Revolut Business Account in Australia. The types, fees and how it works.

As a business owner it’s always good to stay on top of what services and technologies are out there that can help you to grow and sustain your company. One area that’s always worth keeping an eye on is finance. Having the right business accounts and financial service partners can help reduce fees and make the money side of things easier to manage.

To that end we’re going to take a look at the Revolut Business account. We’ll explore how it works for Australian customers, including the fees, processes and features. We’ll also let you know a little bit about Wise, another provider who might be able to help.

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Business account

What is Revolut?

Revolut is an online platform that provides finance services to personal and business customers around the globe. There are over 200 countries and regions supported with more than 500,000 business users across them.¹

First launched in 2015, Revolut arrived in Australia in 2019. They offer personal, business and under 18 accounts, with a range of services that includes the following.¹

• Currency exchange
• International transfers
• Physical and virtual cards
• Investment opportunities in stocks and crypto
• Budgeting and analytic tools

What is the Revolut Business account and how does it work in Australia?

Moving on, let's focus specifically on the Revolut Business account. For Australian customers this account offers a number of features, so to keep it simple here’s some of the core things.¹

• Foreign currency exchange
• Business bank cards
• Money transfers and expense payments
• Marketplace integration
• Analytic tools

Levels of business accounts offered

Revolut offered a three tiered system of business accounts.² Each level has a different monthly account fee and as you move up the tiers it gets more expensive, but some of the features and associated limits or fees change.

As seen on 1 August 2023

The main features of the Revolut Business Account

Going into a little bit more detail, here’s some of the things you can do with a Revolut Business account.³

• Hold and exchange money in 25+ currencies
• Get physical and virtual business debit cards for you and your employees
• Control account permissions and spending limits for team members
• Integrate the account with compatible software including Xero
• Use API’s to automate payments

What are the fees for this business account?

Here’s some of the fees you could encounter while using the standardised Grow and Scale Revolut account tiers. As you can see, the fees vary between the two..

As seen on 1 August 2023

Comparison with Wise business account

Now that you know a bit more about Revolut, let’s take a look at how their Grow tier account compares to the business account offered by Wise.

* As seen on 1 August 2023

International transfers with Revolut business account

Now let’s take a more detailed look at what Revolut can do for your business when it comes to international transfers.

In Australia, Revolut supports transfers in these currencies.⁶

AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, INR, JPY, MXN, MYR, NOK, NZD, PHP, PLN, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR

When money is exchanged or sent abroad there are some fees to keep in mind.

What are the international transfer fees with Revolut Australia?

Here’s a look at what it costs you to send money abroad with Revolut.

As seen on 1 August 2023

What is the exchange rate used by Revolut?

Revolut determines the exchange rate themselves based on market data that comes from official exchange market rates.⁴ Just like Wise, Revolut doesn’t include any fees within the exchange rate they give customers.

How to open an Revolut account

To open a Revolut Business account you just need to follow these steps.⁷

1. Fill out the online form
2. Provide Revolut with any documentation they require from you and the business
3. Wait for the application to be processed at which point you’ll be informed if the application was successful, if more documentation and information is required, or if you didn’t meet the eligibility criteria.

Is Revolut safe?

In Australia, Revolut is authorised to operate by the Australian Securities & Investments Commission (ASIC). As part of their work as a government body, ASIC also oversees the country’s brick and mortar banks.¹ They have certain standards in place Revolut is required to meet, which helps to keep your money safe.

Revolut contact details

If you want to get in touch with Revolut you can reach out using one of these methods.

• Use the chat function in the Revolut app
• Send them an email via their contact center
• Reach out on social media

Wise Business

If you’re curious about what you’ve read about the Wise Business account, why not give it a trial for yourself? For the small cost of opening an account, you can test to see whether it’s right for you and not have to worry about any subscription fees being applied.

The Wise Business account lets you make international transfers in over 40 currencies to 80 countries. Each transfer has a small upfront fee and is made using the transparent mid-market rate as you’d see on Google.

You also get local account details in 10 major currencies, including AUD.

Find out if Wise can help your business save money today.

Register for a Wise business account
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