Revolut Business Review – Smart Digital Online Business Banking

Revolut Business Review 2020 Online Banking Review The Best Online Banking Services
Revolut Business Review 2020 Online Banking Review The Best Online Banking Services

Revolut Business Review – With Revolut taking the online banking world by storm over the past few years, the platform is now looking to push its business account offering to those that are looking to take things to the next level.

Revolut Business has a number of different pricing plans available, so the one you choose will depend on the size of your business, and the type of services you require.

If you’re interested to find out whether or not Revolut Business is the right business account for you, be sure to read our comprehensive guide. We’ll cover everything from what you get, how much it costs, regulation, and more.

Let’s start With Review what Revolut Business actually is.

Review What is Revolut Business?

Revolut Business is the business segment of the standard Revolut account. As the name suggests, it is targeted exclusively for those looking to access traditional business account services. Much like the standard account, Revolut Business is offered via a mobile app, across both Android and iOS devices.

You can read our review of the standard Revolut Account here.

The overarching selling point of the Revolut Business account is that it is ideal for those that have a somewhat international presence. Whether you have a need to invoice or pay suppliers across multiple countries and currencies, or you’re a contractor moving from state-to-state, Revolut Business is likely to suit your needs.

By opening a Revolut Business account, you will have access to both the UK and European bank account. However, as you are able to accept payments in multiple currencies other than just GBP and EUR, you can accept and make payments to and from virtually any country via the SWIFT network.

Revolut Business Account Review
Revolut Business Account Review

With respect to currencies, Revolut is one of the most cost-effective ways to send and receive competing currencies. In fact, at the time of writing, you can exchange 28 different currencies without incurring any account fees.

On top of the fundamentals, Revolut Business comes with a whole host of other features, This includes the ability to add additional team members to the account, the provision of virtual and prepaid debit cards, 24/7 priority customer support, and the ability to integrate the account with various business software platforms.

So now that you have a better understanding of what Revolut Business is, in the next section of our review we are going to break down some of the main features in more detail.

Revolut Business Review: Main Features

It is important to note that depending on the specific pricing plan you sign-up for, some of the below features may or may not be included in your plan.

If they aren’t, or you exceed your monthly allocation, then you will need to pay on a pay-per-use basis. Nevertheless, we’ll discuss the pricing plans further down in our Revolut Business review.

Revolut Business Multi Currency Account
Revolut Business Multi Currency Account

Revolut Business Multi-Account Access

If your business employs multiple people, you might have a requirement to allow some of your staff members to access your business account. This could be a company accountant that needs to view transactions or an employee that needs to pay for travel expenses.

Either way, Revolut Business allows you to specify who you want to give account access to. By adding team members to your business account, you can also distribute corporate debit cards.

Revolut Business Local Accounts

Revolut allows you to open a local account across both the UK and EU. Your account number is unique, meaning you can send and receive local payments with ease. If performing a UK-to-UK transfer, the platform utilises the Faster Payments network. EU-to-EU transfers instead go through the SEPA network.

Anything outside of the above parameters will need to go through the international SWIFT network.

Revolut Business FX Transactions at the Real Market Rate

In a somewhat unprecedented move, Revolut Business allows you to exchange 28 different currencies at the real market rate. However, depending on the specific pricing plan you are on, the amount of free FX transfers will be limited. For example, the free plan comes with no free transfers, while the Enterprise account comes with an unlimited amount.

If you exceed your monthly allowance, you will then pay 0.4% above the real market rate. This in itself is excellent value, especially when one considers that traditional banks can charge up to 5% for transferring foreign currency.

Pre-Paid and Virtual Debits Cards

When you open a Revolut Business account, you also have access to a prepaid debit card. In fact, you can apply for multiple cards if you have a requirement for team members to process business transactions.

The prepaid debit card operates in the same way as a conventional card, insofar that it can be used to buy things online and in-store, as well as to withdraw cash from an ATM.

If you need to process transactions that don’t warrant the issuance of an individual debit card, you can instead create virtual cards via your Revolut Business account.

Pre Paid and Virtual Debits Cards
Pre Paid and Virtual Debits Cards

24/7 Customer Support

Although standard Revolut account holders are able to receive in-app customer support around the clock, the general consensus is that waiting times are often longer than anticipated.

In order to provide a more efficient service, Revolut Business account holders are given priority customer support. In theory, this means that you should receive a faster response time in comparison to free account holders.

There is still no telephone support service, even if you pay the whopping £1,000 monthly fee for an Enterprise account.

Business Software Integration

Revolut Business account holders also have the opportunity to link their accounts up with third-party software providers. At the time of writing, this includes the likes of Slack, Xero and FreeAgent.

If using the Xero link-up, Revolut will post your incoming and outgoing transactions every few hours, which is great if you have a need to streamline your accounting system.

Business Agent and Software Integration
Business Agent and Software Integration

Bulk Payments

If your business has multiple employees on the books, and thus, you need to process weekly or monthly payments in bulk, you can this at the click of a button.

This will save you from having to process individual payments for each and every team member.

So now that we’ve explored the main features available at Revolut Business, let’s take a look at the different plans on offer.

Review How Much Does Revolut Business Cost?

First and foremost, there are four main Revolut Business plans available for you to consider. This starts with a free plan, all the way up to a monthly charge of £1,000. Moreover, unless you are on the most expensive plan, it is possible you will need to pay to use particular services, such as exceeding your monthly free local transfer allocation.

Revolut Business Pricing
Revolut Business Pricing

Revolut Business Free Plan Review: £0 per month

As it says on the tin, the free plan comes with no monthly charge. You’ll be afforded 5 local transfers per month, after which you will pay £0.20 per transfer. Local transfers are classed as UK-to-UK and EU-to-EU, and your 5 free transfers will be collectively counted across both mediums.

Furthermore, transfers are counted as both inflows and outflows, meaning that the free plan doesn’t give you much flexibility in making frequent payments. The free plan also comes with no free international transfers, meaning you will pay £3 per transaction.

You’ll be able to onboard 2 additional team members for free, after which you will pay £5 per user, per month. If you do sign-up for a free account, you will miss out on a number of features. For example, you won’t have access to 24/7 priority support, nor will you be able to process bulk payments.

As such, the free plan is probably best suited for sole traders with a minimal requirement to send and receive money.

Revolut Business Grow Plan: £25 per month

Outside of the free plan, the next step up is the Grow plan, which comes in at £25 per month. You’ll get to onboard 10 team members for free, make 100 free local transfers, 10 free international transfers, and get to utilise up to £10k worth of FX-free transfers, each and every month.

Unlike the free plan, the Grow plan gives you access to priority 24/7 customer support, user permissions, payment approvals, and bulk payments.

The Grow plan will very quickly pay for itself if you send and receive multiple payments throughout the month. For example, while you would have to pay £30 in fees to get 10 international transfers per month on the free plan, this is included in the Grow plan package.

Revolut Business Scale Plan: £100 per month

For those of you that think the allocation offered within the Grow plan won’t quite suffice, the next step up is the Scale plan, at £100 per month.

While you will get all of the same features as the Grow plan, the Scale plan gives you a lot more in the form of monthly transaction allocation. For example, you’ll get 1,000 free local transfers each month, as well as 50 international transfers.

Your FX-free allocation threshold also increases from £10k to £50k. Finally, you also get to import 30 team members, as opposed to the 10 offered within the Grow plan.

Revolut Business Enterprise Plan: £1,000 per month

If your business has grown to a significant size, then the most comprehensive plan available is the Enterprise plan. At a whopping £1,000 per month, all account limits are removed.

As such, all your local and international transactions are free, and you can utilise fee-free FX rates on each and every transfer. Moreover, you can also import as many team members as you need, without incurring any additional monthly charges.

While at first glance £1,000 per month might seem excessive, it is important that you spend some time working out what your business requirements actually are.

If you find yourself paying heaps of money in both local and international transfer fees every month, you might be surprised to learn that the Enterprise plan actually offers your business good value – especially when you factor in the other features provided.

Review Is Revolut Business Safe?

The protection of your funds will depend on which account your funds are held in. In the UK, Revolut is authorised by the Financial Conduct Authority, meaning that client funds are held in a segregated bank account.

As such, if the bank went under, you would have access to the segregated account prior to creditors. However, as Revolut is not part of the UK’s FSCS deposit protection scheme, there is no guarantee that your funds are 100% safe.

On the other hand, if your money is stored in your EU account, things are a little bit different. As Revolut recently gained approval on its European Banking License application, your funds will eventually be protected up to the first 100,000 EUR, under the European Deposit Insurance Scheme (EDIS).

However, at the time of writing, this is not in full force yet, so do bear this in mind.

Ultimately, Revolut is still required to meet all UK and European Union regulations with respect to keeping client money safe, and they must also ensure that they comply with all respective anti-money laundering laws.

Revolut Business Review Conclusion

In summary, the Revolut Business account is ideal if you have a need to access seamless business account services in a burden-free manner. Via a comprehensive mobile app, you can perform the vast majority of your business account needs, such as sending and receiving money – both domestically and internationally.

Moreover, the app also comes with a number of additional features, such as the ability to import team members, distribute corporate cards, software integrations, and access to fee-free FX transfers.

With that being said, you need to spend some time assessing what Revolut Business plan is best suited for your company’s needs. While a free account is offered, this probably won’t be suitable if you regularly send and receive funds, as the pay-per-use fees will end up costing you more money.

As such, your best bet is to analyze the average number of domestic and international transfers that your business historically makes each month, with the view of ascertaining which plan to go for. The good news is that you can cancel or change your monthly plan at any time, subsequently ensuring that if your circumstances do change, you won’t be penalized.

Pros

  • Well Designed App
  • Prepaid Cards for Staff Members
  • Flexible Pricing Options
  • 24/7 Customer Support
  • Competitive exchange rates

Cons

  • No Phone Support
  • Charges for ATM Withdrawals
  • No Cash Deposits