Revolut Business Account Review [2024]: Features, Fees & Alternatives

What is Revolut Business?

Founded in 2015, Revolut is a neobank headquartered in the UK. They offer a range of digital banking services to both individuals and companies, including the ability to receive and send payments in multiple currencies, make foreign exchange transactions, and connect payment systems via API. 

Revolut Business functions as a bank in specific regions, such as the EEA, leveraging Revolut Bank UAB's full banking license in Lithuania. Although it has yet to secure a UK Banking Licence, Revolut Business presently provides e-money services to UK customers, ensuring the secure holding of customer deposits in a third-party licensed bank.

The platform's global reach covers 150+ countries and regions. With over 6,000 employees, they serve over 5 million personal users and more than 500,000 business users.

🔍 Tip: Discover more about the top neobanks for additional options.

Revolut Business Pros and Cons

Featured Reviews

Stuart Alexander rated Revolut ⭐⭐⭐⭐⭐

I have been using Revolut on and off for about 5 years now. Used to use it for international transfers before all the big banks cut their fees, I now have revolut business as my main business bank account for my company in Estonia and Italy.

Took 5 minutes to open and verify, I've been trying with competitors for over a month to open a business bank account to no avail. Highly recommend Revolut. Source: Trustpilot Review

Chetan Bhasin rates Revolut ⭐⭐⭐⭐

A very happy customer here. I've been using Revolut for over 5 years now and finally, this year decided to buy their Ultra plan because of insurances and lounges.

I do find the app experience a tad bit overwhelming at times, but the support has been more than nice to me. Usually, they're able to solve all my problems in less than an hour. Source: Trustpilot Review

Revolut Business Account Features 

Multi-currency Business Account for Company

A multi-currency business account is a company account designed for international payments. 

Key features include:

• Applicable multiple accounts supporting 25+ currencies, each with details for international transactions.
• Make and receive international payments in GBP, EUR, USD, ZAR, TRY, SAR, SGD, SEK, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, BGN, QAR, THB, and AED.
• Revolut’s business customers in the UK, the USA, Australia, France, Ireland, Lithuania, and Romania can access local account details. (local GBP account numbers and sort codes for UK-based GBP transactions, local USD account numbers and routing numbers for USD transactions in the USA, and local EUR IBAN and BIC codes for EUR transactions in the EEA). With this feature, experience the convenience and cost-effectiveness of receiving international transfers at the same speed as domestic transfers.
• Enjoy unlimited inbound transfers in GBP, EUR, USD, and CHF from any part of the world.
• Automated payroll.
• Organise accounts based on your business structure—segment by team, office, project, and other relevant categories.
• Tailor privacy settings by granting access based on team members' roles.
• Access comprehensive reporting tools, including analytics, audit confirmations, and expense tracking.
• Easily integrate transactions and expenses with accounting software like Xero, QuickBooks, and Sage.
• Manage business finances on the go with the Revolut Business app. 

Revolut offers tiered business accounts to accommodate businesses of different sizes. You can choose from a free account or three paid accounts:

• Free plan
• Grow plan
• Scale plan
• Enterprise account

The following table highlights the key differences in features among the plans.

*There is an additional Enterprise plan, which allows for custom features.

You have the flexibility to change your plan whenever you want. If you decide to switch to a more affordable plan, the change will take effect at your next billing cycle. In case of an upgrade, you can choose to move to the new plan either immediately or at the beginning of the next billing cycle. Check Revolut's FAQ for help with changing your Revolut Business plan.

Please note that the table highlights key differences but not all features. For a complete comparison, visit the Revolut Business Account Plan page.

Revolut Business Card

A Revolut multi-currency business account comes with business payment cards from Visa and Mastercard®. 

All cards are debit cards, you can access virtual and physical cards and enjoy the following benefits.

• Provide your team with both physical and virtual company debit cards—order easily through the app.
• Manage expenses by setting limits and tracking transactions; automatic reminders for receipts.
• Freeze and unfreeze cards.
• Use company cards globally in 150 currencies at the interbank rate.
• Obtain a metal card with the company brand on the front for an added professional touch.

You can apply for cards for yourself and your team members. Every team member is allowed up to three physical cards and as many as 200 virtual cards. You or a team member can withdraw cash from any ATM where Mastercard® or Visa are accepted.

All cards support the currencies available in your account. You can connect multiple funding currency accounts to your card.

The card features that accompany the business also vary in detail depending on the specific plan, as outlined below.

*Enterprise plan allows users to have custom number of Metal cards

Foreign Exchange

Revolut UK converts all supported types of currency within its accounts. 

They enable business or company account holders to exchange money in over 25 currencies at favourable rates, accessible 24/7 on both web and mobile platforms.

• Access interbank rates for exchanging, holding, sending, and spending money in more than 25 currencies.
• In-app alerts notifying you when currencies reach your target prices
• Trade with limit and stop orders: Determine your desired rates for buying and selling foreign currencies and set up automated future exchanges.
• Secure fixed exchange rates with forward contracts for combinations in GBP, USD, or EUR. Obtain a steady rate for up to 12 months, or contact their sales team to discuss contract durations beyond this period.

Revolut offers two types of FX forward contracts:

• Fixed date: pre-agreed date 
• Flexible dates: drawdown takes place between two specified dates in the future

You can learn more about Revolut's FX forward contracts on the Revolut Forwards Currency Contract page.

Like other aspects, foreign exchange features differ slightly from one plan to another. Details are outlined below.

*With the Enterprise plan, clients have a custom allowance for free currency conversion.

Multi-currency Business Account for Freelancer

When opening a Revolut business account for a company, you need to open the account under your registered business name. However, for freelancers, Revolut offers the option of a freelancer business account where you can open a business account under your individual name.

These accounts allow freelancers to accept and spend money in different countries, create invoices, and accept payments on their websites. 

Revolut business for freelancers offers both free and paid accounts. The following table outlines the key distinctions in features across these plans.

Please note that the table emphasises significant distinctions but does not encompass all features. For a comprehensive comparison, kindly refer to the Revolut Business Account Plan page and select ‘For Freelancer’ at the top of the table.

Revolut Pro for Freelancers

Besides business accounts, Revolut provides “Revolut Pro” as one of the features in their personal accounts, specifically designed for freelancers.

To sum up, with any Revolut personal account, you can apply for Revolut Pro, which has the following features.

• A complimentary account and a Pro debit card, created for individual business ventures and side hustles.
• Earn cashback
from purchases, from 0.4% up to 1.2%
• Request professional payments through payment links, QR codes, invoices, or card readers.
• Accept in-person payments using only your iPhone and Revolut Pro, receiving funds via Apple Pay, cards, or digital wallets.
• Conduct and receive payments in 36 currencies at favourable exchange rates.
• Transactions are neatly organised in a dedicated in-app space – combining your sales, accounts, and acquisition functions into one. 

Explore Revolut Pro’s service page for more features for freelancers.

Transfer Limits 

For sending a bank transfer, the limits depend on the destination country and currency. 

There are no transfer limits for most currencies, with the exception of a few specific cases, as outlined below.

Any other exceptions will be highlighted in the app before you initiate the money transfer.

Revolut accounts opened in other countries may have different limits. To find specific details on transfer limits, you can consult Revolut’s FAQ on transfer limits or reach out to Revolut directly for further details.

Revolut Features Rating: 4.3/5

Revolut Business Account offers a comprehensive suite of features for both companies and freelancers. Its strengths lie in its extensive multi-currency support, flexible account plans, comprehensive card services, and advanced foreign exchange options. 

Minor limitations include the lack of complete clarity on the differences between account plans and specific fees for certain services. 

However, the overall versatility and scalability of the offerings make it a highly competitive option for businesses operating both domestically and internationally.

Revolut Business Fees

Multi-currency Business Account for Companies

The Enterprise plan is customised.

Moreover, please note that while Revolut Business doesn't charge extra for transfers within your plan allowance, fees from beneficiary or intermediary banks may be incurred during the transaction. 

Estimated fees for some specific currencies are as follows: 

• EUR 16-32 
• USD 20 - 40 
• AUD 35 
• CAD 20 
• AED 50
• JPY 7,500 
• NZD 35 

If you downgrade your plan within 3 months of receiving a free Metal card, you'll need to pay GBP 49. After 3 months, you can downgrade and keep Metal cards without fees. Kindly refer to Revolut's FAQ for guidance on changing your Revolut Business plan.

🔎 Note: Inbound local and international transfers in GBP, USD, EUR, and CHF are not counted toward transfer allowances.

Multi-currency Business Account for Freelancers

The multi-currency account for freelancers operates and charges similarly to a business account for a company, with the distinction that it is registered under your individual name. 

It comes with a lower monthly fee and reduced allowances in specific areas, as outlined below.

Accepting Payments

Both Revolut Business for companies and freelancers incur the following fees for payment acceptance. 

Revolut Pro for Freelancers

Revolut Pro for Freelance is a component of the personal account offering, which provides a selection of plans to choose from.

As Revolut Pro is included in the personal accounts, please note that the mentioned monthly fee provides access to additional benefits in the personal account package. 

Personal accounts themselves offer features and everyday benefits like personal savings accounts, travel benefits, insurance, and investment options. 

For a comprehensive overview, refer to the Revolut Personal Account Plans comparison.

When using Revolut Pro to accept payments, there are also associated transfer fees, as detailed below.

Revolut Pricing Rating: 3.6/5

Revolut Business offers a comprehensive and flexible fee structure that can cater to the needs of different business scales and types. The presence of free account options and initial free transfers are particularly beneficial. However, the fees for currency exchanges, additional transfers, and card services, especially for international transactions, can be a concern for businesses with high transaction volumes or those operating with tight margins. The fee structure is transparent, but the cumulative cost could be high depending on the specific usage patterns of the business or freelancer.

Revolut Business Account Requirements

By opening a Revolut business account, you gain access to a variety of financial solutions designed specifically for businesses and freelancers. In this section, let's look at the criteria and fundamental documents needed. 

Eligibility 

To open freelancer or business accounts with Revolut, your business must be one of the following: 

• Private limited company
• Public limited company
• Limited liability partnership
• Limited partnership
• Partnership
• Sole trader
• Freelancer

The business should be registered and maintain a physical presence in the US., the European Economic Area (EEA), or Switzerland. 

Here is a list of the eligible countries:

Incorporated businesses in the EEA or Switzerland have other requirements, including

• Applicants must reside in Switzerland or the EEA.
• At least one beneficial owner or director must reside in the EEA or Switzerland.
• The operating address must be located in the EEA or Switzerland.

In certain cases, Revolut might request documents to prove any of the above.

A Revolut UK Business account is not possible if you are operating the following:

• Public sector organisation
• Charity
• Private foundation or trust
• Cooperative
• Other

In addition, you cannot open a Revolut Business account if your business operates in a prohibited industry, like weapons, adult entertainment, cryptocurrency, gambling, auction houses, cannabinoids, investment funds, fine art dealers, pension schemes, second-hand car dealers, quasi-cash merchants, streaming companies, and others.

Required Documents

Applicants will need the following documents:

• Identity verification, such as national ID or passport.
• Proof of operating address, such as rental payment confirmation, utility bills or bank statements. Virtual offices, P/O or C/O boxes are not acceptable.
• Nature of business details, with supporting documents such as proof of regulation, supplier invoices, matching bank statements, and fully working websites or platforms. 
• Intended usage for the account.
• Incorporation details, such as Certification of Incorporation or Articles of Association.  
• Details about the shareholders and directors of your company, including their identity verifications. 
• Power of Attorney if the applicant is not a director or shareholder of the applying business.

Additionally, they may ask you to confirm certain business details, and in some cases, provide additional documents.

To find out more about the application process, read our comprehensive guide on how to apply for a Revolut Business account.

🔎 Tip: Revolut offers a 1-month paid plan trial for their business accounts.

Revolut Ease Of Opening an Account Rating: 3.5/5

Revolut offers accounts to various company types with standard eligibility and document requirements. However, the need for physical presence in specific regions, mainly the US, EEA, or Switzerland, could pose challenges for some users. 

Revolut Customer Support 

Their main support channels include the Revolut Help Center, where relevant FAQs about onboarding, features details, cards, spending control and more can be found.

They also offer 24/7 in-app chat with experts.

You can also seek additional assistance by reaching out via email at support@revolut.com.

To block your card, use the automated phone line at +442033228352 (fees may apply). Please note that this number is specifically for card blocking; you cannot connect to a human agent or make outgoing calls.

Additionally, there is a request call feature exclusive to the enterprise plan.

Revolut Customer Support Rating: 3/5

While 24/7 support is a standout benefit, Revolut's customer support is somewhat limited, offering only in-app live chat and email options. Phone support is available only for enterprise users. 

Nevertheless, we have read through some reviews, and many mention that customer support is generally helpful.

Revolut Alternatives

Now that we've covered the overall Revolut business account review, you may be wondering about similar business banking alternatives out there. Let's compare some options.

💡Tip: We have also conducted a full comparison of the 5 best Revolut alternatives in this article.