The world of digital banking has seen a huge boom over recent years in the consumer arena, but there’s no doubt that business banking has lagged behind slightly. Thankfully, this seems to be a thing of the past, as Revolut business banking is now available for companies registered in the EU. More specifically, Revolut for Business is open to companies that are registered in the European Economic Area (EEA) and Switzerland. In this article, we’ll look at precisely what Revolut for Business offers and how it might be the right choice for you.
What is Revolut for Business?
Like the consumer version of Revolut, the Revolut for Business service is a digital bank account that takes the entire banking experience into the online space and decouples it from centralized banking institutions. While Revolut accounts do come with physical debit cards, they are not a requirement, as Revolut users can create an infinite number of virtual bank cards and use them online or via Apple Pay. The Revolut for Business account is a solid choice for companies thanks to its business-specific features like employee expense management, monthly per-card spend limits, receipt attachment, and zero-free domestic and international transfers.
In which countries is Revolut for Business available?
Revolut for Business has positioned itself as an ideal choice for anyone looking for a business bank account for EU-registered Business. This refers to any company registered within the EEA and having a physical presence within this area. Many countries fall within the EEA, including the United Kingdom, France, Spain, Germany, Iceland, Belgium, Denmark, and any other EEA country. Revolut for Business is also available to businesses registered in Switzerland. According to Revolut’s website, the term “physical presence” means that the company must have an operating address based in an EEA country and be able to prove it . This could be a rental agreement or invoices from a co-working space.
What are the benefits of Revolut for Business?
If you’ve been looking for a business banking account for your EU-registered Business, Revolut for Business might be right for you. As with many of the digital banks, there are many benefits associated with these decentralized fintech organizations. Regarding Revolut specifically, here are the core benefits offered by the company’s business account:
• Various plans to suit all businesses, ranging from free to £1000 per month.
• Instant bookkeeping for both domestic and international payments.
• Employee expense management built right in – no need to use third-party tracking apps.
• The ability to create infinite virtual debit cards for employees and set spending limits.
• Fee-free, unlike traditional banks that will charge for international transfers.
• Send, receive, or hold funds in up to 28 currencies.
• Automation options including bulk payments to employees or suppliers.
How to sign up for Revolut for Business
If you think Revolut for Business is the right choice for your EU-registered business bank account, signing up is a rapid and straightforward process. Using either a computer or your smartphone, you can sign up and begin the approval process. As mentioned above, this will involve ensuring that your company is registered and physically based in an EEA country. Revolut claims that these checks will be carried out within 24 hours by a support team that works around the clock. If, at any point, you feel that Revolut for Business isn’t right for you, it’s also easy to cancel your account – you’re not locked into any form of contract.
If your EU-registered Business is looking for a digital bank account which is quick, easy, and low-cost, there’s no doubt that Revolut for Business is a reliable option.