Revolut business banking review
Revolut Business is a UK-based digital banking solution designed for freelancers, startups, and SMEs. It offers multi-currency accounts, international payments, and expense management tools, making it a strong alternative to traditional business banking.
Key features of Revolut Business
1. Business current accounts
- Multi-currency accounts: Hold and transact in over 30 currencies.
- Local account details: GBP and EUR IBANs included.
- FSCS protection not available: As an e-money institution, funds are safeguarded but not FSCS protected.
- Physical and virtual debit cards: Customisable corporate cards for employees.
- Instant spending notifications: Real-time tracking of business expenses.
2. Payment solutions
- Faster Payments, BACS, and CHAPS support: Seamless UK transactions.
- International payments: Low-cost transfers with competitive FX rates.
- Batch payments: Send multiple payments at once, reducing admin time.
- Merchant accounts: Accept online payments via API or payment links.
3. Expense management
- Automated receipt capture: Syncs receipts to transactions.
- Spending limits: Set controls for employee cards.
- Integration with accounting software: Works with Xero, QuickBooks, and more.
- Multi-user access: Assign team roles and permissions.
4. Subscription plans and pricing
| Plan | Monthly Fee | Free Local Transfers | Free International Payments | Extra Features |
|---|---|---|---|---|
| Free | £0 | Limited | Fees apply | Basic business features |
| Grow | £19 | 100 | 10 | Custom IBAN, bulk payments |
| Scale | £79 | 1,000 | 50 | Priority customer support |
| Enterprise | Custom | Unlimited | Unlimited | Bespoke features and support |
Revolut Business fees and pricing
1. Business account fees
- Monthly account fees: Free plan available; paid plans start from £19.
- ATM withdrawals: Free up to a limit; 2% fee thereafter.
- Foreign exchange fees: Mid-market rate with a small markup on weekends.
2. Transaction fees
- UK bank transfers: Free within limits of chosen plan.
- International transfers: Free up to a limit, then standard fees apply.
- Card payments: Free within Europe; fees apply for non-EEA transactions.
Pros and cons of Revolut Business
Pros
- Multi-currency accounts with low FX rates.
- Flexible pricing plans, including a free tier.
- Fast international payments and batch processing.
- Seamless integration with accounting tools.
- Expense tracking and employee spending controls.
Cons
- No FSCS protection for deposits.
- Limited free transactions on the basic plan.
- Weekend FX fees apply.
- No in-branch support (digital-only banking).
How Revolut Business compares to competitors
| Feature | Revolut Business | Starling Business | Wise Business | Monzo Business |
|---|---|---|---|---|
| Multi-currency accounts | Yes | No | Yes | No |
| FSCS protection | No | Yes (£85,000) | No | Yes (£85,000) |
| International transfers | Yes | Yes | Yes | Limited |
| Free UK transfers | Limited | Unlimited | Limited | Limited |
| Business lending | No | Yes | No | Yes |
| Ideal for | Global businesses, freelancers | UK SMEs, startups | International payments | UK-based freelancers, startups |
Who should use Revolut Business?
- Freelancers and startups: Cost-effective banking with global payment capabilities.
- International businesses: Multi-currency accounts and competitive FX rates.
- Companies with remote teams: Employee spending controls and bulk payments.
- Tech-savvy businesses: API integration and automated accounting.
Our verdict
Revolut Business is a modern, digital-first business banking solution offering multi-currency accounts, international payments, and expense management tools. It is ideal for freelancers, SMEs, and global businesses looking for a flexible, tech-driven banking alternative.
However, lack of FSCS protection, weekend FX fees, and limited in-person support may not suit businesses requiring traditional banking security and customer service. For those needing fast, cost-effective international banking, Revolut Business remains a strong and innovative choice.