We recently published a blog outlining all the reasons why opening a Business Current Account is a good idea. Connected to this and to help give you a better idea of what’s out there, we’ve compiled some key information on the services offered by a prominent partner in this field, Revolut Business.
What is Revolut Business?
Launched in the UK in 2015 by business partners Nikolay Storonsky and Vlad Yatensko, Revolut has expanded to offer dozens of products including business accounts, tailored to suit their 500k business customers worldwide.
But what is Revolut Business? Intended to simplify business accounts and minimise high fees on international payments, business owners can create an online account to:
- Control their payments – manage all your business finances in one place
- Manage company cards and expenses – issue physical and virtual cards, track spend and automate expenses
- Accept debit & credit card payments into a dedicated merchant account
- Link to business applications like Xero and Slack – save time with software integrations
- Handle international payments and set up multi-currency accounts
Let’s take a closer look at this final point…
What challenge is Revolut Business trying to solve here? High fees, time-consuming processes, disparate currency accounts, these are all challenges business owners can face when trading internationally. Multi-currency accounts allow you to hold, exchange, send and receive funds in 28+ currencies so you can avoid transaction and maintenance fees and save on exchange rates. What’s more, FX rates are offered at the ‘Interbank’ exchange rate – the rate banks are exchanging between themselves – helping to reduce the cost associated with transactions in different currencies.
That’s all well and good but are there any services Revolut Business don’t offer?
Check out the table below to understand all the services available to customers on the ‘Free’ and ‘Grow’ plan. Further details on these plans can be found below.
How do I set up a Revolut Business account?
You have the option to open two types of accounts: corporate and freelancer. Depending on the option you choose, certain information will be required like your name and address. For a corporate account you will also need to provide details like your business name and location. Once submitted, your application will be reviewed by the Revolut team, with the process typically taking between 1 – 7 days to complete.
How much does it cost to open an account?
The cost for opening an account will depend on the type of business account you have opened. Based on a monthly payment plan, businesses have the option to start for free and upgrade to a more comprehensive plan as they scale and grow. Further details can be found here.