An in-depth look at the features, pricing, and benefits of Revolut Business, and how it stacks up against competitors in the United States market.
Revolut Business Account is a digital financial platform catering to businesses of all sizes. It has become a popular choice for entrepreneurs and startups seeking cost-effective and efficient financial management solutions. Having recently launched in the United States market, this Revolut Business review will explore the platform’s features, benefits, and limitations.
Revolut for Business App offers an innovative financial platform, providing financial services and tools for businesses of any size.
- An in-depth look at the features, pricing, and benefits of Revolut Business, and how it stacks up against competitors in the United States market.
- Essential Features of Revolut Business
- Key Benefits and Limitations of Revolut Business
- Understanding the Differences Between Revolut and Revolut Business
- Tailored Revolut Business Plans for Companies and Freelancers
- Comparing Plans for Companies and Freelancers
- How to Open a Revolut Business Account
- Revolut Business Account Requirements
- Pros and Cons of Revolut Business
- Direct Competition
- How Revolut Business Compares to Other Offers
- Does Revolut Business Affect Credit Score?
- Revolut Account Reviews
- Bottom Line
- Other Business Cards and Offers
- Frequently Asked Questions (FAQs)
Essential Features of Revolut Business
Revolut Business Account offers a comprehensive suite of financial services tailored to meet the needs of today’s modern enterprises. Let’s delve into the platform’s key features and explore how they can benefit your business.
- Unified financial management: Revolut Business streamlines your company’s financial operations by consolidating various services, such as company accounts, corporate cards, payment processing, and currency exchange, all in one intuitive platform.
- Real-time payment tracking and reconciliation: Stay on top of your finances with instant notifications for every transaction and seamless payment reconciliation, simplifying the accounting process and ensuring accuracy.
- Prepaid corporate cards for global use: The Revolut Business debit card enables you to make purchases and withdraw cash in the US and abroad, leveraging competitive exchange rates and minimizing additional fees.
- Automated invoicing and payment solutions: Streamline your billing process with the platform’s invoicing feature, which facilitates the creation and sending of itemized invoices to merchants or customers. Moreover, businesses can accept payments via bank transfer, ensuring prompt and secure transactions.
- Multi-currency capabilities: The multi-currency account feature empowers businesses to hold, exchange, and execute international payments in over 25 different currencies, all without hidden fees or commissions, enhancing your global financial reach.
In summary, Revolut Business USA is a versatile and feature-rich platform that simplifies financial management for businesses. With its array of services and user-friendly interface, it proves to be a valuable tool for companies looking to optimize their financial operations and expand their global reach.
Key Benefits and Limitations of Revolut Business
Revolut Business has become an increasingly popular choice for companies seeking a user-friendly and cost-effective financial management platform. Let’s look into the benefits and limitations of this innovative platform.
Benefits
- User-friendly experience: Revolut Business boasts a modern and intuitive interface, simplifying financial management tasks. The streamlined sign-up process, coupled with the platform’s compatibility with iOS and Android devices, ensures quick and easy access to account balances, spending tracking, and payments.
- Cost-effective solutions: With transparent pricing and no hidden fees, Revolut Business is an attractive option for companies looking to reduce banking expenses. The multi-currency account, for instance, allows users to hold and exchange currencies without commissions or markups, resulting in significant savings compared to traditional banks.
- Robust security and fraud prevention: Revolut Business employs cutting-edge technology to safeguard your accounts from fraud and unauthorized access. The chip and PIN technology equipped cards, coupled with 3D Secure authentication for online transactions, provide enhanced security measures for your financial transactions.
Limitations
- Not suitable for all businesses: Revolut Business may not be the optimal choice for companies requiring in-person banking services, such as cash deposits or withdrawals.
- Limited brand recognition in the US market: As a relatively new entrant, Revolut Business may lack the brand recognition of more established banks or financial service providers in the United States.
In conclusion, Revolut Business offers a range of benefits, including user-friendly features, cost-effective solutions, and robust security measures. However, potential limitations, such as the lack of in-person banking services and limited brand recognition in the US market, should be considered when evaluating its suitability for your business.
Understanding the Differences Between Revolut and Revolut Business
Revolut and Revolut Business are distinct products from the same company, each catering to unique financial needs. While Revolut is designed for personal use, Revolut Business is specifically tailored for companies and freelancers. Let’s take a closer look at the key differences between the two products.
Revolut, a digital finance app, offers personal users an array of features such as:
- A prepaid card for global transactions
- Bank transfers for seamless money movement
- Access to multiple currencies for international financial needs
- Budgeting tools for effective personal finance management
In contrast, Revolut Business Account is geared towards companies and delivers a suite of specialized services, including:
- International payments for smooth cross-border transactions
- Virtual cards for secure online purchases
- Corporate accounts for streamlined business financial management
- Automated bookkeeping to simplify accounting processes
Moreover, Revolut Business offers enhanced flexibility and control compared to the standard version, with additional features like multi-user accounts and customizable team spending limits.
Both products are available in different tiers, catering to various customer requirements while sharing a common goal: to simplify money management. Ultimately, the choice between Revolut and Revolut Business depends on whether you’re seeking a solution for personal finance or business operations.
Tailored Revolut Business Plans for Companies and Freelancers
Revolut Business offers a diverse range of account plans catering to the unique requirements of companies and freelancers across the United States. With plans designed to accommodate various sizes, transaction volumes, and specific needs, there is a suitable option for every business. Moreover, discounted annual pricing options are available for added convenience.
For Companies
- No Fee Plan: Perfect for startups, this plan features a no-monthly-fee business account, a virtual card, and up to two physical cards.
- Grow Plan: Designed for expanding businesses with increasing transaction volumes, this plan offers additional virtual and physical cards, priority support, and team access, building on the No Fee Plan’s foundation.
- Scale Plan: Ideal for larger businesses with sophisticated requirements, this plan includes higher transaction limits, multi-currency accounts, and integrations with popular accounting and expense management tools, in addition to all the Grow Plan features.
- Enterprise Plan: Geared towards large corporations with intricate needs and high transaction volumes, the Enterprise Plan incorporates dedicated support and custom onboarding, along with all the Scale Plan features.
For Freelancers
- No Fee Plan: Crafted for freelancers and solo entrepreneurs, this plan comprises a no-monthly-fee business account, a virtual card, and a physical card.
- Professional Plan: Suitable for freelancers with increased transaction volumes, this plan adds more virtual and physical cards, priority support, and multi-currency accounts to the No Fee Plan features.
- Ultimate Plan: Designed for high-earning freelancers with complex needs, the Ultimate Plan offers higher transaction limits and dedicated support, building on the Professional Plan’s offerings.
In summary, Revolut Business caters to a wide array of needs with its diverse plan offerings and benefits. The annual pricing option further enhances its appeal, providing businesses with a cost-effective and flexible solution.
Revolut Business Pricing Comparison
Explore the pricing structure for Revolut Business plans available in the United States, designed to accommodate businesses and freelancers with varying needs and budgets.
| Plan | Monthly Price | Annual Pricing Discount | |
|---|---|---|---|
| No Fee Plan | $0 | $0 | Claim this offer |
| Grow Plan | $39.99 | Save 24% on the annual plan | Claim this offer |
| Scale Plan | $149.99 | Save 21% on the annual plan | Claim this offer |
| Enterprise Plan | Custom | Custom | Claim this offer |
| Freelancer No Fee Plan | $0 | $0 | Claim this offer |
| Freelancer Pro | $9.99 | Save 28% on the annual plan | Claim this offer |
| Freelancer Ultimate | $39.99 | n/a | Claim this offer |
Please note that prices may vary depending on specific features and requirements. Additionally, the annual pricing option provides a discount on the monthly price.
Comparing Plans for Companies and Freelancers
Selecting the ideal business account can be challenging, given the multitude of options available. Revolut Business has emerged as a popular choice for businesses of all sizes in the United States, offering tailored plans to suit both companies and freelancers. In this comprehensive comparison table, we’ve highlighted the key features of each plan to help you easily identify the perfect option for your needs.
| Plan | Company Plans | Freelancer Plans |
|---|---|---|
| No Fee Plan | No Fee Plan | |
| Grow Plan | Professional Plan | |
| Scale Plan | Ultimate Plan | |
| Pricing | From $0 to custom pricing per month $0 annual fee for virtual cards up to 2 physical cards | From $0 to $39.99 per month $0 annual fee for virtual card and 1 physical card $4.99 for additional physical cards |
| Physical Cards | Up to 2 complimentary cards, additional cards $4.99 | 1 complimentary card, additional cards $4.99 |
| Virtual Cards | Unlimited | Unlimited |
| Payment Links | Not Available | Available |
| Payment Request | Not Available | Available |
| Invoicing | Available, which allows businesses to automatically send itemized invoices to merchants or customers | Available, which allows businesses to automatically send itemized invoices to merchants or customers |
| Multi-currency | Available, which allows businesses to hold and exchange 28 currencies | Available, which allows businesses to hold and exchange 28 currencies |
| Open API | Available, which allows businesses to integrate Revolut Business with other systems and apps | Available, which allows businesses to integrate Revolut Business with other systems and apps |
| Bulk Payment | Not Available | Available |
| Payment Approval | Not Available | Available |
| Payment Categories | Available, which allows businesses to categorize transactions for better expense management | Available, which allows businesses to categorize transactions for better expense management |
| Card Controls | Available, which allows businesses to enable/disable contactless payments, online transactions, and ATM withdrawals | Available, which allows businesses to enable/disable contactless payments, online transactions, and ATM withdrawals |
| Team Access | Available, which allows businesses to add team members with varying levels of access | Available, which allows businesses to add team members with varying levels of access |
| Tax Accounting | Available, which provides businesses with tax-compliant transaction data for simplified tax accounting | Not Available |
| Spend Limits | Available, which allows businesses to set individual or team-wide spending limits | Available, which allows businesses to set individual or team-wide spending limits |
| Mobile App | Available for both iOS and Android devices | Available for both iOS and Android devices |
| Try Revolut for Companies | Try Revolut for Freelancers |
In conclusion, Revolut Business provides an extensive array of features across its plans for both companies and freelancers in the United States. Ranging from the No Fee Plan, designed for small businesses just starting out, to the Scale Plan, catering to larger enterprises with more intricate requirements, there’s a plan to suit everyone. Whether you’re seeking unlimited virtual cards, multi-currency support, or advanced invoicing and payment capabilities, Revolut Business has you covered. By thoroughly examining the features of each plan, you can make an informed decision and select the ideal plan for your business.
How to Open a Revolut Business Account
Opening a Revolut Business account is simple. Just follow these steps:
- Click “Apply Now” or “Claim this offer” and open the initial application page
- Choose “Create a Corporate Account”, “Create a Freelancer Account” or “Join the Company”
- Sign up for a new account and provide all the required information, such as your business name, address, and type of business.
- Verify your identity by providing a valid ID and a selfie.
- Choose the features and services you want for your account, such as virtual cards, physical cards, and payment processing (not yet available in the US).
- Once your application is approved, you can start using your new account.
Revolut Business Account Requirements
Here are some common requirements for opening a Revolut for Business account:
- Legal entity: Your business must have a legal entity, such as a limited company or sole proprietorship.
- Proof of identity: Provide a valid government-issued ID, such as a passport or driver’s license.
- Proof of address: Submit a recent utility bill or bank statement showing your business address.
- Registration documents: Provide proof of your business registration, such as articles of incorporation or a license.
- Business description: Offer a brief description of your activities and purpose.
- Business plan: If you’re a new startup, you may need to provide a business plan.
Keep in mind that specific requirements may vary depending on your location and the type of account you’re applying for. It’s crucial to review the application process carefully and ensure that you have all the necessary documents and information before applying.
Pros and Cons of Revolut Business
| Advantages | Disadvantages |
|---|---|
| Cost-effective: With transparent pricing and no hidden fees, Revolut Business is an affordable option for businesses looking to save on banking fees and other financial services. | Limited in-person services: As primarily an online platform, Revolut may not be suitable for businesses requiring in-person banking services, such as cash deposits or withdrawals. |
| Multi-currency account: The platform enables businesses to hold and exchange 25+ different currencies with no commission or markup, potentially saving significant amounts compared to traditional banks. | Limited brand recognition: As a relatively new platform in the US market, Revolut may lack the brand recognition of more established banks or financial services providers. |
| User-friendly: Revolut’s modern and user-friendly platform boasts an intuitive interface for managing finances quickly and easily. | Limited ATM network: While the corporate card allows cash withdrawals from ATMs, the network may be limited compared to more established banks. |
| Secure: State-of-the-art technology protects Revolut accounts from fraud and unauthorized access, including chip and PIN technology for prepaid cards and 3D Secure authentication for online transactions. | No overdrafts: Revolut does not offer overdrafts, potentially limiting its appeal to businesses requiring access to credit or loans. |
| Invoicing: Businesses can easily create and send itemized invoices to merchants or customers, set payment terms, and track payment history. Customers can conveniently pay via bank transfer. | Limited customer support: Support is mainly provided through chat and email, which may not be as responsive or comprehensive as other support options. However, Revolut claims to offer 24/7 support. |
Despite its limitations, Revolut Business is a strong contender in the competitive US market, particularly for businesses seeking cost-effective and efficient financial management solutions.
Direct Competition
In the United States, several direct competitors include:
- Novo: An online banking platform offering checking accounts, debit cards, and other financial services for small businesses. (See: Novo Business Banking Review)
- Brex: A financial technology company providing corporate credit cards and cash management services for startups and small businesses.
- Wise: Wise (formerly TransferWise) is a digital money transfer platform offering multi-currency accounts, prepaid cards, and other financial services for businesses.
- BlueVine: An online lending platform providing lines of credit and invoice factoring services for small businesses, as well as checking accounts and business cards.
Each competitor offers a range of financial and business services, with individual strengths and weaknesses. While Revolut is known for its user-friendly virtual platform and international money transfer capabilities, competitors like Brex and Wise may provide more specialized services for specific industries or business types. The best choice for a business will depend on its unique needs and priorities.
How Revolut Business Compares to Other Offers
Novo vs. Revolut
Both Novo and Revolut Business are virtual banking platforms offering financial services. Novo provides business checking accounts, Novo Business debit card, and other financial services, while Revolut for Business offers prepaid cards, international money transfers, and other features to help companies manage their finances more efficiently. While both platforms offer user-friendly mobile apps and online dashboards for managing accounts and expenses, Revolut for Business may be a better fit for companies requiring international money transfer capabilities. In contrast, Novo Business may be more suitable for businesses looking for a simple and affordable business checking account. Ultimately, the best choice for a business will depend on its individual needs and priorities.
Revolut vs. NorthOne
Both are online banking platforms providing services for small businesses. Revolut for Business offers prepaid debit cards, international funds transfers, cashback of up to 1.9%, and other features to help businesses manage their finances more efficiently. NorthOne provides online business checking accounts with cashback rewards, budgeting tools, and NorthOne Business Debit Card. Both platforms have user-friendly mobile apps for managing accounts and expenses. Revolut may be a better fit when requiring international money transfer capabilities, while NorthOne Business may be more suitable when looking for a cashback rewards program on business expenses. The best choice will depend on the business’s specific needs and preferences, such as the need for international money transactions or cashback rewards, as well as factors like fees, user support, and overall ease of use.
Divvy vs. Revolut
Revolut for Business and Divvy are financial management tools designed to help businesses streamline their expenses. While both offer virtual and physical cards and budgeting and spending control features, there are some key differences. Revolut for Business provides multi-currency support, invoicing, and payment links, as well as access to open APIs for integration with other systems and apps. On the other hand, Divvy offers a more robust expense management system, with real-time expense tracking, receipt capture, and automatic expense categorization. The choice between Revolut for Business and Divvy will depend on your specific business needs and priorities.
Does Revolut Business Affect Credit Score?
Revolut Business does not directly affect your credit score. As a prepaid business debit card and service provider, it does not offer credit facilities or lend money to its customers. As a result, there is no credit check when you apply, and the platform does not report to credit bureaus.
However, it’s worth noting that your personal credit score may be taken into account during the application process. Revolut may ask for personal information when you sign up, such as your name, date of birth, and address, which could be used to verify your identity. In some cases, it may also ask for additional information, such as a copy of your passport or driver’s license, to verify your identity.
Additionally, if you link your Revolut to a personal account or credit card, your personal credit score may be affected if there are any issues with your Revolut account.
While Revolut Business does not directly affect your credit score, it’s essential to be aware of how your personal credit may be taken into account during the sign-up process and be cautious about linking your credit card, personal, and business accounts to your Revolut Business bank account.
Revolut Account Reviews
To help you make an informed decision about using Revolut, we’ve compiled a comprehensive table summarizing the ratings and reviews from various sources. This overview includes popular platforms like Trustpilot, Google Play Store, Apple App Store, NerdWallet, WalletHub, PissedConsumer, and CardRates. By comparing the ratings and key review points, you can gain a better understanding of Revolut’s strengths and weaknesses, as well as the user experience across different platforms.
| Source | Rating (out of 5) | Number of Reviews | Notable Review Points |
|---|---|---|---|
| Trustpilot | 4.3 | 128,000+ | Fast transactions, good customer support, occasional technical issues |
| Google Play Store | 4.5 | 2.21+M | User-friendly app, easy to set up, some reports of account freezes |
| Apple App Store | 4.7 | 338,000+ | Great interface, useful features, occasional delays in transactions |
| NerdWallet | 4.0 | N/A | Competitive exchange rates, limited U.S. availability, no physical branches |
| WalletHub | 3.7 | 150+ | Good for travelers, no credit check, some reports of poor customer service |
| PissedConsumer | 2.0 | 215+ | Account freezes, customer service complaints, funds withheld |
| CardRates | 4.5 | N/A | Useful financial tools, fast transactions, lack of phone support |
Please note that the ratings and the number of reviews are approximate and may change over time. Make sure to verify the data before using it in any material.
Bottom Line
In conclusion, Revolut for Business is an all-online platform that offers a range of financial services for businesses of all sizes. The platform is simple, cost-effective, and secure, providing excellent features such as payment processing, multi-currencies, and corporate cards. While there are some limitations to the platform, it is an excellent choice for startups and entrepreneurs who need a reliable and efficient way to manage their finances. Overall, Revolut Business Account is a strong contender in the competitive US market and is likely to appeal to businesses looking for a modern, user-friendly solution.
Other Business Cards and Offers
- Blue Business Cash from American Express is a popular choice for small business owners. It offers cashback rewards on all purchases, with no annual fees. The card also has a 0% introductory APR for the first 12 months, making it a great option for businesses that need to make large purchases. Additionally, the card comes with a range of additional benefits, such as travel insurance and purchase protection.
- Chase Ink Business Cash is a popular option for small businesses. It provides generous cashback rewards on office supplies, internet, cable, and phone services. The card also has a 0% introductory APR for the first 12 months, making it a valuable tool for businesses that need to manage their cash flow. Additionally, the Chase Ink Business Cash comes with a range of other perks, such as travel and purchase protection.
- Divvy Visa Card is an efficient way for businesses to manage their expenses. It provides real-time tracking and control of expenses, with customizable spending limits for each employee. The card also offers cashback rewards on all purchases, as well as detailed spending reports and analytics to help businesses make informed decisions about their finances.
- Ramp Visa Corporate Card is designed to help businesses optimize their spending and manage their expenses more efficiently. The card offers real-time tracking and visibility of expenses, giving businesses complete control and transparency over their finances. Additionally, the Ramp Visa Corporate Card comes with competitive cashback rewards on all purchases, helping businesses save money and maximize their earnings. The card also provides dedicated customer support and comprehensive reporting and analytics tools to help businesses better understand their spending patterns and make informed decisions.
- Uplyft Capital specializes in providing business loans to eligible small businesses and entrepreneurs. With a focus on quick funding and hassle-free sign-up, Uplyft ensures same-day decision-making. The company’s objective is to provide businesses with the necessary flexibility to expand and achieve their goals. You can find more information about Uplyft Capital in the Uplyft Capital Review.
- NEXT Insurance is a digital insurance platform that offers a variety of insurance products for small businesses. It provides quick and easy access to online quotes, policies, and claims with customized coverage options tailored to specific business needs. NEXT Insurance also offers competitive pricing, making it a cost-effective solution for small businesses looking to protect their assets and minimize their risks.
