Revolut Business Review

Businesses can now enjoy a cutting-edge banking solution featuring international currency exchange, low fees, and instant payments. But more than that, Revolut Business brings ‘future-tech’ banking solutions to your business on mobile. Revolut’s breakthrough business banking services were launched in 2019. The app serves as a dynamic domestic and international money transfer solution for business banking.

Revolut already boasts 10 million+ customers worldwide, with over 350M transactions posted, exceeding £40 billion. The company – Revolut Ltd – is fully authorized by the FCA (Financial Conduct Authority), and operates under the EMR (Electronic Money Regulations of 2011).

Banking Features

This ‘power-packed’ app is loaded with features and functionality. Notable among its best functions are quick and easy money transfers domestically and abroad, with local payments solutions including EUR, and GBP. Up to 28 currencies are supported, with full transparency, competitive rates, and a virtually unlimited number of multi-currency corporate cards which can also be added to ApplePay.

Other features include seamless registration, automated workflows, smooth onboarding, and the ability to process up to 1,000 payments in a few clicks. Businesses can implement flexible permissions for users, and the app can be seamlessly integrated with many other solutions such as Slack, Zapier, Xero, and FreeAgent. Revolut is readily available to clients in Switzerland, and EEA countries.

Further, Revolut facilitates international and local money transfers in 28 currencies. Full transparency is provided on exchange rates and fees, and competitive pricing is available with accounts denominated in NOK, EUR, PLN, GBP, and EUR.

Revolut completely supports SEPA (Single Euro Payments Area) transfers to/from your business account. In fact, Revolut automatically identifies the best system for your transfer.

Users and Permissions

The Revolut Business solution allows you to set up accounts with ease. Permissions for accountants, colleagues, associates, and other stakeholders are easily established. These can be restricted based on the position of the employee in the organization. Everything is managed via the Settings tab in the Revolut app. Permissions for each team member can be set at the business owner’s discretion. The Revolut Business app allows users to grant admin access to your account to multiple team members (depending on your plan type).

Business Account Types & Plans

As a business owner, you can open an account within 10 minutes, in EUR or GBP. It takes up to 7 days for the application to be reviewed and processed by the Revolut support staff. Any legitimate business currently registered as a company with a physical presence in the EEA and Switzerland can access Revolut Business Services.

	Free	Professional	Grow	Scale	Enterprise
Price per month	£/€0/m	£/€7/m	£/€25/m	£/€100/m	Pricing Upon Request
Infinite payments	✓	✓	✓	✓	✓
Free Team Members	1	4	10	30	Unlimited
Free Local Transfers	5	20	100	1,000	Unlimited
Free international transfers	X	5	10	50	Unlimited
Allowance of FX	X	£5,000	£10,000	£50,000	Unlimited
GBP and EUR local accounts	✓	✓	✓	✓	✓
Hold/Exchange 28 currencies	✓	✓	✓	✓	✓
IBAN for worldwide transfers	✓	✓	✓	✓	✓
Prepaid debit cards and mobile Apps for cardholders	✓	✓	✓	✓	✓
Virtual cards, connect and open API	✓	✓	✓	✓	✓
24/7 customer support	X	✓	✓	✓	✓
User permissions	X	✓	✓	✓	✓
Bulk payments	X	✓	✓	✓	✓
Expense management	X	✓	✓	✓	✓

Fees

The fee schedule depends upon the type of subscription you have applied for.

The Free Account costs £0 per month. If you exceed the Free Allowance, the cost is £5 per additional team member per month. The local transfer fees are £0.20 per additional transfer, and for international transfers, the fee is £3 per additional transfer. Foreign exchange fees are marked at 0.4% markup above your free FX allowance. The cost for additional cards is £4.99, and ATM fees are 2% on all withdrawals. For top up and limits, the ATM withdrawal limit is £3,000 per day. In certain cases, a Free Trial is available to users. There are fees during foreign exchange market hours and outside of foreign exchange market hours. These are all listed on site.

The Grow Account has a different fee structure for businesses. The subscription fee is set at £25 per month and the cost if the free allowance is exceeded is £5 for additional team members per month, £0.20 per additional transfer, £3 per additional transfer internationally, and 0.4% markup above your free FX allowance for foreign exchange fees*

The Scale Account fees are £100 per month. If you exceed any of the free allowances, the cost for team members is £5 per additional team member, and the local transfer fees are £0.20 per additional transfer, and the international transfer fee for additional transfers is £3. A 0.4% markup above your free FX allowance is levied on foreign exchange fees*

The Enterprise Account comes with a standard subscription fee of £1000 per month*

*Fees charged during FX market hours and outside of FX market hours are provided on-site under each business plan option. ATM fees, ATM withdrawal limits, and card fees are identical across all account options.

Security

The safety and security of business accounts at Revolut is ironclad. The company is FCA (Financial Conduct Authority) authorized to facilitate international and domestic money transfers. The integrity of the entire business framework is guaranteed by FCA regulations. Since card transactions are processed via VISA, MasterCard, and Maestro, they are protected by policies at these payments providers. Additionally, Revolut business customers can enjoy anti-fraud systems courtesy of machine learning algorithms that detect anomalies in client behavior.

If anomalies are spotted, the account will be frozen. Additional security systems in the form of 2 FA (Two-Factor Authentication) strengthen the protections available to clients, courtesy of email and SMS notifications. From a business perspective, it is possible to enable additional control over corporate cards at company level. Any feature can be disabled or enabled, and accounts can be frozen at the discretion of the business owner. New security features that will soon be available to business account holders include Google SSO and Google Authenticator.

Revolut business Support

Business clients can get in touch with customer support representatives at Revolut by clicking on the Help button. This drop-down menu introduces you to the Community, the Help Center, Security, and System Status Options. The Help Center provides information on a range of topics including Getting Started, Transactions, Cards, Profile, Tax, Security, and more. It is possible to contact the customer service team via telephone at +44203328352, or by using the in-app chat function.

Chat is available between Monday and Friday (24 hours a day), or between Saturday and Sunday (24 hours a day). For the Premium plan users and Metal plan users, Priority service is available. Revolut maintains an active presence on social media channels including Facebook, Instagram, Dribble, LinkedIn, and Twitter. Revolut’s UK-based users can visit the company for face-to-face communications at the Westferry Circus address, in London.

Conclusion

This app is a power-packed dynamo, with plenty of neat features. Any business that requires lots of flexibility in terms of its payments processing capacity, bookkeeping, business expense management, money transfers, and mobile account management, will benefit from using Revolut. Plus, there are competitively-priced plans available to business users, including a Free Account, Grow Account, Scale Account, and Enterprise Account. Each option is unique in terms of pricing, features, and scale. There are fees levied on withdrawals, and this should be borne in mind, since it will impact your business’s bottom line if you repeatedly withdraw via ATMs.