Revolut Business Account UK Review - Is this the best business account for you?
Revolut Business Account
As Revolut Business Account holders ourselves we can provide you with a comprehensive review of Revolut’s Business Account to help you decide if this is the best account for your business.
Revolut is a new UK-based fintech startup founded in 2014 by Nikolay Storonsky and Maxim Blagovestchenskiy. They launched their app in 2015 and since then has grown into one of the world’s leading mobile banking apps. With over 1 million customers worldwide, Revolut offers a wide range of financial services including instant currency exchange, prepaid cards, travel insurance, foreign exchange, peer-to-peer lending, and cryptocurrency trading.
What is a Revolut business account?
A Revolut business account allows you to manage multiple bank accounts, credit cards, and cryptocurrencies all under one roof. Your personal account remains separate from your business account. All transactions made using your business account are automatically added to your personal account.
Is my business eligible?
Your business must be incorporated in order to use a Revolut business card.
How do I create a Revolut business company account?
Name, address, ID photo and a selfie for an identity-check
Business name, address and incorporation details
A summary of the company's location and what the business does
Basic information regarding the company directors/shareholders - defined as someone who owns more than 25% in the business - (an identity check for these is also required, this can be submitted on their behalf or completed by them)
Revolut Business Account Features
A business account allows you to set up business accounts under one umbrella. Each individual account can be linked to a separate email address and phone number. A business account can be used to manage all aspects of your business finances, such as invoicing, payroll, bookkeeping, tax payments, and even online payment processing.
Other features:
Multiple currencies - The ability to hold and exchange 30+ currencies
Local accounts - 2 local accounts in GBP and EUR
Prepaid debit cards - business expense cards for your team members. They can be used to make card payments as well as withdraw cash for a 2% fee.
Virtual cards - for secure online transactions
Direct debits - Revolut business accounts in the UK can set up direct debits under the Home section, the three dots and Details
Mobile app - card owners have a mobile app that they can use to track their business spending
Link to business applications - link to applications such as Xero, FreeAgent and Slack to help keep you connected
24/7 support - For all business users
Permissions - the ability to set user permissions to control who can see what
Transfer approval - get notifications to approve transfers (only available for paid business plans)
Bulk payments - create a bulk file to allow multiple payments at the same time (only available for paid business plans)
Rewards - paid business plan users can gain access to additional perks with some of the following companies, Apple, Zipcar, Expensify, Google Ads, Slack, Deliveroo
Expense management - manage receipts and expenses on the go, add members for £5 per month
Payroll - manage the payroll for your workforce with simple tools, add members for £3 per month
Accept payments - accept customer payments via your website with the Revolut widget and plugin (fees apply)
How Does Revolut Business Work?
With Revolut business, you can open two types of accounts; company and freelancer. You can sign up online in minutes, you just need to follow the steps.
What Are the Requirements to Open a Revolut Business Company Account?
Name, address, ID photo and a selfie for an identity-check
Business name, address and incorporation details
A summary of the company's location and what the business does
Basic information regarding the company directors/shareholders - defined as someone who owns more than 25% in the business - (an identity check for these is also required, this can be submitted on their behalf or completed by them)
Is Revolut Business Safe?
By law and under regulation, your money is safeguarded by licensed banks. Revolut keeps your card details safe, flags suspicious transactions, and asks for extra verification to protect you. Revolut cards are 3D Secure and the contactless card limits help fight fraud.
Any transactions made with a Revolut card are protected by Mastercard or Visa rules. All data stored on your device is encrypted before being sent to our servers. We do not store any sensitive customer data on our servers. Your login credentials are never shared with third parties.
Stay in total control of your team’s spending by managing their permissions and levels of access. Create custom roles and choose the combination of apps and features you want them to use.
Pros and Cons of Revolut Business Account
Pros of a Revolut Business account
Flexible account options
Mobile app
Competitive exchange rate
Freeze card if lost or stolen
Cons of a Revolut Business account
Does not accept cash or cheque deposits
Daily £3,000 withdrawal limit and a monthly limit of £100,000
2% fee on cash withdrawal
Not yet a fully-fledged bank
Summary
Overall, Revolut business has a range of business accounts to suit most business types and you can benefit from its free basic account or enhance the features on offer with its premium accounts. Revolut Business may be worth considering if your company deals in a range of currencies as its multi-currency account allows you to hold money in up to 30 currencies and easily make payments worldwide.
If you have a team that needs access to the business account, you can easily set up permissions and controls to manage what they can do with their access and set up two factor authentication for payments so that you can approve any payments they make before the money leaves the bank.
USEFUL LINKS
How our Beckenham bookkeepers can help you
If you are the owner of a limited company, we can help you with all of your bookkeeping, VAT and payroll needs.
With over 25 years of accountancy experience, we can help save you time and money by keeping all of your books up to date, accurate and provide you with helpful financial information each month, saving you the headache of working everything out yourself.
By taking care of your Bookkeeping, VAT and payroll, we will make sure that you are compliant with HMRC and Companies House. We will also deal with your tax accountants at year-end to save you time.
To find out more about our bookkeeping services or for a free initial no-obligation consultation, please contact our Beckenham bookkeepers to get the ball rolling.