Revolut Business review: Pros, Cons & Top Alternatives

Panna Kemenes

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.

manage-your-international-business

📝 Table of Contents

Revolut Business: Quick overview

Here’s an overview of the Revolut Business account fees and features at a glance:

Opening fee
  • Free plans available for freelancers and companies, but all other plans require a monthly fee.
Monthly fee²
  • Freelancers
  • Free - $0/month
  • Professional - $9.99/month
  • Ultimate - $39.99/month
  • Companies
  • Free - $0/month
  • Grow - $39.99/month
  • Scale - $149.99/month
  • Enterprise - Custom
Trustpilot rating³
  • Revolut as a company (not the Business account seperately) has a Trustpilot rating of 4.3 out of 5 from 118,000+ users
Great for:
  • Quick international payments and accounting integrations.

Can I add a business account to my Revolut?

In short, yes, you can.

First, here’s how you can apply for a Revolut Business bank account:

  1. Fill out the online form and submit the relevant business documentation
  2. The Revolut team will review your application
  3. If there are any doubts about your information, the team will reach out to confirm

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:

  1. Click on your account name in the upper left corner and open the ‘Settings’ tab
  2. Once in ‘Settings’, click your account name and you can ‘switch’ or ‘add’ other Revolut accounts

If you choose to add an account, you can set up another business to link to your Revolut account.

Revolut Business Pros and Cons

✅ Pros❌ Cons
  • Access to 200 virtual debit cards - On all payment plans you can access up to 200 virtual and three plastic debit cards
  • Mobile app - With a dedicated mobile app, you can manage your Revolut business banking by viewing funds and transactions
  • Account software integration - The Revolut business account syncs with various third-party accounting tools such as Sage, Xero, and QuickBooks
  • 2% ATM withdrawal fee - For every ATM withdrawal there’s a 2% fee
  • No cash or check deposits - You can’t make cash or check deposits into your Revolut Business account

Revolut Business features

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:

  • Dedicated mobile app - The dedicated mobile app integration allows users to track their spending, record expense receipts, and much more
  • Manage 30+ currencies - You can receive, store, and send funds in more than 30 currencies with your Revolut account
  • Access to virtual and physical debit cards - You can pay however you want using virtual or debit cards with Revolut

Is Revolut Business safe?

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

Revolut Business pricing and plans

FreeGrowScaleEnterprise
  • $0
  • No free international payments
  • 5 free local payments
  • $39.99/month
  • 10 free international payments
  • 100 free local payments
  • $149.99/month
  • 50 free international payments
  • 1,000 free local payments
Custom ⁵

Revolut Business transfer limits

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 transfersUnlimited.
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

What’s better than Revolut Business? Top alternatives

Wise Business

Key features:

  • Use the real mid-market rate
  • Hold and manage over 50 different currencies all from one account
  • Transparent transaction fees
  • No hidden fees
  • Safe and trusted by over 300k users already

Pricing:

  • Free to open an account in the US
  • One-time fee to gain 10 local account details
  • No monthly subscription fees
  • No minimum balance requirement
  • International payments from 0.41%

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

PayPal for Business

Key features:

  • Flexible checkout options
  • Market services with PayPal’s global reach
  • Various software integrations

Pricing:

  • Free to open account
  • No monthly fees
  • No minimum balance requirement
  • International payments: 4.49% of the transaction amount plus a fixed fee based on the currency

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.

Payoneer

Key features:

  • Free transactions to Payoneer accounts
  • Receive payments in 9 currencies
  • Send payment requests to customers

Pricing:

  • Free to open account
  • No monthly fees
  • No minimum balance requirement

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.
Looking for a stress-free international business account?
Join Wise Business today


Sources:

  1. Revolut Revenue and Usage Statistics (2022) - Business of Apps
  2. Business Compare Plans US | Revolut US
  3. Read Customer Service Reviews of www.revolut.com
  4. Business Security | Revolut US
  5. Business Compare Plans US | Revolut US
  6. Are there any limits to what I can transfer into the account? | Revolut Help Center.
  7. Outbound transfer limits - Revolut
  8. Withdrawal limit - Revolut

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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