Revolut Business Account Review: 2024 Pros, Cons & Ratings

Revolut Business offers a global online business account with features designed to save money on transfers, payments, and foreign exchange.

The key benefit, for most users, is the account’s ability to exchange money in over 30 currencies at interbank rates, but there are loads of other benefits, including fixed future FX rates, centralised team spending and smart invoicing.

We’ll explore the pros and cons of Revolut for business, covering their features, eligibility requirements, security, and reviews. We’ll also explain their account charges in detail.

Our goal is to give you the most comprehensive information possible to decide if Revolut is the right choice for you. Click straight into the set-up process below if you’re ready to open your Revolut account, or continue researching below.

Monthly Fee

£0

Bank Transfers

20p

Card Purchases

£0

Overdraft

FSCS Protection

Our Rating

Accessibility

Access your Revolut account via the web or mobile app

Open Account

On Revolut’s Website

Pros & Cons

Pros

Send and receive funds in 30+ currencies at competitive rates
Very fast to get a basic account set up
Choose from Free/Grow/Scale/Enterprise Accounts
Superb mobile app
Quickly freeze lost or stolen card
High Trustpilot scores

Cons

Most of the core features only come with paid accounts. The free account is limited.
You are charged for ATM usage (2% fee)
No cash deposits allowed
£3,000 ATM withdrawal limit per day
No FSCS Protection

Eligibility Criteria

– You must be at least 18 years old.
– Your business must have a physical presence in the UK, EEA or Switzerland.
– You must be a private limited company, public limited company, Limited Liability partnership or partnership.
– Charities/trusts and other high-risk organisations are not eligible.
– Businesses operating from outside the supported countries are excluded.

Revolut Business Account Review: My Verdict

Revolut’s multi-currency account, commission-free currency exchange, and fee-free ATM withdrawals make it our top choice for businesses operating internationally.

REASONS TO SIGN UP

The best Multi-currency account for business – You can receive, hold and exchange money in 30+ currencies worldwide with no hidden fees.
Set fixed future Forex rates online – Book, view, and manage your contracts in the web app; Lock in your exchange rates up to 6 months in advance.
The best option for Cryptocurrency – Buy, hold and sell Bitcoin and Ether directly via web and mobile apps with 30+ fiat currencies, 24/7
Purchase Business Insurance Through the APP
A range of exclusive discounts and rewards on related financial products

REASONS TO AVOID

You can’t deposit cash
£3,000 daily withdrawal limit
There is no overdraft available at the time of writing this review
No FCSC protection since it’s not a bank yet

Is My Business Eligible?

Here is a list of the criteria for opening a Revolut Business account:

You must operate as a Limited Company, Public Limited Company, Limited Liability Partnership, Limited Partnership, or Partnership. Individuals can sign up for a freelancer account.
You must provide personal and business information, including your name, email address, date of birth, phone number, business name, and business address.
You’ll need to supply a description of what your business does and how you intend to use the account.
Your business must be based in an eligible country*.

* Revolut Business is available for companies and sole traders registered and physically present in the following countries and territories: Aland Islands, Australia, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Guernsey, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mayotte, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, and the United States.

Who cannot use Revolut?

Below is a short list of those who cannot use Revolut.

Your business must not be engaged in any illegal activities.
Revolut doesn’t support business accounts for the Public sector, Charity, Private foundations or trusts, or Cooperatives.
Anyone who resides outside of the eligible countries*.

How to Choose the Right Revolut Business Account?

There are four Revolut accounts designed for companies: the Free account, Grow account, Scale account and Enterprise account. There are also three accounts that are designed for Freelancers; click here if you wish to jump to the freelance section.

You can use our detailed comparison tables below to help you with your decision-making process. All features, costs and account details are accurate at the point of writing this article.

Revolut Business Accounts Pricing

Fee Type	Basic (£0/month)	Grow (£19/month)	Scale (£79/month)	Enterprise (Custom)
Monthly Account Fee	£0	£19	£79	Custom
Local Transfers	£0.20 per transfer	£0.20 per transfer	£0.20 per transfer	Custom
International Transfers	£3 per transfer	£3 per transfer	£3 per transfer	Custom
Foreign Exchange (FX) Markup	0.4% above £1,000 FX	0.4% above £10,000 FX	0.4% above £50,000 FX	Custom
UK Consumer Card Payments	1% + £0.20 per transaction	1% + £0.20 per transaction	1% + £0.20 per transaction	Custom
International/Commercial Card Payments	2.8% + £0.20 per transaction	2.8% + £0.20 per transaction	2.8% + £0.20 per transaction	Custom
ATM Withdrawals	2% fee	2% fee	2% fee	Custom
Card Delivery Fees	Standard: £4.99; Express: £19.99	Standard: £4.99; Express: £19.99	Standard: £4.99; Express: £19.99	Custom
Bulk Payment Processing Fee	Not Available	£5 per batch beyond free allowance	£5 per batch beyond free allowance	Custom
Failed Direct Debit Fee	£5 per transaction	£5 per transaction	£5 per transaction	Custom
Crypto Transaction Fee	1.99% per transaction	1.99% per transaction	1.99% per transaction	Custom
Site Link	Visit Site	Visit Site	Visit Site	Visit Site

Revolut Business Accounts for Freelancers

The Revolut Pro for Freelancers account is aimed at self-employed individuals, contractors, and sole traders.

Service	Revolut Pro for Freelancers
Account Subscription	No monthly fee
Online Card Payments	– UK Visa/Mastercard: 1% + £0.20 per transaction – International/Commercial Cards: 2.8% + £0.20 per transaction
In-Person Card Payments	– UK Visa/Mastercard: 1.5% per transaction – International/Commercial Cards: 1.5% per transaction
Tap to Pay on iPhone	1.7% per transaction
Revolut Reader Device	£49 one-time cost
Chargeback Fee	£15 per chargeback dispute (refunded if dispute is won)
Foreign Exchange (FX) Fees	Same as personal account; fees may apply for currency exchanges beyond plan allowances
Card Delivery Fees	Standard: £4.99; Express: £19.99
Physical Card Replacement Fee	£5 per card
ATM Withdrawals	2% fee on all withdrawals
Link	Visit Site

Who is Revolut?

Revolut was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko and is headquartered in London, United Kingdom.

Storonsky’s mission is to create the first global finance “super-app.”

The business launched in 2017, two years after the company was founded. The core business account is aimed at businesses with between 5 and 50 employees, with a core focus on the following:

Accepting and making payments all in one place
Simplifying spend management for teams
Exchanging money at competitive rates

Revolut sees itself as a ‘financial operating system for businesses’ and it’s clearly working. Every month, Revolut’s £100bn transaction volume grows by approximately 10%, and more than 6,500 new active businesses sign up.

Since its launch, it has attracted 18 million customers and is now valued at over $33 billion, a higher valuation than Barclays Plc.

In 2021, Revolut applied for a British banking license, allowing it to offer overdrafts and loans. Their licence was granted with restrictions in July 2024, but they continue to operate under an “e-money” designation until their official launch as a bank.

What are Revolut’s Business Account Features?

Revolut’s Business account features include:

Account-Specific Features

The table below highlights which features are available in each account tier:

Feature	Basic	Grow	Scale	Enterprise
Monthly Fee	Free	From £19	From £79	Custom Pricing
No-Fee Local Transfers	5/month	100/month	1,000/month	Unlimited
No-Fee International Transfers	✖	5/month	25/month	Unlimited
FX at Interbank Rates	£1,000/month	£10,000/month	£50,000/month	Unlimited
Bulk Payments	✖	✔	✔	✔
Metal Cards Included	✖	1	2	Customizable
API Access	✖	✔	✔	✔
Advanced Analytics	✖	✖	✔	✔
Automated Payroll Integration	✖	✖	✔	✔
Dedicated Account Manager	✖	✖	✖	✔

Features Shared Across Accounts

Multi-Currency Accounts: Hold, send, and receive over 30 currencies, with local GBP and EUR accounts for easy international payments. For example, a UK e-commerce business can handle EUR payments without conversion fees.
Corporate Cards: Issue physical and virtual cards to your team, control spending with limits, and freeze or unfreeze cards instantly. Perfect for managing budgets, like a marketing team running multiple ad campaigns.
Expense Management: Track expenses by team, department, or project and attach receipts for easy reporting. A construction company could assign expenses to specific sites for clear financial tracking.
Invoicing and Payment Collection: Create invoices, automate payment reminders, and accept payments via links or QR codes. A consultancy firm could streamline billing and get paid faster using these tools.
Mobile and Web Access: Manage your accounts anywhere with Revolut’s mobile app or web platform. A freelancer, for example, can approve invoices or check balances on the go.
Integrations: Sync with accounting tools like Xero or QuickBooks and connect with platforms like Slack and Zapier to save time on admin tasks.
Customer Support: Access 24/7 support through the app for quick help whenever you need it.

How Easy is it to Open a Business Account with Revolut?

To set up a business account with Revolut, you will need to follow these seven simple steps:

Go to the Revolut website and click the “Sign Up” button.
Download the mobile APP and verify with your phone
Select the “Business” option and fill in your details, including your name, email address, and phone number.
Choose a plan that best fits your business needs.
Follow the prompts to set up your account, including verifying your identity and adding your business information. You’ll need to scan your passport or other approved ID to verify.
Wait a few hours to a week for Revolt to verify the account.
Once verified, you’ll receive a GBP account with a unique sort code and account number, plus a EUR account with unique IBAN and BIC details.

The Revolut Business Debit Card

Revolut’s business cards, especially the metal ones which come with the premium accounts, are a very distinctive way to do business.

Revolut offers a standard debit MasterCard in either plastic or metal. This can be controlled from the APP either as a standalone card for directors, or you can issue multiple business cards to your team with preset account limits, so they become expense cards.

As you’d expect, the cards offer standard functionality that takes advantage of Revolut’s FX rates and digital-first financial management app.

Features include:

Controlled spending
Virtual cards
Competitive FX rates
Stylish Metal cards
3D Secure
Supports borderless transactions
End-to-end expense management
Account managers have full Control

Is Revolut Business Safe?

Revolut makes it clear that it takes the security of its users’ funds very seriously and has implemented various measures to protect their money. These measures include protecting user accounts with multi-factor authentication, encrypting sensitive data, and continuous fraud.

Revolut is an e-money account rather than a regulated bank account. E-money accounts are generally considered safe, but you should know some differences between e-money accounts and traditional bank accounts.

One key difference is that the same e-money accounts do not qualify for the Financial Services Compensation Scheme (FSCS), which covers deposits of up to £85,000 per person per financial institution. If the company fails or fraudulent transactions have taken place, the FSCS does not cover E-money accounts.

Making International Payments with Revolut Business

Part of Revolut Business’s core USP is to streamline the process of international payments and allow organisations to reduce costs associated with financial transactions.

Many customers come to Revolut from traditional banks like Barclays or Lloyds, who typically charge £8-15 per transaction plus their own markup of 1.75%, included in the spread. Revolut offers free international payments up to certain account limits and then a £3 fee outside the free allowance.

Revolut business comes with multi-currency support, simplified payment approvals and limits, and instant notifications. With the ability to send transfers in over 30 currencies worldwide, businesses can save time and resources when paying suppliers and employees.

Businesses can send international transfers in the following currencies: GBP, EUR, USD, TRY, SGD, SEK, SAR, RON, PLN, NZD, NOK, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, AED, BGN, MXN, THB and ZAR.

Although you can’t have a currency pocket for them, it is also possible to make transfers in Indian Rupee (INR), Indonesian Rupiah (IDR), Malaysian Ringgit (MYR) and Philippine Peso (PHP) to their respective countries.

What’s the Revolut Business Exchange Rate?

Revolut uses a variable exchange rate, meaning you’ll need to check their site or APP at the point of transaction for accurate fees.

Their pricing structure is fair for international exchange; they use a simple and transparent pricing formula of rate + fee = total cost.

Currency exchanges are made using the market rate. Revolut Business applies an extra percentage-based fee for specific conversions, subject to change based on the time and frequency of currency trades.

When currency trading is less active during off-market hours, Revolut Business applies a higher fee for currency exchanges. It is important to note that foreign-exchange-market hours are 24/7 except midnight on Friday to midnight on Sunday in London.

For more details on the exchange rate, businesses can refer to the Business Terms in the Revolut app or Dashboard.

Can Revolut cards be used abroad?

Revolut cards are designed to use abroad to make business payments in local currencies. Revolut handles currency exchange at the interbank exchange rate. If you’re on the free plan, you will get a .4% markup on top of this; for the Grow and Enterprise plans you can spend £10,000 and £50,000, respectively, each month before any additional markup.

To get the best exchange rates, convert money to the destination currency in advance during the business hours of that currency. Avoid weekends, as Revolut uses Friday’s closing rate with at least a 0.5% markup to account for market fluctuations before Monday morning.

https://www.youtube.com/watch?v=icLaqSMiWzg

How Good is the Revolut Business App?

The Revolut Business app, available on the App Store and Google Play Store, is a very well-reviewed APP with a rating of 4.8 stars from over 25,400 reviews on Google Play, while on the Apple Store, it has 4.9 stars out of 32,900 ratings.

The simplicity of setup, the helpfulness of account managers, and the superiority of communication over traditional banks are other highlights. Users find the app user-friendly, with live chat support that enhances the user experience. The convenience of managing both personal and business banking within the app, along with its functional design and easy-to-use interface, contributes to its high regard among users.

Be sure to download the Revolut Business app (with a black background) instead of the personal accounts Revolut app (with a white background).

Buying Cryptocurrency with Revolut Business

Revolut offers a cryptocurrency business account that allows businesses to buy, hold, and sell Bitcoin and Ether instantly with no hidden fees. Key features of Revolut’s crypto offering for businesses include:

Diversification of idle cash by investing in cryptocurrencies.
Quick buying and selling of Bitcoin and Ether in 30+ fiat currencies, 24/7 on web and mobile apps.
Access and monitoring of portfolio anytime with in-app alerts for desired coin prices, along with live and historical price data.
Secure access and storage with customisable team member permissions, and most funds are held in offline cold storage with trusted custodians.
Availability for businesses of all sizes.

Revolut Business Account Customer Reviews and Ratings

Revolut has a score of 4.1/5 on Trustpilot based on 159,352 reviews. Reviewers speak of efficiency, convenience and good customer service.

Ratings on Reviews.IO are lower, with a 1.2-star rating out of 440 reviews.

The Revolut ‘Spend, Save, Trade’ App gets excellent reviews on Google Play with 4.5/5 out of 2.11 million reviews.

The Revolut App gets 4/7/5 stars out of 32.4K ratings on the Apple store.

Alternatives to Revolut Business

If you’re considering Revolut as a regular UK business current account, its core competitors are Tide, Starling, Anna and Monzo. All of these offer excellent competitive business accounts with useful features and solid customer service.

If you’re choosing it specifically for its multi-currency support and competitive exchange rates. Wise for Business would be another to consider. Revolut offers a more comprehensive account here, and the rates are competitive with Wise within the EEA. If you need to send frequently outside this area, Wise may well have the edge.