Revolut Business Account Review (UK - 2024)

Revolut Business offers UK registered business owners several different account options to manage 25+ currencies, send and receive payments, take card transactions from customers, issue invoices and more. But is the Revolut Business account good? Will it suit your specific business requirements? Read our Revolut Business account review to find out.

We’ll cover a full Revolut Business bank account review and touch on Wise Business as an alternative to Revolut Business which lets you manage your business finances in multiple currencies, with low fees and mid-market exchange rate.

💡 Learn more about Wise Business

Revolut Business - quick overview

A quick overview before we jump into our Revolut Business review. Revolut was launched back in 2015, and offers personal and business services in the UK, as well as many other countries and regions including the EEA, US, Australia, Singapore and Switzerland.

Revolut Business customers in the UK can choose from 4 different Revolut Business plans which have their own features and fees, making them suited to businesses of different sizes and types. The Basic account has no monthly fees but uses transaction and fair usage charges, while other accounts have ongoing fees and offer more no-fee transactions and extra features as part of the package. This guide explores what’s available.

If you’re not a UK business owner, you can still use Revolut’s personal account services. Check out our full Revolut Business vs Revolut Personal account review here.

Revolut Business account review

Our Revolut Business account review will focus on the features, plans, fees and customer service offered by Revolut Business. We’ll break each down in turn to give you a flavour of what you can expect from Revolut’s services.

Another handy place to look for a Revolut Business account review is Trustpilot, which aggregates live reviews to give a star rating. At the time of writing, Revolut gets a 4.1 out of 5 star, Great rating, from 157k+ reviews¹.

Revolut Business key features

Next, a look at some of the main features and products from Revolut Business. Some features are common across all business account plans, while some are offered only to higher tier account holders. All accounts come with:

• Linked payment card options for spending and withdrawals
• Multi-currency features to manage 25+ currencies
• Some no fee currency exchange on weekdays, to plan limits
• Ways to make local and international payments
• Options to be paid by bank transfer or card - fees may apply
• Multi-user access, payroll and expense management add on features

Depending on which account type you pick you may also get features including:

• Metal cards
• No fee international transfers
• Bulk payment solutions
• Interest on savings
• Limits and stop orders for currency exchange management
• Business analytics

Revolut Business plans

Revolut Business' plans are structured with their own fees - and in some cases, no fee allowances for specific transaction types or features. This allows customers to pick the plan that suits their business size and stage, and trade up or down depending on transaction needs.

Here are a few key features of the Basic, Grow and Scale account plans - other features are also available so it’s important to look at the different account documents and fee information carefully before you sign up.

Revolut Business account fees

Revolut Business account fees vary based on the account tier you pick and how you transact. You can choose a Basic, Grow, Scale or Enterprise plan. Here we’ve featured some key fees for the most commonly selected plans - Enterprise plans are customised and so can come with variable fees, best suited to very large businesses.

First let’s look at the fees which apply based on different account plans - below there's a quick look at some fees which apply to all accounts.

Some other fees apply to all account tiers, including:

• 2% ATM withdrawal fee
• 0.6% fair usage fee when exchange limit is exceeded
• 1% out of hours fee for currency conversion outside of market hours
• £4.99 per additional plastic card ordered
• £5 per active team member/month for expense feature
• £3 per active team member/month for payroll feature
• Accept payments - from 0.8% + fixed fee based on currency, to a maximum of 2.8% + fixed fee based on currency depending on payment details

Revolut Business customer service

Revolut Business' customers can reach customer service by logging into their account in the app and opening a chat. To do this, tap on your profile, then tap Help. You’ll see the option Get more help and Contact us. This will open a chat with a live agent.

FAQs - Revolut Business account

Do you need a registered business for Revolut Business?

To register with Revolut Business you must have an active and incorporated business^⁵. Your company must be registered in an eligible country, and can not be a charity, operate in the public sector, act as a cooperative, or be registered as sole traders.

It’s also important to check your company is in a supported industry, as not all businesses are eligible. Finally, your current residential address should be in the UK, Switzerland or EEA.

What documents do I need to open a Revolut Business account?

To open a Revolut Business account you’ll need to verify your identity and business information. You can upload a copy of your passport, driving licence or national ID card to verify your identity. If you’re a resident in the UK but not a citizen you’ll also need legal proof of right to remain in the UK^⁶.

You’ll also need to add information about your business, with documents which may include^⁷:

• Certificate of Incorporation
• Articles of Association
• Audited Annual Report for the most recently completed financial year
• Memorandum of Association
• Partnership Agreement (for partnerships only)

How long does Revolut Business take to verify?

While Revolut's verification process can be fairly quick, ideally taking under 24 hours, in some cases it can take up to 7 days^⁸. Verification processes are required by law and exist to keep customers and their money safe.

Is my money safe with Revolut Business?

Revolut is safe to use for all the services it offers, and is a licensed provider in the UK.

When you deposit money with Revolut it is safeguarded, by being held separate to Revolut’s own operating funds in top tier banks and institutions. This means you can always get your money, and it is protected in the unlikely event Revolut ran into financial difficulties.

Revolut must also comply with strict legislation to protect customers, such as using data protection measures, and building digital safety protections into their app.

Is Revolut a UK regulated bank?

In the UK, Revolut is licensed by the FCA as an e-money institution. This isn’t the same as a bank, but it still means your money is safe and protected. Revolut must follow strict safety protocols and is subject to regular checks and audits to make sure your money is safe. Elsewhere, Revolut may be licensed differently - in the EEA it’s got a full banking licence for example.

Revolut Business alternative: discover Wise Business account

As an alternative to Revolut Business, check out Wise Business, which has multi-currency account and card solutions for businesses of all sizes.

There’s a one time fee to open a Wise Business account, with no ongoing fees and no minimum balance requirements. All accounts can hold and exchange 40+ currencies, and come with local account details to receive payments from 8+ currencies. Whenever you need to convert currencies, to send a payment, spend with your Wise debit card, or within your account you’ll get the mid-market exchange rate, and low conversion costs from 0.33%.

Want more? Here are some of the Wise Business features you can access:

• One time £60 account opening charge with no ongoing fees
• Send money quickly or instantly to bank accounts in 160+ countries
• Get local account details in 8+ currencies, to be paid easily by others
• Hold and exchange 40+ currencies using the mid-market rate with no markup
• Issue business debit and expense cards for you and your team with no foreign transaction fee, and low conversion costs from 0.33%
• 0.5% cashback on eligible card spending
• Expense management tools at no extra cost
• Generate invoices and payment links to receive money easily from customers
• Access accounting integrations, batch payments, and a powerful API

Get started with Wise Business 🚀

About the author:
	Paola is an expert in business finance topics for the Great Britain market, covering everything finance teams need to know to manage business finances across borders. She creates high quality content to help you make the best cross-border decisions. You can read more useful articles on her author profile.

Revolut Business offers some great account options for UK registered business customers. Compare your choices against alternatives like Wise Business, which has a wider range of supported currencies and no ongoing fees. You’ll just pay a one off charge and then low, transparent transaction fees depending on how you use your account - with no fair usage or out of hours fees to contend with.

Sources used in this article:

Sources last checked 16-Aug-2024