Revolut Business Account Review (2024)

to scale and save with global payments, multi-currency accounts, and smarter spending.

offers a modern approach to business banking, appealing to a wide range of companies from start-ups to well-established entities looking for efficient financial management tools. It is a digital-only platform that enables business owners to open an account online in minutes, bypassing traditional banking procedures that can be time-consuming. This feature is particularly convenient for businesses aiming for quick setup and agile financial operations.

The account is designed to handle both fast domestic and international money transfers, manage expenses, and integrate with various accounting software, streamlining financial processes for businesses. Revolut Business promises no monthly fees on certain plans, and according to reports, users can enjoy fee-free transfers between Revolut accounts. Additionally, it offers perks like no fees for the first five local payments each month, making it an attractive option for businesses looking to minimise transaction costs.

Going beyond standard banking services, Revolut Business provides capabilities to hold and exchange up to 36 currencies within the app and spend in over 150 currencies, optimising for businesses with international clients or operations. The objective is to simplify the financial complexities associated with global commerce and make financial transactions as frictionless as possible. With over 35 million customers globally trusting Revolut for their financial needs, the domain is not just limited to individual users but extends to businesses looking for holistic financial solutions.

Overview of Revolut Business

Revolut Business is a comprehensive solution designed for modern, fast-paced business financial management. Offering functionalities that facilitate domestic and international transactions, it reflects an understanding of the needs of contemporary businesses.

What Is Revolut Business?

is an online business account platform catering to a variety of businesses, from freelancers to larger enterprises. It provides a suite of tools aimed at simplifying financial operations, including:

• Money Transfers: Facilitates swift domestic and international transfers.

• Spend Management: Offers capabilities for real-time tracking of expenditures.

• Payments: Allows for seamless processing of payments, enhancing operational efficiency.

The platform is known for its ease of use, allowing businesses to open an account online within minutes, aligning with the demand for time-saving financial solutions.

History and Development

Revolut Business was established with the intent to innovate business banking by leveraging advancements in technology. It has been developed as part of the broader offering from Revolut, a fintech company launched in 2015. Since its inception, Revolut Business has aimed to disrupt traditional banking models by offering services that are agile, transparent, and cost-effective.

The development of Revolut Business has been shaped by the company's responsive strategy to the evolving needs of modern businesses, focusing on offering value through no monthly fees for basic accounts and scalable pricing structures. With an ever-growing international client base, Revolut Business remains dedicated to refining its offerings to support the dynamic world of business finance.

Setting Up a Revolut Business Account

to scale and save with global payments, multi-currency accounts, and smarter spending.

Opening a Revolut Business account is a streamlined process designed for convenience and speed, with clear steps and specific documentation requirements. The goal is to offer businesses the ability to manage their finances effectively through Revolut's platform.

Account Registration Process

Prospective users begin by visiting the webpage where they initiate the registration with a "Join Now" option. The process is handled online, requesting initial standard personal and business information.

1. Navigate to

2. Click on Join Now

3. Fill in the online application form with accurate details

Required Documentation

Documentation is critical for setting up a Revolut Business account. The specifics cater to both the business and owner's identities.

• Personal identification (passport, driver's licence)

• Business documentation (registration documents, articles of association)

Verification Procedures

After the submission of relevant documents, Revolut carries out verification checks to ensure legitimacy of both the business and the business owner.

• Personal verification

• Business verification

• Compliance checks

Note: Verification time can vary depending on the complexity of the business and the quality of the documents provided. Revolut aims to maintain a high standard of compliance with regulatory requirements, ensuring the security of the platform for all users.

Revolut Business Account Features

Revolut Business offers a range of account features designed to meet the diverse needs of modern businesses, from sole traders to growing enterprises. These features cater to a variety of financial activities, including multi-currency support and comprehensive payment tools.

Account Types

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Revolut Business provides several account tiers to accommodate the different stages of business growth:

• Basic: This free account gives businesses access to core features, suitable for startups and small operations.

• Grow: Starting at £19 per month, the Grow account saves users up to 24% annually and includes additional features for expanding businesses.

• Scale: Aimed at larger businesses, the Scale account starts from £79 per month, offering a saving of up to 21% on the annual plan and includes advanced tools.

Each tier is tailored to match the transaction volume and complexity of the business, allowing for scaling up as the business evolves.

Is it possible to switch plans at any time?

Yes, absolutely. Should you decide to downgrade, the change will take effect from the next billing period. Conversely, if you're looking to upgrade, you have the flexibility to transition to the higher plan either immediately or at the commencement of the following billing cycle.

Currency Support

Business Accounts excel in facilitating international business with extensive currency support:

• Companies can hold, exchange, and transfer funds in over 28 currencies.

• The platform offers real-time exchange rates, helping businesses save on conversion fees.

These features ensure businesses can operate globally without the typical financial barriers associated with currency conversion.

Payment Tools

Revolut Business equips companies with a variety of payment tools to optimise their financial transactions:

• Businesses can make and accept payments in multiple currencies.

• Automated expense management tools are available to streamline reconciliation.

• Integration with various payment gateways and platforms, enhancing the ease of transactions.

These payment solutions are integrated into one platform, simplifying financial management for businesses of all sizes.

Are there any fees associated with account maintenance?

Absolutely not. All aspects of maintaining your business account, ensuring its smooth operation, are covered by us without any additional charges.

Managing Finances

Revolut Business offers a suite of tools designed to streamline financial management for businesses. These tools provide clear insight and control over their finances, from budgeting and expenditure to seamless invoicing and accounting integration.

Budgeting and Analytics

The companies can set up budgets for different teams or projects and track them in real-time. The analytics function allows businesses to monitor financial health through dashboards that provide a comprehensive overview of finances, helping them to make informed decisions.

Expense Management

Revolut Business simplifies expense management by enabling the issuance of company cards with custom spending rules. Expenses are categorised, and receipts can be attached digitally, allowing for real-time expense tracking and reporting. This empowers businesses to maintain tight control over their spending.

Invoicing and Accounting Integration

The platform offers features to create and send invoices efficiently, helping businesses to get paid faster. Additionally, Revolut Business can be integrated with various accounting software programs, ensuring that financial records are up-to-date and accurately reflect the company라이브 바카라 financial activities.

Revolut Business Cards

Revolut offers a range of card options designed to meet the needs of modern companies. These cards provide flexibility and control to businesses, ensuring efficient financial management.

Card Types

Revolut Business Cards come in two main types: physical debit cards and virtual debit cards.

• Physical Debit Cards: Ideal for day-to-day expenses, employee allowances, and travel.

• Virtual Debit Cards: Designed for online transactions, offering an added layer of security.

Both types of cards are intended to empower team members with easy access to company funds, while also providing the means to track and manage expenses effectively.

Customisable Features

Businesses have the opportunity to customise cards to align with company policies.

• Card Design: A business may customise the look of their cards.

• Spending Controls: Customisable spending limits can be set by the company.

• Receipt Capture: Employees can upload receipts directly through the app, simplifying expense reporting.

These customisable features reflect Revolut's focus on providing a service that can adapt to the diverse needs of its clientele.

Spending Limits and Security

Revolut places a strong emphasis on the security of its Business Cards, alongside the ability for businesses to exercise control over spending.

• Spending Limits: Businesses can set individual spending limits for each card.

• Security Protocols: Robust security measures are in place, such as the ability to freeze and unfreeze cards instantly via the app.

By setting individual spending limits and utilising inbuilt security features, companies can manage their finances securely and efficiently.

What is the limit on the number of physical and virtual cards, and are there any associated costs?

You are allowed up to 3 physical cards and 200 virtual cards per person. The initial physical card is provided at no cost, while subsequent cards are subject to a delivery fee.

Depending on your subscription plan, you might also qualify for a certain number of complimentary metal cards—details can be found in the plan information. Virtual cards are issued free of charge.

For Freelance accounts, only the account owners are permitted to possess cards.

Pricing and Fees

Revolut Business offers a diverse range of pricing options to suit different business needs. It is designed to be transparent and affordable, catering to everything from small startups to large enterprises.

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Subscription Plans

Basic

• £0/month: Access core features.

Grow

• From £19/month: Save up to 24% with an annual subscription.

Scale

• From £79/month: Save up to 21% with an annual subscription.

Enterprise

• Custom pricing: Tailored to specific business requirements.

What are the payment options for subscriptions?

You're provided with flexibility in payment options, including monthly and yearly subscriptions for the Grow, Scale, and Enterprise plans.

Opting for an annual payment grants you a significant discount, offering two free months and allowing you to save up to 29% compared to monthly payments.

Additionally, the Basic business plan offers an introductory experience to Revolut Business services without a recurring subscription fee, although usage fees may apply.

Transaction Fees

• Basic Plan: 1.99% per transaction.

• Paid Plans: 0.99% per transaction. This includes Grow, Scale, and Enterprise plans.

Other Associated Costs

Revolut maintains a flat fee model for transactions, promoting a straightforward and predictable approach to pricing. There are no hidden fees, ensuring businesses understand the exact cost per transaction.

Security and Compliance

Revolut Business is designed with robust security measures and adherence to regulatory standards to safeguard the interests of its customers. Implementing stringent safety protocols and ensuring regulatory compliance are at the forefront of its operations.

Safety Protocols

Revolut employs an anti-fraud system to maintain the security of card details and transactions. It utilises advanced security features such as:

• Real-time transaction monitoring to flag suspicious activities.

• Additional verification processes to confirm the identity of users and prevent unauthorised access.

These steps are essential in protecting the business account from potential fraudulent activities.

Regulatory Adherence

Compliance management is a critical component underpinning the operations at Revolut Business. The company places emphasis on:

• Advising businesses on compliance requirements and relevant controls.

• The development and implementation of a compliance management system, especially in relation to anti-money laundering (AML) directives and know your customer (KYC) frameworks.

Through its compliance measures, Revolut ensures that it operates within the legal and regulatory parameters set forth, reaffirming its position as a trusted financial service provider.

Customer Support and Resources

The customers have various resources at their disposal for support and assistance. They can contact customer support through the in-app chat service, which is the fastest way to get help. Users simply need to tap on their profile icon and then select the Help section to start a conversation with an agent.

For those unable to access their accounts, a password recovery page is readily available. This ensures that users are guided through a step-by-step process to regain access to their accounts promptly.

Moreover, Revolut has developed a comprehensive Help Centre. This online resource comprises frequently asked questions and articles covering a wide range of topics that can quickly resolve common issues or provide guidance on how to use their services effectively.

The support structure for Revolut is designed to provide fast and efficient service to ensure businesses can continue their financial activities with minimal disruption. Account holders without a dedicated account manager are primarily directed to use these digital resources, which are tailored to meet the needs of a fast-paced business environment.

Revolut Business emphasises convenience and speed, reflecting its goal to streamline financial management for businesses with modern technological solutions.

Frequently Asked Questions

In addressing key concerns for businesses considering financial management solutions, this section provides insights into Revolut Business accounts, clarifying common queries about costs, benefits, and features.

Is Revolut good for a business account?

Revolut Business offers a range of services designed to meet the needs of modern businesses, such as multi-currency accounts, corporate cards, and expense management. It is suitable for businesses looking for a flexible and tech-forward banking platform.

What fees are associated with using Revolut Business accounts?

The fees for a Revolut Business account can vary based on the plan selected. Options typically include fee-free or fee-based structures with varying degrees of functionality, such as international transfers, exchange rates, and payment services.

Is Revolut business the same as Revolut?

Revolut Business is a branch of Revolut specifically tailored for business use. It offers additional features like team permissions, invoice management, and bulk payments, which are not available in the personal Revolut accounts.

What are the benefits of using a Revolut Business card?

A Revolut Business card allows holders to make purchases worldwide with no hidden fees, provides access to exclusive card designs, and enables easy tracking of expenses. Enhanced security features and the ability to hold, exchange, and transfer in multiple currencies are also major positives.

Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of 바카라 Editorial.