With Revolut taking the online banking world by storm over the past few years, the platform is now looking to push its business account offering to those that are looking to take things to the next level.
Valued at $1.7 billion (£1.3 billion) and funded to the tune of $336.5 million (£257 million), Revolut’s one of the world’s biggest fintech unicorns.
Since launching (2015), Revolut has achieved the sort of growth entrepreneurs and CEOs dream of. By opening offices in over 20 countries, Revolut has been able to expand aggressively and beat competitors to the punch in different markets.
Revolut has more than 10 million users, with an ambitious goal to onboard 100 million within 5 years
The company said in 2019 that it had 250,000 daily active users, and numbers continue to grow.
What is Revolut For Business?
As the name suggests, it’s Revolut’s business account option, which comes with different pricing and features depending on how big your business is and how much you use the account.
Revolut says it understands how important it is for international businesses to save on transfer costs and send global payments fast. The Revolut business account allows companies to manage and transfer money across numerous different currencies quickly. The account is currently available in the UK and the EU.
How does Revolut work?
Like many of its competitors, Revolut works entirely from your phone or tablet, apart from the physical cards you are issued alongside the app.
Revolut’s app is all about money management. The display is clear and if you’re working from a tablet you can view all your accounts from one page.
There are several tabs provided to make handling company funds easier, these include:
- Accounts. View your business’ balance across accounts in 28 currencies. Revolut provides your business with easy access to international payments and transfers and allows you to manage your accounts across multiple countries.
- Cards. Revolut provides prepaid cards for your company. From this tab you can review employee spending and card balances.
- Counterparties. The counterparties tab gives you a rundown of all the companies partnered with Revolut. These partnerships allow you to send money to selected businesses with no waiting and no fees. From here you can perform transactions with these companies and review past payments.
- Settings. Manage your account information, personal details and app settings.
Revolut For Business pricing plans
With Revolut For Business, you can currently choose between two types of pricing plan:
- A basic free plan. It comes for no monthly fee, but only a handful of features are included and you’ll be charged separately for the others. Money transfers in the UK cost £0.20 each after the first 5; international money transfers cost £3 each, plus a 0.4% fee that applies to all foreign exchanges (including card payments).
- Subscription plans. You pay a monthly fee, but get a higher number of free transactions. You can choose between three subscription plans: for £25 a month, you get 100 free transfers in the UK, 10 free international transfers and a £10,000 allowance of free foreign currency exchange at the real exchange rate; if you pay £100 a month, you’ll have 1,000 free transfers in the UK, 50 free international transfers and a £50,000 allowance of free foreign currency exchange; finally, the top-tier plan costs £1,000 a month and is unlimited.
Whichever your plan, if you reach your monthly limit of free transactions, you can keep on using the account: you’ll simply be charged for the extra ones and the fees will be the same applied for the free plan. All plans also include free card payments in your account’s currency, but charge a 2% fee on all ATM withdrawals.
Revolut For Business features
Beside all the basic features you can expect, such as the Revolut card and a slick mobile app, Revolut For Business also offers:
- Additional team members. Who can be administrators of the account. You can only add another person with the free account, but this goes up to 9, 29 and as many as you like with the subscription plans.
- Virtual and prepaid cards. These can be given to your colleagues and used for physical and online purchases. Virtual cards are free, whereas physical prepaid cards cost £4.99 each after the first card per team member.
- Multicurrency accounts. These are Revolut’s signature mark. You can exchange up to 28 currencies. You’ll also get both a sterling and a euro account, including sort code, account number and IBAN.
- Integration with a bunch of common business softwares. Including messaging software Slack and accounting app Xero.
- Priority 24/7 customer service. This only comes with the subscription plans.
Revolut says it’s also working on a bunch of other features that will be launching in the near future, such as loans and overdrafts, expense management and the ability to accept card payments from customers.
Physical or virtual?
Revolut Business offers two types of cards; physical cards and virtual. What’s the difference? Both our physical and virtual cards perform the same way – as prepaid debits linked to your company’s Revolut Business account. For physical cards, standard delivery is free for the first card for each team member, the fee for an additional card is £4.99. Express delivery is charged at £19.99 per card (may vary by country and address). For virtual cards, there is no charge for the card itself. Physical cards come in either black or white plastic.
If you’ve selected a physical card, your new business card should arrive within 9 working days. Express delivery to the UK, United States, or Canada will usually take 2 business days, Express delivery to the rest of the world will take 3 business days. Please note, these are estimated delivery times, and we cannot guarantee a specific delivery date.
Both physical and virtual cards can be linked to Apple Pay / Google Pay wallets, and used immediately, right after they’ve been activated.
Personal and company virtual cards
To better service your business’ needs, company cards come in two types; personal and company. This difference can be a bit confusing, but the primary distinction here is whose name is on the card and who can access its details. Personal Business cards, whether virtual or physical, will be registered to a specific team member’s name and email. Whereas virtual company cards are simply registered to the company.
This distinction is made during the ordering process, where you have the option to add/select an individual team member as the cardholder (personal virtual or physical card) or select the company as the cardholder (virtual company card).
We recommend personal cards for use on day-to-day expenses (client lunches, travel expenses), and company cards for purchases that may need to be managed by multiple team members.
As a Revolut Business account admin, you can order two physical cards per team member. You can also order two personal virtual cards per team member. You can create up to 20 virtual cards per calendar month. While the number of team members included in your free allowance varies by your plan, you can always add additional team members for £5 per user per month above this allowance.
Revolut’s business account offers a great degree of flexibility and you’ll be charged depending on how much you plan to use the account. However, its strongest spot is still being able to offer a competitive price to companies that deal in different currencies. If your company works internationally, or relies on services outside of your business, then an account with Revolut is more likely to suit your needs.
If your company works mainly within the UK instead, it can still be competitive, but you may be able to find a better match (namely, a business account with no monthly fees that also allows free ATM withdrawals and more free money transfers within the country).
Finally, keep in mind that you can’t load cash into your business account with Revolut and that ATM withdrawals are charged a fee. If for some reason your business receives or uses a lot of cash, Revolut is probably not the best option.
Perks for Revolut Business users
Get Amazon in your corner with Amazon Business. Amazon Business is a new competitive marketplace for B2B products on Amazon.co.uk that serves the procurement needs of businesses of every size. Amazon and Revolut for Business are offering our clients 25% off purchases up to £200.
Smart Pension offers an advanced technology platform optimised for speed and security, and payroll integration. Smart Pension is authorised by the pensions regulator, and combines reliable pension services with an innovative platform that makes it easy to stay on top of your company pension program. Offer valid till April 30th 2020.
Revolut and monday.com are offering a 25% discount on corporate memberships to monday.com. monday.com helps you and your team collaborate better, stay organised, set timelines, and manage budgets in an intuitive, beautiful web app. Put down the post-it notes! Get monday.com
Zipcar for Business
Pay as you drive with the UK’s largest car sharing service. Zipcars come in all shapes and sizes— city run-arounds, electric vehicles, luxury cars, vans and more. We’ve partnered with Zipcar for Business to offer our Revolut Business clients £150 in free driving credit.