Review: Revolut for Business in Euros and USD

Review: Revolut for Business in Euros and USD


Revolut is a fintech start-up that has gone from being a global “banking” to an ideal business solution thanks to its own acquiring service. The new tools included in this list allow companies to connect special software that allows them to make payments, or create their own functions, thanks to which it will be possible to receive card payments via the Internet.

For businessmen and companies, there is already a possibility of creating a special business account in the Revolut system. This makes it possible to send and receive international payments in the shortest possible time, in addition, the opportunity to exchange money into different currencies does not disappear anywhere. For a business account and transactions with such an account, 14 different currencies are available.

Revolut Business

You can open a Revolute Business account only if the company's physical location is in the following countries:

Austria; Belgium; Bulgaria; Croatia; Republic of Cyprus; Czech Republic; Denmark; Estonia; Finland; France; French Guiana; Germany; Gibraltar; Guadeloupe; Guernsey; Greece; Hungary; Iceland; Ireland; Isle Of Man; Italy; Jersey; Latvia; Liechtenstein; Lithuania; Luxembourg; Martinique; Malta; Mayotte; Netherlands; Norway; Poland; Portugal; Reunion; Romania; Saint Martin; Slovakia; Slovenia; Spain; Sweden; Svalbard and Jan Mayen Islands; Switzerland; Great Britain; USA.

Interactive map: Revolut Business availability

If your business is registered in any other region, then you can send a message to Revolut so that the company will contact you when it is possible to use a business account in your country.

Revolut currently supports six types of businesses:

  • Private limited companies;
  • Public partnership with limited liability;
  • Partnerships;
  • Limited Liability Partnership;
  • Freelancers and individual entrepreneurs;
  • Unlimited companies.

Unfortunately, Revolut does not support various cooperatives, foundations and public sector organizations or charitable organizations.

Revolut Business accounts provide the following features:

  • Multiple currencies - you can store and exchange 28 different international currencies at the same time;
  • Local accounts - you can also open local accounts in different currencies;
  • Prepaid Debit Cards - These cards can be used as business cards for team members. They can withdraw funds (for a 2% fee) and make card payments;
  • Virtual cards - virtual cards provide secure and secure online transactions;
  • Direct debit – Revolut business accounts in the UK can set up direct debit;
  • Mobile application – Revolut's convenient mobile application can be used to track business expenses;
  • Third party tool integration - you can connect your Revolut account with tools like Slack, FreeAgent, Xero and other similar apps;
  • 24/7 Support - This feature is only available to paid business users;
  • Permissions - Paid business plans allow you to assign permissions to users. You can control who sees what information;
  • Payment Approval - Paid business plans can also receive notifications when payments require approval;
  • Bulk Payments - This option is only available for paid business plans. It allows you to create bulk files so that you can accept multiple payments at the same time;
  • Benefits – Paid business plan owners can get additional benefits from Apple, Deliveroo, Expensify, Google Ads, Slack, Zipcar;
  • Expense Management – ​​Paid business plans have access to resources that help companies manage expenses and receipts during employee commute;
  • Payroll – manage your employees payroll (only for paid business plans);
  • Metal Card - Grow, Scale and Enterprise plan customers get one, two or five metal cards per account for free (depending on the plan). Ultimate plan freelancers can get one free card. Freelancers with a professional plan can buy a metal card if they want to.

How Revolut Business works

In order to become a member of the service, the user must fill out a special application, after which a service account will be registered. It will take no more than ten minutes to fill out the application, after which you need to wait for a response from the service if you need to provide additional information. As a rule, applications take no more than seven business days to review, however, in some situations, it may take a little longer. The minimum review period is one day.

The difference between Revolut Freelancer and corporate accounts is that in the first case, a person works alone, and in the second case, it is a company with more than one employee, in which case Revolut Business becomes an ideal solution.

Thanks to working with a business account, it is possible to transfer and receive money in 28 different currencies. You can order several cards that can be used both for payment and for cash withdrawal.

Revolut Business is also about the safety of money, so you can create virtual cards, for each of which you can choose a currency. The advantage of such a service is that the account manager can put restrictions on these cards, and in which case they can easily block them with the click of a button.

Moreover, if you do not have your own website through which you could pay for goods or services, you can create QR codes for payment in the service application, or do the same, but in the form of a link.

Revolut Business Company

Paid plans provide access to features such as expense management, bulk payments, and some Freelancer plan features. The characteristics of the company's plans are very similar. One area where they differ is in restrictions.

1 Free plan (£0 per month)

  • Free metal cards - 0 pieces;
  • Free Classic Cards - Unlimited;
  • Free payments to existing Revolut accounts - Unlimited;
  • The number of free team members - 2;
  • Number of free local transfers - 5;
  • Number of free international transfers - 0;
  • Foreign exchange reserve at real rate: £0;
  • Hold and exchange 28 currencies - yes;
  • Local accounts in pounds sterling and euro - yes;
  • IBAN - yes;
  • Free expenses abroad - yes;
  • Management of recurring payments - no;
  • Manage expenses - no;
  • Payroll - no;
  • 24/7 support - no;
  • Permissions for team members - no;
  • Payment confirmation - no;
  • Bulk payments - no;
  • Benefits - no.

2 Grow Plan (£25/month)

  • Free metal cards - 1;
  • Free Classic Cards - Unlimited;
  • Free payments to existing Revolut accounts - Unlimited;
  • The number of free team members - 10;
  • The number of free local transfers - 100;
  • The number of free international transfers - 10;
  • Foreign exchange reserve at a real rate of £10,000;
  • Hold and exchange 28 currencies - yes;
  • Local accounts in pounds sterling and euro - yes;
  • IBAN - yes;
  • Free expenses abroad - yes;
  • Management of recurring payments - yes;
  • Manage expenses - yes;
  • Payroll - yes;
  • 24/7 support - yes;
  • Permissions for team members - yes;
  • Payment confirmation - yes;
  • Bulk payments - yes;
  • Benefits - yes.

3 Plan Scale (£100 per month)

  • Free metal cards - 2;
  • Free Classic Cards - Unlimited;
  • Free payments to existing Revolut accounts - Unlimited;
  • The number of free team members - 30;
  • The number of free local transfers - 1000;
  • The number of free international transfers - 50;
  • Foreign exchange reserve at a real rate of £50,000;
  • Hold and exchange 28 currencies - yes;
  • Local accounts in pounds sterling and euro - yes;
  • IBAN - yes;
  • Free expenses abroad - yes;
  • Management of recurring payments - yes;
  • Manage expenses - yes;
  • Payroll - yes;
  • 24/7 support - yes;
  • Permissions for team members - yes;
  • Payment confirmation - yes;
  • Bulk payments - yes;
  • Benefits - yes.

4 Tariff plan Enterprise (available via connection with Revolut)

  • Free metal cards - 5;
  • Free Classic Cards - Unlimited;
  • Free payments to existing Revolut accounts - Unlimited;
  • The number of free team members - Unlimited;
  • The number of free local transfers - Unlimited;
  • The number of free international transfers - Unlimited;
  • Foreign exchange reserve at a real rate - Unlimited;
  • Hold and exchange 28 currencies - yes;
  • Local accounts in pounds sterling and euro - yes;
  • IBAN - yes;
  • Free expenses abroad - yes;
  • Management of recurring payments - yes;
  • Manage expenses - yes;
  • Payroll - yes;
  • 24/7 support - yes;
  • Permissions for team members - yes;
  • Payment confirmation - yes;
  • Bulk payments - yes;
  • Benefits - yes.

Revolut Business Freelancer

The Revolut Business Freelancer account is for people who work under their own name, such as sole proprietors, freelancers, and self-employed business professionals. The account and any related banking transaction will be in the name of that particular person. Three tariff plans are available for such an account.

1 Free plan (£0 per month)

  • Free payments to existing Revolut accounts - Unlimited;
  • Number of free local transfers - 5;
  • Number of free international transfers - 0;
  • Foreign exchange reserve at a real rate - 0 pounds sterling;
  • Free team members - 1;
  • Free initial company cards for each team member - yes;
  • Hold and exchange 28 currencies - yes;
  • Local accounts in pounds sterling and euro - yes;
  • IBAN - yes;
  • Free expenses abroad - yes;
  • Management of recurring payments - no;
  • Manage expenses - no;
  • 24/7 support - no;
  • Permissions for team members - no;
  • Payment confirmation - no;
  • Bulk payments - no;
  • Benefits - no.

2 Professional plan (£7 per month)

  • Free payments to existing Revolut accounts - Unlimited;
  • The number of free local transfers - 20;
  • The number of free international transfers - 5;
  • Foreign exchange reserve at a real rate of £5,000;
  • Free team members - 4;
  • Free initial company cards for each team member - yes;
  • Hold and exchange 28 currencies - yes;
  • Local accounts in pounds sterling and euro - yes;
  • IBAN - yes;
  • Free expenses abroad - yes;
  • Management of recurring payments - yes;
  • Manage expenses - yes;
  • 24/7 support - yes;
  • Permissions for team members - yes;
  • Payment confirmation - yes;
  • Bulk payments - yes;
  • Benefits - yes.

3 Ultimate Professional Rate (£25/month)

  • Free payments to existing Revolut accounts - Unlimited;
  • The number of free local transfers - 100;
  • The number of free international transfers - 10;
  • Foreign exchange reserve at a real rate of £10,000;
  • Free team members - 10;
  • Free initial company cards for each team member - yes;
  • Hold and exchange 28 currencies - yes;
  • Local accounts in pounds sterling and euro - yes;
  • IBAN - yes;
  • Free expenses abroad - yes;
  • Management of recurring payments - yes;
  • Manage expenses - yes;
  • 24/7 support - yes;
  • Permissions for team members - yes;
  • Payment confirmation - yes;
  • Bulk payments - yes;
  • Benefits - yes.

Revolut Business Limits

Revolut Business Company and Freelance accounts have certain restrictions. Transfers above the free limit are subject to an international fee of £3 and are treated as SWIFT payments. ATM withdrawals above the free limit are subject to a 2% fee.

Revolut for Business is a multicurrency account. Bank account details in EUR, USD and GBP are initially offered upon account opening. You can always get bank details for other currencies.

1 Restrictions: Freelance account

  • ATM cash withdrawal limit - £3,000 per day / £100,000 per month;
  • Transfer within the limit - no restrictions (for transfers over £250,000 per day, additional information may be required);
  • Individual transfer limit - £250,000;
  • The total daily limit is £2,500,000;
  • The total weekly limit for outgoing transfers is £10,000,000;
  • Single payment limit - £250,000;
  • Daily payment limit - 50;
  • The weekly payment limit is 200.

2 Restrictions: company account

  • ATM cash withdrawal limit - £3,000 per day / £100,000 per month;
  • Limit transfer - No limit (transfers over £250,000 per day may require additional information);
  • Individual transfer limit - £250,000;
  • The total daily limit for outgoing transfers is £2,500,000;
  • The total weekly limit for outgoing transfers is £10,000,000;
  • Single payment limit - £250,000;
  • Daily payment limit - 2,000;
  • The weekly payment limit is 5,000.

3 Payment and transfer restrictions: freelancer

  • Monthly cost - free - £0; Pro - £7; Ultimate - £25;
  • Transfers from the UK - 20 pence per transfer;
  • SWIFT transfers in excess of the free quota - £3 per transfer;
  • Transfers to or from another Revolut account are free;
  • Currency conversion fee in excess of the free quota - surcharge on the exchange rate of 0.4%;
  • Cash withdrawal - 2%;
  • Acceptance of online payments in excess of the free quota - UK / EEA consumer cards: 1.3%, other cards: 2.8%.

4 Payment and transfer restrictions: company

  • Monthly cost - free - £0; Grow up - £25; Scale - £100; enterprise - by agreement;
  • Transfers from the UK - 20 pence per transfer;
  • SWIFT transfers in excess of the free quota - £3 per transfer;
  • Transfers to or from another Revolut account are free;
  • Currency conversion fee in excess of the free quota - surcharge on the exchange rate of 0.4%;
  • Cash withdrawal - 2%;
  • Acceptance of online payments in excess of the free quota - UK / EEA consumer cards: 1.3%; other cards: 2.8%.

Pros and Cons of Revolut Business

  • Account settings are very flexible;
  • There is a convenient mobile application;
  • Cards can be issued to your employees;
  • The application process is simple;
  • It is a safe and reliable system;
  • Their exchange rate is very competitive;
  • There is no commission for purchases;
  • If your card is stolen or lost, it can be frozen.
  • There is a monthly withdrawal limit of £100,000 (or currency equivalent) and a daily withdrawal limit of £3,000 (or currency equivalent). But for most, this is not a problem;
  • Only euro accounts can be directly debited;
  • For cash withdrawals above the free limit, a fee of 2% is charged.
★★★★★ REVOLUT Business Revolut Business is also about the safety of money, so you can create virtual cards, for each of which you can choose a currency. The advantage of such a service is that the account manager can put restrictions on these cards, and in which case they can easily block them with the click of a button.





Comments (0)

Leave a comment