Review: Revolut Business (2023)
Find out if Revolut business bank account is a fit for your company in our review
Revolut is the fintech unicorn and one of the world's most successful mobile-first digital banks based in London, UK. Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut started out as a simple app offering low-to-no fee currency exchanges. Since then, Revolut evolved into a “global financial super-app” offering a wide range of banking and financial services to individuals, SMEs, freelancers and self-employed people. This rapidly growing fintech now boasts having over 28 million users and providing banking services to over 500'000 companies globally. Revolut operates in over 35 countries, providing users with access to more than 30 currencies from all over the world.
Revolut: Key Facts
|Personal Banking||Free plan available|
|Business Banking||Free plan available|
|Sign-up Bonus||-20% paying annually|
Exclusive offer for Fintech Compass readers: 3 months of Revolut Premium free!
To benefit from the offer, simply follow any of the Revolut links on our website.
For this review, we assembled a panel of three fintech experts, had them open a Revolut business account and analyzed their feedback after two weeks of being "hands-on". This article presents a brief summary of Revolut Business's pros and cons, provides you with a quick overview of neobank's key features, shares some of our experts' concerns and critique, and suggests a few Revolut alternatives you should consider.
Revolut: General Information
Servicing over 500,000 businesses globally, this UK-based neobank is by far the biggest mobile-first bank in Europe. But does Revolut, a perpetually-growing bank that offers a range of products for various audiences (for example, we previously reviewed Revolut Joint Accounts for shared banking) manage to deliver quality that can be fully trusted?
On top of that, building a reliable, convenient and powerful bank for various businesses all over the EU has always been a challenge. Reasons are, for example, an abundance of payment methods used in different countries (e.g.: Bizum in Spain, iDEAL in Netherlands or Bancontact in Belgium), offering accounts in multiple currencies, and the overhead that comes with frequent compliance checks and regulatory reporting. How does the neobank manage that? In this Revolut for business banking review, we'll investigate if the challenger bank succeeds at delivering a great user experience while providing high levels of security and low fees.
Revolut: Availability per country
Companies and other legal entities registered in the following countries can sign up for a Revolut bank account for businesses:
Looking to compare the best business banking offers available today? Revolut's bank accounts for companies are also featured in our selection of in-depth "one-on-one" comparisons. Find the list of comparisons of Revolut bank accounts by going to the links below:
Review: Revolut for personal banking
Considering a personal bank account at Revolut? Explore plans offered for individuals and all the applicable fees and get to know all the features available at Revolut in our concise, yet detailed review.
Revolut Business Plans
With an impressive selection of available subscriptions, Revolut has a lot to offer to businesses of any scale. Whether you are a freelancer looking to structure your cash flow management or a full-blown enterprise employing hundreds of people, Revolut has a plan that would suit your needs. We studied the legal pricing documents and information available in the app and on the website, and the result is our Revolut Business plan comparison table below. We hope it helps to decide what bank account your business actually needs, and whether Revolut is the right call for your business.
No monthly cost
Free is the entry choice from the Business plans offered by Revolut. It comes with a solid bundle of business features and it is a plan that generally suffice all banking needs especially for freelancers and other business that are just starting out. Free business accounts are not common, let alone one that includes local bank accounts in EUR and GBP, subscription management, bookkeeping software integration, an ability to receive and hold money in various currencies and much more.
Is the free Revolut Business bank account enough for your business? Of course, it depends on the specific needs of your enterprise, but the important thing is that there is a free subscription, so the cost of trialing it out to see if it's a bank account that satisfies you is quite low. However, you should keep an eye on your banking costs, as you can find yourself in a position where sticking to a free plan is costing you more in variable fees than it would to upgrade and get better terms and higher fee-free allowances.
€25,00 per month
Grow is an entry-level Business subscription from the neobank. Notable upgrades to your experience are: a free metal card, allowances for fee-free (international) payments, FX exchange as well as more advanced features such as bulk payments and business API. Another addition that could come in handy is the priority 24/7 support. This plan suits growing business that start to have somewhat more sophisticated business banking needs.
€100,00 per month
Scale is the penultimate (if you include the custom-tailored "Enterprise" option) plan Revolut offers for businesses. Scale is, in essence, "Grow" plan on steroids, with higher limits and fee-free allowances, more cards and account access options. For most businesses (that is, with less than 25 FTEs on payroll), this might be a bit of an overkill. However, if your SME is enjoying growth and wants their bank account to support that, this plan would be a great option for a transaction-intensive business.
Revolut: Plan Comparison Table (Business)
|Price, per month||€ 0.00||€ 25.00||€ 100.00|
|Commitment||Cancel monthly||Cancel monthly|
|Sign-up bonus||-20% paying annually|
|IBANs||LT, UK||LT, UK||LT, UK|
|Other methods||Garmin Pay, Fitbit Pay||Garmin Pay, Fitbit Pay||Garmin Pay, Fitbit Pay|
|Extra card fee||-||-||-|
|SWIFT (receive)||€ 3.00||€ 3.00||€ 3.00|
|Foreign exchange fee||0.40%||0.40%||0.40%|
|Currency fee-free limit||-||up to € 10000 per month||up to € 50000 per month|
|Daily limit||€ 3,000||€ 3,000||€ 3,000|
|Free withdrawals, per month||-||-||-|
|After that, per withdrawal||2.0%|
|Withdrawal fee abroad|
|Transaction & Deposit Limits|
|Deposit Protection||Up to £85'000|
|Monthly spend limit||-||-||-|
|Other financial products|
|Cash Flow Control||✔️||✔️||✔️|
|Deals & Discounts||❌||✔️||✔️|
|Other benefits||Business Marketplace||Business API||High free allowance|
Go to revolut.com
Revolut: Pros & Cons
What's great about Revolut for business banking? Our reviewers agreed on the following undeniable benefits.
- You can receive, hold and exchange money in 30+ currencies with very reasonable and transparent fees
- Bulk payments, recurring and scheduled transactions, and an impressive Open API - great for automation!
- Employee Access: Set permissions, control spend and give bank account access to select employees
- Accounting Made Easy: Out-of-the-box integrations with popular bookkeeping tools like Xero and Quickbooks
- Smart Invoicing is a great tool for freelancer that makes getting paid hassle-free
However, there were also areas where our experts had concerns or found Revolut's business offering lacking. Below are the main downsides you might expect.
- No Credit: Neither loans nor overdraft are yet supported for businesses at Revolut
- No Support Phone Line: However, you are getting a 24/7 priority support with Grow+ plans
- KYC/Risk Requirements: Businesses related to gambling, crypto, adult content and medical marijuana are not able to open a Revolut account
- Cost: If you find Free not being able to satisfy your business's needs, the subscription price is quite steep
Bank Accounts for Businesses
Time is money if you're a business owner, franchisee or a freelancer. Discover modern mobile-first bank accounts for companies of any scale and explore unique features and products built for digital-native business owners.
Frequently Asked Questions
Does Revolut offer real bank accounts suitable for operating
Absolutely - firstly, the funds in Revolut accounts safeguarded by licensed banks with all applicable laws and regulations in place. Secondly, Revolut has impressive anti-fraud systems in place and all of the bank cards are using 3D Secure technology by Mastercard. Finally, all the accesses and permissions given to other users can be revoked with a single tap in the app or click on the web app. Summarizing, you can be sure your company's funds are well-protected at Revolut.
Is Revolut a real bank?
Technically, the answer depends on your business's region. Being a bank implies having a full-fledged banking license and Revolut does have one, granted by Bank of Lithuania. This license applies all over EEA (European Economic Area), for other markets, Revolut has a variety of financial services licenses, including e-money account provider one, virtual currency license and many more. Rest assured - Revolut undergoes the same amount of scrutiny and regulatory oversight the "traditional" brick and mortar banks do, and as a customer, your legal rights and protections are guaranteed as well.
What industries are not supported by Revolut?
Businesses that operate in the following fields are not eligible to become Revolut Business customers: adult entertainment, Arms manufacturing, Gambling, Fine arts dealers, Cryptocurrency exchanges and brokers, NPOs, Venture capital firms, Pawnbrokers, Trust funds, Pension schemes and a few more. Make sure to check Revolut's website to get a full list.
What types of businesses can open a Revolut business account
Revolut Business is available for the legal entity types in this list: Private Limited Companies, Public Limited Companies, Limited Liability Partnerships, Limited Partnerships, Partnerships and sole proprietorships of any kind (yes, freelancers also welcome!). Companies in the public sector, charities, trusts and foundations are not able to open Revolut accounts at this time.
What do I need to open a Revolut business account?
Revolut requires the following information: confirmation of operating address of the company (letters sent to this address would do!), nature of business description, identity verification (is done via the app), basic details on your company's legal entity, details on shareholders and directors of the company (these people would also need to verify themselves, although it is possible to do that on their behalf) and power of attorney signed in case the person opening a bank account is not a director.
Can I get a custom plan for my business at Revolut?
Yes, it is - when opting for the "Enterprise" subscription, you have an ability to negotiate special terms and a "package" of features and quotas that provides your business with flexibility in banking without the burden of overpaying for unnecessary gimmicks you do not need.
Revolut Business: Alternatives
If you're looking for a Revolut competitor who might be better at satisfying your business entity's banking needs, we've prepared a few alternatives for business banking.
If your legal entity was registered in Germany, Italy, Belgium or The Netherlands and you're looking for a way to get a consolidated overview of your company's cash flow, consider business bank accounts from Finom. Prepaid employee cards and a very flexible pricing structure might fit your company well.
For a small-to-medium company that wants to get an overview of the company's cash flow, set up a sensible budget by separating expenses and revenues from various sources, and any business that operates in the EU and uses multiple trade names, bunq bank offers great business bank accounts.
French and German businesses looking for a "less global" bank that puts more effort in catering to the specific needs companies and entrepreneurs in these countries have, should consider Qonto Business offering, available to sole proprietorships, micro-businesses and SMEs.
Qonto is a French neobank for businesses that is equally suited for freelancers, micro-businesses, SMEs and startups. Diverse in its product portfolio and capable of satisfying business needs of any caliber, Qonto now offers a one-month free trial for new users.
Of course, Revolut's most famous rival N26 from Germany is always an option as well. It rarely offers the same extent of flexibility Revolut does, and ends up being a bit more expensive, but it does have its own fans, so it might make sense to check it out.
Summary: Is Revolut a good fit for my business?
Revolut is still a fantastic choice for day-to-day banking for most companies. A wide range of features, an impressive selection of plans and additional "add-ons" to choose from, hundreds of thousands of businesses using it all over the world and an extensive partner network - all of these converge in a great product for both personal and business banking. Revolut can satisfy both a person not interested in any of the stock trading, cryptocurrencies nor spending in 30+ currencies, as well as be a great choice for someone worshipping healthy personal finance practices. Being one of the biggest neobanks, Revolut boasts an astonishing figure of 28+ million active users and it does not seem like the bank is past the rapid growth stage yet.
At the end of the day, it is important to note that Revolut has an entry-level plan that has no monthly subscription cost, so there is absolutely no downside in trying out the bank yourself to get some "hands-on" experience with it before deciding on the bank's fate in your company. Feel free to use the links provided in this article to trial Revolut and make the decision yourself!