Wells Fargo Initiate Business Checking Review: The Best Choice for Your Business?
This Wells Fargo Initiate Business Checking review will cover all you need to decide if it's the best choice for your business!
Revolut is a payment service provider with 15.5 million users as of June 2021. Around 1.1 million people use the Revolut Business app on a daily basis.¹
One of Revolut’s top products is the Revolut Business account. The business account is an online solution for business banking. With it, you can send and receive international payments with the real exchange rate.
There’s more to it than payments, though. This Revolut Business review will breakdown the key features and benefits of the Revolut Business account.
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Here’s an overview of the Revolut Business account fees and features at a glance:
Opening fee |
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Monthly fee² |
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Trustpilot rating³ |
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Great for: |
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In short, yes, you can.
First, here’s how you can apply for a Revolut Business bank account:
Once you have your business account set up, you can switch or add other Revolut Business accounts. To do so, here’s are the steps to take:
If you choose to add an account, you can set up another business to link to your Revolut account.
✅ Pros | ❌ Cons |
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Revolut is not a bank, and as such, varies in what it offers businesses.
Why is Revolut not a bank?
While Revolut does have an EU banking licence, it is technically classified as an e-money institution.
There are plans to introduce banking services to EEA customers soon, and extend to other countries, but for now here are the features you can access with a Revolut Business account:
Revolut offers various security features to protect user funds and transactions, such as the following:⁴
FDIC insurance - Your funds are covered up to the value of $250,000 with FDIC insurance
Anti-fraud measures - Revolut will flag suspicious activity, ask for verification to keep your account safe, and its Revolut business cards are 3D secure
Team permissions - Manage admin rights with team permissions so you can control exactly who has access to your account
Free | Grow | Scale | Enterprise |
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The Revolut Business account has various limits to consider:
ATM withdrawals | £3,000 per day (or the equivalent) for any card associated with the account. £100,000 spending cap per month (or the equivalent) for each card. |
SWIFT transfers | Unlimited. |
US domestic wires | $50,000 per wire transfer. $200,000 cumulative domestic wire initiations daily (from 12.00am to 11.59pm ET) |
ACH transfers | $175,000 value cap per transfer. $200,000 daily limit for transfers under $100,000. Transfers made within the limits should be received in less than 24 hours, but once you exceed the limit, the transfers act as normal ACH transfers and take up to 3 working days to arrive. |
All the limits listed here are fixed and cannot be changed.
There’s no limit to how much you can receive into your Revolut Business account. The one exception is ACH transfers in the USA which are limited to 1,000,000 USD. Large transaction sums may prompt a request for additional information.⁶⁷⁸
Key features:
Pricing:
Best for:
Wise Business is an excellent option for sending and receiving money internationally. Pay clients in their preferred currencies and avoid hidden fees.
🔍 Read the head on comparison of Wise vs Revolut for Business to find out more |
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Key features:
Pricing:
Best for:
Businesses that seek a simple and widely-used payment solution that offers robust security measures and straightforward payments.
🔍 Check the PayPal fee calculator to see some PayPal fee examples. |
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Key features:
Pricing:
Best for:
Payoneer is best for freelancers and small businesses that don’t require a POS system, and are looking for a low-cost payment solution.
🔍 Compare Payoneer vs Wise and PayPal vs Payoneer to see how they weigh up. |
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Looking for a stress-free international business account? | |
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Join Wise Business today |
Sources:
All sources checked November 27, 2022.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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