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Revolut Business Review

Revolut Business Account
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Patrick Sather
Jul. 27, 2023
3 min read
Patrick Sather
Revolut Business Account Summary
Revolut is an online financial technology company founded in July 2015. Today, Revolut has more than 30 million personal users and 500,000 business users. Revolut offers both a no cost and paid version of its business account. Available features and tools include, virtual cards and API integrations.

Pros

  • Offers physical and virtual cards
  • Easily pay and transfer money using local or foreign currency
  • Customize your account with business API integrations

Cons

  • Limited ways to contact customer support
  • Does not accept cash deposits
  • No lending, mortgage, or other credit services

Revolut Business Account at a glance

8.4
Editorial score

Fees?

Yes, low fees
6.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor authentication
10.0

Customer service

24/7 service with multiple communication options, offers fraud prevention solutions
10.0

Online experience

User friendly site with full online banking capabilities
8.0

Mobile experience

User friendly mobile app that offers most mobile banking features
8.0

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Advantages Over Traditional Banks

You can open a Revolut business account online in just a few minutes, making it extremely easy to start managing your business payments and transfers. It offers both no cost and paid plans that cater to self-employed freelancers as well as large, multinational corporations. 

Revolut’s cash back rewards program lets you earn at least 1.5% cash back on all payments made with your card, regardless of your plan type. If you opt for a paid plan, you can earn up to 1.9% cash back on purchases up to a certain monthly threshold (varies by plan), after which point you earn 1.5% cash back on all additional purchases that month.

Cutting-Edge Services 

No matter the size of your business, Revolut has the tools you need to track and manage your business payments and expenses. Issue physical or virtual cards to team members and manage spending limits and permissions from your mobile app or computer. 

Revolut also supports a wide range of business API integrations. From bulk payment managers to invoice tracking and expense reports, Revolut has you covered. 

Different than Traditional Banks 

Since 2015, Revolut has expanded its operations to include a wide range of services. In addition to prepaid card accounts and debit cards, Revolut also supports currency exchange, and peer-to-peer payments. 

As an online finanacial technology company, Revolut does not have any physical branches. However, it does allow you to withdraw cash from over 55,000 in-network ATMs across the United States (fees may apply). Funds sent via wire are usually available the same day or the following business day. But it can take up to three business days for funds sent via ACH to appear. 

Interest Rates and Fees 

Revolut’s online business account is available in both a no cost and paid version. A no cost account comes with basic features and charges no monthly fee, while prices for paid plans vary depending on your company type and the number of included features. 

If you’re a freelancer, you can choose between the Professional plan for $9.99/month or the Ultimate plan for $39.99/month. Revolut also offers three paid plans for companies, including the Grow plan for $39.99/month and the Scale plan for $149.99/month. Alternatively, you can opt for the Enterprise plan (price varies) and have Revolut make a custom account for you that meets the needs of your business. 

In addition to monthly account fees, Revolut charges several transaction fees. These include a $10 domestic wire fee, $0.20 local ACH payment fee, $3.00 international transfer fee, and 0.4% markup on foreign currency exchanges. That said, Revolut may waive a set number of transaction fees each month depending on your plan type

Plan TypeMonthly feeNumber of no cost local payments per month with no $0.20 feeNumber of no cost international payments per month with no $3.00 feeMonthly allowance to avoid 0.4% markup on foreign currency exchanges
No cost
$050$0
Professional$9.99/month205$5,000
Ultimate$39.99/month10010$10,000
Grow$39.99/month10010$10,000
Scale$149.99/month1,00050$50,000
EnterpriseCustomCustomCustomCustom

Customer Service and Online Experience 

You can contact Revolut’s customer service team 24/7 via chat through the Revolut mobile app or website. For priority chat support, upgrade to one of Revolut’s paid Freelancer or Company plans. Alternatively, you can visit the Help page on Revolut’s website to learn about business cards and payments, money transfers, setting up and managing your account, integrating apps, and more. 

Mobile App  

You can download Revolut’s mobile device on both Android and iOS devices. With the Revolut mobile app, you can manage and track payments, transfer and exchange money, or set up account permissions and spending limits on the go.

Revolut Business' mobile app has a score of 4.5 stars on the Google Play store, with many positive reviews mentioning its excellent security features and foreign currency exchange tools. Although Revolut doesn’t accept mobile check deposits, its app makes it easy to wire or transfer money to and from your Revolut business account. 

Security 

All Revolut business accounts are FDIC insured up to $250,000. Every time you log in, Revolut requires you to provide a pin/passcode or biometric (finger or facial recognition) as well as a one-time SMS passcode (two-factor authentication). You can further protect your account by setting virtual card limits or adjusting team member spending permissions through the Revolut mobile app.

With Revolut’s virtual disposable cards, you never have to worry about criminals skimming your card details. If you discover suspicious activity on your account, Revolut allows you to instantly freeze transactions, buying you time for additional research. 

Summary

Revolut offers no cost and paid accounts for businesses of all shapes and sizes. You can manage or track payments, exchange foreign currencies, and create secure payment processes with spending limits and virtual cards. Whether you want a basic plan or a custom plan with API integrations that meet your business objectives, Revolut has the right business account for you. 

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Methodology

This review was created based on information gathered from Revolut’s website and from customer reviews.

Disclosures

The Revolut USA Prepaid Mastercard is issued by Metropolitan Commercial Bank pursuant to a license from Mastercard International and may be used everywhere Mastercard is accepted. Banking services are provided by Metropolitan Commercial Bank, Member FDIC, and are subject to the terms of a Cardholder Agreement. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank© 2014. Revolut Technologies Inc. is a technology services provider and administrator of the card program.


Patrick Sather
Written by
Patrick Sather
Patrick Sather is an award-winning personal finance writer and licensed broker who has worked for some of the largest financial firms in the United States, including TD Ameritrade and Pacific Life. A graduate of the University of Nebraska in both Economics and International Trade and English, his articles on life's most common financial decisions and quandaries are straightforward, practical, and always easy to understand.
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