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Revolut Business Account

What is the Revolut Business Account?

The Revolut business account is a free online bank account for freelancers and businesses. You can set up the bank account in your name or your company’s name. The Revolut business bank account is unique because it works well internationally. For example, with a Revolut business account, you can receive and send money in up to 30 different currencies. Furthermore, you can open accounts in any of the 30 currencies. Companies with the Revolut business bank account can conveniently manage money via the Revolut app and make global transfers quickly. While Revolut is headquartered in London, UK, it is highly regarded as an international bank. Freelancers and companies from the European Economic Area, the UK and Switzerland can open a Revolut business bank account. 

How does the Revolut business account work?

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Revolut Business offers two business bank accounts: Revolut Business Company Account and Revolut Business Freelancer Account. Both of these business accounts work very similarly. Revolut is an online bank, so everything works from your phone or tablet on the Revolut app or website. 

Free: Revolut Business offers free bank accounts to companies and freelancers in the UK, EEA and Switzerland. 

Cards:  The account comes with free prepaid debit cards for each team member to use for business purposes. You can link several multi-currency bank accounts to one card or connect several cards to one account. Furthermore, you can set separate spending limits for each card. 

Currencies: With Revolut Business, you can hold and exchange money in up to 30 different currencies, including GBP, USD, EUR, AUD and CAD. 

Services in English: Everything is in English, including the Revolut website, Revolut customer support and application. 

Accounts: You can create multiple accounts to organize your expenses, and view all your accounts at once. You also have the option to give multiple team members customized access to the account, depending on what they need to see and do. For example, you can control whether a team member has no access, read-only privileges, or edit rights. 

Safety: Client funds are kept in a tier-1 partner bank (Barclays/Lloyds), and never loaned to any other businesses or organizations. Revolut is also authorized by the FCA which regulates financial entities. Furthermore, all purchases you make with your Revolut debit card are protected by Mastercard, Maestro or Visa. 

Mobile app: You can use the Revolut app to monitor your account, manage your cards, approve transactions and make transfers. 

Revolut Business Account Pricing Plans

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The Revolut business bank account offers two separate types of pricing plans: a free plan and paid plan. 

Free plan: You can get a free Revolut business bank account. However, the free account includes fewer benefits for free. For example, this plan includes 5 free local money transfers (UK and EEA). The fee for international money transfers is £3 plus 0.4% markup on the amount exchanged. This plan grants two team members access to the account for free.

Paid plan: The Revolut bank accounts that charge monthly fees include more benefits for free. Revolut offers three different pricing plans: £25 a month, £100 a month and £1,000 a month. With £25/month you get 100 free local transfers, 10 free international transfers, £10,000 worth of foreign currency exchanges fee-free, and 10 free team members. The £100/month plan includes 1,000 free local transfers, 50 free international transfers, £50,000 worth of foreign currency exchanges fee-free and 30 free team members. The £1,000/month plan is unlimited. 

With every plan, each team member gets a free prepaid debit card.

Costs If You Exceed Your Free Allowance

 

Every Revolut business bank account includes free services. After you hit your limit, you can still continue to use your account. However, there are fees to be aware of:

  • £5 per additional team member per month
  • £0.20 per additional local transfer
  • £3 per additional international transfer
  • 0.4% markup on the amount exchanged after you pass your transfer limit
  • 2% fee for ATM withdrawals
  • All team members get one free card, additional cards cost £4.99 each

Features of the Revolut Business Account

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Automatic Payments

  • Set up automated payments with your account, so you won’t forget payments!
  • Automatically tell your recipients that you’ve sent a payment and an estimated date of arrival

Local and International Transfers

  • Exchange money in 30 currencies
  • Get a unique IBAN with your company’s name for international payments (in GBP, EUR, USD, ZAR, TRY, SAR, SGD, SEK, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, and AED.)

Bulk Payments

  • Pay multiple invoices or payroll in bulk
  • Complete payments in multiple currencies to different countries all at once with bulk payments 

Payment Approval

  • Create payment rules and choose team members that can deny and approve payments before they’re completed
  • For example, you can create a rule that two designated team members must approve any transfers more than €400 

Manage Employees’ Roles and Account Permissions 

  • Add team members to the account and assign each team member a role
  • Give team members specific account permissions depending on their role
  • For example, you can manage which team members have access to see payments and which team members have the ability to edit payments

Categorize and Approve Expenses

  • Upload receipts to the Revolut app and categorize expenses. Get notifications about missing information. 
  • Accountants can review transactions and reject or approve them 
  • Export expenses as a .csv file 

Settings to Keep Your Cards Safe  

  • Place temporary lock on missing cards from the Revolut app or website
  • Location-based security features to prevent fraudulent transactions
  • Block contactless or online transactions at any time

Manage Your Cards and Transactions 

  • Set spending limits on your card 
  • Give all team members a physical card
  • Create virtual cards for your team members to use
  • Receive separate statements for each card showing all transactions
  • Link many accounts to one card or many cards to one account
  • Review transactions and manage card controls for your employees

Run Everything from the Mobile App

  • Review account balances and transactions
  • Send and receive money at the interbank exchange rate
  • Manage your team’s cards and adjust permissions
  • Get help from customer service

Safety and Security

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Revolut Business has many different safety features to protect your money. For starters, Revolut keeps your money in tier-1 partner banks, Barclays and Lloyds, and your money is never loaned to other companies or organizations. Furthermore, Revolut follows all FCA (Financial Conduct Authority) regulations. Revolut Business accounts also have many built-in security features to protect your account and your Revolut card. For example, you can set spending limits, and choose team members that can deny and approve payments before they’re completed. You can also temporarily freeze a missing card and block online transactions. 

  • Temporarily freeze and unfreeze cards at anytime
  • Block contactless and online transactions 
  • Set spending limits
  • Select team members that can deny and approve transactions 
  • Manage your team’s cards and adjust permissions on the app

Revolut Mobile App

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The Revolut mobile app makes it really easy to manage your business account. From the app you can exchange money in up to 30 currencies and send money locally and internationally. You can also review card transaction histories, receipts and card balances. Furthermore, accountants can review expenses in the web app and request refunds. Revolut is continuously adding new features to the app. The Revolut mobile app is available on Android and iOS platforms.

From the Revolut app you can:

 

  • Send and exchange money
  • Browse transaction history and card balances
  • Export data to files or Xero
  • Monitor all of your current active accounts
  • Approve transactions
  • Get help from customer service

Which account is best for my business?

The best Revolut business account for you depends on how big your business is and which account features you use the most. The chart below gives an overview of the business account Revolut offers. 

BUSINESS BANK ACCOUNT - REVOLUT BUSINESS Account
  • Cost Per Month
  • Free Team Members
  • Free Local Transfers
  • Free International Transfers
  • Allowance of transfers without exchange rate markup
  • ATM Fee
  • Exchange 30 Currencies
  • Get Accounts in GBP and EUR
  • Prepaid Debit Cards
  • Virtual Cards
  • Set Automatic Payments
  • User Permissions
  • Payment Approvals
  • Bulk Payments

Frequently Asked Questions

  • In which countries is Revolut Business available?

    The Revolut Business bank account is available for companies registered in the European Economic Area (EEA) and Switzerland. The company must also have a physical presence in the EEA or Switzerland.  A physical presence means that your company operates within the EEA or Switzerland. To show your company’s physical presence within this jurisdiction you will have to provide documents such as utility bills or the rental agreement for your office.   The countries where Revolut operates includes:  Aland Islands, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, French Guiana, Germany, Gibraltar, Guadeloupe, Guernsey, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Martinique, Malta, Mayotte, Netherlands, Norway, Poland, Portugal, Reunion, Romania, Saint Martin, Slovakia, Slovenia, Spain, Sweden, Svalbard And Jan Mayen Islands, Switzerland and the United Kingdom.

  • What types of businesses does Revolut support?

    You can open a Revolut Business bank account if your business falls into one of the following categories: Private limited company (LTD) Public limited partnership (PLC) Limited liability partnership (LLP) Partnerships Sole traders & freelancers Unlimited companies

  • Will I get both a GBP account and a EUR account?

    Yes – with a Revolut Business account, you’ll get two different accounts. You will receive a GBP account with a sort code and account number. You will also get a EUR account with an IBAN and BIC. Furthermore, you can hold, exchange and send money in 28 currencies through SWIFT and SEPA. These currencies are: GBP, EUR, USD, ZAR, TRY, SGD, SEK, SAR, RUB, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, AED, HRK, BGN, QAR, THB.

  • How long does it take to open a Revolut Business account?

    Opening a Revolut Business account only takes a total of 1-7 days to complete. First, you’ll fill out the application online. This takes less than 10 minutes. Then the Revolut team will go over your application and approve your new account.

  • Will Revolut charge me for receiving funds?

    If you go over your plan’s allowance for transfers then Revolut will charge you receiving funds. The fee per every local transfer you send or receive above your allowance is £0.20. For international transfers, the fee is £3 per transfer. 

  • Does Revolut accept cash deposits?

    No, Revolut Business does not accept cash deposits.

  • Are there transfer limits?

    There are no limits on the amount of money or number of transfers your business account can receive. For transfers over £250k a day, however, Revolut might need additional information. If this is the case then a Revolut employee will reach out to you. 

  • Does Revolut charge ATM fees?

    Yes, Revolut charges a 2% fee for every ATM withdrawal. 

  • What is the limit for withdrawals?

    The withdrawal limit at ATMs is £3,000 per day. The spending limit per card per month is £100,000.

  • Does Revolut Business have a mobile app?

    Yes, Revolut Business has mobile app. From the app you can transfer money and control your cards. You can also adjust permissions and review transactions. The app makes it easy to manage your account.

  • Does Revolut offer personal accounts?

    Yes, Revolut offers personal accounts. This article has more information about Revolut personal accounts.

  • What features are coming soon?

    Disposable Virtual Cards With disposable virtual cards you can make one-time payments with a virtual card that will automatically change the card number after you use it. This will prevent fraud and add an extra layer of security.  Custom Card Designs You will soon be able to order custom cards for your employees that represent your business’s identity  Geographical Restrictions  Regulate transactions by country so purchases can only be made on business trips or in your home country Spending Limits Set permanent or temporary spending limits. You will be able to limit the amount spent per transaction and the amount spent per day