Revolut Business UK Review in November 2024

While Revolut is best known for its personal accounts, it also serves UK businesses.

Popular with startups and digital nomads, Revolut Business offers a safe, cost-effective, and speedy way to send and receive funds. Not to mention swap currencies and pay for transactions with a business debit card.

This Revolut Business Review covers everything UK-based companies need to know before proceeding. We explore key features, fees, security, customer support, onboarding, and much more.

What is Revolut Business?

Revolut Business is an all-inclusive business account with support for 25 currencies. It offers a fast and hassle-free onboarding process and a full suite of financial services to serve small-to-medium companies. At its core, this includes domestic and international transfers, alongside multi-currency accounts.

Revolut home

This enables UK companies to receive payments in GBP, EUR, USD, and many other global currencies. Local transfers, SWIFT, SEPA, and other networks are supported. In addition, Revolut Business also comes with a fully-fledged card, issued by Visa or MasterCard. More than 130,000 new cards are issued monthly, highlighting Revolut Business’ rapid growth.

Our Revolut Business review found that virtual cards can also be issued. This feature enables companies to issue cards to employees, with management able to set limits and control spending. Revolut Business also offers currency exchange services at the best market rates. Accounts can be accessed via the Revolut app for iOS and Android.

Revolut Business is also available via desktop browsers. It’s important to remember that in the UK, Revolut Business is an electronic money institution. Any funds held in the account are not protected by the FSCS.

Features & Benefits of Revolut Business

This section of our Revolut Business review explores the main features and tools available to UK companies.

Multi-Currency Business Accounts

Revolut Business offers UK companies a domestic business account. This means the account comes with a sort code and account number, enabling companies to easily send and receive funds.

In addition, Revolut Business also comes with multi-currency accounts. This will appeal to UK companies that regularly receive payments in other currencies. More than 25 currencies are supported, including EUR, CHF, USD, and CAD. Crucially, each currency account comes with unique local payment details.

For instance, USD accounts come with routing and ACH numbers. And EUR accounts support the SEPA network. Not only does this mean transactions are processed quickly but cost-effectively – more on fees later.

Virtual and Prepaid Debit Cards

Most UK companies require payment cards to settle day-to-day transactions. Revolut Business offers physical and virtual debit cards to its account holders. These are issued by Visa or MasterCard, meaning payments are accepted globally.

Revolut debit cards

Revolut Business also allows companies to issue cards to their employees. Business owners have full control of how the cards are used. For example, account holders can set transaction limits and determine where cards can be used.

Cards can also be frozen or unfrozen at the click of a button. Another useful feature is transaction approvals. When an employee uses the card, the transaction will not be executed until the account owner approves it.

Expense Management and Third-Party Integration

Small businesses often neglect their auditing duties, especially when it comes to tracking expenses.

Revolut Business offers a solid solution; employees can attach receipts as soon as a transaction is processed.
And, if employees fail to do so, Revolut Business will send a reminder.
Once the receipt is attached, it’s automatically forwarded to the pre-defined email address.

Alternatively, Revolut Business also syncs with popular bookkeeping programs, such as Sage, Xero, and QuickBooks.

This enables business owners to export expenses automatically; streamlining the reporting process. In addition to bookkeeping programs, Revolut Business also integrates with other popular applications. This includes everything from Slack and Shopify to WooCommerce and Crezco.

Invoice Automation

Our Revolut Business review found that companies can streamline their invoice processes. Account holders can select which customer they want to invoice, and transactions will be reconciled automatically.

There are many customization features available. For instance, companies can add multiple payment methods to the invoice, ensuring customers can settle invoices swiftly. Revolut Business also streamlines the invoice-chasing process.

Users can set up automatic reminders that are sent via email. This will improve efficiency considerably.

Accept Payments

Companies need a simple and affordable way to accept payments in the digital age. Revolut Business has a solution; it allows companies to accept online and in-person purchases. The most common way of doing this is to integrate third-party plugins.

In addition to WooCommerce and Shopify, other popular options include PrestaShop, Adobe Commerce, and OpenCard. Revolut Business settles payments within 24 hours, regardless of the currency used.

Currency Exchange at real-time exchange Rates

This Revolut Business review has established that 25 currencies are accepted. That said, we also found that currencies can be exchanged within the Revolut Business app. Not only are exchanges processed instantly but at leasing market rates.

Conversion prices are based on the same real-time exchange rates that Revolut Business has access to. However, as we explain later, there are limitations on real-time exchange rates depending on the selected plan.

Revolut exchange rates

Nonetheless, Revolut Business also allows companies to create limit orders. This means that currencies can be exchanged at the user’s preferred price. The limit order is only executed once the desired price is triggered by the market.

Alternatively, if you don’t want funds locked into a pending limit order, Revolut Business also offers alerts. Simply select your target price and a notification will appear when it’s triggered.

Forwards Contracts

A more sophisticated way to exchange and manage multiple currencies is through forwards contracts. In simple terms, this feature enables Revolut Business users to lock in a favorable exchange rate for a future purchase.

For instance, suppose a UK company imports wine from Spain to sell domestically.
Payments are made to the supplier in EUR and received from customers in GBP.
Fluctuating exchange rates can make it difficult to predict costs.
When GBP strengthens against EUR, the forwards contract feature locks the price for up to 12 months.
The exchange can be realized at any time within the 12-month period.

As noted above, users can set alerts on Revolut Business, meaning they’re notified when a favorable exchange rate is available.

Multi-Device Support

The majority of Revolut Business account holders use the native mobile app for iOS and Android. That said, Revolut Business is also available on standard web browsers.

This makes it even more convenient to access core account features. Users simply need to provide their registered mobile number and confirm access via two-factor authentication.

Is Revolut Business Safe?

Revolut is an established electronic money institution that was launched in 2015. It has since attracted more than 35 million users from around the world. Revolut Business is also proving popular, with over 10,000 new accounts being opened every month.

In the UK, Revolut is not covered by the FSCS protection scheme.

In the meantime, the firm operates as an electronic money institution. Therefore, instead of being an FSCS member, it utilizes ‘safeguarding’ procedures. In simple terms, this means that customer funds are kept with tier-one financial institutions with FSCS protections.

Revolut safety

So, in the unlikely event Revolut Business went into insolvency, the customers will get paid out first. The instant that Revolut receives customer funds, or five days after the customer makes a top up, they have an obligation to safeguard.

Safeguarding can be equally important, or even more important, than cybersecurity protocols such as two factor authentication or the ability to freeze cards within the application. While cybersecurity protocols assist in dealing with bad actors attempting to steal customer funds, safeguarding assists with customer payouts in the event of business insolvency.

In terms of security tools, the Revolut Business app is protected by a PIN and fingerprint ID. Logging into the web-based platform requires two-factor authentication. This means a text message is sent to the registered number containing a unique code, which needs to be entered.

Revolut Business Fees and Plans

Our Revolut Business review found that pricing depends on the chosen plan. Not only in terms of monthly fees but account functionality and features.

With this in mind, let’s break down the four Revolut Business plans alongside their respective fees.

Free: £0 per Month

For UK companies that are just starting out, the free Revolut Business plan might be sufficient. This permits up to five fee-free local transfers every month. Thereon, a £0.20 fee applies for each subsequent transaction.

Free plans do not come with any fee-free international transfers, meaning companies pay £5 per transaction.

Revolut sign up

What’s more, the free plan does not allow bulk payments, and real-time exchange currency exchanges are capped at £1,000 per month. Other features that are missing include expense and payment approvals, data analytics, and business APIs.

Naturally, it doesn’t make sense to remain on the free plan if your company is transacting regularly. After a certain number of domestic or international transactions, you could end up paying more than the premium plans.

Grow: £19 per Month

The next account tier is the Grow plan, which costs £19 per month. Alternatively, those paying annually will secure a 24% discount. Either way, the Grow plan offers a lot more functionality and cost savings than the free option.

For a start, UK companies will benefit from up to 100 fee-free local payments.
Five fee-free international payments are also included, and up to £10,000 worth of monthly exchanges can be made at real-time exchange rates.
Moreover, the Grow plan supports bulk payments, making it seamless to settle employee wages simultaneously.

In addition to a complimentary metal card (ordinarily plastic on the free plan), Grow plan users can integrate automated payments via a business API.

Scale: £79 per Month

Next up is the Scale plan, which increases the monthly price to £79. There’s a 21% discount when paying for 12 months in advance.

The key features included in the Scale plan are:

Fee-free international transactions are increased from 5 to 25.
Fee-free local payments are increased to 1,000 per month.
Up to £50,000 worth of monthly currency exchanges can be executed at the real-time exchange rate.
Two complementary metal cards are included.

Our Revolut Business review found that the Scale plan will suit UK companies with international exposure. Especially those receiving payments in multiple currencies and regularly transferring funds abroad.

Enterprise: Custom Pricing

If the limits available in the Grow or Scale plans are not sufficient for your business needs, Revolut also offers an Enterprise plan. In a nutshell, this enables you to set your own limits for each core feature.

Revolut Business will provide a quote accordingly. In addition to higher limits, the Enterprise plan comes with 3% interest on the first £2 million. Do note that interest rates are variable so they are subject to change.

Revolut Business Plans Compared

Let’s summarize the different Revolut Business plans so you can make an informed decision. Do note the table below doesn’t include the Enterprise plan, as functionality is customized based on the user’s requirements.

Plan	Free	Grow	Scale
Price per Month	£0	£19	£79
Fee-Free Transfers (UK)	5	100	1,000
Fee-Free Transfers (International)	0	5	25
Bulk Payments	No	Yes	Yes
real-time exchange FX Swaps	£1,000	£10,000	£50,000
Business API for Automated Payments	No	Yes	Yes
Complementary Metal Cards	No	1	2

Any features, limits, or prices left out in the above table are the same across the three plans.

Revolut Business App

The Revolut Business app is available on iOS and Android.

Both versions of the app are rated excellently on their respective stores:

Google Play: Rated 4.5/5 across 18,285 votes
App Store: Rated 4.9/5 across 23,270 votes

Revolut app

Full functionality is available on the Revolut Business app without any restrictions. Users can log in with their fingerprint ID or PIN. The app is very user-friendly. Sending and receiving funds is seamless, as are all account features.

24/7 customer support is available within the app. This is provided via live chat. In most cases, business customers are connected with an agent in seconds.

Pros and Cons of Revolut Business

To conclude this Revolut Business review, let’s explore the main pros and cons:

Pros

Multi-currency accounts supporting 25 different currencies
Easily send and receive funds domestically and abroad
Physical and virtual debit cards for business owners and employees
Automate expenses, bookkeeping, and payments via plugin integrations
Exchange currencies at the real-time exchange rate
Seamless onboard experience

Cons

UK accounts are not protected by the FSCS
Limitations on fee-free transactions and real-time exchange rates depending on the plan

Revolut Business UK Review for November 2024