What is Revolut Business?

As the name suggests, Revolut Business is the business arm of Revolut. It launched in 2017, just two years after it formed Revolut for personal use.

Revolut Business offers multiple accounts to both companies and freelancers. The account you choose to open will depend on the size of your business, how much you are willing to pay each month (free accounts are available), and what you intend to use your business account for.

Revolut has over 250,000 Revolut for Business customers.

You can access and control your Revolut Business account via a mobile app or by using online banking if you prefer to manage your account online.

Exclusive Revolut Business features include:

  • Send, receive, and hold money in 28 different currencies.
  • Open multiple accounts for different users, departments, offices, or countries.
  • Multiple corporate cards with customisable permissions and roles.
  • Pay direct debits and set up repeat payments.
  • Expense management.
  • Track transactions across all cards in real-time.
  • Integrate your account with apps such as Slack, Xero, Quickbooks, Zapier, and FreeAgent.
  • Bulk payments for expenses and payroll.

Revolut Business is ideal for businesses of all sizes and can be used by those with an international presence who need to handle multiple currencies.

Who can open a Revolut Business account?

You can open a Revolut Business account if you are a company or freelancer.

Is my business eligible?

Revolut Business is available for the following businesses:

  • Private limited company (LTD)
  • Public limited partnership (PLC)
  • Limited liability partnership (LLP)
  • Partnerships
  • Sole traders & freelancers
  • Unlimited companies

Unfortunately, Revolut Business does not support associations, charities, and funds such as venture capital funds, public sector companies, trusts, SPVs, foundations, or cooperatives, but it is looking to include these.

Is Revolut Business safe?

Yes, absolutely. Revolut is regulated by the Financial Conduct Authority, so it has to ensure that it protects your money. All money held in a Revolut account is ring-fenced in a separate account.

A ring-fenced account keeps your money separate from Revolut's main finances and assets. Revolut can't use this money, and it is protected if Revolut were to go into administration.

You have control over your account at all times. You can freeze any of your business debit cards instantly and unfreeze them later without having to order a new card.

Reviews of Revolut Business

Selectra's own hands-on Revolut review awarded it 4.5 / 5, praising its innovative mobile banking app, extensive features and benefits, low-cost fees, and the simplicity of using multiple currencies and using Revolut for travelling.

Revolut is rated 4.5 / 5 on review site, Trustpilot, with 87% of customers rating it as good or excellent.

What types of Revolut Business accounts are there?

Revolut splits its accounts into two categories:

  • Company
  • Freelance

Revolut Business accounts for Companies

There are four company accounts to choose from, starting with a Free plan all the way through to an Enterprise plan for £1,000 a month.

Revolut Business accounts for Freelancers

For freelancers, there are two accounts to choose from. Which one you chose will depend on your budget and which features you want access to.

Revolut Business account features

Online Banking

The main hub for managing your business banking will be Revolut's online banking platform. A mobile app is also available.

Key features include:

  • View and manage all of your accounts
  • View all balances and transactions
  • Add, monitor, and manage staff debit cards
  • Add new accounts in up to 28 currencies
  • Send single and bulk payments
  • Send and exchange money in 28 different currencies
  • Move money between your accounts
  • Connect third party apps (Slack, Xero, QuickBooks, etc.)
  • View and manage your Revolut Perks
  • Manage company and user settings

Mobile app

A mobile app is available which admins can use to perform the same functions they can do via online banking. Cardholders can also download the same digital banking app to their phone to access their individual business debit card, view their balance, transactions, and submit expenses.

Multi-currency accounts

With Revolut Business you can hold and exchange up to 28 different currencies. You can exchange money to and from your main account at the real-time exchange rate with no hidden fees.

Revolut also gives its business customers the option to open a free secondary account in Euros, which provides you with a European IBAN whilst still sitting under your main account.

Staff debit cards

Every staff member can have a Revolut Business debit card with its own individual settings and permissions.

With Revolut Business, you can control who can do what with their debit card, including:

  • Selecting the accounts staff can access
  • Selecting the countries staff can use their debit card in
  • Set a monthly spending limit
  • Require all payments to be authorised by an administrator
  • Activate location-based security
  • Turn on or off the ability to withdraw cash from ATMs
  • Turn on or off contactless payments
  • Freeze a debit card

Virtual debit cards

Revolut provides its business customers with the option to open virtual debit cards. A virtual debit card works the same as a physical card but is solely used to shop online.

You can open multiple virtual cards and use them with different online retailers. The main reason is security. Online card fraud costs over €1.8 billion a year, and the UK is at the top of the list.

Roles and Permissions

You can delegate access and assign individual roles and permissions. Examples include:

  • Provide full access to your company's finance manager
  • Provide read-only access to staff members
  • Provide limited access to an external accountant
  • Roles and permissions are customisable

Expenses

Revolut's Expense Management Tool prompts staff to complete expense information when purchases are made. Staff can take a photo of the receipt and enter a description and category.

With Revolut's integrations, you can connect your Xero account and all the categories and tax rates created in Xero will be available in Revolut for everyone to use.

Bulk payments

You can use Revolut Business to make bulk payments such as paying multiple invoices or payroll either manually or by importing a .csv file. You can make multi-currency payments to different countries all in one batch.

Customer support

All Revolut Business customers have access to 24/7 customer support via Revolut's online banking and mobile app. Paid for business accounts receive priority service.

API Integrations

Revolut Business can be connected to a whole host of software and apps, including:

  • Xero - Save time and work smarter by feeding your Revolut account data directly into Xero.
  • QuickBooks - Automatically sync transactions with QuickBooks and make accounting a breeze.
  • Slack - Receive real-time notifications for events happening in your Revolut for Business account.
  • FreeAgent - Seamlessly import your transactions into FreeAgent and stay up to date with your cash flow.
  • Zapier - Connect your Revolut account to 1000s of apps on Zapier and automate the repetitive stuff!

Perks

Revolut offers over 20 perks to its business customers in the form of exclusive discounts from companies such as Apple, Amazon Business, Google Ads, Slack, Deliveroo, Expensify, and more.

How do you open a Revolut Business account?

Opening a new Revolut Business account is quick and straightforward.

  1. Visit the Revolut Business website
  2. Enter your email address and mobile number
  3. Create a password
  4. Select your business type - Freelancer or Registered Company
  5. Input your personal information
  6. Enter your business information and a short description of what your business does and where
  7. Verify your identity

If you already have a personal Revolut account, you can link it to your Business account to complete the personal information and skip verifying your identity.

If you are opening a registered company account, Revolut will ask for additional information including basic incorporation details, director/shareholder information, and a description of your company activities.

The timescale for your application to be reviewed is 1 - 7 days.

Payments and transfers

Revolut Business operates on a truly global scale and allows you to use your account throughout the world to make payments, send money, receive money transfers, pay bills, and transfer funds between your accounts.

Payments

Using your Revolut Business card in stores works exactly the same as using any other debit card. Each card has a unique PIN and all Revolut debit cards are contactless.

Money transfers

You can send and receive payments from any bank account in the world in almost any currency.

Transfers within your allocated monthly limit are free and you are then charged for each transfer you make or receive thereafter. Sending and receiving money from other Revolut bank accounts is always free, as is moving and exchanging money between your own Revolut accounts.