Revolut business account in Ireland: Your complete guide

Revolut is a digital financial service launched in the United Kingdom in 2015, offering money transfers and currency exchanges.¹

Today they provide a range of products to private and business customers in select countries worldwide, including Ireland.

This article will explore what there is to know about the Revolut Business account in Ireland, including the plans, pricing, business eligibility, and features.

We’ll also take a quick look at Wise Business as an alternative solution for an online business account.

Learn more about
Wise Business 💡

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Revolut business features

The Revolut Business account is an online service that enables people to do business globally.⁶

In terms of money transfers and currency exchange, Revolut Business offers the following services⁴:

• International and local payments
• Free payments to Revolut accounts
• Hold and exchange 28 currencies
• Spend 150 currencies
• Local GBP and EUR account details
• Manage recurring payments

The multi-currency account can come attached with a metal or plastic debit card.⁴ It’s possible to order more as needed and you can also generate virtual company debit cards.

If you're working in a team you can add members to the account and manage their permissions and access level.

Depending on the type of plan you choose, you’ll also have access to a few different business tools including the following⁴:

• Set up approval workflows
• Business API
• Accounting software integration
• Upload bulk payment files
• Manage team expenses

Revolut business plans and pricing

Revolut offers 2 plans for their business accounts based on whether you’re a company or freelancer.⁴

• Company: Account is opened in your registered business name
• Freelancer: Account is opened under your name

The Revolut Business plans are organised in tiers with pricing increasing as you move up the plans.⁴ There’s different plans available depending on whether you’re applying as a company or freelancer.

Here’s the tiers and pricing for the Revolut Business Company plans.⁴

Free	Grow	Scale	Enterprise
€0 monthly	€25 monthly	€100 monthly	Custom pricing

This the pricing and tiers for the Revolut Business Freelancer plans.⁴

Free	Professional	Ultimate
€0 monthly	€7 monthly	€25 monthly

💡 If you are looking for something different and don't want to worry about choosing plans, you should look at what Wise can offer. You can have a business account without monthly fees, high rates, or hidden charges.

Revolut business account fees

Along with the monthly plan fees, there’s also some additional fees for certain services offered by Revolut Business. The fees for the Enterprise level are all custom so you’d need to speak to Revolut directly.

Here’s some of the fees that apply to the Revolut Business Company plans⁴:

Service	Free	Grow	Scale
Metal debit card	No metal card	1x free allowance then £49 per card	2x free allowance then £49 per card
International payments	€3 per payment	€3 per payment outside 10 transfer free allowance	€3 per payment outside 50 transfer free allowance
Local payments	€0.20 per payment outside 5 transfer free allowance	€0.20 per payment outside 100 transfer free allowance	€0.20 per payment outside 1000 transfer free allowance
Foreign exchange at the interbank rate	0.4% markup	0.4% markup outside €10k free allowance	0.4% markup outside €50k free allowance
Add additional members	€5 monthly	€5 monthly	€5 monthly

These are some of the fees that apply to the Revolut Business Freelancer plans⁴:

Service	Free	Professional	Ultimate
Metal debit card	No metal card	£49 per card	1x free allowance then £49 per card
International payments	€3 per payment	€3 per payment outside 5 transfer free allowance	€3 per payment outside 10 transfer free allowance
Local payments	€0.20 per payment outside 5 transfer free allowance	€0.20 per payment outside 20 transfer free allowance	€0.20 per payment outside 100 transfer free allowance
Foreign exchange at the interbank rate	0.4% markup	0.4% markup outside €5k free allowance	0.4% markup outside €10k free allowance

Exchanging currencies with Revolut

With Revolut, the exchange rate and their fee are combined to give you the total cost of the transfer.⁵

For the exchange rate, Revolut uses the exchange rate and apply a 0.4% markup to any currency exchanges outside of any free allowances your account has.⁴

For Revolut, the exchange rate means the buy and sell rates they have determined based on the foreign exchange market data feeds they consume from a range of different independent sources. ⁵

Their fee is variable and depends on a few different factors including the currency you’re exchanging, whether the currency market is open (Sunday 18:00 to Friday 17:00 New York time⁷) and the operating costs of Revolut.⁵

Here’s an overview of how the status of the currency market and currency impacts your Revolut transfer fees⁵:

Currency	Fee during foreign exchange market hours	Fee outside foreign exchange market hours
USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN, CZK	No fee	0.5%
THB, UAH	1.0%	2.0%
Any other currency	No fee	1.0%

Attention: The highest rate relevant to your conversion will apply. For example, for a conversion between USD and THB during foreign exchange market hours, Revolut will apply the markup that applies to THB (1%), not the mark-up for USD (0%).⁵

Check out how Wise uses the mid-market rate for converting currencies

Have you heard about the mid-market rate? Wise uses this rate to convert your money, and there are no markups (Wise doesn't make money on the exchange rate). Your money is exchanged using the real exchange rate, just like you see on Google.

🔎 What is the mid-market rate?
Generally speaking, bankers are willing to pay a certain price for a currency, and they’re willing to sell it for a certain price. The midpoint of these prices is the mid-market rate. Since that’s the rate the market naturally sets, it’s the ‘realest’ — and fairest — rate out there. It’s the rate Wise gives you when you send money to over 160 countries.

Wise gets the exchange rate from independent sources and updates it every minute while the trading market is open. You can even sign up for rate alerts and daily updates from Wise.

Who can open a Revolut Business account?

Whether or not you can open a Revolut Business account depends on what type of business you have and where you’re located.

Types of businesses eligible for a Revolut Business account

To be eligible to apply for a Revolut Business account you’ll need to fit within one of these business types²:

• Public or Private limited company
• Single member company
• Designated activity company
• General or Limited Partnership
• Unlimited or Private Unlimited Company
• Freelancer
• Soletrader

If you’re unsure whether your business fits into one of these categories you can always check with Revolut before you apply.

Where can I open a Revolut Business account?

Revolut only offers their business accounts in certain countries so you will need to be located in one of the following places to apply³:

• United States of America
• Countries in the European Economic Area (EEA)
• Switzerland
• United Kingdom

💡 Keep in mind: Revolut requires your business to be registered and have a physical presence in an eligible country to apply.³

Wise business account as an alternative

If you're searching for an online business account that allows you to work globally then it’s worth taking a look at what Wise could do for you.

Wise offers business banking without hidden charges and no monthly fees. You can pay employees, get paid and manage your cash flow overseas.

With a Wise business account you can hold more than 40 different currencies in a single account, and convert them using the real exchange rate, with no markups.

For 9+ of those currencies, including EUR, USD and GBP, you’ll get local bank accounts making it even easier to receive payments like a local.

Along with the multi-currency account you’ll also get access to a range of business tools including company debit cards, accounting integration, batch payments and the ability to add team members. Take a look at the Wise business pricing.

Open your Wise Business
account 🚀

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Sources used:

1. Revolut - About us
2. Revolut - Supported types of business
3. Revolut - Where is Revolut Business available?
4. Revolut - Business Pricing
5. Revolut - Company fees (Scale)
6. Revolut - Business
7. Revolut - Will I be charged for exchanging foreign currencies?

Sources last checked on date: 10 May 2022