Revolut Business Accounts

About Revolut

Revolut Business is an app-only alternative to high street banks that provides a competitive offering for borderless businesses. With over eight million customers using the app worldwide, Revolut offers leading foreign exchange conversion fees and instant account management, so if you trade or deal outside the UK and want a low-cost international solution, then Revolut may be for you.

See our full Revolut business account review and see how they compare with other UK business account providers.

Revolut Business pros & cons

Pros of Revolut

• Quick and easy to set up
• Competitive prices for online transfers
• Great app with many helpful features
• Excellent customer reviews
• Physical and virtual cards
• Earn daily-paid interest up to 3.51% AER

Cons of Revolut

• Deposits are not protected by FSCS
• No cash or cheque services
• The free account does not offer many features

Revolut business accounts

Revolut offers different two different business accounts depending on whether your business is a limited company or if you are a sole trader:

They have four plans for registered companies: Free, Grow, Scale and Enterprise accounts.

And three different accounts for freelancers: Free, Professional and Ultimate accounts.

The fees for Revolut Business are the same across all the Company and Freelancer plans, except for the monthly account fee.

Here is a summary of fees for using a Revolut business account:

Free monthly allowances

Revolut Business customers get free allowances on everyday services each month.

The allowance limits vary depending on plan type, whether it is a weekday or weekend and potential partners' fees, but generally you'll get access to more free transactions with higher plans (terms and conditions apply).

Each month you could have the following free services:

Allowances for Company Account plans:

Allowances for Freelancer Account plans:

International charges

Revolut's business accounts give customers the ability to send and receive money in 28 different world currencies with real-time exchange rates.

Their are two fees for card purchases which depend on whether you used your card in the Eurozone or outside of it.

All the international fees are:

*European Economic Area (Eurozone)

Security & protection

Revolut has standard app and online security features, requiring a password or PIN. You are emailed a randomly generated number code with every login. All payments and transfers are also subject to approval and all card transactions are protected by Mastercard and Visa terms and conditions.

Revolut is an e-money account provider and therefore has no Financial Services Compensation Scheme (FSCS) protection.

Eligibility

To be eligible for a Revolut business account you must:

• Be a sole trader, freelancer or limited company
• Be a resident of the UK, EEA or Switzerland
• Be 18 or over
• Provide business details
• Provide personal details

Opening an account

Here's how to open a Revolut business account:

1. Download Revolut's app from the App Store or Google Play
2. Complete their digital application with no credit checks - Revolut will confirm your eligibility
3. Verify your ID - you'll need to upload a picture ID and a video of yourself
4. Once approved (usually same day), you can access your account

Revolut reviews

Revolut are rated a great 4.2 stars on Trustpilot, from over 146,000 reviews, with 75% rating them 5-star.

Then, Revolut Business gets an impressive 4.9 out of 5 on the App Store, based on over 25,000 ratings.

Similarly, on Google Play Revolut Business scores 4.8 stars from over 19,500 reviews.

Information correct as of 6th January 2024.

Our verdict on Revolut

Revolut's popular online business account is an appealing solution for small businesses or those that are self-employed, especially for companies looking for frictionless and low-cost international payment features for their borderless business.

They have multiple account plans helping to be accessible to more businesses and the free monthly allowances are a valuable bonus.

It seems that choosing Revolut could be a smart choice for all kinds of businesses, least not those that don't just operate in the UK.

Frequently asked questions

It's not uncommon to have questions when looking in to business banking, especially for the first time. These are some of the most relevant questions for Revolut: