Revolut is a financial technology (fintech) providing excellent business accounts to companies and freelancers who conduct frequent international business payments. This provider offers fast and low-cost payment transfers and foreign exchange services. You can send, receive, hold, and exchange money in over 25 currencies.
There are four business account options for companies; three are paid plans, and one is a free option with basic features. Freelancers can also choose among three business accounts, with one under a free plan. Funds are Federal Deposit Insurance Corp. (FDIC)-insured through its bank partnership with Metropolitan Commercial Bank and Sutton Bank.
Revolut Business accounts are available for companies and sole traders registered in and with a physical presence within the following countries and territories: Aland Islands, Australia, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Guernsey, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mayotte, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, and the United States. You must be 18 or older to open a Revolut business account.
Pros
- Multiple business account plans, including a free option
- Local spending in 150 currencies
- Receive, hold, and exchange money in more than 25 currencies
- Free monthly allowances for local and international payments
Cons
- No cash back earnings under a free account
- Steep monthly fees for paid plans
- No annual percentage yield (APY)
- Cannot deposit cash
Features
- 200 virtual cards and up to three physical (plastic) cards
- Four business company accounts and three business freelancer accounts
- Foreign exchange free monthly allowances except under a Revolut Free account
- Metal cards, cash back earnings, and business application programming interface (API) integrations available in paid plans (Grow, Scale, and Enterprise)
- Real-time rates in multiple currencies
- Set up local accounts in US dollars (USD), euros (EUR), and British pounds (GBP)
- Integration with Xero and QuickBooks
- Business online and mobile banking app
- 24/7 live in-app chat support
- Savings vault accounts
How Revolut Stacks Up With Its Competitors
When Revolut Business Account Is a Good Fit
- You want to save on international payments: Compared to other business accounts, Revolut offers savings since customers pay $3 for international payments and access real-time foreign exchange rates for transfers. Business accounts have free monthly allowances for local and international payments, including a free monthly allocation for foreign exchanges, depending on your chosen account.
- You want multiple-currency options: Under Revolut, you can open local accounts in USD, EUR, and GBP.
- You prefer more flexibility with business accounts: Revolut offers a full range of business accounts under a free subscription and through paid plans with additional features. Companies can select among Revolut’s Free, Grow, Scale, or Enterprise accounts, with different monthly fees. Meanwhile, freelancers can opt for a Free, Professional, or Ultimate business account.
When To Consider Revolut Business Account Alternatives
You Seek to Earn Interest
None of the Revolut Business accounts earn interest. We recommend Wise, a platform for sending and receiving international payments. It offers a business account with an opt-in 4.13% interest feature for eligible customers.
Additional Wise account benefits: Wise supports Novo for international wire transfers, so if you’re looking to integrate Wise with a business checking account, consider opening a Novo Business Checking account. Learn more about Novo’s product advantages through our review of Novo business checking.
You Want Free Wire Transfers
Revolut charges $10 for inbound and outbound domestic wires, while it collects a fee of $3 and potential foreign exchange fees for sending international payments. Consider Mercury, which does not charge fees for receiving and sending domestic and international wire transfers.
Additional Mercury account benefits: Mercury is one of our best online business banks for tech companies, startups, and businesses that need additional FDIC insurance. It offers free business checking and savings accounts, interest for eligible Mercury Treasury customers, and a sign-up bonus for new accounts. Read our Mercury business checking review to discover more fee-free features.
You Need A Business Checking Account That Supports Cash Deposits & Physical Checks
Revolut does not provide a checking account or accept cash deposits, unlike Bluevine, which lets users deposit cash at $4.95 per transaction through more than 90,000 Green Dot retail locations. Bluevine also supports physical checks and offers two free checkbooks per year.
Additional Bluevine account benefits: Bluevine is among our leading banks for small business loans with its excellent small business line of credit, offering up to $250,000 at a low interest of 6.2%. Further, Bluevine’s free business checking account provides 2.00% APY for qualifying balances up to $250,000, which is why it made it to our list of the top bank accounts for self-employed professionals. Find out more detailed information from our Bluevine business checking review.
Revolut Business Account Overview
Revolut Business Account Requirements
Revolut Business is available for companies and sole traders registered in and with a physical presence within the following countries and territories:
- Aland Islands
- Australia
- Austria
- Belgium
- Bulgaria
- Croatia
- Republic of Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Guernsey
- Greece
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Jersey
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Malta
- Mayotte
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- UK
- US
You can visit the Revolut website to complete the online application to open a business account. You must be 18 or older.
You must provide:
- Operating address
- Short description of your business and its nature
- The purpose for the account
- Identity verification
- Selected Revolut plan
Here are additional Revolut requirements to open a company business account:
- Incorporation details
- Information on shareholders and company directors, including identity verification
- Power of attorney, if you’re not a company shareholder or director
Revolut Business Account Features
Revolut features four types of business accounts, including cash back earnings, physical and virtual cards, and business mobile app access.
Company Business Accounts
- Free: Designed for businesses with basic needs, you get an account with no monthly fee, five free local payment allowances, and access to invoice tracking. Beyond the free local payment limit, 20 cents is charged per additional transfer.
- Grow: Businesses seeking additional features can subscribe to this account at $39.99 per month. The account provides 100 free local and 10 free international payment monthly allowances and up to $10,000 in foreign exchange free monthly limit. You get access to business API integration, analytics, and invoice tracking.
- Scale: This account is suitable for businesses looking for more robust features. It has a monthly fee of $149.99, and you get higher free monthly allowances for local and international payments, including foreign exchange. Other perks include business API integration, analytics tools, and invoice tracking.
- Enterprise: This account is tailored for larger businesses and provides customized free monthly allowances for local and international payments and foreign exchange. Access to account management is provided on top of the regular account features (business API integration, analytics, and invoice tracking).
Physical & Virtual Cards
Revolut provides both physical and virtual cards. It offers complimentary metal cards for paid plans. Under Grow, one free metal card is given, while for Scale and Enterprise, two complimentary cards are provided for each. Virtual company cards are also available for account owners. Each account owner has an allowance of up to 200 online cards.
Companies can track and control team spending by issuing Revolut plastic company cards to team members. Each member gets up to three cards with customized spending limits you can set in different categories.
Cash Back Earnings
Revolut paid plans, Grow, Scale, and Enterprise accounts can earn up to 1.90% cash back earnings for card spending. The monthly set spending amount is $10,000 for Grow, $30,000 for Scale, and $50,000 for Enterprise. Higher spending (past the set limit) earns a 1.50% cash back rate.
Business Mobile App
Revolut Business has a good rating on App Store1 for its mobile app reviews, with 4.9 out of 5 stars from nearly 20,000 reviews. On Google Play2, it has a 4.5 out of 5 rating based on 16,000 reviews.
Users praised Revolut’s business accounts for their versatility and stated that the accounts linked easily with their other business tools and apps. They also appreciated the ease of transferring funds and setting up multiple accounts. However, some complained about frozen accounts and the fintech’s frequent requests for business documents.
Bulk Payments
This feature lets users create and release several payments simultaneously for a specific date. The payment entry limit for a single comma-separated values (CSV) file is 1,000, and sending a batch payment of not more than 500 at a time is advisable. Through bulk, payments are automatically sent out in individual separate transfers.
Transfers & Exchanges
Revolut offers fast local and international transfers. You can send international payments in 28 foreign currencies and spend locally in 150 currencies. You can save from local and global transfers using market-leading rates and track transfer status in real time via the app.
Revolut lets you send, receive, hold, and exchange money in over 25 currencies worldwide. You get unlimited inbound transfers in GBP, EUR, USD, and Swiss franc (CHF). When trading foreign currencies, pricing is transparent, and you can get the real rate. You can also set up automatic future exchanges, with in-app alerts informing you when currencies hit your preferred prices.
Analytics & Expense Management Tools
Revolut offers analytics tools to help business owners understand company spending by account, time period, and per team member. Future planning is easier since you can forecast using real-time trends and spending analysis.
For business expenses, Revolut has an expense management tool where you receive spending notifications in real-time and approve expenses quickly with automated matching of receipts and categorizing.
Other Revolut Business Account Products
- Free: This account is suitable if you’re looking for basic features. You get a free monthly allowance of five local payments, three plastic cards, and 200 virtual cards.
- Professional: For $9.99 per month, this account provides 1.90% cash back for a monthly card spending up to $2,000. It also offers plastic cards, virtual cards, and a free monthly allowance of 20 local and five international payments.
- Ultimate: At $39.99 monthly, this account comes with one free metal card on top of the plastic and virtual cards. The monthly amount for card spending to earn cash back is $10,000. You also get a free monthly allowance of 100 local and 10 international payments. Foreign exchange without markup is up to $10,000.
Revolut offers a Savings Vault account as a way for users to earn interest from their funds. Placing your money into a savings account deducts the funds from your main Revolut account. The funds held by Metropolitan Commercial Bank are transferred to a Sutton Bank account, where funds are FDIC-insured up to $250,000. The interest varies and accrues daily. It also compounds and credits monthly to the savings account.
Revolut Business Account Reviews From Users
The provider has a 4.3 out of 5 rating on Trustpilot3 from around 138,000 reviews. Revolut Business account reviews are positive, with customers having praised Revolut for allowing them to spend different currencies for free and offering great foreign exchange rates. Most appreciate the fast speed of payments and ease of use and also commented that Revolut offered practical and convenient solutions.
However, some were dissatisfied and claimed their accounts were closed and blocked without reason. Others also mentioned the lack of a phone contact line and complained that online chats were automated messages with unhelpful advice.
Bottom Line
Revolut’s business accounts are feature-packed with free company cards (physical and virtual) and business tools, creating efficiency for your business. Cash back rewards are also available, except under a free plan. They are ideal for companies and freelancers engaging in international payment transactions, as it allows customers to save more with its real-time foreign exchange rates and free monthly allowances for local and international payments, depending on the account you open.
However, Revolut accounts have no APY and don’t allow cash deposits. The monthly subscription fees for company business accounts are also steep. If you only perform international fund transfers occasionally, we recommend opening a free business checking account offering a high yield with cash deposit support.
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