Revolut For Business Review



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THE REVOLUT CARD

BACKGROUND INFORMATION

FOUNDED: 2013

FCA: 764292

CURRENCIES: EUR, GBP, USD, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NZD, NOK, PLN, RON, SGD, ZAR, SEK, CHF, THB, TRY, AED.

ATM LIMIT: NONE

ATM FEE: £200 Free of charge. 2% above £200

ENTERPRISE OPTION: YES

APP: iOS & Android

CUSTOMER SUPPORT: Live chat

IBAN: YES

MONTHLY FEE: Basic account Free, others vary.

TRANSFERS: FREE

LOADING OPTIONS: Mstercard, Visa and Maestro

CARD DELIVERY CHARGE: VARIABLE

 

 

You may have heard about Revolut due to its popular personal prepaid debit card offering which has been around for some time now. Gaining popularity for consumers who travel or live abroad, Revolut was one of the first companies to offer a fully functional debit card that allowed foreign spending at a fraction of the cost. Building upon their solid reputation and backbone, Revolut have now ventured into the business world offering a great service for small to large enterprises who need a competitively priced solution for controlling staff expenditure while enjoying all the features of a modern payment solution.

How Does Revolut For Business Work?

Like many challenger banks, Revolut for business works through a mobile phone or tablet device. You essentially control every feature via the Revolut Business app which is available to download from the Google Play store or the Apple store. For spending, business customers are issued with a VISA or Mastercard which works exactly like a conventional card and can be used anywhere you see the VISA or Mastercard logo.

 

Free Business Accounts

How to use Revolut for Business

As far as business banking goes, the Revolut interface is very simple to use. The main sections of the app are split into four areas. Accounts Tab, Cards Tab, Counterparties Tab and the Settings Tab. As a business owner you will spend most of your time in these sections. From here you can control the expenditure of your entire company and issue cards to employees who need to make business purchases. One bonus feature is the fact that Revolut is partnered with a lot of the common B2B companies meaning if you need to pay for a business expense using one of these companies, the process is made incredibly easy all from one sleek interface.

What Are The Benefits of Revolut For Business?

If your business deals with suppliers outside the UK in different currencies, then you will most likely benefit from the service. Similarly, if you need to issue cards to employees and closely control and approve business spend, Revolut will help make things extremely easy.

 

Is Revolut For Business Secure?

For any financial service, security and protection is paramount. Revolut is no exception. Your money is held securely in ring-fenced accounts with established banks Lloyds and Barclays. This means you have an extra layer of security to protect your capital. Of course, Revolut works closely to comply with FCA, EMR and Payment Services Regulations. This means your money will be safe in the very unlikely event of bankruptcy or unauthorized access to your account.

The app itself, benefits from Apple/Android security to keep master accounts or individual accounts safe from malicious intent.

 

Revolut For Business Customer Support

Getting help when required from Revolut is relatively straightforward. Help is offered to business customers during 9pm – 5pm and is handled through the Revolut app.

 

Revolut Business Open API

With any business product, it is important to integrate seamlessly into existing applications. With the open API, this is made very easy. With some development work you can connect Revolut into your custom systems and automate recurring processes such as making payments, cancelling payments and converting funds to other currencies. Analytical elements can also be developed using the API to ensure you can report accurately on any business expenditure.

How Much Does Revolut For Business Cost?

Depending on whether you are a company or a freelancer, the cost of Revolut for business varies. The good news is that you can use the service for free on the basic plan. Although features are limited, this gives you an opportunity to trial Revolut with out a monthly fee. (Even if you go for a paid plan initially, you can cancel your account within 14 days and you won’t pay any fee.) We particularly like the option for freelancers as this is incredibly cheap for people that are self employed but want to take advantage of a fully functional payment and debit card system. The professional plan is priced at £7 / month and of course, there is also the free option if you want to trial Revolut first.

No matter which plan you go for, they all have the basic core features. These include, free payments to Revolut accounts. This means that you can transfer funds from one Revolut account to another completely free of charge. Free team members, this basically means each plan allows you to add members of your team and issue cards with full control over limits and spend. Obviously the amount of employees you can add varies with each plan, however even the free plans allows up to 2 members for free. Another core feature across all plans is the ability to transfer funds through SEPA. Within the UK this means faster payments. Particularly useful when paying important suppliers or contractors.

Company Plans

  • Plan: Free – £0 / month
  • Plan: Grow – £25 / month
  • Plan: Scale – £100 / month
  • Plan: Enterprise – £1000 / month

Freelance Plans

  • Plan: Free – £0 / month
  • Plan: Professional – £7 / month

To see the differences between plans and what you get on each, visit this page here.

Which Currencies Does Revolut For Business Support?

Currently all plans support the following currencies. You can easily open an account for another currency within the Revolut app. You will get your own IBAN and can start making and receiving payments instantly!

British PoundCzech KorunaMexican PesoSaudi Arabian Riyal
EuroDanish KroneNew Zealand DollarSingapore Dollar
United States DollarHong Kong DollarNorwegian KroneSouth African Rand
Australian DollarHungarian ForintPolish ZlotySwedish Krona
Canadian DollarIsraeli New SheqelRomanian LeuSwiss Franc
Croatian KunaJapanese YenRussian RubleTurkish Lira

Revolut for Business Benefits

  • Issue multiple pre-funded cards for any employee with full control and authorization over spending.
  • Competitive exchange rates on foreign currency transactions compared to most competitors on the market.
  • Easily convert funds to other currencies.
  • Security backed up by FCA meaning funds are protected.

 

 

Summary
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Revolut For Business
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