Doing business overseas? Discover the best multi-currency accounts in the UK to receive and send money abroad.
Looking for a new business account? You might want to consider a digital solution.
App-first banking has rapidly increased in popularity over the last few years, with around 12.6 million British people using a digital-only bank account. This number is expected to surge to 22.6 million by 2028.¹
There are a growing number of digital banks out there, many offering dedicated solutions for businesses as well as personal customers.
Two of the most popular options for SMEs are Wise Business and Revolut, but how do they compare? To help you choose the right solution for your business, we’ll run through everything you need to know here in this guide. This includes fees, features and more.
To make it easier to compare Wise Business and Revolut Business at a glance, we’ve put together a table covering all the important stuff. This includes things like fees, currencies and key account features, so you can see how the two providers stack up side-by-side.
|Service||Wise Business||Revolut Business²|
|Account opening fee||£45||None|
|Monthly subscription fee||None||- £0 to £100 a month for companies (varies by plan) |
£0 to £25 a month for freelancers
|Currency account details (how many currencies?)||8+ (GBP, EUR, USD, CAD, RON and more)||3 (GBP, EUR, USD)|
|Hold money (how many currencies?)||40+||25+|
|Interest product||Variable on GBP, EUR and USD balances||❌|
|Accounting integrations (which providers?)||Xero, QuickBooks, FreeAgent, FreshBooks + Oracle NetSuite||Xero, QuickBooks, FreshBooks, ZohoBooks, FreeAgent + Sage|
|Bulk payments||Yes||Only paid plans|
Revolut offers a considerable number of features and services designed for business needs, although it depends what plan you’re on.
Revolut Business plans include:²
- Grow - £25 a month
- Scale - £100 a month
- Enterprise - custom pricing.
The free plan gives you access to basic features, including, multi-currency accounts, Revolut Business cards, IBANs for global transfers, accounting app integration, payroll management and the option to create invoices. You can also use Revolut to accept payments online.
But it also comes with lots of limits, such as just 5 fee-free local payments and no fee-free business international payments a month. To exceed this limit, there are fees involved - we’ll look at these next.
If you upgrade to a paid plan, you can unlock features such as:
- Higher allowances for fee-free local and international payments
- Foreign exchange at mid-market exchange rates (monthly limits apply)
- Bulk payments
- Transfer approval
- Analytics tools
- Business API integrations.
Revolut Business account reviews from existing customers are pretty good. The company gets a 4.3 rating on TrustPilot from over 137,000 reviews (includes reviews from personal account customers).³
|Read more: Tide vs Revolut Business: comparison for the UK|
Alongside the monthly fee for paid plans, Revolut also has fees for many of its other services. Depending which plan you’re on, you’ll get a monthly fee-free allowance for things like international payments and currency exchange. But above this, fees will apply.
Let’s take a look at the other charges you need to know about as part of Revolut Business pricing (based on the Free plan):⁴
|Service||Fee (once fee-free monthly allowance exceeded)|
|Send local payments||£0.20 per payment |
Free to Revolut accounts
|Send international payments||£3 per payment|
|Receive international payments||Free for payments in GBP, EUR, USD and CHF |
£3 per payment otherwise
|Currency exchange||0.4% mark-up on mid-market exchange rate|
|Revolut business card||£4.99 delivery fee for plastic cards|
|Pros ✅||Cons ❌|
|Read more: Revolut vs Starling Business Account: comparison for the UK|
The Wise Business account is ideal for companies that trade internationally, or who buy goods or employ people from other countries.
There’s just one powerful account, with no monthly subscription fees. Features include:
- Local account details for 8 major currencies
- International payments to 70+ countries for low fees and mid-market exchange rate
- Employee expense cards - with no foreign transaction fees for spending in 160+ countries, plus spending limit controls and 0.5% cashback
- API integration with business and accounting tools
- Bulk payments - batch pay up to 1,000 people at once
- Bespoke permission levels to control team access.
With Wise Business you can even earn a return on the money you hold in multiple currencies. With Wise Interest, you can get a 4.82% variable rate on your GBP balance held in your Wise Business multi-currency account.
Capital at risk. Current rates do not guarantee future growth.
Variable rate is based on 7 day performance as of 10 Aug 2023. This fund has returned an 0.93% annual average over the last 5 years, excluding Wise and fund manager fees. See full 5 year past performance of funds
Wise is UK regulated, and uses sophisticated security measures to keep your business details and finances safe.
Over on TrustPilot, Wise Business account reviews are positive - giving Wise a score of 4.3 based on over 190,000 reviews.⁵
Here are the fees and charges you need to know about for the Wise Business multi-currency account:
|Open Business account||£45 one time fee|
|Receive payments||- Free in 8 major currencies |
- $4.14 for receiving USD wire payments
|Send payments||From 0.43%|
|ATM withdrawals||- Free up to £200 a month (max. 2 withdrawals |
- 1.75% + £0.50 above that
|Currency exchange||Mid-market exchange rate, with no mark-ups|
|Pros ✅||Cons ❌|
It’s pretty simple to open a Wise business account online. You’ll just need some details, documents and a few minutes of your time.
Just follow these steps:
- Go to the Wise website and click ‘Create account’ to register
- Provide details about the business - this includes business name, entity type, registered address and registration number. You’ll also be asked to provide information about the company directors.
- Provide details about yourself as the account representative or director.
- Upload a photo or copy of your photo ID and proof of address when requested. You might also be asked to upload copies of your business documents. The requirements vary based on entity type.
- Pay your one-time set-up fee.
- Wait for your account to be verified - this usually takes less than 10 working days.
And that’s it. Once your account is opened, you’ll be able to start making use of its features and tools right away. This includes ordering Wise Business cards, making transfers and sending invoices to your global clients and customers.
And that’s it - our rundown of Wise Business vs. Revolut Business. We’ve compared the two providers on all the things that matter, including pricing and fees, features and services, and the pros and cons of both companies.
You should now have all the info you need to choose the right solution for your business.
Whichever one you go for, one thing’s for sure - the future of business banking is digital.
- Finder - Digital banking statistics
- Revolut - Business account plans
- TrustPilot UK - Revolut.com
- Revolut Business - Free plan - Fees
- TrustPilot UK - Wise.com
Sources last checked on date: 24-Jul-2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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