Revolut Business: Everything You Need to Know Before Opening a Business Account

In the ever-evolving digital age, online banking is gaining in popularity thanks to its convenience, flexibility and wide range of services. One of the leading companies in this emerging sector? Revolut. Founded in 2015 in London, Revolut has received positive reviews from millions of users with its innovative approach and forward-thinking features. A few years later, in 2017, Revolut launched Revolut Business, the platform we’ll be analyzing today. The question is: are Revolut’s business accounts just as reliable as its personal accounts? Let’s take a closer look.

Revolut stands out for its user-friendliness, transparency and commitment to offering financial solutions tailored to today’s needs. Whether you’re looking to make international payments, exchange currencies or manage your money on a day-to-day basis, Revolut offers a comprehensive range of products and services designed to simplify your financial life.

Revolut has also established itself as a go-to platform for cryptocurrency enthusiasts, offering the opportunity to buy, sell and store popular cryptos such as Bitcoin, Ethereum and many others. This integration of cryptocurrencies within a traditional finance application represents an important step forward that reflects Revolut’s ongoing commitment to remaining at the forefront of financial technology.

In addition to its personal accounts, Revolut also operates Revolut Business, a full range of business accounts for professionals whose company is registered and domiciled in the European Economic Area or Switzerland.

Designed for businesses and self-employed individuals, the multi-currency accounts, available in both free and paid versions, offer a range of features tailored to the needs of professionals.

Whichever option you choose, Revolut Business account holders benefit from an account linked to one or more prepaid Mastercard cards and the ability to share it with certain colleagues.

Revolut Business offers two types of subscription: for companies and for freelancers. And different accounts are available for each subscription.

Whichever subscription you choose, Revolut Business offers a modern banking experience, practical financial services and features tailored to the needs of businesses. However, one of the main benfits of the online platform remains the ability to change currency. With Revolut Business, you can spend, exchange and transfer money in over 30 currencies, in the blink of an eye and at no extra cost. No more worrying about having cash on hand in an uncommon currency. It’s like having your own international ATM in your pocket.

Changing currency is not the only benefit offered by the online platform. Here’s an overview of the various benefits of Revolut’s business accounts.

Company accounts are intended for companies that are already registered with the Registrar of Companies.

When it comes to expense management, business accounts offer a range of features. While the Free account options are rather limited, the Grow and Scale account options are comprehensive and similar to those offered by other banks.

Freelance business accounts are designed for self-employed professionals. Accounts must be held in your name, not your company’s, and any transfers you issue and receive will appear in your name.

As with business accounts for companies, business accounts for freelancers offer a range of features to help you manage and track your day-to-day expenses.

One of the biggest benefits of Revolut Business accounts is that they allow you to combine different currencies. They allow you to receive, hold and exchange funds in over 25 currencies worldwide, with no hidden fees, and to create as many sub-accounts in each currency as you need to manage your business.

Depending on the package selected, account owners, be they businesses or individuals, can also send and receive international payments in multiple currencies for free.

Revolut Business accounts have no limit on the number of users. You can invite as many colleagues as you like.

Each account holder can set the rules that best suit their business. This includes the ability to set daily, weekly, category or national expense limits, as well as linking staff costs to the overall budget. As receipts are entered into the application, they can be automatically categorised and linked to card transactions.

If you have all the necessary information, opening a business account with Revolut Business is done completely online and takes less than 10 minutes.

Revolut Business accounts are linked to a European IBAN, making it easy to carry out transactions in Europe and abroad. You can automate your tax and contribution payments to European public institutions.

Whether you opt for the free or premium packages, the Revolut team is available at all times to provide you with first-rate customer service.

Revolut offers an intuitive mobile application, providing a fluid and simplified user experience. You can carry out all your transactions, manage your accounts and receive real-time notifications.

To open a Revolut Business account, follow these steps:

1. Online Form: You’ll need to fill in an online form, in which you’ll need to enter your contact details, such as name, telephone number, address and date of birth. You’ll also need to briefly describe your company’s activity and specify how you intend to use the account. If you already have a personal Revolut account, you can link the two accounts.
2. Sending Documents: You’ll need to provide specific documents for you and your company, such as proof of place of business or proof of administrative structure. The documents required depend on the account selected; details will be explained in greater depth as you progress through the application.
3. Confirmation: Once you have submitted your request, you will be placed in a queue. Requests are usually processed within 3 hours, although it can take up to 24 hours. The total duration of the application process depends on the complexity of your business and the documents you upload.

Revolut Business is considered to be an innovation in the financial sector. It’s revolutionizing the corporate space with a free offer that is not just for freelancers, but also for companies. In fact, we believe that its no-commitment offers, with no opening or closing fees, and no movement commissions, are a huge advantage over some more traditional players.

One of the biggest advantages, however, is the ability to create sub-accounts in different currencies and pay internationally without having to worry about converting at the real exchange rate.

One of the only drawbacks of Revolut Business accounts is the lack of insurance. Unlike Qonto or the American Express and Air France KLM American Express cards, Revolut Business accounts offer no travel protection, no purchase coverage and no legal assistance. In addition, cheques and cash deposits are not accepted, which can sometimes be problematic for some companies.

Finally, another disadvantage is the lack of cashback. Finom offers a cashback system of up to 3%, while American Express offers the possibility of accumulating points in its Membership Rewards program, redeemable for hotel nights and award flights with its partners.

But despite these minor drawbacks, Revolut Business‘ accounts are among the best on the market, thanks to their advanced technology and very reasonable fees.

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