Outside of this expense management and payment gateways are supported. Although not as competitive as other options.
The pricing model for Revolut Business also makes them a little better for regular spending vs smaller amounts.
Overview
Monthly Fee | Exchange rate | Transfer fees | Multi-currency account |
|---|---|---|---|
Basic Plan - $0, Grow plan - $30, Scale plan - $119 | Starting at 0.5% | $0 | 2 local accounts (US & UK) |
- Multiple integrations including Slack, Zapier, and Xero
- Bulk expense management with 200 virtual cards at no cost
- You can hold and exchange 33 currencies within your business account
- No account management at any plan, meaning it's a fully self-managed account.
Features | Insight |
|---|---|
Batch payments | Bulk payments are limited to 1000 per CSV |
Expense management and tracking | Track and manage up to 200 virtual cards |
Pay invoices | Available with multiple payment options |
Receive Payments | Payments are received within a few hours and can be held or converted in the account |
Marketplace integration | Amazon, eBay, Gumroad, and more |
API options | API is available for making payments, integrating into systems, and invoicing |
Manage Payroll | Payroll can be managed manually, in bulk, or via API |
ATM Access | Access ATMs with a 2% fee on withdrawals |
Forward Contracts | You can lock the exchange rates with forward contracts |
Supported accounts and currencies
Within Revolut Business you can hold up to 25 currencies, as well as make regular payments with them. These are essentially IBAN accounts.
Local accounts are available in USD and GBP only. So likely businesses registered outside of these areas will find Wise Business or Airwallex a better solution, particularly for EUR or CAD coverage.
Country | Local account details |
|---|---|
United States | Account number, ACH routing number, Wire routing number |
UK | Sort code, Account number |
CAD in particular is of note for Revolut, in that they left the market several years back and no longer support businesses within Canada. They do however support transfers to and from the currency.
Supported currencies from Revolut Business
USD, CAD, MXN
Account limits on transfers
Because of the nature of Revolut Business fees, the price you pay will impact the amount of money that can be sent before certain limits are hit.
Here's how each option differs:
Basic | Grow | Scale | Enterprise | |
|---|---|---|---|---|
Price (monthly) | $0 | From $30 | From $119 | Custom |
No-fee International Transfers | 0 | 5 | 25 | Custom |
No-fee Local Transfers | 5 | 100 | 1,000 | Custom |
Currency Exchange at Mid-market Rate | $1,000 | $10,000 | $50,000 | Custom |
Then, the actual limits on transfers are:
Limit type | Limit |
|---|---|
Outbound payments | $175,000 |
Inbound payments | $1 million |
Cards and virtual cards
Revolut Business has a strong virtual card offering, with up to 200 at any one time available.
It is possible to issue 3 physical cards per team member as well.
The benefit here, this is across all levels of the account, so is also available to basic users.
Expense management
Expense management with Revolut Business is only available on higher-tiered accounts.
This means paying from $30 a month to access the feature, which would allow for receipt uploads and payment approvals.
If you're looking for something to keep track of fuel expenses, we'd suggest looking into fuel cards, as they will be cheaper and more tailored to your needs.
ATM points
ATM withdrawals on Revolut Business are charged at 2% of the withdrawal amount, even on higher tiers.
This is high, and you may expect a little leeway on higher-tiered accounts.
This being said it is not uncommon for multi-currency platforms to charge for this feature (for example Wise Business is also upwards of 2% for transfers.)
Revolut business account fees
Service | Revolut Business Fee |
|---|---|
Domestic transfers | You get 5 free transfers, followed by $5 for each additional transfer |
International transfers | 5$ per international transfers |
Currency conversion fee | 0.6% during market hours (1% on the weekend and outside the market hours) |
Receiving money fees | $0 for receiving money into local accounts |
ATM withdrawal fees | 2% on withdrawals for all plans |
Opening an account | $0 / £0 |
Getting a Revolut card | $0 for the first card |
Spending with Revolut card | Same as for transfers within the limit. 1% when exchanging money outside the market hours |
Cards for team members | $0 but limited to 3 physical & 200 virtual cards per team member |
Card replacement | $4.99 for physical card replacements |
Card delivery fee | Free |
Storing currencies | Free |
FX Forward contract | 0.8% of contract value (all plans) |
Cryptocurrency conversion fee | 1.49% for the Basic plan, 0.99% for the Grow plan, and 0.49% for the Scale and Enterprise plans |
Revolut payment gateway
Revolut Business also offers a payment gateway option that integrates into multiple popular e-commerce platforms.
This has plugins for:
WooCommerce
PrestaShop
Magento
OpenCart
Shopify
Pricing for the payment gateway is more expensive for cross-border transactions than Sokin and GoCardless in particular. Both of these offer international payments at under 2.5% for the higher tiers, Revolut Business is 2.8% of the transaction amount as standard on all international payments.
Domestic Consumer | 1% + £0.20 |
|---|---|
Domestic Commercial | 2.8% + £0.20 |
All International Cards | 2.8% + £0.20 |
Digital Wallets | No added cost from the above |
Instant bank payment | 1% + £0.20 |
Setup fee | N/A |
Monthly fee | N/A |
Chargebacks | £15 |
Signing up for Revolut
Begin Application
Go to the Revolut Business sign-up page and start the online application by entering your contact details.
This includes your full name, address, and date of birth.
Submit Business Information
Submit your company's registered name, company's trading name, and incorporation number. This information will be matched to the database to pull all needed records.
In case of a mismatch, you will need to manually submit your most up-to-date incorporation certificate or registry extract.
Verify Identity
Upload documents to prove your identity and business legitimacy. This includes your name, address, a photo of your ID, a selfie, business description, and business location.
Await Approval
After submitting, wait for approval.
It usually takes a few hours but can take longer if further information is needed about the business.
Once approved, add funds to your account and begin using Revolut Business features.
Revolut Business API
Revolut Business offers an API that allows company's to connect their own applications and accounts.
Automate payments and pay suppliers, staff or expenses easily
Generate custom payment reports based on multi-currency spending
Add and manage users and counterparties
Autogenerate payment links and requests
Build web-hooks for transactions and changes on accounts
Eligibility
As with all payment platforms, there are some restrictions on the types of companies and countries of operation that can be used with Revolut Business.
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