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Revolut Business Review 2024
As a one-stop financial solution, Revolut Business transcends geographical and currency boundaries. With operations in over 40 countries, and combining various financial services into a user-friendly application, business financial management becomes seamless.
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Published
11 months ago
10m
Coincub Score
/5
Open Account
Account opening is minimalistic and straightforward, although KYC may cause slight delay.
/5
Interface
Intuitively designed with a clean layout and a responsive mobile first design.
/5
Customer support
Live chat and email; the response time and resolution of issues could be improved.
/5
Security
Robust security measures including 2FA, biometric access, and high-grade encryption to protect user data and funds.
/5
Fees
Competitive fee structure with moderate charges for various transactions, higher for crypto companies.
/5
Withdrawal
Multi-currency accounts, expense management, and seamless integrations with accounting software.Revolut Business info
EXCHANGE INFO
| Founded | 2017 |
| Headquarters | London, UK |
| Website | https://www.revolut.com/ |
| Target clients | Individuals, Businesses |
| Employees | 5,001-10,000 |
Financials
| Market cap | Large cap - $10b-$200b |
| Daily volume trading | $40 billion (2020) |
| Revenue | £850 million in 2022 |
Currencies
| Fiat supported | 40 currencies, including GBP, USD and EUR |
| Cryptocurrencies | 120+ including BTC, ETH and ADA |
FEES AND TRADING
| Pricing Plans | Free, Grow €19/month, Scale - €79/month, Enterprise - custom |
| Cryptocurrency Fees | 0.99% or 1.99% depending on your plan |
Crypto services
| Tokenization services | |
| Offers Bitcoin ETF | |
| Staking services | |
| Interest on savings | Issued |
| Crypto Custody | |
| Crypto Trading |
Business services
| Invoicing service | |
| Payments Services | |
| Cards | |
| API | |
| Insurance Coverage | |
| Interest on savings | 4.1% |
REGISTRATIONS
| Crypto licenses VASP | Cyprus, Singapore, Spain, United Kingdom |
| Banking licenses (IBAN) | Bank of Lithuania, Ireland |
| Money Transmitter or E-Money Licences | UK, USA (40 states) |
Explore Revolut Business
Key Features
Multi-currency Accounts
- Supports transactions in 25+ currencies to and from 100+ countries.
- Currency exchange at competitive rates with no hidden fees.
Payment Solutions
- Flexible and fast payment acceptance through various channels, including Payment Links, Payment Gateway, Payment QR Codes, Revolut Reader, and Revolut Pay.
- Expense Management: Streamlined process for managing expenses, issuing up to 3 physical and 200 virtual cards per team member, coupled with analytics for real-time financial control.
Advanced Treasury Management
Facilitates effective cash flow management, forward contracts, and cryptocurrency transactions (subject to geo-restrictions and
other terms).
Integrations and APIs
Seamless integration with popular business tools like Xero, Slack, QuickBooks, Zoho Books, and Zapier.
Global Accessibility
Active in over 40 countries with a swift account setup process, typically completed within 24 hours.
Pricing Plans
Revolut Business offers tiered pricing plans catering to diverse business needs. Plans range from Free to Custom, with varying limits on fee-free local and international payments and foreign exchange allowances.
For freelancers, plans from Free to Ultimate, offer a range of fee-free local and international payments and foreign exchange allowances.
How does Revolut Business compare?
Revolut Business is a remarkable entity within the fintech ecosystem, striving to redefine traditional banking by offering a centralized platform for diverse financial needs. Here is an overview of Revolut Business and its positioning within the fintech ecosystem:
1
Traditional Banks: Revolut Business trumps traditional banks with its rapid account setup, lower fees, superior user experience, and expansive multi-currency and virtual card offerings.
2
Neobanks (e.g., Monzo, Starling, Cashplus): Revolut’s international orientation, competitive fee structure, and extensive feature set position it favorably against neobanks, which often have a UK-centric approach and limited international business features.
3
Electronic Money Institutions (e.g., Wise, Anna, Tide): Revolut Business outperforms with a dedicated business app, lower currency conversion fees, and a broader range of functionalities.
4
Crypto Banks (e.g., Bank Frick, Wirex, Solaris Bank): Revolut Business puts a premium on pricing for crypto businesses compared to native crypto banks. Additionally, users do not own the private keys to their crypto holdings. It has been facing heightened regulatory examination, which may influence its services and offerings (e.g., withdrawal from the US).
Top 5 things we love, 5 annoying things about Revolut Business
5 things we love about Revolut Business
- Intuitive interface and responsive customer support.
- Convenient currency exchange features.
- Create and manage physical and virtual cards.
- Instant transfers between Revolut accounts.
- Integration with accounting platforms like Xero.
5 annoying things about Revolut Business
- High costs for crypto businesses and low crypto features.
- Can be complex for traditional banking clients.
- Some regions Lack credit and loan services.
- The rewards system may not apply to all types of users.
- Users reported hard to reconcile expenses across accounts.
Is Revolut Business safe?
Although not a bank in every jurisdiction, Revolut Business ensures the safety of funds through stringent safeguarding measures, holding funds in ring-fenced accounts with reputable global banks or investing in low-risk assets.
Revolut offers various security features to protect user funds and transactions, such as the following:
- FDIC insurance – Your funds are covered up to the value of $250,000 with FDIC insurance
- Anti-fraud measures – Revolut will flag suspicious activity, and ask for verification to keep your account safe, and its Revolut business cards are 3D secure
- Team permissions – Manage admin rights with team permissions so you can control exactly who has access to your account
In July 2023, according to the Financial Times, Revolut sustained a $20 million loss at the hands of organized crime groups, attributed to a vulnerability in its payment system that persisted from the end of 2021 to the beginning of 2022.
Security Protocols
Revolut Business employs a multi-faceted security infrastructure to ensure the utmost safety of its users’ funds and data. The security protocols are designed to mitigate risks associated with unauthorized access, fraud, and data breaches. Key security features include:
- Two-Factor Authentication (2FA): Enhancing account security by requiring a secondary verification step during login.
- Biometric Access: Employing fingerprint and facial recognition for added security.
- Real-Time Alerts: Instant notifications for account activity, aiding in the early detection of unauthorized access.
- Data Encryption: Utilising high-grade encryption to safeguard user data during transmission and storage.
The robustness of these security protocols reflects a high degree of dedication towards securing user data and funds. Revolut’s ongoing investments in security infrastructure indicate a strong commitment to maintaining a safe environment for its business clientele.
Revolut Business Services for Crypto Companies
Revolut Business has carved a niche by amalgamating traditional financial management tools with modern digital assets management, creating a comprehensive treasury management platform for today s businesses. Although Revolut ceased crypto services in the US in 2023 due to regulatory changes, the services remain widely available in other parts of the world where it is present.
Accepted cryptocurrency firms
- Companies that use blockchain technology: Companies that employ blockchain technology in their operations, leveraging its features for enhanced security, transparency, or other operational benefits.
- Companies that accept/pay with cryptocurrency: Entities that accept cryptocurrency as a form of payment or utilize it for transactions within their business ecosystem.
User Experience and Customer Support
Similar to the Revolut app for retail clients, the user-centric design approach adopted by Revolut Business plays a pivotal role in facilitating ease of use and enhancing user satisfaction. Revolut Business boasts a sleek and intuitive user interface catering to novice and seasoned business personnel. Some noteworthy features include:
- Ease of Navigation: The platform is designed with simplicity, making it easy for users to navigate various features and services.
- Responsive Design: Ensures a consistent user experience across various devices, including mobiles, tablets, and desktops.
- Informative Dashboard: Provides a comprehensive overview of account activity, financial insights, and transaction histories, aiding in efficient financial management.
Customer Support Channels
Revolut Business offers a variety of customer support channels to address concerns and queries. The customer support infrastructure includes:
- Live Chat Support: Provides immediate assistance and is available within the app for quick resolutions to user queries.
- Email Support: An alternative for less urgent inquiries or detailed assistance.
Help Center: A comprehensive repository of articles, guides, and FAQs to assist users in troubleshooting common issues. - Community Forum: A platform for users to interact, share experiences, and find solutions to common problems.
FAQs
“Wen Bitcoin Withdrawals?”
As of 2021, Revolut allows Bitcoin withdrawals, granting personal accounts in the UK the ability to transfer BTC to their wallets.
Initially, this feature was exclusive to Revolut Metal customers in the UK, enabling them to add three external addresses and withdraw up to £500 daily and £1,000 monthly, with the added security of two-factor authentication.
Nik Storonsky, Revolut’s Founder and CEO, highlighted that this highly anticipated feature marked the beginning of numerous forthcoming crypto functionalities to offer one of the most robust crypto products in the market. Although there is no mention for business clients, crypto withdrawals remain a big ask from the crypto community.
Which cryptocurrencies are supported on Revolut Business?
If your business has access to cryptocurrencies, you can buy/sell Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polygon (MATIC), Polkadot (DOT), Cardano (ADA) and Ripple (XRP).
Is there crypto cashback for business card expenditures?
Yes! Crypto cashback is credited promptly after your crypto card transaction. However, a card transaction might sometimes linger in a ‘pending’ status before finalization (this duration could extend to a few days). Similarly, your crypto cashback will stay in a ‘pending’ state until the principal transaction is finalized. The cashback will be accorded in the cryptocurrency utilized for the transaction. Notably, the crypto cashback for card payments feature is available for a restricted period.
Is Revolut Business a bank?
Sometimes. Revolut Business operates as a bank within certain areas, including the European Economic Area (EEA). Possessing a comprehensive banking license from Lithuania through Revolut Bank UAB, the company is enabled to provide banking services across borders to its business clientele within the EEA.
Conclusion
Revolut has a habit of transforming users into advocates. Now, Revolut Business is attempting to do the same for businesses. It encapsulates a holistic financial solution for modern enterprises, eliminating the complexities of international business transactions. Its competitive pricing, global orientation, and extensive feature set make it a compelling choice for businesses aiming for efficient financial management.
The service embodies a modern, agile, and customer-centric approach to financial services, challenging traditional banking paradigms and striving to establish a comprehensive, integrated financial ecosystem. Meanwhile, Revolut Business appears committed to providing robust expense and spend management tools to help businesses manage their finances effectively.
The security framework of Revolut Business, fund-safeguarding procedures, and regulatory compliance ensure a secure and reliable platform for its users. The ongoing efforts to improve and adapt to the evolving regulatory landscape further enhance its position as a trustworthy financial service provider for businesses.
Coincub verdict: Open account
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This is not financial advice. Coincub is an independent publisher and comparison service. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. This space changes rapidly and evolving, so please make sure to do your own research. Although we do our best to provide you the best information, we cannot guarantee the accuracy or applicability of any information on this site or in regard to your individual circumstances.