Revolut originally made its mark with its personal account which offers perks for people who travel a lot. It then launched a business account to appeal to a wider set of customers, and this has been featured as one of our best business accounts. We picked it as the best account for small businesses because the Basic account, which has no monthly fee, has some solid features – for example, you can create, send, manage and reconcile invoices. In this review we’ve delved into the key features and fees of Revolut Business to help you decide if it’s the right option for your company. We also have a review of Revolut Pro, Revolut’s account designed for freelancers.
Revolut offers 4 accounts designed for businesses. Its basic business account has no monthly fee but it comes with fewer features and smaller allowances compared to the other 3 accounts that have a monthly fee. You also have the option to pay as you go for features you use that aren’t included in your allowance. To be eligible for a Revolut Business account, your business must be incorporated. If you’re a sole trader or freelancer, you won’t be eligible but you can apply for Revolut Pro instead.
Revolut says it understands how important it is for international businesses to save on transfer costs and send global payments quickly. A Revolut business account allows companies to manage and transfer money across different currencies. These accounts are available in the UK, the US, Australia and the EU.
Like many of its app-based competitors, Revolut works entirely from your phone or tablet, apart from the physical cards you are issued alongside the app.
Revolut’s app is all about money management. The display is clear and if you’re working from a tablet you can view all your accounts from one page.
There are several tabs provided to make handling company funds easier, these include:
With Revolut Business, a registered company can currently choose between 2 types of pricing plan:
Whichever your plan, if you reach your monthly limit of free transactions, you can keep on using the account – you’ll simply be charged for the extra transactions and the fees involved will be the same as for the free plan. All plans also include free card payments in your account’s currency, but there’s a small percentage fee on all ATM withdrawals.
Revolut has launched a new Tap to Pay feature for its Business and Pro account customers.
Tap to Pay is integrated into the Revolut iOS app.
With this feature, payments can be accepted by simply holding a contactless card or payment device near the merchant’s iPhone until the transaction is complete. There’s no need for additional payment terminals or hardware.
Revolut uses the in-built contactless technology of an iPhone, meaning your data is as secure with Tap to Pay as it is with Apple Pay.
However, Revolut Business customers must have the app downloaded onto their iPhone. Also, it’s best to note that Tap to Pay is not yet available for Android or Google phones.
Beside all the basic features you can expect, such as the Revolut card and a slick mobile app, Revolut Business also offers:
Revolut business customers have the option of linking their account to Clear Books, which provides online accounting software for small businesses.
This will allow customers who have an account with both firms to view transaction records, track whether invoices are paid or outstanding, quickly record bills and expenses, and set up automatic allocation smart rules for matching repeat transactions. The software also creates financial reports, such as P&Ls, balance sheets and VAT returns.
The feed from Revolut to Clear Books is updated 4 times a day, allowing users to quickly match sales and purchases, and generate a complete picture of their business finances.
Business account holders in the UK can accept customers’ online card payments directly into their account. Revolut says that these payments will be settled the next day, and that payments can be accepted in 14 currencies. This can be done if you have a Merchant Account with Revolut.
There is a cost associated with taking these payments. It’s slightly lower for UK consumer cards compared to commercial cards and cards issued outside of the UK.
In order to accept card payments, businesses can use a website checkout plugin offered by Revolut, or build their own checkout experience using the customisable widget and merchant API. Or, if they don’t have an online store, businesses can request payments from anywhere in the world by sharing a secure payment link with their customers.
Revolut also has 2 merchant plugins – PrestaShop and WooCommerce – for businesses looking to accept card payments on their websites. With PrestaShop, the Revolut Business plugin now comes pre-installed or can be found in the PrestaShop add-ons marketplace. WooCommerce users can download the latest version of the Revolut Business plugin from the official WordPress marketplace or search the admin panel of their WooCommerce store. They can accept payments and sync between WooCommerce and Revolut Business orders, as well as refund customers straight from their WooCommerce store.
Revolut’s business account offers a great degree of flexibility and you’ll be charged depending on how much you plan to use the account.
However, its strongest point is still being able to offer a competitive price to companies that deal in different currencies. Plus an additional feature called FX Forwards allows account holders (who are limited companies) to lock in future exchange rates. They can book a contract of GBP, USD and EUR up to 3 months in advance via their web app. So if your company works internationally, or relies on services outside of your business, then an account with Revolut is more likely to suit your needs.
If your company works mainly within the UK instead, it can still be competitive, but you may be able to find a better match – namely, a business account with no monthly fees that also allows free ATM withdrawals and more free money transfers within this country.
Finally, keep in mind that you can’t load cash into your business account with Revolut and that ATM withdrawals incur a fee. If for some reason your business receives or uses a lot of cash, Revolut is probably not the best option for you.
Revolut’s Jamie Devlin says: “The thing that is really exciting for me is seeing the number of businesses in the UK and in other jurisdictions in Europe whose main focus is their domestic market, but the reason they’ve signed up to Revolut Business is because we’re quicker to sign up to, we’re also cheaper and what we do really well is help businesses stay in control of their finances.”
Compare the fees of popular business bank accounts
Revolut Business won the business banking category in the Finder Customer Satisfaction Awards 2024, with 97% of customers saying they’d recommend the service to a friend. Feedback included praise for its innovative approach and excellent customer service.
One customer commented “Revolut is reliable, instant, customer-friendly and responsive.”
Another said “They are innovative in the field they operate in.”
Out of 5, the Revolut Business app has a rating of 4.9 from 35.5K reviews in the App Store. It also performs well on Google Play, where it has a score of 4.8 from 27K Android app users (November 2024).
On Trustpilot, customer reviews are for the Revolut brand in general, not its business account specifically. Here, Revolut received an average mark of 4.2 out of 5, and a rating of Great, from over 168K reviews (November 2024). Users praised Revolut’s customer service, as well as the international and overseas card use features.
Depending on the features you use, Revolut’s basic business account might not be totally free, so make sure you’ve wrapped your head around the fees”
Just like its personal counterpart, the top feature of Revolut’s business account is the ability to hold different currencies and exchange them without paying foreign transaction fees. This is a really unique feature that most banks, traditional or challenger, cannot compete with.
However, when it comes to business accounts, Revolut’s innovations come for a price. The free account, while more flexible, doesn’t really include much, whereas the premium options are comprehensive but not exactly cheap for a small business.
Get started by visiting Revolut’s website and sign up for an account. If you have read this review and decided that Revolut’s account is not for you, you can also compare other business accounts on the market.
In a nutshell, Revolut’s business account is slick, smart and easy to use and set up, but only worth the price if you really need its international payment features.
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