Revolut, a leading financial technology (fintech) provider, offers outstanding business accounts tailored for companies and freelancers engaged in frequent international transactions. The platform provides fast, low-cost payment transfers, and efficient foreign exchange services, allowing users to send, receive, hold, and exchange money in over 25 currencies.
Revolut Business Accounts
There are four distinct business account options provided by Revolut, with three being subscription-based plans and one offering essential features for free. Freelancers also have the flexibility to choose from three business account types, including a free plan. Funds are securely insured through the Federal Deposit Insurance Corp. (FDIC) in partnership with Metropolitan Commercial Bank and Sutton Bank.
Revolut Business accounts are available for companies and sole traders registered in specific countries and territories. Users must be 18 years or older to open a Revolut business account.
Pros and Cons
| Features | Revolut Business | Bluevine Business Checking | Novo |
|---|---|---|---|
| APY | None | 2.00% on balances up to $250,000 (conditions apply) | Not available |
| Cash Deposit Fee | Does not accept cash | $4.95 per deposit at Green Dot locations | Cash is deposited through money orders/cashier’s checks |
| ATM Fee | Up to 2% of the withdrawn amount, plus ATM operator fees | None at MoneyPass ATMs nationwide; $2.50 for non-network ATMs | ATM fees not applicable |
| International Payment Fee | $3 per international outbound transfer plus foreign exchange (FX) fees | $25 for USD payments; $25 plus 1.5% of the payment amount for non-USD | Partners with Wise for sending international wires at a low fee |
When Revolut Business Account Is a Good Fit
- You want to save on international payments: Revolut offers savings compared to other business accounts, with $3 fees for international payments and access to real-time foreign exchange rates for transfers. Business accounts come with free monthly allowances for local and international payments, including a free monthly allocation for foreign exchanges based on your selected account.
- You want multiple-currency options: Revolut allows you to open local accounts in USD, EUR, and GBP.
- You prefer more flexibility with business accounts: Revolut provides a full range of business accounts under a free subscription and through paid plans with additional features. Companies can choose among Revolut’s Free, Grow, Scale, or Enterprise accounts, each with different monthly fees. Meanwhile, freelancers can opt for a Free, Professional, or Ultimate business account.
When To Consider Revolut Business Account Alternatives
You Seek to Earn Interest
None of the Revolut Business accounts earn interest. We recommend Wise, a platform for sending and receiving international payments. It offers a business account with an opt-in 4.13% interest feature for eligible customers.
Additional Wise account benefits: Wise supports Novo for international wire transfers, so if you’re looking to integrate Wise with a business checking account, consider opening a Novo Business Checking account. Learn more about Novo’s product advantages through our review of Novo business checking.
You Want Free Wire Transfers
Revolut charges $10 for inbound and outbound domestic wires, while it collects a fee of $3 and potential foreign exchange fees for sending international payments. Consider Mercury, which does not charge fees for receiving and sending domestic and international wire transfers.
Additional Mercury account benefits: Mercury is one of our best online business banks for tech companies, startups, and businesses that need additional FDIC insurance. It offers free business checking and savings accounts, interest for eligible Mercury Treasury customers, and a sign-up bonus for new accounts. Read our Mercury business checking review to discover more fee-free features.
You Need A Business Checking Account That Supports Cash Deposits & Physical Checks
Revolut does not provide a checking account or accept cash deposits, unlike Bluevine, which lets users deposit cash at $4.95 per transaction through more than 90,000 Green Dot retail locations. Bluevine also supports physical checks and offers two free checkbooks per year.
Additional Bluevine account benefits: Bluevine is among our leading banks for small business loans with its excellent small business line of credit, offering up to $250,000 at a low interest of 6.2%. Further, Bluevine’s free business checking account provides 2.00% APY for qualifying balances up to $250,000, which is why it made it to our list of the top bank accounts for self-employed professionals. Find out more detailed information from our Bluevine business checking review.
Customers prioritizing the maximum benefits of business checking features over extensive international payment support can check out our top-recommended small business checking accounts. And for more alternatives, see our list of the leading banks for international business.
Revolut Business Account Overview
Terms
| Features | Free | Grow | Scale | Enterprise |
|---|---|---|---|---|
| Monthly Fees | None | $39.99 | $149.99 | Custom |
| Required Opening Deposit | None | Required Minimum Balance | None | |
| Transfers Between Revolut Accounts | Free | Domestic Wire Transfer Fees | Incoming: $10 | Outgoing: $10 |
| Free Monthly Allowance for Local Payments | 5, then 20 cents | 100, then 20 cents | 1,000, then 20 cents | Custom |
| Free Monthly Allowance for International Payments | N/A | 10, then $3 per payment | 50, then $3 per payment | Custom |
| Free Monthly Allowance for FX | N/A | $10,000 | $50,000 | Custom |
| Markup Cost per Excess FX | Up to 0.4%; fees apply outside market hours | ATM Fees | Up to 2% of the withdrawn amount, plus ATM operator fees | Cash Deposits |
| APY | None | Local Spending in 150 Currencies | ✓ | ✓ |
| Hold and Exchange 25-plus Currencies | ✓ | ✓ | ✓ | ✓ |
Revolut Business Account Requirements
Revolut Business is available for companies and sole traders registered in specific countries and territories. You can visit the Revolut website to complete the online application to open a business account. You must be 18 or older.
You must provide:
- Operating address
- Short description of your business and its nature
- The purpose for the account
- Identity verification
- Selected Revolut plan
Here are additional Revolut requirements to open a company business account:
- Incorporation details
- Information on shareholders and company directors, including identity verification
- Power of attorney, if you’re not a company shareholder or director
See our guide on how to open a business bank account before opening an account. It includes a free downloadable checklist of required documents.
Revolut Business Account Features
Revolut features four types of business accounts, including cash back earnings, physical and virtual cards, and business mobile app access.
Company Business Accounts
Free: Designed for businesses with basic needs, you get an account with no monthly fee, five free local payment allowances, and
access to invoice tracking. Beyond the free local payment limit, 20 cents is charged per additional transfer.
Grow: Businesses seeking additional features can subscribe to this account at $39.99 per month. The account provides 100 free local and 10 free international payment monthly allowances and up to $10,000 in foreign exchange free monthly limit. You get access to business API integration, analytics, and invoice tracking.
Scale: This account is suitable for businesses looking for more robust features. It has a monthly fee of $149.99, and you get higher free monthly allowances for local and international payments, including foreign exchange. Other perks include business API integration, analytics tools, and invoice tracking.
Enterprise: This account is tailored for larger businesses and provides customized free monthly allowances for local and international payments and foreign exchange. Access to account management is provided on top of the regular account features (business API integration, analytics, and invoice tracking).
Physical & Virtual Cards
Revolut provides both physical and virtual cards. It offers complimentary metal cards for paid plans. Under Grow, one free metal card is given, while for Scale and Enterprise, two complimentary cards are provided for each. Virtual company cards are also available for account owners. Each account owner has an allowance of up to 200 online cards.
Companies can track and control team spending by issuing Revolut plastic company cards to team members. Each member gets up to three cards with customized spending limits that can be set in different categories.
Cash Back Earnings
Revolut paid plans, Grow, Scale, and Enterprise accounts can earn up to 1.90% cash back earnings for card spending. The monthly set spending amount is $10,000 for Grow, $30,000 for Scale, and $50,000 for Enterprise. Higher spending beyond the set limit earns a 1.50% cash back rate.
Business Mobile App
Revolut Business has a highly rated mobile app on the App Store, with a 4.9 out of 5 stars from nearly 20,000 reviews. On Google Play, it maintains a 4.5 out of 5 rating based on 16,000 reviews. Users praised Revolut’s business accounts for their versatility, seamless integration with other business tools and apps, and the ease of transferring funds and setting up multiple accounts. However, some users reported issues with frozen accounts and expressed dissatisfaction with the frequent requests for business documents.
Bulk Payments
This feature enables users to create and release several payments simultaneously for a specific date. The payment entry limit for a single comma-separated values (CSV) file is 1,000, and sending a batch payment of not more than 500 at a time is advisable. Bulk payments are automatically sent out in individual separate transfers.
Transfers & Exchanges
Revolut offers fast local and international transfers. You can send international payments in 28 foreign currencies and spend locally in 150 currencies. You can save on local and global transfers using market-leading rates and track transfer status in real time via the app.
Revolut lets you send, receive, hold, and exchange money in over 25 currencies worldwide. You get unlimited inbound transfers in GBP, EUR, USD, and Swiss franc (CHF). When trading foreign currencies, pricing is transparent, and you can get the real rate. You can also set up automatic future exchanges, with in-app alerts informing you when currencies hit your preferred prices.
Analytics & Expense Management Tools
Revolut offers analytics tools to help business owners understand company spending by account, time period, and per team member. Future planning is easier since you can forecast using real-time trends and spending analysis.
For business expenses, Revolut has an expense management tool where you receive spending notifications in real time and approve expenses quickly with automated matching of receipts and categorizing.
Other Revolut Business Account Products
Freelancer Business Accounts
Free: This account is suitable if you’re looking for basic features. You get a free monthly allowance of five local payments, three plastic cards, and 200 virtual cards.
Professional: For $9.99 per month, this account provides 1.90% cash back for monthly card spending up to $2,000. It also offers plastic cards, virtual cards, and a free monthly allowance of 20 local and five international payments.
Ultimate: At $39.99 monthly, this account comes with one free metal card on top of the plastic and virtual cards. The monthly amount for card spending to earn cash back is $10,000. You also get a free monthly allowance of 100 local and 10 international payments. Foreign exchange without markup is up to $10,000.
Savings Vault Accounts
Revolut offers a Savings Vault account as a way for users to earn interest from their funds. Placing your money into a savings account deducts the funds from your main Revolut account. The funds held by Metropolitan Commercial Bank are transferred to a Sutton Bank account, where funds are FDIC-insured up to $250,000. The interest varies, accrues daily, compounds, and credits monthly to the savings account.
Revolut Business Account Reviews From Users
The provider has a 4.3 out of 5 rating on Trustpilot from around 138,000 reviews. Revolut Business account reviews are generally positive, with customers praising Revolut for allowing them to spend in different currencies for free and offering great foreign exchange rates. Most appreciate the fast speed of payments, ease of use, and practical and convenient solutions.
However, some users expressed dissatisfaction, claiming their accounts were closed and blocked without reason. Others mentioned the lack of a phone contact line and complained that online chats were automated messages with unhelpful advice.
Bottom Line
Revolut’s business accounts are feature-packed with free company cards (physical and virtual) and business tools, creating efficiency for your business. Cash back rewards are also available, except under a free plan. They are ideal for companies and freelancers engaging in international payment transactions, as it allows customers to save more with its real-time foreign exchange rates and free monthly allowances for local and international payments, depending on the account you open.
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However, Revolut accounts have no APY and don’t allow cash deposits. The monthly subscription fees for company business accounts are also steep. If you only perform international fund transfers occasionally, we recommend opening a free business checking account offering a high yield with cash deposit support.
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