Fact checked! This material is written by an expert.

9 min read 30.08.2021 42

Revolut Business Review: is it the best business account?

Revolut is a well-known EMI in the fintech industry, and it provides a business account with a range of services for both small and large enterprises. After doing so successfully with personal finances such as peer-to-peer transactions, foreign money transfers, and so on, Revolut aims to shake up the commercial side of finance. Without further ado, let us describe Revolut's business account. What advantages does it provide? What separates it from other business accounts?

Ibrahim Busari
Ibrahim Busari
Ibrahim is a fintech writer at AskWallet

Fact checked! This material is written by an expert.

9 min read 30.08.2021 42

What is Revolut Business? 

As previously noted, Revolut is a prominent brand in online personal banking and is now offering a business account. The business account has all of the same characteristics as a typical bank's business account, but it is managed digitally. Users of Revoluts business accounts may make international payments with reasonably minimal transfer costs, as well as a variety of additional features that we will go through. Remember that in order to create a Revolut business account, your company must be registered to a physical entity in the EU or EEA zone.

Revolut Business Account Features 

Any excellent business account should include a number of features that will help your company run effectively. Here is a summary of the features available with the Revoluts business account:

Account with several currencies

Users of the revolut business account can swap money in over 30 different currencies at the same time. In other words, you won't have to pay expensive exchange costs and will be able to receive payments in many currencies at the best rates. Users may also specify their future FX rate 24 hours a day, 7 days a week.

Debit Cards With Prepaid Balances

With prepaid debit cards for costs, business owners and their teams may empower themselves and their teams. Users can also automate their expenditures to save time and effort.

Integration with APIs

You may connect your company's applications to your Revolut Business account to provide your consumers a more customized experience. Additionally, company owners may integrate APIs to automate payments and take payments straight from their website. You will be able to pay your suppliers on time as a result of this.

Other characteristics
  • App for mobile devices
  • Support is available 24 hours a day, 7 days
  • Direct debits are a type of payment method.
  • Payroll payments in bulk

Revolut Business Account Plans

Revolut has 4 different plans for business owners to choose from.

Revolut Free Business Account 

This is the revolut business account's foundation model. Users do not have to pay a membership fee to use this account, but they do lose access to some of the features available in the premium editions. The following are some of the features offered to free business account users:

  • Five local payments are free.
  • IBANs are used for international transfers.
  • Company cards, both physical and virtual
  • You may use the app or the website

To see the rest of the features that comes with Revolut free business account, check out the pricing page on their website, 

Revolut Grow Business Account 

The Grow business account has a monthly subscription charge of 25 euros. It contains all of the features of the free business account, plus a few more. The following are some of the features:

  • One free metal card is included.
  • ten international payments are free
  • You get 100 free Local payments 
  • Premium assistance is available round the clock 
  • Rewards
  • Payments in bulk
  • Business API, as well as a slew of others!
Revolut Scale Business Account 

The scale business account costs £100 per month and includes all of the same features as the grow business account, plus more. The following are some of the features of the Revolut scale business account:

  • 2 free metal credit cards
  • 50 International payments are free, and there are 1000 free local payments.
  • Priority Support is available 24 hours a day, 7 days
  • Approval of payment
  • Payments in bulk
  • Business API and more!
Revolut Enterprise Business Account 

The enterprise business account is custom and in order to get this business account you would have to get in touch with a member of the Revolut’s Sales Team, who will answer any questions you might have and help you get started with Revolut Enterprise Business.

You will have to provide your first and last name, company name, phone number and work email to plan a time with someone from Revolut’s sales team.

How to open a Revolut Business Account

To register for Revolut Business, you must first complete an online application, which should take no more than 10 minutes. Revolut will examine your application and may need to contact you further. The application process usually takes 1-7 business days to complete, although it may take a little longer in some cases.

 

Ibrahim Busari
As a fintech writer at AskWallet, he uses his metaphorical pen to guide you through the world of EMIs. He is an Ural Federal University Alumni and has been working in the financial and iGaming industry since 2016.