Revolut is an international fintech company that offers financial and banking services to both consumers and businesses across the globe.
Revolut has more than 35 million personal customers and 500,000 business customers globally, making it one of the most popular choices for banking.
In this review, we will look into the finer details of the Revolut Business Account—including its fees and features—so you can determine if it is the right fit for you and your business needs.
Pros
- Choice of plans
- Discounts and free trials available
- Wide range of banking and business services
Cons
- Hidden costs with some services
- Small amount of no-fee international transfers
- Some poor customer reviews
Table of Contents
Featured Partner
1
Revolut Business
Monthly Fee
From $21 (Grow Plan)
Currencies
25+ (send, receive & exchange)
No-fee International transfers?
Yes, up to a certain amount and dependent on the plan
2
Wise Business Account
Sign up for the business account with no hidden charges, high rates or monthly fees
Pay employees, get paid and manage cash flow overseas – all in one place
Move money between currencies in seconds, always with the real exchange rate and without high conversion fees
What Is Revolut And Revolut Business?
Launched in the UK in 2015, Revolut is an international fintech company that offers a host of banking and financial services. Customers can use the app in more than 150 countries and across 25 currencies, with transactions possible almost anywhere.
Related: Wise Vs Revolut, Which Is Best For You?
Revolut serves two audiences: personal and business clients. When signing up for a business account, you can choose to add your entire company staff to Revolut, sign up as a freelancer, or be invited by an existing company as their employee.
Since expanding its operations Down Under, Revolut Business says its aim is to help local businesses manage payments, control spending, and enhance the way Aussie businesses operate in a global market. Revolut Business is offered by Revolut Payments Australia Pty Ltd, which is regulated by the Australian Securities and Investments Commission (ASIC) under an Australian Financial Services Licensee (AFSL).
Despite being used by 35 million personal customers across the world and 500,000 business customers, Revolut has only received 2.4 stars on independent consumer review site, ProductReview, from 130 reviews, with some reviewers citing poor customer service.
How Much Does a Revolut Business Account Cost?
There are three different plans that Revolut Business customers can choose from, depending on their business needs. All plans can be used on web or mobile devices.
The cheapest plan is called ‘Grow’, which starts at $21 a month, however, you can save 17% if you sign up for an annual subscription, rather than a monthly plan. As the name suggests, Grow is suited towards smaller businesses that are wanting to establish their presence and expand their business.
The mid-tier subscription is called ‘Scale’ which, again, as the name suggests, is for businesses looking to scale their operations further, costs $79 a month, with a 21% discount when you sign up to an annual subscription. Until the end of March, new Revolut business customers can sign up for a one month free trial of the Grow or Scale plans.
Lastly, the top-tier plan is ‘Enterprise’, which is tailored towards larger businesses, and can be customised to suit the needs of the organisation or company. As a result, there is no set monthly price; instead, interested parties will need to request a quote.
Revolut Business Account Services
A Revolut Business Account provides customers with access to a wide range of services that can assist you in running and growing your business globally. Some 100 countries are supported for payments in more than 25 currencies.
Revolut Business also offers bulk payments of up to 1,000 payees at once, across multiple currencies, including scheduled and recurring payments to make sure you never miss a bill or salary payment. There is also unlimited team member access so you can keep adding staffers as your business grows; expense and payment approval systems; and account support from Revolut.
There are plenty of other services available, too; however, these may vary depending on the tier of subscription you choose. Below we have compared the account plans and the services offered.
Compare Revolut Business Account Plans
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Notes:
- No-fee international transfers outside of the amount specified will incur a $10 fee
- No-fee local transfers outside of the allowance per plan will incur a $0.20 fee
- A 0.60% fee incurs for anything over this allowance of currency exchange, and a 1% fee for exchanges outside market hours. The interbank rate is an exchange rate that is found by taking the midpoint between numerous currency buy-and-sell rates on the open market.
- Outside of the plan allowance, any additional metal business cards will cost $79.99 per card.
- Integrate your pre-existing apps such as Xero, Slack, Zapier and more to reduce your admin.
Bottom Line
Revolut Business is used by a range of companies, entrepreneurs and small businesses worldwide, with around 10,000 businesses added to Revolut’s books every month. There is a wide range of business services available to help Australian companies and entrepreneurs run their operations on a global scale, including international transfers and the ability to pay in other currencies.
However, for businesses operating solely in Australia, Revolut Business may not be worth the monthly spend and additional fees for access to certain services. Ultimately, the decision of whether or not Revolut Business is right for you may come down to how much international business you do and, if not, whether you plan to scale globally in the future.
Featured Partner
1
Revolut Business
Monthly Fee
From $21 (Grow Plan)
Currencies
25+ (send, receive & exchange)
No-fee International transfers?
Yes, up to a certain amount and dependent on the plan
2
Wise Business Account
Sign up for the business account with no hidden charges, high rates or monthly fees
Pay employees, get paid and manage cash flow overseas – all in one place
Move money between currencies in seconds, always with the real exchange rate and without high conversion fees
Frequently Asked Questions (FAQs)
Is Revolut available in Australia?
Yes, Revolut is available in Australia. While Revolut was first founded in London in 2015, it has since expanded its operations, opening up a specific Revolut Australia brand.
Is Revolut Business the same as Revolut?
Yes and no. Revolut Business is owned by Revolut, but it is the business account option of the finance service company. Meanwhile, Revolut usually refers to the personal Revolut accounts that are targeted towards individuals.
Does Revolut have an app?
Yes, Revolut and Revolut Business are both available via an app that can be downloaded on both iOS and Android. You can also use Revolut and Revolut Business via a web browser.
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