Revolut digital bank account for business

revolut business bonus

Revolut is making waves across the world with its personal and banking accounts that had attracted over 15 million people and more than 500,000 businesses. 

Since Revolut recently started offering its business accounts in the USA, we have decided to have a look at what Revolut can do for your business. We’ve covered which businesses are eligible to open the account, in which countries it’s available, and all the pros and cons that you can imagine. 

What is Revolut Business bank account?

Revolut Business was launched in 2017 in a bid to slash banking expenses for companies, sole traders, and freelancers. With Revolut, businesses can hold accounts in 30+ currencies enabling them to seamlessly send and receive international payments.

Their business banking account is a digital alternative to high-street banks that charge extortionate banking fees. Revolut Business accounts can be set up online in minutes with an option of a free account, as well as three paid membership plans with extra features and fewer fees. 

Pros and cons of Revolut for business

Pros 

  • Online sign-up
  • Multi-currency accounts
  • Free international and local payments
  • Spend in over 150 currencies at the interbank exchange rate
  • Issue cards to employees
  • Accept payments on your website
  • Access on the web or via the app
  • Loans and overdrafts
  • Integrates with accounting tools

Cons

  • No cash or cheque deposits
  • Deposits aren’t protected by FDIC or FSCS
  • Free accounts lack a good few features
  • 2% fee for ATM withdrawals

Is Revolut Business available in my country?

Revolut Business is available in 48 countries around the world, most notably in the United Kingdom, Australia, the United States, France, Germany, Spain, other EU countries, Switzerland, and with plans to expand to Canada, New Zealand, UAE, Hong Kong, Brazil, and others.

What can I do if my country is not supported yet?

You can express your interest by joining their waitlist so that you’re notified and have a priority once they do open shop in your country or territory. 

Is my business eligible for a Revolut Business account?

Revolut Business is available for the following types of businesses:

  • Private limited company (LTD)
  • Public limited partnership (PLC)
  • Limited liability partnership (LLP)
  • Partnerships (as long as they are registered. We will also require, besides other documents, a Partnership Agreement)
  • Sole traders & freelancers

What businesses aren’t eligible for a Revolut Business account?

The following businesses aren’t eligible:

  • Associations, 
  • Charities, 
  • Funds such as venture capital funds, 
  • Public sector companies, 
  • Trusts, SPVs, foundations, 
  • Interest on lawyers trust accounts (IOLTAs) or cooperatives

What industries are not supported?

Revolut lists an extensive list of industries that aren’t supported that includes weapons manufacturers, adult industry, auction houses, crowdfunding platforms, gambling industry, pawnbrokers, and religious organizations among others. 

For the complete list of industries that aren’t supported for their business account, visit their website

Why is Revolut Business special?

Revolut Business offers some great features to help entrepreneurs stay on top of their finances. It’s easy to register for their multi-currency accounts that enable you to hold and send money in more than 30 currencies. You’ll be, at the same time, exchanging money at the cheaper interbank rate.

You can also create an unlimited number of accounts for each team member for example, or each office or client. Setting spending limits and controlling payments and transfers made by your team members is a breeze. 

Revolut also has top-notch security that enables you to freeze and unfreeze cards, limit contactless, online, and swipe payments, as well as ATM withdrawals. 

How much does Revolut Business cost? 

Revolut has three or four company accounts, depending on the country, and three freelancer accounts. They all range from free to custom monthly membership. Let’s see what they have to offer. 

Remember to check your local Revolut website for a complete breakdown of all features that are available in your locale.

Revolut Company Free

  • No monthly fee
  • No free metal cards
  • Plastic and virtual company cards
  • No free international payments
  • 5 free local payments
  • No free Foreign exchange (FX) at the interbank rate
  • 2 free team members
  • Free payments to Revolut accounts
  • Multi-currency account
  • Loans and overdrafts

Revolut Company Grow

  • £25/€25/$39.99 monthly fee
  • 1 free metal card
  • Plastic and virtual company cards
  • 10 free international payments
  • 100 free local payments
  • £10k free Foreign exchange (FX) at the interbank rate
  • 10 free team members
  • Free payments to Revolut accounts
  • Multi-currency account
  • Loans and overdrafts
  • Bulk payments
  • Payroll

Revolut Company Scale

  • £100/€100/$149.99 monthly fee
  • 2 free metal card
  • Plastic and virtual company cards
  • 50 free international payments
  • 1000 free local payments
  • £50k free Foreign exchange (FX) at the interbank rate
  • 30 free team members
  • Free payments to Revolut accounts
  • Multi-currency account
  • Loans and overdrafts
  • Bulk payments
  • Payroll

Revolut Company Enterprise

  • Custom monthly fee
  • Custom free metal card
  • Plastic and virtual company cards
  • Custom free international payments
  • Custom free local payments
  • Custom free Foreign exchange (FX) at the interbank rate
  • Unlimited team members
  • Free payments to Revolut accounts
  • Multi-currency account
  • Loans and overdrafts
  • Bulk payments
  • Payroll

Revolut Freelancer Free

  • No monthly fee
  • No free metal cards
  • Plastic and virtual company cards
  • No free international payments
  • 5 free local payments
  • No free Foreign exchange (FX) at the interbank rate
  • 1 free team members
  • Free payments to Revolut accounts
  • Multi-currency account
  • Loans and overdrafts

Revolut Freelancer Professional

  • £7/€7/$9.99 monthly fee
  • No free metal card
  • Plastic and virtual company cards
  • 5 free international payments
  • 20 free local payments
  • £5k free Foreign exchange (FX) at the interbank rate
  • 4 free team members
  • Free payments to Revolut accounts
  • Multi-currency account
  • Loans and overdrafts
  • Bulk payments
  • Payroll

Revolut Freelancer Ultimate

  • £25/€25/$39.99 monthly fee
  • 1 free metal card
  • Plastic and virtual company cards
  • 10 free international payments
  • 100 free local payments
  • £10k free Foreign exchange (FX) at the interbank rate
  • 10 free team members
  • Free payments to Revolut accounts
  • Multi-currency account
  • Loans and overdrafts
  • Bulk payments
  • Payroll

How many companies are using Revolut Business already?

Revolut is proud to have more than 500,000 businesses with their business account. With their recent expansion to Australia and the United States, that figure is set to skyrocket.

How do I open a Revolut Business account?

Opening a Revolut Business account is done solely online and can take around 10 minutes if you have all the paperwork needed at hand. Revolut will ask you for a few standard personal details:

  • full name, 
  • address, and 
  • date of birth

You’re then presented with four options:

  1. I want to create a company account (The company has a registration number and operates as a legal entity)
  2. I’m a freelancer (You’re self-employed and operate under your own name (i.e. sole trader))
  3. I was invited to join a company (You received an invitation to join a company’s account)
  4. I don’t have a business yet (Your company is not yet registered or you want to learn more about Revolut Business)

After you choose one of the first three options, you’ll be asked to give some more information about your company. Ie., if you want to open a corporate account you’ll need to present some basic incorporation details. Those include your company’s registered name, incorporation number, and trading name. 

You’ll also need to present some documentation to prove your identity and a description of what your company does and where.

After that, it’s in Revolut’s hands which can take up to a week or more to verify the information. 

Can I have multiple Revolut Business accounts?

Not only can you have multiple Revolut Business accounts, but you can merge them under one login as well while still keeping your businesses separate. 

For adding a business to Revolute, go into the main navigation and press on the “Switch or add new business” to go through the same registration process. 

For linking two existing Revolut Business accounts together, select “Link another Business” and sign in to your other business to authorize the linkage.

How many cards can me and my team members have?

The owner or the admin of the account can order two physical cards for each team member and the delivery is free for the first card. The fee for second card delivery will vary by country.

You can also create up to 20 personal virtual cards for each team member on your business account.

Is my money safe and protected?

Your money is generally safe and protected either by “safeguards” or government insurance for your deposits. 

For instance, personal and business accounts for residents of all 50 states of the United States are fully insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 even though Revolut still doesn’t have a banking license in the US (they are applying for it). 

Your deposits are, in this case, insured, because your funds are stored in a bank account held with Metropolitan Commercial Bank which has a license. 

On the other hand, in the UK, and other countries where Revolut holds only an e-money license, deposits aren’t insured by a government institution. So what does this mean? Are we left out in the cold then? Not quite.

You see, Revolut still has to obey e-money licensing rules which state that they have to deposit the money they receive from you (or for you) into a client money bank account. Meaning, your deposits are held in a reputable big bank like JP Morgan and can’t be accessed by Revolut for anything else. 

Is my private information safe?

As business owners, you’re constantly working with sensitive information that shouldn’t fall into anyone else’s hands. 

For this reason, you’ll be happy to hear that all the data passed between Revolut mobile apps, their servers, and third parties are 2048-bit SSL encrypted.

Revolut has also made sure that they store and process your personal information using third-party servers that are located in secure data centers, that are protected by firewalls, and have restricted access in compliance with applicable regulations.

What currencies are supported for holding and exchange?

Currently, the following 30+ currencies are supported for holding and exchange: AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, ISK, JPY, MAD, MXN, NOK, NZD, PLN, QAR, RON, RSD, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR

Revolut Business account limits

Banks (and governments) can and do impose limits on transfers for several reasons; to charge fees if you go above their limit, to prevent fraud and money laundering, and other similar reasons. 

The following fees are applied when making a transfer in GBP to a beneficiary in the UK with one of the Revolut Company Business accounts:

  • Limit on the value of a single payment: £250,000
  • The daily limit on the total value of payments: £2.5 million
  • Weekly limit on the total value of payments: £10 million
  • The daily limit on the total number of payments: 2,000
  • Weekly limit on the total number of payments: 5,000

When using one of the Freelancer accounts, the limits are:

  • Limit on the value of a single payment: £250,000
  • The daily limit on the total value of payments: £500,000
  • Weekly limit on the total value of payments: £1 million
  • The daily limit on the total number of payments: 50
  • Weekly limit on the total number of payments: 200

Any and all ATM withdrawals have a fee of 2% and any transfer over the account limit will be charged 3£ and treated as a SWIFT payment. As for SEPA Instant Credit Transfer, you’re limited to €100,000 per payment.

If you make any transfer in INR (only possible to India), IDR (to banks domiciled in Indonesia), and MYR to Malaysia, there’s a limit of £5,000 per day. As for domestic transfers to the Philippines made in PHP, the limit is set at £1,000/ daily.

There are no limits to how much you can receive into your account.

Can I cancel my subscription/close my business account?

You can cancel your account anytime and there are no cancelation fees involved. Before you close or cancel your account, make sure that you clear the account of all its funds and that you check that there are no pending transactions.

To close your account, go to “Settings” (from the profile at the top left corner) and to “Close account”. To close your account via the app, open “Profile tab” > “Settings” > “Close account”.

Competitors

Monzo Business Account (UK)

monzo bank

There are two versions of their business account – Lite (free) and Pro (£5/m). They are also a great alternative to Revolut for business customers. Monzo is a fully regulated UK bank that is perhaps more similar in its features to Starling than Revolut. 

Monzo offers withdrawals from any ATM, low to no monthly fees, up to £85,000 deposit protection by FSCS, and free card payments anywhere.

Read our Revolut vs Monzo comparison.

Starling Business Account (UK)

starling bank

Awarded the “Best Business Banking Provider” for 2020, Starling is a tough competitor in the UK (where it’s only available) for Revolut’s business banking aspirations. Starling has only one account option that is free and doesn’t charge any fees. 

Starling is also a fully regulated UK bank account which means that your deposit is insured up to £85,000. They are additionally offering to move all your banking over for you through the Current Account Switch Service.

Their business account integrates with accounting tools like Xero and Quickbooks. There is one more thing that differentiates it from Revolut, apart from fees; you can deposit up to £20,000 cash at the Post Office for £3 and you can deposit cheques digitally in-app, for free.

Read our Revolut vs Starling comparison.

Axos Business Account (USA)

Revolut only started offering business accounts to Americans in March 2021 and it will have its work cut out for them as it’s an extremely competitive market with legacy and challenger banks offering tempting incentives to prospective business customers.

Axos business bank account has no monthly service charges and unlimited fee-free domestic ATM withdrawals. They are a digital bank since they were founded in 2000.

Axos offers two small-business accounts – Basic Business Checking and Business Interest Checking. Both of which can be opened and managed completely online. It has won many awards for its small-business accounts. 

The Bottom Line

We’d recommend one of Revolut’s Business accounts primarily to companies and freelancers dealing with international customers and those that need an account in more than one currency. 

Business people that travel a lot can also avail themselves of many features that Revolut offers to globetrotters. Including many of the benefits on their personal account

If you need to cut costs or need a basic business account, then the free Revolut account will be enough for you. For anyone else that’s doing “serious” business, one of the paid options should work