Revolut Business Review: Pros & Cons
Our take: Revolut Business offers a great solution for small to medium-sized enterprises needing multi-currency accounts and cost-effective international transfers. It is easy to use, with intuitive mobile and web apps and integration options for HR and accounting software. However, there are notable limitations, such as higher fees for currency exchange on weekends and restricted cash management features. Customer support has been criticised for slow response times, especially when dealing with account freezes. Revolut Business is useful for companies with cross-border operations that need flexibility in payments, but for larger businesses or those seeking higher security, the absence of a full UK banking license and limited interest on deposits make it less competitive compared to traditional banks.
Key Features
- Spending In Domestic And Foreign Currencies
- Attractive FX Rates during week days and for smaller amount, Wise is more competitive for larger transfers
- International Transfers
- Good tools for payment processing and team management
Key Limitations
- Tier 1 Bank Regulator but UK Licence still not fully operational
- High ATM Withdrawal and Payment Processing Fees
- Poor Customer Service
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KEY TAKEAWAYS
- For A Global Business: Revolut is offering personal and business accounts. It operates globally, supporting transactions in 36 currencies in over 35 countries.
- Multi-currency: Revolut’s main appeal is a multi-currency account, reasonably priced international transfers and competitive exchange rates, though they may be less favorable at times e.g. on weekends. It offers various subscription plans, each providing different levels of fee waivers and additional services.
- Mobile-Friendly: The platform is praised for its user-friendly mobile app and the easy integration with HR and accounting software. Some drawbacks are slow response times and difficulties in resolving issues related to blocked funds, impacting user satisfaction and potentially trust.
- Regulatory Challenges: Revolut faced challenges in securing a banking license in the UK, previously holding only a Lithuanian banking license in Europe. As of July 2024, Revolut secured a UK banking license with restrictions. Since its inception, Revolut has grown substantially and achieved profitability in 2023, with revenues estimated at $2 billion.
Pros & Cons and suitability
Pros
- Simple and intuitive interface and registration process
- Basic account is free
- Wide Range of Supported Currencies
- Payment processing and invoicing features
- Free currency exchange during workdays (up to a certain limit)
- Free virtual and Plastic cards
CONS
- UK Banking Licence not fully implemented
- Extra currency exchange fee over the monthly limit and on weekends
- Customer service only via chat or e-mail
- Some users experienced problems with account freezing
- High ATM withdrawal fees
- Cash payments are not supported
- Low number of fee-free transfers (both local and international)
Availability Checker
Check if Revolut is available in your country
Revolut Snapshot
What Is Revolut Business ?
Revolut is one of the leading global digital banks and electronic payment platforms. Its Revolut Business service is used by over 500,000 business customers globally, supports 30+ currencies, and its services are supported in 40+ countries and territories.
Profitable, with a good service offering
Revolut Business was established in 2017 and it is headquartered in London. The company is privately owned, with the current CEO and cofounder owning about 20% of the company. As of 2023, the company reported a total revenue of $2 billion with $350m profits. Revolut Business offers virtual cards, currency conversions, team financial tools, payment processing, accounting software integration, invoicing, and more.
Company Info
| Characteristic | Revolut Business |
|---|---|
| Inception Date | 🛈 2017 |
| Headquarters | 🛈 London, UK |
| Key Owner | 🛈 Privately owned: Corporate investors ~75% stake, Co-founder and CEO Nikolay Storonsky ~20% stake, private investors ~5% stake |
| Company Valuation | Estimated at $25.7 billion (April 2024) |
| Profitability (after tax) | ✅ $350m (2023) |
FEATURES
| Feature | Revolut Business |
|---|---|
| Key Base Currencies | 🛈 All Major Currencies |
| Transfer Speed | ✅ Instant |
| Multicurrency | ✅ Yes |
| Cash Interest | ❌ No (basic account) |
| Mobile App | ✅ Yes |
| Debit Cards | ✅ Yes |
I. Company
Business Profile
Starting as an electronic payment service with low transfer and currency conversion fees focused on the UK and Europe, Revolut has since expanded in multiple ways. Their offering through the years introduced business accounts or commission-free trading. Their services are now available globally, with 150+ countries and territories supported.
Safety Considerations
The company’s headquarters are located in London, UK, but their EEA markets are served by the subsidiary Revolut Bank UAB which is based in Vilnius, Lithuania. The company is therefore regulated by the FCA in the UK and the Bank of Lithuania in Lithuania. Very recently they obtained a UK banking license, although with restrictions. As today, Revolut is not yet fully operating as a bank in the UK.
Cash Custodians & Guarantee
Depending on your residency, funds held at Revolut are protected by either the safeguarding approach in the UK or by the deposit and investment insurance by the Bank of Lithuania in EEA countries. The safeguarding approach in the UK involves keeping customers’ funds in a safeguarding account with another bank or investing it in low-risk assets approved by the regulators. Revolut’s EEA customers have the Bank of Lithuania’s independent deposit protection scheme, similar to traditional banks. The customer’s funds are only insured in Lithuania up to EUR 100,000. The UK protection is irrelevant as it’s not customer-specific, until the Bank licence is in full-effect. Virtual currencies, commodities, and investments are also outside of the Lithuanian guarantee.
Security
There are advanced security features offered in the Revolut app, such as two-factor authentication (2FA) and fingerprint reading. Revolut is also monitoring any suspicious financial activities and employs standard “Know Your Customer” (KYC) practices when opening an account with them.
II. Fee structure
Payment Processing Fees
There is a variable (% of the payment) and a flat fee. These vary greatly depending on the type of payment, the type of card used, and your country.
Payment Processing Fees as july 2024
| Plan | Variable fee | Flat fee |
|---|---|---|
| Online card transactions | 1% (local Mastercard/Visa); 1.7% (Amex); 2.8% (others) | UK (GBP): £0.20 Eurozone (EUR): €0.20 |
| Revolut Pay | 1% | As above |
| Open banking | 1% | As above |
| In-person (physical cards) | 0.8% (local Mastercard/Visa); 1.7% (Amex); 2.6% (others) | UK (GBP): £0.02 Eurozone (EUR): €0.02 |
| Tap to Pay | As above | UK (GBP): £0.10 Eurozone (EUR): €0.10 |
Transfer fees
Unlimited instant transfers between Revolut users. Local transfers in base currency are free for up to 5 transfers per month in the basic plan. After that, a small fee of £/€/$ 0.2 or equivalent is charged. International transfers are always charged with a fee (except for the highest tiered plan) depending on your country, but usually around £/€/$ 5 or equivalent. Keep in mind that intermediary banks might charge their own fees. Scale, Grow and Enterprise plans have different allowance, see table below for more details.
Exchange Rates and Fees
Revolut’s exchange rates vary based on currency and are typically worse in the range of 0.1-0.8% than the central bank exchange rates.
Exchange rates are the same for both transfers and payments.
There is a free allowance of up to £/€ 1000 per month. Above that limit, there is a 0.6% flat fee. There is also a 1% fee for exchanging currencies outside of FX markets working hours: between 5 pm New York time (11 pm CET) on Friday and 6 pm (midnight CET) New York time on Sunday. The currency conversions are executed at the interbank rate.
Transfer & Exchange Fees as july 2024
| Plan | Free | Grow | Scale | Enterprise |
|---|---|---|---|---|
| Fee-free monthly exchange limit | €/£1000 | €/£10,000 | €/£50,000 | Custom |
| Exchange fee above the limit | 0.6% | 0.6% | 0.6% | Custom |
| Exchange rate fee on the weekends | 1% | 1% | 1% | 1% |
| Free local transfer | 5 | 100 | 1,000 | Custom |
| Free International Transfer | 0 | 5 | 25 | Custom |
Savings account cash interest comparison with Wise Business
The table below compares interest rates for Revolut’s Accounts (Grow, Scale and Enterprise) and Wise Interest Account across three currencies: GBP, EUR, and USD. Please note that Revolut limit the payment to the following amounts:
- Grow: up to balance of $/£/ 500K;
- Scale: up to balance of 1 million;
- Enterprise: up to balances of 2 millions.
Cash Interest as Q3 2024
| Currency | Revolut Grow | Revolut Scale | Revolut Enterprise | Wise Interest account |
|---|---|---|---|---|
| GBP | 2.25% AER | 2.75% AER | 3.51% AER | 4.95% APY |
| EUR | 2.25% AER | 2.75% AER | 3.51% AER | 2.12% APY |
| USD | 2.25% AER | 2.75% AER | 3.51% AER | 4.95% APY |
REVOLUT STANDARD vS WISE
Revolut is more competitive for smaller amounts due to 1k free allowance, but Wise Business rates are better for higher amounts
The table below compares currency conversions for Revolut and Wise across different transaction amounts including fees and spreads.
It shows the converted amount for 100, 1,000, and 5,000 units of the base currency for various currency pairs, including a comparison with Wise. The data are as July 2024.
This comparison highlights the differences in conversion amounts between Revolut and Wise, with Wise generally offering more favorable rates across various currency pairs and amounts. Revolut tends to offer slightly better rates for smaller amounts across several currency pairs due to the free allowances.
For example, USD to EUR, USD to GBP, and EUR to GBP conversions show marginally higher converted amounts for Revolut at the 100-unit level. However, for larger amounts (5,000 units), Wise generally provides better rates, as seen in the comparisons for USD to EUR, USD to GBP, and other currency pairs.
Thus, Revolut might be more advantageous for smaller transactions, while Wise appears to offer more favorable rates for higher amounts.
REVOLUT VS WISE - Standard Account Simulation as July 2024
| From/To | For 100 (Revolut) | For 1,000 (Revolut) | For 5,000 units (Revolut) | For 100 (Wise) | For 1,000 (Wise) | For 5,000 (Wise) |
|---|---|---|---|---|---|---|
| USD to EUR | 91.7 | 917.3 | 4,587.3 + €20.43 fee | 85.7 | 915.4 | 4,602.9 |
| USD to GBP | 77.2 | 772.9 | 3,865.3 + £17.02 fee | 72.2 | 777.8 | 3,875.8 |
| USD to CHF | 88.7 | 887.3 | 4,436.6 + CHF19.15 fee | 81.4 | 876.7 | 4,411.2 |
| EUR to GBP | 84.0 | 840.6 | 4,203.1 + £19 fee | 83.0 | 837.5 | 4,190.8 |
| EUR to NOK | 1,190.9 | 11,906.3 | 59,537.6 + NOK 269.71 fee | 1,168.8 | 11,852.1 | 59,334.0 |
| EUR to SEK | 1,162.4 | 11,624.4 | 58,122.0 + SEK 260.23 fee | 1,149.8 | 11,657.9 | 58,361.3 |
| EUR to PLN | 426.8 | 4,268.3 | 21,342.7+ zł 98.41 fee | 422.0 | 4,267.7 | 21,359.9 |
| GBP to PLN | 507.1 | 5,071.4 | 25,358.3 + zł 124.35 fee | 503.8 | 5,075.7 | 25,395.3 |
Additional Charges
Additional charges are as below:
- ATM Fees: 2% withdrawal fee on all withdrawals (€3500/£3,000 daily limit, or equivalent in other currencies). This fee is same for all plans.
- Merchant chargeback fee: depends on the currency of the original transaction (e.g. £/€15 or $20).
- Exchanging cryptocurrencies: incurs a 1.49% fee for the Basic plan, 0.99% fee for the Grow plan, and 0.49% for the Scale and Enterprise plans.
III. Platform & Features
Account Subscriptions
Revolut Business offers a range of subscription plans with each plan offers progressively more features and benefits :
- Standard plan is free and provides basic services with no interest on cash, limited fee-free currency exchange and local money transfer.
- Grow plan, at approximately €25/£19/$30 per month, increases the fee-free exchange limit and money transfers, adds interest on cash. Enhanced multi-currency account, more financial tools and integrations.
- Scale plan, costing around €100/£6.99/$119 per month, offers additional money transfers, higher exchange limit and cash interest. Advanced multi-currency account, comprehensive financial tools and integrations, additional support and management features.
- Enterprise plan, is completely custom based on the need of the customers and it is usually suitable for larger businesses. Cash interest is generous.
Revolut Account Currencies
As July 2024, in EEA and UK, you can receive money in your Revolut Business account in the following currencies:
AED, AUD, BGN, BRL, CAD, CHF, CLP, COP, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, LKR, MXN, MYR, NOK, NPR, NZD, PHP, PLN, RON, SAR, SEK, SGD, THB, TRY, USD, VND, ZAR
In the US, you can receive transfers in your Revolut Business account in the following currencies: GBP, EUR, USD, ZAR, TRY, SGD, SEK, SAR, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, AED, BGN, QAR and THB.
Others Features
- Transfer Speed: Instantly (between Revolut accounts and Wise); regular bank transfers usually take 1-2 working days (sometimes longer).
- Mobile App: Available for Android and Apple (free of charge).
- Debit Card: Available, both as physical and virtual cards. Both are free, except for the delivery fee on the physical card. Customized metal cards are available for paid plans.
- Transfers: There are regular bank transfers, bulk transfers (available only on the web application and for paid plans), and transfers by scanning or uploading a bill.
- Team: Managing your team’s data, payroll, and expenses. Each team member can have up to 3 physical Revolut cards (the first one is free of charge) and up to 200 virtual cards (always free of charge). There is also the possibility to connect your HR software to the app to have the employee data up to date in one place. Certain team features are also charged, such as the Expenses app (£/€ 5 per active team member) or the Payroll app (£/€ 3 per active team member).
- Merchant: Various services and tools such as payment processing, payment requests, payment links/QR codes (Revolut.me), and e-commerce capabilities (used through an API).
- Integration: Revolut Business offers integration with a wide array of some of the most popular software solutions in the areas of accounting, automation, HRIS, and payments.
- Other tools: Expense tracking, invoicing, POS (Point of Sale) both virtually and physically (card reader), rewards, accounting/e-commerce software integration.
IV. REvolut Customer Review
Reputation
Revolut boasts a 4.2-star rating on Trustpilot, with over 150,000 reviews, but users commonly cite fund freeze issues and subpar customer service:
- Sign-up: The digital sign-up process requires ID verification and address confirmation as well as business documentation. It usually takes minutes but occasionally several days.
- Mobile App: The mobile app, preferred for its organization, underwent a user-friendly redesign in the Revolut 10 update, though finding support can be challenging for newcomers.
- Multicurrency accounts are praised the most, including commission-free currency conversions (up to a limit).
- Transactions. There is a well-organized interface, featuring a dashboard for money transfers, card and team information, a submenu for frequently used options, and a hub for apps and integrations, though customer support is less accessible.
- Customer Support. Customer support primarily operates through in-app chat and email, with an FAQ section available, but users often report slow responses.
- Areas for improvement: addressing fund freeze issues, enhancing customer service, and adding traditional banking services.
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