Revolut Busines

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

To the point Revolut Business offers a range of business accounts for freelancers and companies. But are they as competitive as others on the market? We're looking into it.

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In the ever-evolving digital age, online banking is gaining in popularity thanks to its convenience, flexibility and wide range of banking 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, the British neobank 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.

The origins of Revolut...

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.

One of Revolut‘s major assets is its multi-currency account, which enables users to hold and manage funds in different currencies, without the usual exchange rate constraints.

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.

Revolut
Revolut

Revolut Business

Alongside its accounts for individuals, Revolut offers Revolut Business, a complete range of bank accounts for professionals and self-employed entrepreneurs whose businesses are registered and domiciled within the European Economic Area or Switzerland.

Dedicated to businesses and the self-employed, its multi-currency bank accounts – available in both free and fee-based versions – feature numerous functions tailored to the needs of professionals, such as:

  • multi-currency accounts;
  • unlimited number of users;
  • billing and financial management tools;
  • French IBANs;
  • a modern, intuitive application;
  • and much more.

Regardless of the offer chosen, account holders of Revolut Business benefit from a bank account associated with one or more prepaid Mastercard cards, and the possibility of sharing it with certain collaborators; in our opinion, this is one of the best offers for auto-entrepreneurs on the market today.

Business Accounts

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

Business Freelancers
Free Free
Grow Professional
Scale Ultimate
Enterprise

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.

Business Accounts for Freelancers

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

  Free Grow Scale
Price Free €19/month €79/month
Metal card 1 2
Virtual and Plastic Cards Yes Yes Yes
International payments (outside euro zone) €5/payment 5 free payments/month, after which a fee of €5 per payment applies 25 free payments/month, after which a fee of €5 per payment applies
Local Payments 5, after which a fee of €0.20 per payment applies 100, after which a fee of €0.20 per payment will be charged 1000, after which a charge of €0.20 per payment applies
Currency Exchange at Interbank rate 1000, after which a surcharge of 6% applies €10,000, after which a 6% surcharge applies 50,000, after which a 6% surcharge applies
Cryptocurrency Exchange Fee of 1.99% Fee of 0.99% Fee of 0.99%
Bulk Payments Yes Yes
Borderless Accounts Yes Yes Yes

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.

  Free Grow Scale
Invoice Creation and Tracking Yes Yes Yes
Accept Payments via Web Yes Yes Yes
Unlimited Team Members Yes Yes Yes
Expense Management Yes Yes Yes
24/7 Support Yes Yes Yes
Expense Approval Yes Yes
Analytics Yes Yes
Business API Yes Yes

Freelance subscriptions and rates

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.

  Free Professional Ultimate
Price Free €5/month €19/month
Metal card 1
Virtual and Plastic Cards Yes Yes Yes
International payments (outside euro zone) €5/payment €5/payment 5 free payments/month, after which a fee of €5 per payment applies
Local Payments 5, after which a fee of €0.20 per payment applies 20, after which a fee of €0.20 per payment will be charged 100, after which a fee of €0.20 per payment will be charged
Currency Exchange at Interbank rate A 6% surcharge applies €5,000, after which a 6% surcharge applies €10,000, after which a 6% surcharge applies
Bulk Payments Yes Yes
Borderless Accounts Yes Yes Yes

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.

  Free Professional Ultimate
Invoice Creation and Tracking Yes Yes Yes
Accept Payments via Web Yes Yes Yes
Unlimited Team Members Yes Yes Yes
Expense Management Yes Yes Yes
24/7 Support Yes Yes Yes
Expense Approval Yes Yes
Analytics Yes Yes
Business API Yes Yes

Revolut Business - Benefits

Multi-Currency Account

In our Review, one of the biggest advantages of Revolut Business accounts is that they allow you to accumulate different currencies, just like bunq Business accounts. 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.

Revolut Business
Multi-currency accounts from Revolut Business

Depending on the package chosen, account holders – whether corporate or freelance – can also send and receive international payments in several currencies free of charge, and are entitled to free foreign exchange transactions.

Unlimited Number of Users

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

Expense Management

Each owner can define the financial management rules that best suit his or her business, with important billing tools. This includes the ability to set daily, weekly, category or national expense limits, as well as linking staff costs to the overall budget. Receipts and expense reports can be automatically categorized and linked to card transactions as soon as they are entered into the application.

Quick and Easy Opening of Accounts

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

European IBAN

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.

24/7 Customer Support

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

Advanced Technology

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.

Revolut Business - Opening an account

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, your registration 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

Revolut Business - Conclusion and General Review

In our Review, Revolut Business is seen as a real breath of fresh air in the online pro-banking sector compared with traditional banks. Revolut Business is 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 most important strengths, however, remains 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 (and Mooncard) 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 absence of cashback. Finom offers a cashback system of up to 3%, whileAmerican Express Business 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. Our honest review? Revolut Business is the institution that offers the best product at the lowest cost.

Revolut Business - Frequently Asked Questions

Which Bank Manages Revolut?

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Revolut is a financial institution incorporated and licensed in the Republic of Lithuania under company registration number 304580906 and authorization code LB002119, with its registered office at Konstitucijos ave. 21B, 08130 Vilnius, Republic of Lithuania.

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Is Revolut a real bank?

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Revolut is licensed and regulated by the Bank of Lithuania and the European Central Bank as a credit institution.

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How reliable is Revolut Business?

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In our Review, Revolut Business is reliable. The institution is generally well regarded for its no-commitment offers and the absence of account opening or closing fees. The company offers a complete range of accounts for companies and freelancers, with features to suit every need.

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What are the advantages of Revolut Business for professionals and self-employed entrepreneurs?

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One of the main advantages of Revolut Business, in our opinion, is the change of 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.

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FR

How Do I Switch to Revolut Business?

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To open a Revolut Business account, you need to fill in an online form, provide the necessary documents and wait for approval. The process can take between 3 and 24 hours, depending on the complexity of the company and the documents submitted.

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How do I use Revolut Business?

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To open a Revolut Business account, all you need to do is fill in an online form and 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. Requests are generally processed within 3 hours.

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FR

How Do I Open a Free Revolut Business Account?

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Revolut Business Free accounts for companies and freelancers are free of charge. To sign up for a free account, follow the same steps as opening a paid account: fill in an online form, provide the required documents, and wait for approval.

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How Does Revolut Business Work?

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Revolut Business offers multi-currency accounts for companies and freelancers, just like Revolut’s personal accounts. These accounts enable you to manage funds in multiple currencies, make international payments, create sub-accounts and share access with collaborators.

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FR

How Can I Contact Revolut Business?

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To contact Revolut Business, visit the company’s website and fill in a form. An agent will be in touch with you in no time.

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Which Card Comes with a Revolut Business Account?

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Opening a Revolut Business account gives you access to one or more prepaid Mastercard cards, either physical or virtual. The Grow and Scale accounts, as well as the Ultimate account, come with Metal cards.

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Does Revolut Business offer cashback?

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No, Revolut Business does not offer cashback.

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Is Revolut Business available in Switzerland?

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Yes, Revolut Business is available to all professionals whose company is registered and domiciled in the European Economic Area or Switzerland.

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Which is better: Qonto or Revolut Business?

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In our opinion, Revolut Business stands out as a solid alternative to Qonto for auto-entrepreneurs. With an account opening time of less than 10 minutes, French IBANs for easy transactions, and flexible expense management, Revolut Business offers a complete solution. The multi-currency account, which can handle more than 25 currencies, and the possibility of inviting an unlimited number of users in Europe add to its appeal. What’s more, Revolut’s advanced technology, responsive customer service and innovative features make it a compelling choice for entrepreneurs seeking simplicity, flexibility and efficiency.

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FR

This post is also available in: FR

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