Revolut Business Account Review [Uncovered] – 7 Must Knows

About Author: Hi, I’m Quinn Askeland. In 2014, I started Transumo after experiencing expensive, slow, and frustrating international money transfers and payments through banks. Once I discovered how to manage my own international currencies much better, I became driven to help others improve their transfers and payments. Fortunately, today, there are many excellent options. See My Full Bio.

One service which offers a range of cost-effective, efficient, and time-saving solutions for businesses of all sizes.

With Revolut’s Business Accounts, companies can make fast and secure payments, access a wide range of currencies, and manage expenses and card payments with ease – all from a single, user-friendly platform.

Additionally, Revolut offers payment gateway services for online businesses and even provides card readers for physical locations.

But don’t just take our word for it.

In this comprehensive review of Revolut’s Business Accounts, we’ll explore the pros and cons of each of the different account types, as well as provide alternative solutions (if suitable) for businesses looking to maximize their financial management.

Disclosure: This post contains affiliate links, which may save you and do not cost any more. For more information, see my about here. This review is for general information purposes only and does not constitute financial advice.

Revolut Business – Quicktake

Based on over 131,000+ reviews on Trustpilot, Revolut for business has an “Excellent” rating of 4.3/5. 75% of these reviews were 5 stars and praised Revolut for it’s low fees, fast payments and leading user experience.

1. When Revolut Business Works

The Revolut Business Accounts offer a wide range of tools to help manage and grow international finances inexpensively and effectively. 

The account has the ability to hold, receive, and exchange 30+ currencies, you can easily manage your international payments. You can also get local currency accounts in 26 currencies and an international IBAN that works with 27 currencies – which can effectively mean your business is immediately open for business in 27 countries with account details in your business’s name.

But the power is in the management of those currencies.

For major currencies, Revolut offers the mid-market exchange rate without any markup during the week (when markets are open), within certain limits – more about that in a moment. 

Issuing Revolut business debit cards are also a powerful additions. With low fees and high acceptability, you or your team members can spend in over 140 countries. Paid plans also come with ATM withdrawals up to certain limits. That said, third party providers may change a withdrawal fee and also weekend fees may apply.

Revolut Hub helps with integration into third-party tools like Slack, Zapier, QuickBooks, Xero and many more are supported.

If the Hub doesn’t have what you are after, subscription customers can integrate Revolut with their existing software using their API.

Along with providing an excellent permission management system on its app, Revolut business also offers tools to manage workflow related expenses from anywhere. For example, you can add new members to the payroll for just £3 a month.

And business can also accept customer payments by using Revolut widget /plugin on your site.

And by using the Revolut Reader, you can also accept card payments.

2. When Revolut Business Doesn’t Work + Alternatives

Revolut Business has the following limitations.

• Limited accounts – You have to pay for many of the features. The account with no fee is a good way to get started but if you want to access full services and perks, you will have to upgrade to a paid plan.

• No cash deposits – You cannot deposit cash into your Revolut Business account. This means that if your business deals with cash transactions, you need to find another way to manage your money. Revolut Business is not well-suited for cash-based businesses.

• Lacks banking services – No credit or other banking services. For instance, you cannot get loans, overdrafts, mortgages, or equity management from them. If you feel that these services are essential for you, then look for another provider.

• Restricted insurance support – You can only get insurance from Revolut Business if you are based in the UK. Even then, the insurance is complicated and has many restrictions. For instance, you cannot get insurance if you have any business dealings in the US. This limits your protection as a business owner.

• Limited customer support – You do not get comparative customer support as you would from a traditional bank. May have to wait a long time to get a response or resolution in case you need support or answers to some queries. Have to deal with chatbots or automated messages instead of human agents most of the time. This can be inconvenient if you need immediate assistance.

2.1 Revolut Vs Wise for Business

We compare Wise Vs Revolut for Business in greater detail, but here are the main points:

In our review of Wise Business Accounts its is clear to see Wise is and excellent comparison for Revolut Business because while they can both help businesses significantly compared to the old school ways, the have some fundamental differences.

Generally Wise is simpler with less features, while Revolut can do more.

For starters with Wise Business, there is a one-time fee, however unlike Revolut there are no recurring monthly fees or subscription charges.

That said, with both Wise and Revolut for Business there are limits on certain things you can do before additional (but relatively low) fees kick in.

The big difference here is that Revolut’s no-fee option for business is more limited than Wise, however Revolut allows you to select a suitable plan which ultimately provides more flexibility and potentially lower fees overall.

Given, there are up to 7 options with Revolut and only 1 with Wise, it is a good idea to start with Revolut’s comparison tables and compare these with Wise for Business fees.

Availability: Wise Account for Business is available in many of the same countries as Revolut with the notable additions of Canada and Switzerland. Wise also allows you to allows you to transfer money in more than 70 currencies while Revolut is around 30.

Payments: With Wise Business, you can get your local account details in 10 currencies USD, GBP, EUR, AUD, NZD, SGD, RON, CAD, HUF and TRY; while with Revolut has 17 IBANs.

Revolut can can also be set up as a payment gateway for e-commerce while Wise does not have this ability.

Interest: Wise does however offer healthy interest on you cash holdings in the UK and USA, while Revolut interest is limited to personal accounts.

Deposit insurance: funds in Wise are protected based on your country while Revolut does not have deposit insurance. That said, we believe it is a good idea to not rely completely on any service like Wise and Revolut for all your banking needs – discover more in the 3rd party customer reviews section below.

3. Revolut Business Costs and Fees

3.1 Account Fees

Revolut business is available in the UK, US, Australia, New Zealand, Switzerland and the European Economic Area (EEA). You need to have a registered physical business presence to be eligible for a Revolut business account.

Revolut offers the following business accounts:

3.2 Foreign Exchange Rate

Revolut offers a mid-market rate without any markup on weekdays. On weekends and on days when markets are closed, they apply usually apply around 0.5% markup to currency conversions. This presumably covers them for currency fluctuations while markets are closed. 

With Revolut business, you can also lock in future foreign exchange rates for a fee of 0.8% per contract.

3.3 International Transfer Fees

Revolut business charges a small fee for sending local transfers after you exceed your plan’s allowance. The fee is £0.2, $0.2 or €3 depending on the currency.

For international transfers, the fee is £3, $3, or €3 per transfer above the allowance. 

Moreover, you will have to pay a $10 fee every time you send or receive a USD wire transfer – no matter what plan you have. 

You will also pay a 0.5% markup on the exchange rate if you go over your no-fee allowance.

FX fees:
– Standard + Plus: Fair usage limits apply
– Premium + Metal: unlimited and fee-free in 30+ currencies (as exotic currency mark-ups apply, and only fee-free on weekends)
– All plans: Weekend mark-ups apply

4.4 Card Fees

Revolut business charges a delivery fee for sending you a card, which varies depending on your plan. 

If you lose or damage your card, you will have to pay a small replacement fee of £4.99 (or currency equivalent).

You can withdraw cash from ATMs for without fees up to 5 times or €200-€800 per month, depending on your plan. After that, you will pay a 2% fee per withdrawal. 

There is also a currency conversion fee if you use your card abroad.

4. Revolut Business Multi-Currency Account

If you are looking for a payment platform that can handle multiple currencies, international payments, and team management, Revolut business multi-currency account might be the right choice for you. 

Here are some of the features that make Revolut Business stand out:

• Hold and receive 30+ currencies and exchange rates cheaper than banks.

• Get account details in 26 currencies plus multi-currency (27) IBAN to send and receive money from anywhere in the world.

• Pay invoices in 25 currencies with a few clicks and track your payments in real-time.

• Create payment links in seconds and share them with your customers via email, SMS, or social media. No need for a website or a card reader.

• Monitor and control your team’s spending with custom cards, budgets, and permissions. You can also change the settings on the go from your app or web portal.

• Lock in future foreign exchange rates with forward contracts and save on currency fluctuations. You only pay a 0.8% fee for each contract and enjoy peace of mind.
• See the transfers of your employees and approve or reject them with a tap. You can also set up approval workflows and limits for different roles and teams.

• Schedule recurring payments for your regular expenses and never miss a deadline. You can also set up reminders and notifications for upcoming payments.

• Integrate with popular e-commerce platforms such as Amazon, Stripe, and Paypal and accept online payments from your customers. You can also sync your transactions with accounting software like Xero and QuickBooks.

Revolut Business is a global solution for your business needs. Whether you are a freelancer, a startup, or a small business owner, Revolut Business can help you grow and scale your operation.

5. Revolut Business Debit Card

The Revolut business debit card is available in the UK, the US, the European Economic Area (EEA) and Switzerland. It offers both physical and virtual card options. You can receive up to three physical cards (metal or plastic) and 200 virtual cards per person at no additional cost. 

The first card for each team member is complimentary, but for each additional card, you will be required to pay a small fee £4.99 (or currency equivalent). Alternatively, express delivery is available as well for an extra fee which varies by country.

Revolut Business debit card allows users to withdraw cash from ATMs and spend in 140 currencies globally. All plans offer the choice of Mastercard or Visa cards, with unlimited monthly spending. 

One of the best features of Revolut Business is the security it offers. All cards come with 3D Secure (3DS), which is an extra layer of protection against online fraud.

You can also use Google Pay or Apple Pay to make contactless payments with your phone in 55 and 60 countries, respectively. 

Moreover, you can name and label your cards to keep track of your spending and manage your budget.

Revolut Business also rewards you for using its cards. You can earn cashback on every purchase you make with your card, depending on your plan. The zero-fee plan gives you 1.5% cashback, while the paid plans give you 1.9% cashback. You can use your cashback to offset your fees or save up for something else. Reward amounts may vary and are subject to availability. T&Cs apply.

6. Revolut Business Payments, Integrations, APIs and More

6.1 Business Payments

With Revolut business, you can make bulk payments using a CSV file upload. They support up to 1,000 payment entries at a time. 

The speed of transfers fluctuates depending on the currency and the payment method used. 

• For GBP, it can take from 2 hours to 3 days. 
• For EUR, it can be instant or up to 2 days. 
• For USD, it can take up to 3 days. 
• For other currencies (SWIFT), it can take up to 5 days.

By clicking on the “Scheduled” tab inside the “Payments” section of the app, you can set up daily, weekly or monthly recurring payments.

iDEAL is a popular payment method in Europe. Revolut business only allows business owners to make iDEAL payments and that too if they are registered in Europe, the United Kingdom or Switzerland.

6.2 Revolut APIs

The Revolut Business API provides you with the ability to automate the payment side of your business. By using API integration, you can even modify various features to better fit them to your needs.

API integration enhances overall business performance by increasing efficiency and reducing errors. 

The Revolut API is only available to paid plan users. There is no public API available. Only owners can access this option from the “Settings” section of the app.

Revolut has also made their detailed documentation available in order to make it easier for you to integrate your business with their app.

6.3 Revolut Integration Hub

Revolut has created an App Store like central “Hub” to make it easier for you to manage different integrations. From this Hub, you can select the third-party app that you want to integrate with the Revolut account and follow a few easy steps to complete the process.

You can integrate your accounting, communication or automation tools for the Hub. Revolut supports numerous partner apps. Check the complete list here.   

Revolut also provides you with an option to assign team members the necessary permissions so that only they can handle the integration related tasks.

6.4 Extra Features

• Ability to assign and manage roles for team members 
• Merchant accounts to accept card payments as a business
• Business insurance for UK-based customers
• On-Demand Pay for employees

7. Revolut Business Reviews

Revolut has a score of 4.2/5 on Trustpilot with 146,000 reviews as of January 2024. 75% of all reviewers have rated it with the highest five-star rating. That is why it has attained the Excellent overall rating. 

We have analyzed all the reviews in detail and listed both the positive and negative points in the below table.

Verdict

Choosing the right Revolut Business Account provide diverse features to help them save money managing multiple currencies and resources while making payments. The platforms enables centralized team spending tools and permission management systems

You can hold and exchange over 30 currencies. The exchange rate offered by Revolut is always transparent without any hidden charges. It also offers future currency exchange contracts and invoicing to enhance the efficiency of your business.

There are also some limitations of this service that you should be aware of. It is not a bank but an e-money service which means no credit options.

Happy International Business!