolut Pro instead: a separate account inside the personal Revolut app, with no subscription fee, but not a business current account.
Does Revolut Grow’s FX allowance cover £50,000 a month?
No, and it is a costly assumption. Grow includes £15,000 a month of currency conversion at near-interbank rates. Convert £50,000 and the remaining £35,000 is charged at 0.6%, roughly £210 a month, or about £2,520 a year. Only Scale’s £60,000 allowance covers that volume, at £125/month billed monthly or £90/month if paid annually. A 1% surcharge also applies to conversions made at weekends, on top of the 0.6%.
Is Equals Money FSCS-protected?
No. Equals Money is an FCA-authorised payment institution, not a bank. Customer funds are held in segregated safeguarded accounts at Tier-1 banks, but FSCS deposit protection doesn’t apply at the Equals Money level.
Which has more multi-currency support?
Equals Money supports 38 currencies with multi-currency IBANs and 21 free major currencies, plus 140+ accessible for international payments. Revolut Business offers 25+ multi-currency wallets. Equals Money is broader on currency depth; Revolut is integrated with the wider Revolut ecosystem, invoicing, expense cards, and accounting integrations on the same account.
How much does Revolut Business cost?
Basic is £10/month flat, with no annual discount. Grow is £35/month billed monthly, or £30/month if you pay annually. Scale is £125/month billed monthly, or £90/month if you pay annually. Enterprise is custom-priced. International transfers cost £5 each on Basic, with 5 free on Grow and 25 free on Scale per month.
How much does Equals Money cost?
The Business plan is £25/month with up to 20 physical cards and 50 free virtual cards. Business Plus is £35/month with up to 50 physical cards and 100 virtual. Physical cards cost £10 one-off to issue; ATM withdrawals cost £1.50 UK and international. Enterprise pricing is customised.
Do either accept iGaming or hospitality businesses?
Equals Money explicitly markets to hospitality, manufacturing, iGaming, and accountancy verticals. Revolut Business has more generic positioning. For businesses in industries where mainstream banks restrict service, Equals Money is more likely to onboard you.
Can I deposit cash with either provider?
Neither Revolut Business nor Equals Money offers UK cash deposit options. For a retail business with regular cash takings, pair either one with a high-street account (HSBC, Barclays, Lloyds) for cash handling.
Which is cheaper for high-volume international transfers?
For more than 5 international transfers a month, Revolut Grow at £35/month billed monthly (£30/month if paid annually), with 5 free included, beats Basic’s £5-each rate. For 25+ transfers, move to Scale. For mid-market FX from 0.33% on any volume, pair either account with Wise Business, cheaper than both Revolut and Equals Money above moderate FX volumes.
How we reviewed Revolut vs Equals Money
Ranking criteria. We compared Revolut and Equals Money on pricing, fees, feature set, eligibility, and contract terms. We also verified regulatory status and deposit protection where applicable.
Data sources. Every provider’s pricing page, terms, and product docs were checked directly in May 2026. No comparison sites, no press releases, no affiliate material. FCA and PRA registers cross-checked for regulatory status.
Update cadence. We re-verify every provider on this page at least monthly, and whenever a provider changes pricing, eligibility, or terms. The verification date on the page reflects the most recent full review. Some links on this page are affiliate links, see our editorial policy.