If you're a business owner looking for a financial solution that offers unparalleled flexibility, low fees, and complete transparency, look no further than Revolut Business.
In this comprehensive review, we'll look at the world of Revolut Business, exploring its features, pricing plans, and how it stacks up against competitors.
By the end of this review, you'll understand why Revolut Business is the borderless financial super-app that can revolutionise your business finances.
What is Revolut Business?
Revolut Business is not just a business account; it's an all-in-one financial platform designed to simplify your business's financial operations.
Here's what Revolut Business promises to deliver:
Low Fees and Total Transparency
With Revolut Business, you can bid farewell to hidden fees and unfavourable exchange rates.
This platform is committed to transparency, ensuring that you always get competitive exchange rates, and you know exactly what you're paying for.
Easy Admin at Any Scale
Whether you're a small start up or a multinational corporation, Revolut Business offers easy administration tools to suit your needs.
Access your account from anywhere, on the web or your mobile device, and support your global teams effortlessly.
A Business Account That's a Joy to Use
Revolut Business prioritises reliability, scalability, and quality to provide you with user-friendly software that's a pleasure to use.
Say goodbye to the frustrations of clunky interfaces and outdated systems.
One App, All Things Business
Revolut Business brings together all your business essentials in one place, including advanced treasury management, flexible payment acceptance, integrations, multi-currency accounts, cards, teams, transfers, open banking, spend management, analytics, currency exchange, and forwards.
Accept Payments, Manage Expenses, and More
Revolut Business offers a wide range of features to cater to businesses of all sizes.
Accept payments seamlessly, generate payment links and QR codes, use a payment gateway, issue invoices, manage expenses, and even streamline your payroll with on-demand pay.
Pricing Plans
Revolut Business offers several pricing plans tailored to your business needs. Whether you're a freelancer, a small company, or an enterprise, there's a plan for you. Here's a snapshot of the pricing plans:
Companies
Free
Grow: £25/month
Scale: £100/month
Enterprise: Custom
Freelancers
Free
Professional: £7/month
Ultimate: £25/month
Each plan comes with its set of features, including fee-free local and international payments, competitive foreign exchange rates, and more.
You can choose the one that best aligns with your business requirements.
How Does Revolut Business Compare to Competitors?
Revolut Business vs. Traditional Banks:
No need for in-person appointments
Faster account setup (24 hours vs. 6-8 weeks)
Competitive exchange rates and lower fees
Multi-currency accounts with 200 virtual and 3 physical cards per person
Revolut Business vs. Neobanks (Monzo, Starling, Cashplus):
Active in 25+ countries vs. UK-centric
Suitable for businesses trading internationally
High fees, transaction limits, and negative interest rates on EUR deposits with competitors
Revolut Business vs. Electronic Money Institutions (EMIs) (Wise, Anna, Tide):
Robust functionality with features like multi-currency accounts, FX forwards, and more
Competitive exchange rates and lower fees
Onboarding flexibility for businesses in multiple countries
How to Open a Revolut Business Account
Opening a Revolut Business account is quick and straightforward.
Here's what you need to know:
Eligibility Criteria
Revolut Business is available for companies and sole traders in several countries, including the UK, European Economic Area (EEA), Switzerland, the US, and Australia.
Supported business types include
private limited companies
public limited companies
limited liability partnerships
partnerships
freelancers.
Application Process
To open an account, provide basic business information, operating address confirmation, a short business description, and your intended account usage.
You'll also need to verify your identity, provide incorporation details, and, if necessary, submit a Power of Attorney.
The application review typically takes 24 hours.
Customer Identity Check
To complete a quick identity check, you'll need to provide personal information, a selfie, and a photo of your ID, such as a national ID, passport, or driving license.
Frequently Asked Questions
Is Revolut a bank?
Revolut Business operates as a bank in some regions with a full banking license, while in others, it provides e-money services with safeguarding rules.
Customer deposits are protected through safeguarding, but not all markets offer FSCS protection.
How is my money protected?
Revolut safeguards customer funds by placing them in ring-fenced accounts with large global banks or investing them in low-risk assets.
While interest isn't paid on deposits, safeguarding regulations protect your funds.
In conclusion, Revolut Business is not just a financial platform; it's a game-changer for businesses of all sizes.
With its low fees, competitive exchange rates, and robust features, it provides everything you need to manage your business finances seamlessly.
Say goodbye to hidden fees, slow processes, and outdated systems.
Join the ranks of hundreds of thousands of businesses that have chosen Revolut Business as their financial companion.
Don't miss out on the financial revolution. Open a Revolut Business account today and experience the future of business banking.
