Revolut Business Bank Account: An Expert Review

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Overview of Revolut Business

Revolut Business is a digital banking platform that offers a range of business account options to cater to the needs of small and large businesses. The platform is designed to provide fast, secure, and cost-effective banking services to businesses of all sizes.

One of the key benefits of using Revolut Business is its ability to provide businesses with access to a range of financial services, including multi-currency accounts, international money transfers, and expense management tools. The platform also offers a range of account types, including free, paid, and custom plans, making it easy for businesses to choose a plan that suits their specific needs.

Revolut Business also offers a range of features designed to make banking easier and more efficient for businesses. These include the ability to issue multiple cards to employees, real-time notifications for transactions, and the ability to manage accounts from a mobile app.

Overall, Revolut Business is a convenient and cost-effective digital banking solution that provides businesses with a range of financial services and features. With its competitive pricing, flexible account options, and user-friendly interface, Revolut Business is an excellent choice for businesses looking to streamline their banking operations and save money on fees and charges.

Key Features of Revolut Business

Account Types

Revolut Business offers a range of account types, including free, Grow, Scale, and Enterprise. The free account is ideal for small businesses and startups, while the Grow and Scale accounts are perfect for medium-sized enterprises. The Enterprise account is tailored to the needs of large businesses. Each account type comes with a range of features, such as multi-currency accounts, virtual and physical cards, and team management tools.

Currency Exchange

Revolut Business offers competitive exchange rates and low fees for international transfers. Businesses can hold and exchange up to 28 currencies in their accounts, making it easy to manage finances across borders. The platform also offers real-time exchange rates and alerts, allowing businesses to make informed decisions about their finances.

Expense Management

Revolut Business provides businesses with a suite of tools to manage expenses, including receipt capture and categorization, expense reports, and the ability to set spending limits and track expenses in real-time. The platform also integrates with popular accounting software, such as Xero and QuickBooks.

Invoicing

Revolut Business allows businesses to create and send invoices directly from their accounts. The platform offers customizable invoice templates, automated reminders, and the ability to track invoice status in real-time. This feature streamlines the invoicing process, saving businesses time and money.

Revolut Business is a comprehensive digital banking solution that offers a range of features to help businesses manage their finances. With competitive exchange rates, low fees, and a range of account types to choose from, Revolut Business is a popular choice for businesses of all sizes.

User Experience

Revolut Business offers a modern, digital banking experience that’s easy to use and navigate. The mobile app has a user-friendly interface that allows you to manage your account on-the-go. The app has a score of 4.5 stars on the Google Play store, with many positive reviews mentioning its excellent security features and foreign currency exchange tools.

One of the standout features of Revolut Business is the ability to hold and exchange multiple currencies, with the ability to switch between them instantly. This can be especially useful for businesses that operate internationally.

Another useful feature is the ability to set up account permissions and spending limits for different team members. This can help businesses keep track of expenses and prevent overspending.

However, some users have reported issues with the verification process when opening an account. It’s important to note that Revolut Business is not a traditional bank and does not have a banking license, which may be a concern for some users.

Overall, the user experience with Revolut Business is generally positive, with many users praising its ease of use and flexibility.

Customer Support

Revolut Business offers customer support via phone, email, and in-app chat. The in-app chat support is available 24/7, while phone and email support are available during business hours. The response time for in-app chat is usually quick, and the support team is knowledgeable and professional.

Additionally, Revolut Business provides a comprehensive help center on their website, which includes FAQs, guides, and tutorials to help users navigate the platform. The help center is well-organized and easy to navigate, making it easy for users to find the information they need.

Overall, Revolut Business offers reliable customer support, and their help center provides a wealth of information to help users troubleshoot any issues they may encounter.

Pricing and Fees

Free Plan

Revolut Business offers a free plan with no monthly fees. This plan includes features such as free UK bank transfers, virtual cards, and up to 2 free physical cards. However, there are limitations to the free plan, such as a maximum of 5 team members and a monthly limit of £1000 on international transfers.

Paid Plans

Revolut Business also offers paid plans, which provide additional features and benefits. The Grow plan, for example, costs £25 per month and includes unlimited free UK and international transfers, up to 10 free physical cards, and priority support. The Scale plan costs £100 per month and includes up to 30 free physical cards, a dedicated account manager, and additional features such as multi-currency accounts and expense management tools.

It’s worth noting that there may be additional fees for certain services, such as ATM withdrawals and foreign currency exchanges. However, Revolut Business prides itself on transparent pricing and offers a clear breakdown of all fees on its website. Overall, Revolut Business offers a range of plans to suit different business needs and budgets, with competitive pricing and a focus on transparency.

Security Measures

Revolut Business takes security very seriously and has implemented several measures to ensure the safety of its users’ accounts. Here are some of the security measures that Revolut Business has in place:

  • Two-Factor Authentication (2FA): Revolut Business requires users to enable 2FA, which adds an extra layer of security to their accounts. Users can choose to receive a code via SMS or use an authenticator app to generate a code.
  • Biometric Authentication: Revolut Business also offers biometric authentication, which allows users to log in using their fingerprint or face ID. This feature adds an extra layer of security and makes it harder for unauthorized users to access an account.
  • Transaction Monitoring: Revolut Business monitors all transactions and alerts users of any suspicious activity. Users can also set up custom alerts for specific transactions or amounts.
  • Freeze Card: Users can freeze their Revolut Business card at any time if they suspect fraudulent activity. This will prevent any further transactions from being made until the issue is resolved.
  • PCI DSS Compliance: Revolut Business is PCI DSS compliant, which means that it adheres to strict security standards set by the Payment Card Industry Data Security Standard. This ensures that users’ payment card information is protected.

Overall, Revolut Business has implemented several security measures to ensure the safety of its users’ accounts. Users can rest assured that their funds and personal information are protected with Revolut Business.

Pros and Cons

Advantages

Revolut Business offers a range of features that make it a popular choice for businesses. One of the most significant advantages is the ability to manage finances from anywhere, at any time. Revolut Business also offers competitive exchange rates, which can save businesses money on international transactions.

Another advantage is the ability to issue cards to employees, which can help with managing expenses. Additionally, Revolut Business offers a variety of account plans to suit different business needs. The application process is simple and easy, making it quick to get started with Revolut Business.

Disadvantages

While Revolut Business has many advantages, there are also some disadvantages to consider. One common complaint is the quality of customer support, with some users reporting slow response times and unhelpful staff. Another potential issue is the risk of account freezes, which can happen for any reason and can cause significant disruption to business operations.

Additionally, while Revolut Business offers a range of features, some users have reported that the platform can be confusing to navigate, particularly for those who are not familiar with online banking. Finally, some users have reported issues with the mobile application, including bugs and glitches that can cause frustration and delays.

Comparison with Competitors

Revolut Business has several competitors in the market, each with its unique features and offerings. Here’s a quick comparison of Revolut Business with some of its top competitors:

  • Starling Bank: This UK-based bank offers business accounts with no monthly fees, free UK payments, and 24/7 customer support. However, Starling Bank does not offer multi-currency accounts like Revolut Business.
  • Chime: This US-based online bank offers free business checking accounts and debit cards with no minimum deposit or monthly fees. However, Chime does not offer international payments like Revolut Business.
  • Wise Account: This UK-based online money transfer service offers multi-currency accounts, low fees, and fast international transfers. However, Wise Account does not offer debit cards like Revolut Business.
  • Payoneer: This US-based payment platform offers multi-currency accounts, global payments, and prepaid Mastercards. However, Payoneer charges higher fees than Revolut Business for some transactions.

Overall, Revolut Business offers a unique combination of features, including multi-currency accounts, international payments, and debit cards. However, depending on your business needs, one of its competitors might be a better fit.

Final Verdict

Revolut Business offers a smart digital banking solution that is easy to use and comes with a range of features that are tailored to meet the needs of businesses of all sizes. The platform offers a range of account types to choose from, including a free account, which makes it accessible to businesses of all sizes.

One of the standout features of Revolut Business is its ability to make quick and easy international payments. The platform also offers a range of accounting integrations, making it easy to manage your finances and stay on top of your business finances.

While there are some fees associated with using Revolut Business, these are generally competitive when compared to other business banking solutions on the market. Additionally, the platform offers a range of benefits, including free card purchases and bank transfers.

Overall, Revolut Business is a solid choice for businesses looking for a digital banking solution that is easy to use, offers a range of features, and comes with competitive fees.

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