Since its founding in 2015, the financial services company known as Revolut has established itself as a formidable rival to the major conventional banking organizations. Its goal is to streamline all parts of banking into a single app, eliminating the need for traditional bank branches. This strategy may make the process of banking easier to use for some companies by providing them with an environment that is intuitive, productive, and lightning-fast only online. On the other hand, the use of a conventional bank may be more advantageous for companies that primarily deal with cash deposits and need in-person assistance.
Companies can use the Revolut Business app to make and receive local and international payments, monitor and approve expenditures, issue invoices, and do various other financial tasks. The level of the plan that you have will determine the features that are accessible to you.
Pros
- Local accounts denominated in pound sterling and euros, with a maximum of three physical debit cards and up to 200 virtual debit cards allocated to each individual across all plans.
- A specialized mobile app for Revolut Business that syncs with accounting software like Xero, QuickBooks, and Sage; a quick, fee-free application process that takes just ten minutes to complete.
- You may receive, store, and trade money in over 30 currencies.
- 24/7 support.
Cons
- There is no actual bank.
- There are neither facilities for paying in cash nor for depositing checks.
- 2% cost on cash withdrawals from ATMs limited fee-free transactions.
- There are no overdrafts or lines of credit available.
What Pricing Plans Are Available For Revolut Business?
Customers may choose from one of three pre-set plans offered by Revolut Business or tailor a plan according to their company's needs. Even if consumers with less comprehensive plans can still access some services for an additional cost, the number of accessible features increases with each plan.
Revolut allows its users to sign up for a free account as well as two premium accounts called Grow and Scale. Each of these paid accounts has unique features and a unique monthly charge. There is also an option for a Custom Enterprise, and the price of this option is determined by the features you pick.
What Are The Revolut Business Account Fees?
There is an option available on Revolut Business that does not charge a monthly fee and is suitable for companies interested in having a free account. The Grow account, which costs £25 per month, and the Scale account, which costs £100 per month, are the two alternatives that need payment. In addition to that, there is a customizable choice.
What Kinds Of Functionality Are Available To Consumers That Use Revolut Business?
A Revolut Business account comes equipped with a multitude of features that are crucial to the successful operation of any business. You will discover that most business accounts available on the market have these fundamental components. You can make and receive payments, keep track of your money, and withdraw cash from your account.
A Revolut Business account comes with not just these fundamental characteristics but also extra services that assist companies in maintaining control of their financial situation. These are the following:
- Clients of Revolut Business have their unique mobile app
- Accounts kept locally in both pounds sterling and euros
- You may receive, store, and trade money in over 30 different currencies
- Monitor your expenditure inside the app
- Authorize payments in the app
- Provides both physical and digital card options
- Provides up to 200 virtual cards to each member of the team
- Integrates with other business platforms, such as Slack
- The app that keeps a record of receipts
- Withdraw cash
- Integration of credit and debit card payments through a merchant account
Conclusion
Managing the financial aspects of your business may be made easier and faster using Revolut. A substantial selection of features is offered, in addition to positive feedback from previous customers.
Revolut Business might be particularly useful for your business if it often engages in international trade. Many businesses' day-to-day operations might be made easier if they had access to a local account in both pounds sterling and euros and the business to accept, store, and exchange cash denominated in more than 30 other currencies.
By putting the procedures of expenditure management, spending authorization, and other day-to-day operations directly into the app, Revolut Business further streamlines all of these activities. You could also find its ability to sync handy since it allows it to work with other business services.
You should be mindful of the expense, despite the fact that many businesses consider these services to be a significant benefit. Be sure to choose the appropriate plan for your business by carefully examining the features you would use consistently and the potential cost of any extra fees that may be incurred. Also, remember that Revolut is not a bank; thus, if your firm depends on checking or cash transactions, you should look into other choices since there are likely to be more appropriate ones available.
