In the world of Business in Europe, there’s a online banking solution that rises above all. Revolut Business offers key features like the cheapest fees when it comes to national and international transfers, currency exchange and even cryptocurrency holding. In this Revolut Business Review you’ll learn the ins and outs of Europe’s financial future.
Since its beginning, it has taken Europe as a storm and it has already expanded to the U.S. It has already consolidated a spot as one of the most used Business Accounts in the whole European continent. If you’re already established or starting your business in Europe or in the U.S., Revolut Business is exactly what you need to better manage your finances.
Has handling your business on a financial level been stressing you out? All the payments and even currencies you might have to exchange might be too much for you, and we all know how mentally taxing that is. That’s why today we bring you our Revolut Business Review, an online alternative to the big banks. This alternative will make controlling your business a lot easier and way more efficient.
What Is Revolut And Revolut Business?
Revolut describes itself as a “Digital Alternative to the big banks of Europe”, and they’re not that far off. In a few words, Revolut is an online banking platform that gives you most of the benefits of a regular bank. However, it also sprinkles some other very important features of its own.
The Revolut online banking app is focused on the exchange of different types of currency. Revolut also works like a regular bank in terms of being able to store your money and provide a debit card. The whole system of Revolut consists of a platform where you can easily exchange your money to other currencies. These currencies include EUR, GBP, USD, CAD and at least 25 others at the lowest rate in the market.
So, Revolut Business (as you guessed it) applies for people who want to handle a business’s account with Revolut. And here’s where we’ll be focusing for the rest of this Revolut Business Review.
What Do I Get For Opening A Revolut Business Account?
Having a Revolut Business account means being able to hold at least 28 currencies. It also means being able to freely exchange between them at the current interbank rate of that day. This rate only applies to exchanges done between Monday and Friday at UTC. If you end up exchanging currency during the weekend, you’ll be charged 0.5% of the total amount exchanged on some currencies.
Do take note that when it comes to Thai Baht, Russian Rubles, Ukrainian Hryvnia, and Turkish Lira you’ll always be charged a higher fee. For those currencies, if your trading during weekdays you’ll incur a 1% fee, but during weekends a 2% fee will apply.
A positive aspect of Revolut Business is that it will let you automate both domestic and international payments. It will also give you a unique debit card and also give cards linked to that same account to the team you work with. This makes handling your business’s finances a lot easier.
In this Revolut Business Review, you’ll find an online banking solution that lets you control your money more effectively. Revolut does this while seamlessly letting you exchange between a myriad of currencies. At the same time, it minimizes exchange rates instead of making you waste all of your money on ludicrous fees and rates. Revolut is keen on keeping your money safe, organized and well spent in a unique way only they can achieve.
Care to know more about this wonderful banking alternative?
Who Revolut Business Is Actually For
As you might imagine, the business branch of Revolut is directed at people who want to open a business account. The parties eligible to open a Business account are:
- Sole Traders
- Freelancers, and
- Unlimited companies.
You’ll find that Revolut Business offers a way for you to organize, and transfer your money in a much smarter way.
One of its stronger points, but also one of its downsides is where Revolut is available. Revolut Business is currently only available for companies registered with a physical presence within the EEA (European Economic Area). It’s also available in Switzerland and last but not least, the U.S. since the end of March of 2020.
However, here in Canada, we can’t use Revolut Business unless it decides to expand, but we don’t know when or if that will happen. Something interesting to note is that even if Revolut is not available in Canada it still supports CAD. This means we can still transfer money from or to our local business bank account if we ever find ourselves opening a branch or a new business in the U.S., the EEA or Switzerland.
For the time being, you won’t be able to use Revolut Business if you’re planning to open an account while living in Canada. But who knows? In a couple of years, we might just be able to.
Benefits Of Using Revolut Business: It’s Simpler, Quicker And Cheaper
In this Revolut Business Review, we could spend all day talking about how good Revolut is, but we’ll get nowhere without actually mentioning its benefits. Most of these come as features that will make your life easier since your money will be also easier to spend and administer.
So, hop on and check the benefits for yourself:
- It supports at least 30 different currencies.
- Free money transfers until you surpass your business plan threshold (We’ll get to that later).
- Free currency exchange during Weekdays.
- You can automate most domestic and international payments.
- You’ll get both a physical and a virtual debit card for your Revolut Business account.
- You can also give several virtual and physical cards to the team you work with.
- Access and restrictions can be imposed on any members of your account over the app.
- All debit card transactions are processed and protected via Mastercard, Maestro or Visa.
- It offers a high grade of security proven by the Financial Conduct Authority (FCA).
- You’ll be able to freeze and unfreeze cards and toggle cash withdrawals from the app.
- Lets you withdraw for free in almost any country of Europe
- You can withdraw up to 3,000 £ every day and up to 100,000 £ a month with a 2% fee for each ATM withdrawal.
We’re being completely honest here, the benefits don’t stop there. But they’re too much to put up in a simple list like the one we just did.
The Revolut Business App
It seems obvious to most of us, but being an online bank implies the need for an app to handle all your transactions with your phone. The benefits of the Revolut Business app consist of unique ways to handle your money. The idea behind Revolut Business is letting you manage your entire financial life from an easy to use app. And it’s not only an idea, but that’s also exactly how it works.
Heck, by now you’re probably thinking that having a Revolut Business account might be even better than having a regular bank account. And that assumption is pretty spot on. While most brick&mortar banks also offer apps for you to easily perform certain operations, Revolut Business’s app lets you handle ALL possible operations through the app.
Cryptocurrencies With Revolut Business
Another benefit Revolut Business offers is the ability to hold Cryptocurrencies. As of now, they’re only able to support:
- Bitcoin Cash
Being able to hold cryptocurrency is a pretty impressive feature when it comes to an online bank. But even if Revolut Business does this, it supports it in a quite bizarre way. Revolut holds the cryptocurrency in a virtual account where all of the cryptos they own are stored. This includes your cryptos and every other Revolut user’s cryptos as well.
When it comes to fees in cryptocurrency exchanges, they usually charge 1.5% or 2.0% of the total amount exchanged for regular and high-frequency standard customers. Although, it’s worth noting that these fees will change to 2.5% and 3.0% respectively after May 25th of 2020.
Another important thing to note is that Revolut will legally own any crypto they buy for you. You will be entitled to a “Beneficial Right”, meaning that you’ll instruct them whenever you want to use, sell or buy cryptocurrency. Either way, being able to use cryptocurrency is an advantage other online banking platforms don’t offer.
Is It Better Than Having A Regular Business Account?
After having read all the good things written in this Revolut Business Review, you might have thought about the same question in our title. At the end of the day, there’s no right or wrong answer, it all depends on how Revolut suits you and your financial needs. Whether you own a small or big company, Revolut can be as useful as a brick&mortar bank account.
When it comes to comparing this service to a regular bank account, there are a few things to take into consideration. First off, Revolut is not a bank in itself, it’s an affiliate of Barclays and Lloyds in the UK. Although this doesn’t mean it’s not as safe or as useful as a real bank account, it’s just different.
It All Depends On What You Need To Do
You may prefer Revolut if you work with companies across Europe or if your business involves travelling a lot. If you or your business fit this description, you’ll find Revolut Business to be extremely useful because of all the versatility it offers.
You might prefer owning a regular bank account if you don’t need to deal with other currencies. Nevertheless, Revolut Business is still a good option even if you only deal with EUR or GBP. Revolut’s automatic payments and its other benefits can still be a dealmaker due to how simple it becomes to handle your money. Nevertheless, you miss the opportunity to hold a credit card, since Revolut doesn’t offer that option, but there are other benefits listed on this Revolut Business Review.
Consider the fact that all the good things you have read until now are only the general benefits of Revolut Business accounts. You might be wondering what else Revolut Business actually offers. Keep on reading to get an idea of the different plans they offer!
Related: Rogers Bank, one of the best banks in Canada, offering extensive benefits at zero cost.
Different Options For Both Businesses And Freelancers
Revolut Business offers four different plans for businesses, and two plans for freelancers, with different benefits that cater to different needs:
- Revolut Business Free
- Business Grow
- Business Scale
- Revolut Business Enterprise
- Freelancer Free
- Freelancer Professional
Revolut Business Free Plan
Most of the details we’ve covered so far come from the basic free Business plan Revolut offers. This plan doesn’t have a monthly fee, but it severely limits the tools it offers when you compare it to its bulkier brothers.
In this plan you’ll find:
- Unlimited Revolut transfers as with all other Business plans.
- 2 Free team members for you to add to your Business account.
- 5 Free local transfers per month (like Faster Payments in the UK and SEPA in the EEA).
There are other services completely included. These include creating local accounts in GBP and EUR, giving you an IBAN for global transfers and others.
The Business Free plan attempts to be an introduction to the service as a whole. If you’re running a small business with only a few team members, you may be okay with the limits imposed in this plan. In that case, you might not need to upgrade at all. If, on the other hand, your business is not that small and you’re likely to be making more than 5 local transfers every month, you may want to check out one of the premium plans.
Revolut Business Grow Plan
Revolut’s Business Grow plan is the direct older brother to the Business Free plan. Starting at 25 £ (Or equal) per month it improves a lot more over everything the Free plan has to offer.
For 25 £ a month, in this plan you’ll find:
- 10 Free team members for you to add to your Business Account.
- 100 Free local transfers per month (Like Faster Payments in the UK and SEPA in the EEA).
- 10 Free international transfers.
- A 10,000 £ allowance of FX at the real rate (without markup fees).
- 24/7 Priority Support.
- Payment approvals.
- Bulk Payments.
- Expense management.
As you can see, this account is also a great choice for growing small businesses that are already trading internationally and in different currencies. If your business needs the FX allowance, the free international and national transfers and the other features, this plan is a great way to start.
Keep reading this Revolut Business Review, because this is where things start to get really, really big.
Revolut Business Scale Plan
Here is where you’ll find most big business accounts that benefit from Revolut. For 100 GBP a Month you’ll encounter the second biggest Business plan Revolut has to offer. It follows the same principle its little brother imposed by offering 5 times what the previous plan offers, and more.
For 100 £ a month, in this plan you’ll find:
- 30 Free team members for you to add to your Business Account.
- 1,000 Free local transfers per month (Like Faster Payments in the UK and SEPA in the EEA).
- 50 Free international transfers.
- A 50,000 £ allowance of FX at the real rate.
- 24/7 Priority Support.
- Payment approvals.
- Bulk Payments.
- Expense management.
- Accepting card payments for free.
- Metal cards.
When it comes to features this is the second biggest business plan Revolut offers. It doesn’t offer a lot of new features that Grow doesn’t have, but it manages to offer a lot more when it comes to transfers, team members and the FX allowance. This is definitely the better option if your business is a big name in your industry.
Business Enterprise, Reserved Only For The Biggest Of the Biggest
Enterprise is a plan only the biggest businesses can really take advantage of. This plan is so reserved for the best and biggest businesses that even Revolut doesn’t publicly disclose how much it costs. Rumours say this business plan costs around 1,000 GBP/month. You might be surprised at first, but it is definitely worth the money.
The only way to know how much this plan costs is by contacting Revolut, which you can do by signing up. It might be too costly for some, but it’s certainly worth it for big companies that handle more than 1,000 local transfers and more than 50 international transfers per month. It’s also the most cost-effective plan if you need to issue more than 30 supplementary debit cards for your team members.
Here’s where you’ll find the other main ramification of Revolut’s Business plans. The Freelancer Free plan is directed towards those persons who like being their own bosses. What better way of being your own boss than handling your finances in a professional manner?.
This plan lets freelancers get a taste of what Revolut is while still offering a lot of features for free.
In this plan you’ll get:
- Unlimited free transfers to other Revolut Accounts.
- 5 Free local transfers.
- The ability to hold and exchange between 30 currencies.
- Local accounts in GBP and EUR.
- IBAN for global transfers.
- Prepaid debit cards
- Virtual cards
- Being able to connect into Zero, FreeAgent and Slack.
In terms of what it offers, it’s pretty basic, but it does the job. It is worthy to note that this plan doesn’t offer Free international transfers or an FX allowance at the real rate.
In summary, it’s a worthy plan if you work as a freelancer on a casual level. If you plan to hire other freelancers or form a bigger business the next plan might just be what you need.
The principle of “The more, the merrier” applies here the most, since that’s exactly what it offers. When it comes to the cost, this plan ends up going for 7 £ a month, but what it offers is extremely worth it, take a look.
For 7 £ a month this plan offers:
- 4 Slots for Multi-user Access.
- 20 Free local transfers.
- 5 Free international transfers.
- Up to 5,000 £ of FX allowance at the real rate.
- Everything else the Freelancer Free plan offers.
- Priority 24/7 support.
- Being able to customize what each user sees in the Revolut app.
- Specialized payment approvals
- Being able to utilize Bulk Payments
- Perks like special rewards from WeWork, Apple, Google Ads and others.
- Expense Management
In the future, both plans will also include overdrafts and other features. But the Freelancer Professional will include features like Local Accounts in other currencies and being able to send invoices.
Overall these are great options for any freelancer to use. They’re really worth the while and they’re not too expensive for what they offer.
If you fit the criteria listed in our Revolut Business Review, you should absolutely try the service out:
We don’t even need to list what this plan offers or not since it offers everything. The way Revolut Enterprise works is by removing all the limits on your business accounts. It basically gives you infinite access to all the tools it already offered. This includes infinite national and international transfers, infinite free member’s access and an infinite FX allowance at the interbank rate. If you’re not completely sold yet, it also offers customizable designs for your business debit cards! How sleek is that!
You can’t get much better than the Enterprise Business plan if you’re looking for the best of the best. When it comes to having a business account without any perceivable limitations this is the best option.
What’s more, if you do the math, it turns out that 100 £ per month is nothing compared to all the money you’ll save every month on fees and bad FX rates.
What Are The Downsides To Using This Online Bank?
Even if Revolut is a great business service for you, you should still consider that everything has its downsides, Revolut included. Here we will list the more prominent ones:
- Revolut isn’t actually a bank, it’s an affiliate of Barclay and Lloyds in the UK.
- You can’t use it outside the EEA, Switzerland and the U.S.
- Customer Service is known to be of poor quality, even if it’s available 24/7.
- The best benefits only come at a premium.
- The limits on a regular free account are pretty restrictive.
- You won’t be able to make Cash or Cheque deposits.
- Daily withdrawing limit of only 3,000 £, which includes a 2% fee for each ATM withdrawal.
- There’s no way to earn interests as of today.
- Some people have gotten their accounts closed with no previous warning.
- The maximum amount limit per transfer is a total of 80,000 £.
- You can only transfer a maximum of 875,000 £ on a daily basis.
- The maximum weekly limit in transfers is a total of 5,000,000 £.
- You cannot make more than 500 transfers in 24 hours and more than 2500 transfers in a week.
- You’ll be charged when exchanging currencies out of the market hours and during weekends (Up to 1% and 2%)
Related: Tangerine Bank, one of the best banks in Canada that offers free chequing accounts, competitive interest rates and zero fees.
Alternatives We Offer In Our Revolut Business Review
If these downsides are too overpowering for you, you might not see yourself using the service at all. In that case, we’re happy to announce there are some clear contenders willing to work with you and your business.
In these comparisons, you’ll find online bank systems like Revolut but different in a lot of ways. We will cover how Revolut Business compares to N26, Monzo Bank and Transferwise. All of these are important parties when it comes to online banking and the currency exchange industry.
Revolut Business Vs. N26 Business
In order for our readers to understand the comparison in this Revolut Business Review, first, we have to define what N26 really is. In terms of an online banking system, N26 offers an experience that focuses more on being like a traditional bank. This doesn’t mean it’s better or worse, but it might just be a little more familiar for some users.
When it comes to the distinct kinds of business plans both services offer, they share some similarities. Both offer Free and Paid plans which cover and offer more of its features to the clients. Basically, the more you pay on a monthly basis, the freer you are to use your money either on a national or international scale.
Revolut offers 3 distinct paid business plans, Grow, Scale and Enterprise and the Professional freelancer plan. Each one of them costs more than the last one but they do stack up in terms of what they offer. If you end up going for the enterprise account you could turn your account inside out in customizability and all the features it offers. Local transfers, access to new members, expense management and bulk payments become infinite, ready to be used at your disposal.
When it comes to N26, they only offer 1 premium plan, N26 Business You. This plan lets you open at least 10 sub-accounts and shares them with other N26 holders. It also boasts some insurances like flight and luggage delay and medical coverage while travelling, something Revolut doesn’t offer.
If we’re talking about cards, they’re both, again, really similar experiences. They differ in how they handle fees when they’re used abroad. N26 takes the cake here if you’re spending a lot of cash abroad since most of the transactions don’t incur any fees at all. On the flipside, Revolut will charge a fee if you use your debit card outside the market hours or during weekends.
Who Does It Better?
When we talk about transferring money to national or international accounts, Revolut takes a winning stride. Its ability to offer up to 30 currencies easily accessible through the app beats N26’s ability to only handle a couple of local currencies at a time.
Overall, they all have their own good and bad sides. We believe that if you’re travelling a lot through Europe, you’ll find N26 more akin to what you need while on the air, the road or the water. Some even call this the most complete online banking account in Europe (Even if it isn’t available in as many countries as Revolut). But Revolut obviously beats N26 in terms of how many currencies it holds and how easy payments are to make.
Revolut Business VS Monzo Bank Business
Here comes another challenger to Revolut’s reign in the online Business banking industry. This company started almost at the same time as Revolut, dating back to 2015 as well. Monzo came up as a solution to ease the access of users to their bank accounts and their income. But there’s a distinct difference when it comes to how Monzo Business and Revolut Business work. In this case, Monzo is a fully-fledged bank operating system while Revolut isn’t.
Getting a Business account at Monzo is practically the same as getting an account at any other bank in the UK. Monzo primarily establishes its online presence over the competition when it comes to regular bank accounts. It helps people get a legitimate UK bank account after just a few taps on their phones, which is something Revolut doesn’t offer.
Another detail we can add when talking about Monzo is that it lets you access your account either from your mobile device or via web access. Revolut can’t be accessed from anything other than mobile devices, and using the app on a computer implies bothersome workarounds like using emulators.
Similar to Revolut Business, Monzo also offers a premium Business plan called Pro, which costs only 5 GBP a month. Although, it’s considerably lacklustre when compared to Revolut’s many other plans. For example, you can only add 2 people to your business account while Revolut lets you give access to the same number of people on its free Business plan. Even then it reaches 10, 30 and even infinite access on the more expensive plans.
So, Monzo Business Over Revolut Business?
From an overall standpoint, Monzo Bank Business is an alternative to Revolut if you want to get a more complete bank experience. While it doesn’t offer all the currencies Revolut holds, it’s more than enough to say it shines where Revolut doesn’t, or even sometimes in the same spots. We recommend Monzo Business only if you’re mainly working with GBP and Euros. It’s important to note it also works for using your money abroad without charging you at all. Revolut does this as well, except for its market hour and weekend limitations.
Revolut Business VS Transferwise Business
Out of all the online banking alternatives we’ve compared Revolut to, Transferwise is the one with the most similarities. Originating way back in 2011 it’s been considered as an alternative to exchanging and sending money abroad with your local brick & mortar bank. Since then it’s amassed 7,000,000 users, but can it compare to the new technologies of Revolut business?
If you look at both these companies from a chronological angle, Revolut is treading where Transferwise originally started. It’s been 9 years and the service is still as good as ever, so what exactly keeps it up to today’s standards?
Transferwise runs into the same issues Revolut does when it comes to not being able to be a fully-fledged bank account. But where Revolut tries to be that, Transferwise embraces its availability to transfer money abroad. This includes currency exchange and international transfers.
In some ways, Transferwise compares itself to Paypal, offering an impressively lower rate for money transfers. Where Paypal can take a big chunk of your money, Transferwise will only take 0.5% of the total transaction as a base exchange fee. It all depends on what sort of currency you work with. You may find some currency exchanges cost more than others if they’re not usually traded together.
If we’re only taking into consideration the usage of currency exchange, Transferwise Business beats Revolut. Sure, Revolut Business won’t charge you from Monday to Friday, but Transferwise always keeps a neat 0.5% fee which is easy on our wallets. Transferwise Business is available in at least 38 countries besides the EEA, including the U.S., Canada, some countries in Central and South America, Asia, and even some countries in Africa.
So, all in all, Transferwise Business fully embraces its nature of currency exchange. Revolut does that, but it also tries to work as an online banking platform. If not for some limitations on Revolut’s fees, withdrawals and exchange rates, we would recommend it over Transferwise. But the latter works better as a complete currency exchange service with a sleek interface and no hidden fees to worry about. It’s straightforward, easy and quick to use.
Related: Oaken Financial, an online bank that embraces a long-established tradition of service with a fresh and improved take on saving your money.
Final Thoughts Of Revolut Business Review: Is It For You?
At the end of the day in this Revolut Business Review, we end up with a service directed towards the quicker and better use of our finances. Revolut Business not only offers a different way to use our money, but it also shows us how easy and seamlessly we can send it almost everywhere in Europe.
We’ve nothing else to say in this Revolut Business Review besides wanting to hear your thoughts on Revolut and others. It doesn’t matter which way you go, you’ll find a new way to use your money by using Europe’s and the world’s cheapest transfer services. It’s up to you whether you want to start having more control over your money today or tomorrow.
What do you say, are you and your business ready to join Revolut’s Business Revolution? If you want to take advantage of the cheapest transfers in Europe and one of the best online banks, then sign up here.