How to Open a Revolut Business Account Online in 2023

Fintech companies have been taking over the financial industry in the past few years. Most notably, these companies offer online platforms such as virtual bank accounts and mobile apps that make it easier to manage your money.

One such company is Revolut. Founded in 2015 by Nikolay Storonsky and Vlad Yatenskow, Revolut has become a reputable challenger bank in the UK and the EU for its ease of use between EU countries and competitive pricing.

Revolut for Business is an extension of their existing service, designed for companies working with multiple currencies.

In this article, we'll discuss the process of opening Revolut business accounts and their benefits.

Note that this article is for Revolut Business accounts in the UK. Revolut operates in other countries - like Australia, the EU, and Japan - where features, terms, and conditions may differ.

If you are interested in Revolut Business Accounts in a specific country that is not the UK, check Revolut's website in that country for more information. 

📱 Looking for a personal account? See how you can open a Revolut account online in our detailed guide.

What Does Revolut Offer Businesses?

Revolut Business is an online business account that allows users to access business features like managing, making, and receiving payments online, saving on transfers, or acquiring the best FX rates worldwide for your business.

Revolut launched business banking services to tackle the high charges associated with traditional banks when making international payments.

Today, Revolut offers a range of business accounts designed for all sizes of businesses. 

They offer two types of Revolut Business accounts: Freelancer accounts and Company accounts. 

A Freelancer account means you open an account under your name, while a Company account is for an account under your registered business name.

💡Tip: Check out our Revolut Business Account Review to learn more about their features, fees & alternatives.

How to Apply for a Revolut Business Account?

Opening a Revolut Business account is pretty simple and straightforward.

Step 1 - Go to the Revolut Business page and click "Join Now".

Step 2 - Choose your Country of Incorporation

Step 3 - Provide an Email address (or sign up with your Google account).

Step 4 - Enter a six-digit code you get emailed

Step 5 - Provide a Phone number 

Step 6 - Enter a six-digit code you get from a text message

Step 7 - Create a password

To get the full functionality of the app and the account, you'll need to fill out the application form and provide information about your business.

Alternatively, you can download the mobile app called Revolut Business (not the regular Revolut Mobile App, which is for personal account usage). It’s available on the Google Play Store and the Apple App Store. 

Once you're on the Revolut Business Mobile app, add your address, create a 4-digit password, and optionally enable Face ID or fingerprint access.

After that, your access to the app will be created.

Again, to get the full functionality of the app and the account, you'll need to fill out the application form and provide additional information. 

This includes:

• Confirmation of Operating Address
• A brief description of your business activities and location (nature of business)
• Specify how you intend to use the account
• Verification of your identity
• Chosen Revolut Business plan

Additionally, to open a Company account, you’ll need to provide the following information:

• Basic details regarding the incorporation of your company.
• Basic information about the shareholders and directors of your company. An identity check will be required, which can either be conducted by them personally or submitted on their behalf.
• If you are not a director or shareholder of the applying business, Power of Attorney will be needed, too.

You can upload documents in different languages, but the preferred language is English. 

You'll also need to write a description (minimum 50 characters) and provide your website or social profile.

After this, you'll need to choose your plan.

Depending on your business, you'll be able to choose between Freelance or Company plans.

Finally, you'll need to scan your ID (passport or national ID card) to verify your identity.

Revolut may request more information from you if they cannot verify everything provided.

Account approval can take anywhere from a few hours up to a week.

Once you open an account with Revolut, you should receive a GBP account with a unique sort code and account number, a EUR account with unique IBAN and BIC details, plus a USD account with unique IBAN and BIC.

You can also create multiple accounts in 25+ currencies using a multi-currency IBAN and BIC/SWIFT code. These currency accounts can be used for various purposes like savings, taxes, or different clients.

Eligibility Requirements for Business Accounts

A Revolut business account is available for:

• Private Limited Company
• Public Limited Company
• Limited Liability Partnership
• Limited Partnership
• Partnership
• Freelancer or sole trader

Revolut is not available to the following categories of business: public sector (including charities), private foundation or trust, or cooperative.

You can find more information on their website about the supported types of business entities.

A Few Things Worth Noting

• You'll need a registration number to get a Company account.
• If you're self-employed and don't plan on hiring employees, then a Freelancer account could be your best option. 
• A Freelancer account doesn't let you use your company's trading name in your account details. You will need to use your personal name. 

If you're considering a Revolut business account, they offer a 1-month free trial period to see if their services fit the needs of your business.

What Business Account Plans Does Revolut Offer?

Apart from the Standard accounts that are free, most Revolut business accounts come with a monthly fee, which will be deducted from your business account balance.

The more premium business accounts you choose, the more management tools and customised features you'll get access to, like the number of free allowances for local and international payments, physical and virtual cards, analytics, rewards, etc... 

Depending on your business's size, the number of employees, how fast the company is growing, and how often your business looks to transfer money abroad, this can be handy.

For Companies, Revolut Offers Four Company Plans.

1. The Free account

• No monthly account fee
• Up to 3 physical cards per team member
• Up to 200 virtual cards per team member
• 5 fee-free UK bank transfers per month, then a £0.20 fee applies outside of the free allowance
• Can receive payments locally in EUR, GBP, and USD*
• Multi-user access, a minor fee for each "active" user
• Easily integrate with tools (Slack, QuickBooks, Xero...)
• 24/7 support

*You can make and receive local payments via BACS and Faster Payments for GBP payments in the UK, SEPA for EUR payments in the EEA, and ACH for USD payments in the USA.

2. The Grow account

The Grow account costs £25/month and includes additional features like:

• 1 free metal card
• 100 fee-free UK bank transfers per month, then a £0.20 fee applies outside of the free allowance
• 10 free international payments per month
• £10,000 free FX allowance
• Bulk payments
• A lower crypto exchange fee
• Access to rewards, analytics, stop and limit orders, API integrations

3. The Scale account

The Scale account costs £100/month and includes all of the above plus:

• 2 free metal cards
• 1,000 fee-free UK bank transfers per month, then a £0.20 fee applies outside of the free allowance
• 50 free international payments per month
• £50,000 free FX allowance

4. The Enterprise account

The Enterprise account is tailored for big corporates with the ability to customise features.

You'll have access to all of the features mentioned in the Scale account, and you can customise the number of local and international payments. Plus, you get a dedicated account manager.

You'll need to contact the Revolut team to find out about pricing.

For Freelancer Accounts, There Are Three Options to Choose From:

1. Free

• No monthly account fee
• Unlimited free payments to other Revolut accounts
• 5 fee-free UK bank transfers per month, then a £0.20 fee applies outside of the free allowance
• Multi-user access, a minor fee for each "active" user
• Accepts payments online and in-person

2. Pro

The Pro account costs £7/mth and includes additional features like:

• Possibility of getting paid metal cards
• 20 fee-free UK bank transfers per month, then a £0.20 fee applies outside of the free allowance
• 5 free international transfers per month
• Free FX allowance for the first £5k

3. Ultimate

The Ultimate account costs £25/month and includes additional features like:

• 1 free metal card
• 100 fee-free UK bank transfers per month, then a £0.20 fee applies outside of the free allowance
• 10 free international transfers per month
• Free FX allowance for the first £10k
• Plus more features

A Quick Note About Revolut Active Users

It's worth noting that for Freelancer and Companies accounts, all of the plans have multi-user access, and Revolut will only charge you for the team members who are actively using a product or feature.

For example, if your team uses the Expenses app, it costs £5 per active user. If they use the Payroll app instead, the price is £3 per active user.

A Few Words on the Revolut Card

Revolut offers two types of cards: physical (plastic or metal) and virtual cards.

The company name on cards can be up to 25 characters.

For Freelance plans, only the account holder is allowed to have cards, and the company's name won't be featured. On the other hand, Company plans have the flexibility to provide cards to their team members, too.

As a business customer, you can use Revolut anywhere in the world and withdraw cash in over 140 different currencies. All their cards are debit.

All transactions are processed by the Mastercard® or Visa network and are protected by Mastercard® or Visa rules.

Is Revolut a Bank?

Revolut is not a bank. Revolut is licensed as an electronic money institution authorised by the Financial Conduct (FCA) in the United Kingdom.

To comply with these regulations, Revolut has partnered with traditional banks to hold customers' funds on Revolut's behalf in actual bank accounts. If Revolut becomes insolvent, the funds credited to its accounts will be returned to you and other Revolut users before Revolut pays out its other creditors.

Also, with that current license, remember that Revolut accounts are electronic money accounts instead of bank accounts. This means deposits are not guaranteed under the UK Financial Services Compensation Scheme (FSCS). 

Final Note

That's it for our guide! Hopefully, this article clarifies how to open a Revolut Business account. If you're ready to get started, head over to their website and sign up. If anything is missing, please feel free to reach out!