Revolut Business Account Review: A detailed guide

A business account is essential for any UK organisation looking to manage and grow its operations. Not only does it make sending and receiving money easier, but it also opens up a world of broader banking services.

Many online platforms offer fast and cost-efficient payment solutions, one of which is Revolut. But what does the Revolut Business Account offer and how do you open an account? In this article, we’ll tell you everything you need to know.

Revolut Business Account products

Revolut Business offers a variety of useful features that can help UK businesses thrive. Let’s explore a few aspects.

Innovative banking

The Revolut Business Account offers a smart and sleek interface that’s easy to use and navigate. The account is easy and free to set up, and there are no monthly fees. You can also integrate your Revolut account with popular account software tools such as Xero.

Trade

Revolut offers a suite of tools to scale your operations across different currencies. With a Revolut Business Account, you can hold up to 34 currencies and get unlimited incoming transfers in GBP, EUR, USD and CHF.

Commercial cards

With a Revolut Business bank account, you can get physical and virtual cards for your local and global teams. With these cards, you can spend in 130+ currencies wherever you do business.

Payments

Revolut Business offers both online and in-person payment systems with low rates and next-day settlements. You can also take payments in over 25 currencies.

Revolut Business Account types

The Revolut Business Account is designed for all types of UK business, including sole traders, small businesses and multi-national corporations. There are a total of four plans available when signing up. Here’s a quick summary.

Basic (from £10 a month)

With the Basic account, you can get local and global account details, send and receive money in 25+ currencies, add unlimited team members, issue virtual and physical cards and accept online and in-person payments.

Grow (from £30 a month)

The Grow account offers everything the Basic account does, as well as the option to exchange up to £15,000 monthly at the interbank rate, earn interest every day with savings and access spend controls and approvals. 

Scale (from £90 a month)

The Scale account comes with all the extras available on Grow, as well as the option to exchange up to £60,000 monthly at the interbank rate, get 5x more no-fee global transfers and 10x more no-fee local transfers and earn higher interest on savings.

Enterprise (custom plan)

The Enterprise plan is custom-built, allowing you to create the perfect business account plan for your needs. This means customisable allowances for transfers and specialised account management. You can also secure up to 3.51% AER (variable) on your savings.

Revolut Business Account fees

As we explored above, the Revolut Business Account is available in four different plans with a different monthly fee for each. This makes it great for businesses working with different budgets; however, there are more cost-effective options on the market.

For example, the TransferGo Business Account is completely free to set up and subscribe to. There are zero fees on major routes and transfer margins are as low as 0.35%.

How to open a Revolut Business Account

Opening Revolut Business Account is easy. All that you have to do is fill out a short online form (it only takes around 10 minutes) and your business account application will be reviewed. Once approved, your account will be set up, and you’ll be ready to go.  

Requirements for opening an account

As a first step, your business must be fully incorporated and be in active status. Moreover, the company must be registered in a country that is supported by the bank. 

Documents needed

The documents required to open a Revolut Business Account include identity verification, a certificate of incorporation or registration of your business, proof to describe your business activity, proof of your operating address and a document that lists all directors and major stakeholders.

Online account opening process

When you click to sign up, you’ll be directed to a series of questions. After this, you’ll be asked to enter your email and a temporary code will be sent to you. Enter the code, set your password and create your account. You’ll then be asked to submit your documents for verification. Once verified, your account is ready for operations.

In-branch account opening

At the time of writing this article, Revolut does not have any physical branches in the UK. It’s a digital-only provider. 

Digital banking features

Using Revolut’s digital banking, you can access your account balances and transactions. You can also send and receive money, set up payments, use budgeting and analytics and so much more. 

Verification and approval process

Identity verification can take up to five business days. If you haven’t received anything within this timeframe, please check the in-app home screen for any missed pending requests for more information. 

How to close a Revolut Business Account

Just like opening one, closing Revolut Business Account is simple, and it can be done completely online. Here are some answers to some frequently asked questions. 

Can I close a Revolut Business Account online?

Yes, you can close a Revolut account online, provided you are the account owner and you have withdrawn all the funds from your accounts. All you need to do is log in to your account, click ‘Settings’, scroll to the bottom of the page and select ‘Close Account’. From there, you can follow the on-screen instructions and confirm the closure of your account.

Can I close a Revolut Business Account in branch?

No. Since Revolut does not have any physical branches, it is only possible to close your account online.

Required documents to close a Revolut Business Account

When closing your Revolut Business Account, you must prove that you are the account owner and have the authorisation to close the account. Before doing so, make sure you have no pending transactions and pay for any metal cards issued within the last 3 months.

Revolut Business Account contact

Revolut’s customer support team is award-winning. You can contact them via the in-app chat tool or by phone.

The TransferGo Business Account

Whilst the Revolut Business Account does offer some advantages, the TransferGo Business Account provides a great alternative. Not only is it free to set up and subscribe to, but it also allows you to send super-fast transfers in minutes. Plus, you can access easy currency exchange for businesses with the option to hold balances in GBP, EUR, RON, PLN and more.

What’s more, the TransferGo customer support is available in 9 languages when you need it, with the top-notch team addressing 80% of enquiries within just two hours. It’s no wonder that TransferGo comes with an average Trustpilot score of 4.7/5 (compared to Revolut’s Trustpilot score of 4.4/5).

Ready to send and save money with the TransferGo Business Account? Sign up for TransferGo today!

Still curious about how TransferGo compares with Revolut Business? Read our guide on TransferGo vs Revolut Business: Which service is best for businesses?

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The information provided in this blog post is for general informational purposes only and reflects the author’s personal opinion. Any comparisons made between TransferGo and other businesses are intended to highlight differences and provide a fair overview, based on publicly available information as of the date of publication.

While every effort is made to ensure the accuracy of the content, we make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. We encourage readers to independently verify any claims or information presented in this post.

Any references to other companies, products, or services do not imply endorsement or affiliation with TransferGo, and we do not accept responsibility for the actions, products, or services of third parties.