Revolut Business Account Review [2023]: Features, Fees & Alternatives

If you are a UK-based business that wants to take advantage of the features and pricing of a top neobank, you're probably wondering if you should turn to Revolut for business banking. Before you spend hours combing the Revolut UK website, check out the key information we have collected for you in this Revolut Business account review.

We give you the lowdown on Revolut, requirements to open an account, products on offer (such as its multi-currency account), fees, and customer support information.

Revolut Business Account Types 

Founded in 2015, Revolut is headquartered in the UK and offers a range of digital banking services to companies, including the ability to receive and send payments in multiple currencies, make foreign exchange transactions, and connect payment systems via API. 

Company Accounts 

A Revolut Business account includes a feature that distinguishes companies from freelancers. With a Revolut freelancer professional account, the name of the account is the individual’s name. For a company account, it is the name of the company.

Revolut offers tiered business accounts to accommodate the different sizes of businesses. You can choose from a free account or three paid account options:

• Free plan
• Grow plan
• Scale plan
• Enterprise account

All paid business plans provide the same level of service but with different fees for each service.

Freelancer Accounts

In addition to accounts for businesses, Revolut offers accounts for freelancers. There are three accounts to choose from: 

• Free 
• Professional 
• Ultimate

These accounts allow freelancers to accept and spend money in different countries, create invoices, and accept payment on their website. You can also add team members to your account and provide them with cards with pre-set limits. 

Revolut for Business Account Eligibility

To open freelancer or business bank accounts with Revolut, your business must be one of the following: 

• Sole trader
• Freelancer
• Private limited company
• Public limited company
• Limited liability partnership
• Limited partnership
• Partnership

The business should be registered and maintain a physical presence in the U.S., the European Economic Area (EEA), or Switzerland. Here is a list of the eligible countries:

Incorporated businesses in the EEA or Switzerland have other requirements, including:

• Applicants must reside in Switzerland or the EEA.
• At least one beneficial business owner or director must reside in the EEA or Switzerland.
• The operating address must be located in the EEA or Switzerland.

In certain cases, Revolut might request documents to prove any of the above.

Unfortunately, a Revolut UK Business account is not possible if you are operating the following:

• Public sector organization
• Charity
• Private foundation or trust
• Cooperative
• Other

You are also not able to open a Revolut Business account if your business operates in a prohibited industry, like weapons, adult entertainment, cryptocurrency, or gambling. Revolut’s list of prohibited industries includes investment funds, fine art dealers, pension schemes, quasi-cash merchants, streaming companies, and others.

To find out more about the application process, read our comprehensive guide on how to apply for a Revolut Business account.

Revolut Business Account Pros and Cons

Similar to any business account, there are advantages and disadvantages of a Revolut Business account.

Let’s learn more about what Revolut has to offer business owners.

Revolut Business Account Features

Revolut Business accounts offer many useful features. The global nature of Revolut means you can open accounts for different currencies, and it’s possible to send and receive money from your accounts nearly anywhere in the world.

Company Account Features

Freelancer Account Features

Transfer Limits 

With a Revolut Business account in the UK, there are generally no limits on the amount you can transfer, with some exceptions. 

Revolut accounts opened in other countries may have different limits, so make sure to check that they’ll meet your needs.

Revolut Business Card

Revolut offers payment cards from Visa and Mastercard. All cards are debit cards, you can access virtual and physical cards, and cards come with expense management features in line with today’s generation of cards.

You can apply for cards for yourself and your team members. Every team member is allowed up to three physical cards and as many as 200 virtual cards. You or a team member can withdraw cash from any ATM where Mastercard or Visa are accepted.

All cards support the currencies available in your account. Other currencies are not supported.

🔎Tip: If there aren’t enough funds in a particular currency for payment, the transaction will be charged to the account with the largest amount of funds and will include an automatic currency conversion.

Foreign Exchange

How does Revolut service FX transactions? Revolut UK converts all supported kinds of currency within its accounts. 

Revolut lets those with business accounts access forward contracts for GBP, USD, or EUR up to 12 months in advance. That means your business can lock in a foreign exchange rate at today’s rate for transactions at any time in the next 12 months. Revolut offers two types of FX forward contracts:

• Fixed date: pre-agreed date 
• Flexible dates: drawdown takes place between two specified dates in the future

Revolut offers a number of additional services for account holders. For further details, visit the Revolut UK website or contact Revolut directly. 

Revolut Business Fees

Revolut offers free accounts for businesses, freelancers, and individuals, but there are still fees you may need to pay depending on what you need to do.

Business Account Fees

Note that there is also a custom plan that is not included in the table above, as the prices are based on the agreement between Revolut and the company subscribed.

Each paid plan has a "free transactions" allowance for local and international transfers. When allowances are surpassed, fees become chargeable. 

Additional fees may be charged by Revolut depending on the currencies and banks involved. For example, transfers sent to Poland in PLN from the UK or Switzerland incur a PLN4 fee.

🔎 Note: Local and international transfers in GBP, USD, EUR, and CHF are not counted toward transfer allowances.

Customer Reviews for Revolut Business

Revolut has high ratings on the most popular app stores and online review portals. 

• On Trustpilot, Revolut holds an “Excellent” rating of 4.3 stars. 
• In the Apple App Store, the Revolut app has a 4.7-star rating. 
• In the Google Play Store, it has a 4.5-star rating. 

It’s important to note that many of those ratings come from individuals and not just Business account holders. 

Revolut Business Alternatives

We’ve created reviews for a number of other online banks that are potential alternatives to a Revolut account, including:

• Monzo
• Starling
• UOB
• Currenxie 
• WorldFirst
• Rapyd

In short, we can see that Revolut is a solid choice for business owners, especially for those who are based in the UK or in Europe and does quite a number of international payments regularly. Together with its payment card offerings and additional services, many SMEs can take advantage of these offerings.

If you run a business in Hong Kong and across Asia, Statrys is an alternative worth considering. We offer business accounts that can hold 11 different currencies to support SMEs with their businesses.

If you own a growing business and have both clients and partners in Asia, check out our website to see how Statrys can support you with the payment side of things.