Review: Revolut Business (2024 Update)

Find out if Revolut business bank account is a fit for your company in our review

Ian McKenzie

Review by Ian McKenzie 

Head of Fintech Research

Contact author

Published: 16.05.23  

Updated: 26.02.24

Published: 16.05.23

Updated: 26.02.24

Revolut Business Review by digital finance experts at Fintech Compass.

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 โ€œglobal financial super-appโ€ 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 individual customers 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 logo

Revolut: Key Facts

Founded2015
HeadquartersLondon, UK
Customers28'000'000+
Websiterevolut.com
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

Legal business entities registered in the following countries can sign up for a Revolut bank account for businesses:

๐Ÿ‡ฆ๐Ÿ‡น

Austria

๐Ÿ‡ง๐Ÿ‡ช

Belgium

๐Ÿ‡ง๐Ÿ‡ฌ

Bulgaria

๐Ÿ‡ญ๐Ÿ‡ท

Croatia

๐Ÿ‡จ๐Ÿ‡พ

Cyprus

๐Ÿ‡จ๐Ÿ‡ฟ

Czechia

๐Ÿ‡ช๐Ÿ‡ช

Estonia

๐Ÿ‡ซ๐Ÿ‡ท

France

๐Ÿ‡ฉ๐Ÿ‡ช

Germany

๐Ÿ‡ฌ๐Ÿ‡ท

Greece

๐Ÿ‡ญ๐Ÿ‡บ

Hungary

๐Ÿ‡ฎ๐Ÿ‡ช

Ireland

๐Ÿ‡ฎ๐Ÿ‡น

Italy

๐Ÿ‡ฑ๐Ÿ‡ป

Latvia

๐Ÿ‡ฑ๐Ÿ‡น

Lithuania

๐Ÿ‡ฑ๐Ÿ‡บ

Luxembourg

๐Ÿ‡ฒ๐Ÿ‡น

Malta

๐Ÿ‡ณ๐Ÿ‡ฑ

Netherlands

๐Ÿ‡ต๐Ÿ‡ฑ

Poland

๐Ÿ‡ต๐Ÿ‡น

Portugal

๐Ÿ‡ธ๐Ÿ‡ฐ

Slovakia

๐Ÿ‡ธ๐Ÿ‡ฎ

Slovenia

๐Ÿ‡ช๐Ÿ‡ธ

Spain

๐Ÿ‡ฉ๐Ÿ‡ฐ

Denmark

๐Ÿ‡ซ๐Ÿ‡ฎ

Finland

๐Ÿ‡ณ๐Ÿ‡ด

Norway

๐Ÿ‡ธ๐Ÿ‡ช

Sweden

๐Ÿ‡ท๐Ÿ‡ด

Romania

๐Ÿ‡จ๐Ÿ‡ญ

Switzerland

๐Ÿ‡ฌ๐Ÿ‡ง

UK

๐Ÿ‡ฆ๐Ÿ‡บ

Australia

๐Ÿ‡ฏ๐Ÿ‡ต

Japan

๐Ÿ‡ฎ๐Ÿ‡ธ

Iceland

๐Ÿ‡ธ๐Ÿ‡ฌ

Singapore

๐Ÿ‡บ๐Ÿ‡ธ

USA

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.

Revolut Free

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.

Grow

โ‚ฌ25,00 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.

Scale

โ‚ฌ100,00 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)

Revolut logo
Feature Free Grow Scale
Price, per month โ‚ฌ 0.00 โ‚ฌ 25.00 โ‚ฌ 100.00
CommitmentCancel monthlyCancel monthly
Sign-up bonus -20% paying annually
Website revolut.com
Accounts
IBANsLT, UKLT, UKLT, UK
Sub-accounts included111
Shared Access โŒ โŒ โŒ
Employee Accounts โœ”๏ธโœ”๏ธโœ”๏ธ
Mobile Payments
Apple Payโœ”๏ธโœ”๏ธโœ”๏ธ
Google Payโœ”๏ธโœ”๏ธโœ”๏ธ
Samsung PayโŒโŒโŒ
Other methods Garmin Pay, Fitbit Pay Garmin Pay, Fitbit Pay Garmin Pay, Fitbit Pay
Cards
Cards available Mastercard Mastercard Visa
Cards included 3 3 3
Maestro/VPayโœ”๏ธโœ”๏ธโœ”๏ธ
Debit cardsโœ”๏ธโœ”๏ธโœ”๏ธ
Credit cardsโŒโŒโŒ
Virtual cardsโœ”๏ธโœ”๏ธโœ”๏ธ
Extra card fee - - -
Replacement fee---
Free replacements---
Metal cardโŒโœ”๏ธโœ”๏ธ
Wooden cardsโŒโŒโŒ
Payment Methods
iDealโœ”๏ธโœ”๏ธโœ”๏ธ
SOFORTโœ”๏ธโœ”๏ธโœ”๏ธ
BancontactโŒโŒโŒ
Various Fees
SWIFT (receive) โ‚ฌ 3.00 โ‚ฌ 3.00 โ‚ฌ 3.00
Foreign exchange fee 0.40% 0.40% 0.40%
Currency fee-free limit - up to โ‚ฌ 10000 per month up to โ‚ฌ 50000 per month
ATM Withdrawals
Daily limit โ‚ฌ 3,000 โ‚ฌ 3,000 โ‚ฌ 3,000
Free withdrawals, per month - - -
After that, per withdrawal 2.0%
Withdrawal fee abroad
Interest Rate
Current accounts 0.0% 0.0% 0.0%
Savings accounts 0.0% 0.0% 0.0%
Transaction & Deposit Limits
Deposit limit---
Deposit Protection Up to ยฃ85'000
Monthly spend limit---
Other financial products
Overdraft โŒ โŒ โŒ
Investments in-app โŒ โŒ โŒ
Crypto trading โŒ โŒ โŒ
Cheques โŒ โŒ โŒ
Cashback โŒ โŒ โŒ
Insurance โŒ โŒ โŒ
Lounge access โŒ โŒ โŒ
Transaction categorization โœ”๏ธ โœ”๏ธ โœ”๏ธ
Purchase protection โŒ โŒ โŒ
Round-up savings โœ”๏ธ โœ”๏ธ โœ”๏ธ
Cash Flow Control โœ”๏ธ โœ”๏ธ โœ”๏ธ
Deals & Discounts โŒ โœ”๏ธ โœ”๏ธ
Other benefits Business Marketplace Business API High free allowance
Learn more
Go to revolut.com
Revolut debit card we used when testing

Our Revolut card looks great, yet very quickly got a few scratches on it.

Revolut: Pros & Cons

Advantages

What's great about Revolut for business banking? Our reviewers agreed on the following undeniable benefits.

  • Plus sign
    You can receive, hold and exchange money in 30+ currencies with very reasonable and transparent fees
  • Plus sign
    Bulk payments, recurring and scheduled transactions, and an impressive Open API - great for automation!
  • Plus sign
    Employee Access: Set permissions, control spend and give bank account access to select employees
  • Plus sign
    Accounting Made Easy: Out-of-the-box integrations with popular bookkeeping tools like Xero and Quickbooks
  • Plus sign
    Smart Invoicing is a great tool for freelancer that makes getting paid hassle-free

Downsides

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.

  • Minus sign
    No Credit: Neither loans nor overdraft are yet supported for businesses at Revolut
  • Minus sign
    No Support Phone Line: However, you are getting a 24/7 priority support with Grow+ plans
  • Minus sign
    KYC/Risk Requirements: Businesses related to gambling, crypto, adult content and medical marijuana are not able to open a Revolut account
  • Minus sign
    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.

Business banking on mobile.

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's bank cards are very stylish.

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.

General Information

  • Deposit ProtectionUp to โ‚ฌ100'000
  • Customer SupportChat, Whatsapp, Email
  • CurrenciesEUR

Bank Accounts

  • Individualsno
  • Businesses Free plan available
  • Jointno
  • Convenience & User-friendlinessStarStarStarStarStarStarStarStarStarStar empty
  • Customer SupportStarStarStarStarStarStarStarStarStarStar empty
  • Features AvailableStarStarStarStarStarStarStarStarStar emptyStar empty
  • Value for MoneyStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Overall RatingStarStarStarStarStarStarStarStarStar half-fullStar empty

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.

General Information

  • Deposit ProtectionUp to โ‚ฌ100'000
  • Customer SupportChat, email
  • CurrenciesEUR, USD, GBP + 12

Bank Accounts

  • Individuals Free plan available
  • Businesses Starting at โ‚ฌ6.99
  • Jointyes
  • Convenience & User-friendlinessStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Customer SupportStarStarStarStarStarStarStarStar emptyStar emptyStar empty
  • Features AvailableStarStarStarStarStarStarStarStarStarStar half-full
  • Value for MoneyStarStarStarStarStarStarStarStarStarStar half-full
  • Overall RatingStarStarStarStarStarStarStarStarStar half-fullStar empty

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.

General Information

  • Deposit ProtectionUp to โ‚ฌ100'000
  • Customer SupportPhone, chat, email
  • CurrenciesEUR

Bank Accounts

  • Individualsno
  • Businesses Starting at โ‚ฌ9.0
  • Jointno
  • Convenience & User-friendlinessStarStarStarStarStarStarStarStarStar half-fullStar empty
  • Customer SupportStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Features AvailableStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Value for MoneyStarStarStarStarStarStarStarStarStarStar half-full
  • Overall RatingStarStarStarStarStarStarStarStarStar half-fullStar empty

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.

General Information

  • Deposit ProtectionUp to โ‚ฌ100'000
  • Customer SupportChat, email
  • CurrenciesEUR

Bank Accounts

  • Individuals Free plan available
  • Businesses Free plan available
  • Jointyes
  • Convenience & User-friendlinessStarStarStarStarStarStarStarStarStar emptyStar empty
  • Customer SupportStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Features AvailableStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Value for MoneyStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Overall RatingStarStarStarStarStarStarStarStar half-fullStar emptyStar empty

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!

Revolut has a shiny Metal bank card.

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