If you run a small or medium-sized business in the UK, you’ve probably heard of Revolut. It’s one of the most talked about digital banking solutions for UK businesses.
As a business owner, I’ve been exploring what Revolut UK business accounts have to offer and I’m here to share everything you need to know.
What is a Revolut UK Business Account?
Revolut business account is a digital-only account designed for businesses, offering tools to manage finances, streamline accounting, and even access business cards. Unlike traditional banks, Revolut focuses on providing an easy-to-use digital platform, making banking services simple and accessible.
The main goal of Revolut is to make business banking faster, cheaper, and more efficient. With a Revolut business account, you can do things like make international payments in different currencies, track expenses, and issue company cards without stepping foot into a branch. Everything is handled online through their user-friendly app or website.
Features of Revolut Business Accounts
Revolut offers a range of features to help businesses manage their finances effectively. Here’s a breakdown of what you can expect:
1. Multi-Currency Support
One of the standout features of a Revolut UK business account is the ability to hold and exchange multiple currencies. Whether you’re dealing with clients in the US, Europe, or beyond, Revolut allows you to store, transfer, and exchange money in over 28 currencies. This feature is especially beneficial for businesses involved in international trade or services.
2. Revolut Business Card UK
Another key feature is the Revolut business card. This card can be used to make purchases online or in-store, and it also comes with spending limits that can be set for your team members. You can issue cards for your employees, monitor spending in real-time, and manage expenses effortlessly.
3. Invoicing and Payment Collection
Revolut also offers invoicing and payment collection services, making it easier for businesses to get paid. You can create and send invoices directly from the app, track payments, and send reminders for overdue invoices. This makes managing cash flow much more convenient.
4. Expense Management and Analytics
Revolut business account lets you manage expenses, track transactions, and analyze your spending patterns. You can categorize your expenses, set budgets, and gain insights into your business’s financial health—all from the app. This feature is especially useful when it comes to tax reporting and accounting.
5. Business Banking in the UK
Revolut is classified as a digital bank, which means you won’t have a physical branch to visit, but it still offers all the necessary services you’d expect from a traditional bank. You can make and receive payments, set up direct debits, and even apply for loans or business insurance.
6. Business Tax Reporting
Revolut UK business accounts offer tools to help you with tax reporting. You can generate tax reports, and the platform provides integration with popular accounting software like Xero and QuickBooks. This can save a lot of time during tax season and keep you compliant with the UK tax system.
Revolut UK Business Account Fees
Revolut UK business account fees are structured depending on the type of plan you choose. There are several pricing tiers, from a free plan for small businesses to more advanced plans with additional features.
1. Free Plan
For new or small businesses just getting started, Revolut offers a free plan. This plan includes basic features like a business bank account, access to a business card, and multi-currency support. However, there are some limitations on the number of transactions you can make each month.
2. Paid Plans
Revolut also offers paid plans that unlock additional features. These plans are ideal for businesses that need more functionality, such as greater transaction limits, advanced reporting tools, and priority customer support. The paid plans come with a monthly fee, but the extra features can help save time and money in the long run.
3. Transaction Fees
While Revolut’s fees are generally competitive, it’s important to note that there are transaction fees for certain services, such as international payments or currency conversions. You’ll want to review the specific fee structure based on your business needs.
How to Open a Revolut UK Business Account
Opening a Revolut business account is a straightforward process. You can do everything online through the Revolut website or app. Here’s a simple breakdown of the steps to open an account:
1. Sign Up Online
To get started, you’ll need to visit the Revolut website or download the Revolut app. You’ll be asked to provide basic information about your business, such as your company name, business type, and personal details.
2. Provide Documentation
As part of the application process, you will need to submit some documentation to verify your business and identity. This may include your company registration details, proof of address, and a copy of your ID.
3. Set Up Your Account
Once your documents are verified, you can set up your account. You’ll be able to access your Revolut business account and start using its features right away. This includes adding funds, creating invoices, and issuing business cards.
Revolut for Small Businesses
Revolut business account is an excellent option for small businesses in the UK. If you’re running a small business, you’ll appreciate the flexibility and cost-effectiveness that Revolut offers.
You can manage your finances from anywhere, whether you’re in the office or on the go.
The ability to handle multiple currencies and access business tools in one app can be a game-changer for small businesses that operate internationally or deal with frequent payments.
Advantages of Revolut for UK Businesses
Low Fees: Revolut charges low fees compared to traditional banks. This can make a big difference for small businesses that need to keep costs down.
Time-Saving Features: The app’s features, such as invoicing, expense tracking, and business card management, can save you time and help you stay organized.
User-Friendly App: Revolut’s app is easy to use, which is a big plus for businesses that don’t have a lot of time to spend on complicated banking tasks.
International Payments: If your business deals with international clients, you’ll appreciate Revolut ability to send and receive payments in different currencies without the high fees that traditional banks charge.
Scalable Solutions: As your business grows, Revolut offers premium plans that give you access to even more features, making it a great long-term solution.
Revolut UK Business Account Support
Revolut’s support team is available to assist with any issues you encounter. While most of the app is self-explanatory, there’s always someone available to help if you have questions or need assistance. They offer support through chat in the app, and for more urgent matters, there’s a customer service hotline.
Conclusion
To sum up, Revolut UK business accounts offer an excellent solution for businesses of all sizes, especially small and medium-sized businesses looking for a flexible, digital-first approach to banking.
With features like multi-currency support, invoicing tools, and business cards, it’s designed to make managing your business finances as easy and efficient as possible.
Whether you’re just starting out or looking for a new way to manage your company’s finances, Revolut is definitely worth considering.