We first discovered and started using Revolut back in 2016 when we were beginner backpackers.
We still use their personal Revolut cards for traveling today (I'm even a member of their Ultra plan and use them for my day-to-day banking).
But when they launched Business banking a few years ago we were skeptical but willing to take a punt.
We had lost a lot of faith with traditional UK high street banks and how behind the times their business bank accounts were.
Especially for a more complex modern business like ours which involves us getting paid in multiple currencies and spending in dozens of countries.
Below I want to take you through our experience of using them for 3+ years (at the time of writing).
Uncovering both the pros and cons of using them, and a few hacks I've picked up on along the way.
Let's get into it...
Revolut is a fantastic financial technology company that's based in the United Kingdom.
Created by Nikolay Storonsky and Vlad Yatsenko in 2015, this platform has become incredibly popular, and now has 25+million users.
Their services are supported in over 200 regions and countries, so people all across the world have access to Revolut.
Offering various benefits and banking advantages, it's no surprise this company is so popular.
As well as traditional accounts, Revolut also offers business accounts, and currently there are around 500K business users benefitting from the platform.
Ourselves being one of them!
There are a variety of financial products on offer for business owners, and we're certainly happy with the experience we've had so far.
Though not completely satisfied.
Compared to the likes of HSBC, Barclays and Halifax, Revolut isn't a 'traditional bank'.
The company does offer many of the same financial products and benefits, but it's more of an electronic money institution.
Like other financial technology companies, Revolut is authorized to handle your money, facilitate currency exchanges, and offer other financial services.
They also have an EU banking license and have intense security and safeguarding procedures in place so your money will be well protected (for example, Visa and Mastercard process all card transactions).
However, unlike traditional banks, there are certain services which Revolut can't offer including cash, cheques, and an FSCS deposit guarantee.
Though they have recently rolled out savings accounts for businesses (the interest rates for which aren't particularly good).
You also won't have in-branch services with Revolut, which traditional banks offer.
The highlight of Revolut being a financial technology company, means they can offer various features and services that banks can't.
This includes the likes of virtual cards, cashback, and unlimited foreign exchange.
Not to mention, they're constantly updating their products and services!
So, you can use Revolut the same as you would a normal debit card, but this platform has a lot more to offer than just that.
Revolut offers various features that will benefit business owners and sole-traders.
Below, I'll cover some of the main reasons to open an account...
As Revolut offers multi-currency business accounts, you can manage your money in multiple currencies.
This was by far the biggest appeal for us, as we rarely actually get paid in GBP. Instead, the bulk of our income comes from outside the UK.
With this platform, you can exchange, send, and receive money in over 25 currencies, including USD, EUR, GBP, CAD, and CHF.
When we started with them, the functionality of this was more lacking and many of our clients struggled to send money to us.
Since then Revolut seems to have improved it's relations with intermediary banks, though we do have one client who is unable to send money to us through their own US-based bank (I think it may be Chase, but don't quote me).
To combat this, we also use Wise to get paid on such occasions.
For those who are based in UK, US, or EU, you can receive international transfers at the same cost of domestic transfers (using borderless account details).
Not only that, but you can spend in 150+ currencies across the world, so you're covered no matter where you do business (apart from select countries).
If you're a company that does business with various destinations, it doesn't get much better than this!
Just be aware there are caps on how many free foreign currency transactions you can have (in terms of total GBP amount) and then there are fairly substantial fees for above this).
No matter which Revolut Business plan you go for, you'll have unlimited team members included.
Another bonus to using Revolut is that you can create custom roles for your staff members.
Managing these roles is really easy too, as you can manage each member's access level and permissions.
If you opt for a paid plan, you'll have expense and payment approval included, so you can track and review any payments. You can even set spending limits for each member, so will have full control of the company's funds.
Having everything in one place is one less thing to worry about when it comes to owning a business!
Another great thing about Revolut is that they offer virtual business cards.
These cards do everything a physical card can, but you can only use them for online or in-app purchases, as well as mobile payment services (Apple Pay).
Unlike physical debit cards, there's no chip and pin. There's only the 16-card digit number, CVV, and expiry date.
So what's the reason to use one?
The highlight of using a virtual card is that they're incredibly secure, as the card number will be different even though it's still linked to your account.
Each team member is allowed up to 200 virtual cards.
With automated payroll and bulk payments, it's never been easier to pay your team members.
If you opt for Revolut, you can also create and track customized invoices, as well as share payment links and QR codes, for if you need to be paid.
Not only that, but this platform offers pay-in store services, so customers can pay in person rather than online (pretty impressive, considered Revolut isn't a traditional bank). When it comes to in-person payments, it's also possible to do contactless payments from iPhone.
Whether you're looking to receive payments or pay your staff, Revolut have you covered!
If you opt for a paid plan, here are some other features that will benefit your business:
If you’re self-employed or you’re a business owner , then you should take advantage of Revolut’s Business accounts.
We’ve used a Revolut Business plan since 2021, and can 100% recommend it. Not only will you have access to the standard benefits included with personal plans, but you’ll get some added bonuses too.
We're now part of one of the higher paid plans simply to reduce the cost of our FX fees as we receive payments in multiple currencies every month.
There are currently four types of business plans to choose from, and here’s a quick breakdown of each one…
If you’re looking for more information about the business plans that Revolut offers then make sure you check out their account pricing plans!
*They do regularly update and change the fees structure so check carefully before signing up.
There’s a plan suitable for everyone, but it will all depend on how much money you're making, how large your business is, and whether you need to make frequent international payments.
We currently use the Grow plan which starts at £19 per month, and that means we’re entitled to £10K fee-free transfers. Otherwise, the markup on the free plan is 0.6% which could cost you around £60 in conversion fees if you didn’t have this.
There are lots of reasons to upgrade your personal plan to a business plan if you’re self-employed, but one of the main reasons to do so is that you’ll avoid these intermediary fees.
There's also an account called Revolut Pro, which is aimed towards freelancers and those with a side hustle. Although relatively new, it's a great option as there are some awesome benefits. These include:
Although Revolut benefits various company owners and sole-traders, it's especially beneficial for digital nomads.
If you spend a lot of time abroad, then you'll benefit from a variety features, including being able to spend like a local worldwide.
Over 100 countries are supported for payments and you can exchange money in over 25 currencies at a great rate!
Not to mention, Revolut offers virtual cards, to help make your online payments more secure - a huge bonus if you're traveling a lot.
Of course, being able to open an account right from your phone is a big help too, and the process is very simple.
There are always pros and cons, no matter which company you choose. No platform is perfect but in our opinion.
Here's an overview of some other pros and cons:
As with anything, it's important you weigh up the pros and cons yourself but taking mine (or anyone else's) opinion.
What works well for me, might not always be the best option for you and vice versa, so do a bit of research yourself before you sign up.
No review is complete without offering up a balanced argument, so we're going to detail what other people think of Revolut.
First of all, what scores have they achieved on their business app?
Now it's time to look at some specific reviews!
The majority of negative reviews seem to be about technical issues with the app or having issues verifying their account due to security measures.
However, it does look like the customer service team are very responsive on Google Play when it comes to addressing customer issues.
In our experience, signing up for a Revolut Business plan is simple.
First of all, you'll need to specify whether you need a corporate or freelance account.
Then it's a case of filling out a short online form, which takes around 10 minutes.
Once you've chosen a plan and submitted all the information, you can confirm your application. The application is usually reviewed within 3 hours, but can take up to 24 hours (if it takes over 24 hours, you can file a support request).
Just be aware that specific documents may be required, but this will be explained in detail as you go through the application process.
After your business account has been accepted, you can request your card to be sent out to you!
If you're a freelancer, then you'll opt for the Revolut Pro account. This can be opened in the Revolut app and is perfect for sole-traders.
Again, it's a quick sign-up process, but you'll need to give information on your business activities.
Monzo is a great alternative when it comes to opening a business account (although we have it for personal use).
It's a fully regulated bank (protected by the FSCS) and their business accounts are really easy to open, as you can do it right from your phone.
With 24/7 customer support, a business debit card, instant access saving pots, and digital receipts, there's a lot on offer. With this bank, you can also apply for loans and overdrafts, which is a huge bonus.
Not only that but the account can be used with Google or Apple Pay and you can enjoy fee-free spending abroad.
Monzo offers two plans; Lite which is free and Pro which costs £5 per month.
The Pro account offers far more features, including tax pots, integrated accounting, multi-user access, and virtual cards.
The downside is that only those in the United Kingdom can apply.
Next up is the Wise Business account, which is designed for international companies.
This authorised financial services provider is used by 300,000 businesses every quarter, to help them make the most of their money.
With Wise Business, you'll have a multi-currency account with 40+ currencies. Compared to traditional banks, this helps people save up to 6x on international transfers.
Better yet, you can move these currencies around in seconds at the mid market exchange rate.
Wise Business also offers some other nifty features such as batch payments (up to 1000 people), integrated accounting, and business debit cards. Not to mention, your money will be looked after thanks to the company's dedicated security and fraud teams.
With Wise, you need to pay a one-off set-up fee when signing up. This is £45 for those in the EEA or UK, but differs for other regions (between £16 - £42).
Finally, there's Starling Bank which also offers fantastic business accounts.
Like Monzo, Starling is a fully-regulated bank so your money is protected by the FSCS.
Their award-winning business account is simple to open and there's no monthly fees or UK payment charges.
They also have an excellent 24/7 UK support team, which you can speak to via phone, email, or through the app.
Offering free ATM withdrawals, no fees abroad, international payments, and integration with accounting services, you get a lot considering the account is free.
Not to mention, you can easily keep track of your spending with instant payment notifications, spending analytics, digital receipts, and a bills manager.
For those who need additional features, add-ons are available, including the business toolkit, Euro business account, and US dollar business account.
Cheques can also be processed via the app or you can deposit cash at the post office (for a fee).
Here's a breakdown of the key differences between Revolut and the above alternatives.
Each platform has something unique to offer. Here are the key highlights:
Although these three platforms all offer great business accounts, we believe Revolut offers the best all-rounded package.
Let's go through why we think this...
This part of the guide is going to be split into two sections, so it's easier to digest; choosing Revolut over banks and other alternatives.
We know how important choosing a business account is, and it's a big decision.
No matter where you are in the world, there are various mainstream banks to choose from. You might even have your personal account with them!
However, there's a reason why Revolut Business is becoming so popular.
First of all, some business accounts such as HSBC Kinetic don't even offer in-branch support, which is a big reason why people are put off Revolut. If that's the case, then you may be better going with Revolut as at least this way, you can take advantage of the additional features available (which banks won't offer).
Opening an account is also very easy, and is all done though the app. This is great for those who don't have time to visit a bank branch or who are always abroad.
Not to mention, there are various business accounts on offer, many of which are popular with digital nomads.
You can opt for a free account if you don't have much cashflow, but we'd suggest looking at one of the paid plans. Some of the paid plans offer better features such as free international payments, virtual cards, and reward systems.
Many of these features (such as virtual cards), aren't offered by traditional banks, which is why Revolut is such a popular platform.
So I've made my case for choosing Revolut Business over a traditional bank account, but what about the other alternatives that are currently on the market?
Although Wise, Monzo, and Starling Bank also have fantastic features, Revolut takes first place for us (going off personal experience).
Unlike Monzo and Starling, you can open a Revolut account in over 30 countries (only Wise offers more opening locations). This makes it accessible for thousands of people!
There are various plans to choose from, starting from the basic plan to a custom-made business account. The latter is great for the more established businesses out there. This platform also offers a specific plan tailored towards freelancers.
If you opt for Revolut, you'll have a multi-currency account (with 30 currencies), multi-user access, and easy payment systems.
Not to mention, this platform also offers virtual cards and if you opt for a paid plan, you can take advantage of bulk payments, as well as no-fee international transfers although limits apply.
Honestly, we could go on forever about everything this company has to offer, and we find the Grow Plan to be perfect for our needs.
The only thing to keep in mind is that Revolut isn't a regulated bank, so your money won't be protected by the FSCS.
You also can't pay in cash or cheques so that's something to consider, although we've never found it to be a problem!
As well as their personal accounts, Revolut offers business accounts for both companies and sole-traders.
These accounts allow you to transfer money securely, access funds in various currencies, and benefit from great currency conversion rates. Like other business accounts, you'll have a debit card which you can use to make purchases, but you can also opt for a virtual card with Revolut.
First of all, there are several business plans to choose from. The basic plan is free while the other plans work out at £19 - £79 per month (if you pay annually). If you require additional needs for a large business, then Revolut also offers custom plans.
When it comes to fees, these will differ depending on your subscription. Hopefully, this guide on business fees will help you understand the fees related with each plan.
Both have so much to offer, but Revolut is only for personal use, while Revolut business can only be used for business purposes.
Revolut personal plans are for everyday use, and should be used like you would a normal debit card. Revolut Business offers features for companies and sole-traders, where you can receive payments, pay invoices, and access funds in different currencies.
Although we love our plan with Revolut Business, there are a few downsides to having a business account with this platform.
First of all, if you have any issues or questions you'll need to contact the customer service team through their live chat. You can't just head into a branch to sort it.
Unlike traditional banks, your money isn't covered by the Financial Services Compensation Scheme (FSCS) either and you can't deposit cash or cheques.
There's no denying that having your own business can be overwhelming as there are so many things to think about!
In our opinion, having a Revolut Business account really makes the money side of things quite simple.
The app is super easy to use and there are so many fantastic additional features that business owners or freelancers can benefit from.
Hopefully, this Revolut Business review has given you an idea of what this platform offers, and why it comes so highly recommended.
Before you opt to open an account, we always recommend that you check out the company first to see if it's a good fit for you!
This way, you might even come across some new features as Revolut is constantly upgrading what they offer.
If you have any questions that you think we failed to answer above, drop a comment below!
If you found this article helpful, then here are some other guides that you may want to read:
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