Revolut Business Account Review: Fees, Exchange Rates, Pros and Cons

After 3+ years of testing Revolut Business across multiple companies and reviewing the latest updates, Revolut Business stands out as a powerful multi-currency solution for internationally-focused businesses, despite some recent pricing increases and ongoing customer service challenges.

The platform excels for companies needing sophisticated FX management, team spending controls, and integrated payment acceptance, but may not suit businesses requiring traditional banking services like overdrafts or cash handling.

What is Revolut Business?

Revolut Business is the commercial banking arm of the innovative fintech company Revolut, which has grown to serve over 60 million customers globally.

Initially launched in 2017, Revolut Business targets companies and self-employed professionals with a comprehensive digital banking platform that combines multi-currency accounts, international payments, expense management, and payment acceptance tools.

The service is authorized by the Financial Conduct Authority (FCA) and operates across the European Economic Area (EEA) and Switzerland. While Revolut received UK banking authorization in 2024, it's still in the mobilization phase, meaning full UK banking services (including FSCS protection) are not yet available.

What I Like About Revolut Business

• Advanced mobile app with a range of features;
• Competitive exchange rates;
• Option to fix future foreign exchange rates online;
• Quick and easy to open an account;
• Ability to integrate with business software packages.

What I Dislike About Revolut Business

• No option to pay in cash or cheques;
• Daily withdrawal limit of £3,000.00 and monthly limit of £100,000.00;
• 2.00% cash withdrawal fee;
• No overdraft facility;
• Plan costs can be high.

Watch Monito's Video Review of Revolut Business:

Who is Revolut Business For?

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The Revolut Business account is available to companies and self-employed professionals registered in and with a physical presence within the USA, European Economic Area (EEA), and Switzerland.

Account Opening Process

Opening a Revolut Business account is straightforward and done remotely:

1. Basic Requirements: EEA/Swiss registration (EU) or US business registration, physical presence requirement
2. Documentation: Business registration details, director information, beneficial ownership disclosure. Find out more here. 
3. Verification: Photo ID, selfie verification, business description
4. Timeline: Typically 2-5 business days for approval

Restricted Business Types

• Associations;
• Charities;
• Funds such as venture capital funds;
• Public sector companies;
• Trusts;
• SPVs;
• Foundations;
• Interest on lawyers trust accounts;
• Co-operatives.

Who Should Use Revolut Business?

Revolut is ideal for:

• International Trading Companies: Businesses regularly dealing with multiple currencies and cross-border payments
• Digital-First Startups: Companies comfortable with app-based banking and modern financial tools
• E-commerce Businesses: Online retailers needing payment acceptance and multi-currency capabilities
• Teams with Complex Spending: Organizations requiring sophisticated team card management and expense controls

Revolut is generally not well-suited for:

• Cash-Heavy Businesses: No cash deposit options available
• Traditional Banking Needs: No overdraft facilities or business loans (yet)
• Regulated Industries: Some restricted business types including charities, funds, and trusts
• Cost-Sensitive Small Businesses: Monthly fees may be prohibitive for low-volume operations

What Does Revolut Offer For Businesses?

Perhaps Revolut Business' biggest attraction is its competitive cross-border payment functionalities. Its multi-currency account enables businesses to hold money in more than 25 currencies, convert at the interbank or mid-market exchange rate and easily make payments across the globe. 

Multi-Currency Capabilities

In addition to holding currencies, the Revolut Business platform's FX Forwards feature allows businesses to lock in exchange rates up to three months in advance at a 0.80% fee, providing crucial protection against currency volatility.

Enhanced Allowances:

• Grow Plan: Up to $20,000 (US) / £15,000 (UK) monthly FX allowance
• Scale Plan: Up to $80,000 (US) / £60,000 (UK) monthly FX allowance

Team Management and Cards

The platform excels in team financial management, offering:

• Unlimited team member access across all plans
• 200 virtual cards issuance with custom controls
• Advanced spend controls and approvals
• Real-time expense tracking with receipt uploading capabilities

Additional Features

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• Free instant payments between Revolut Business and Personal accounts in 35+ currencies across more than 160 countries globally
• Advanced expense management with AI automation: Real-time expense tracking with auto-fill technology that predicts expense details from historical data, digital receipt upload with automatic matching, and smart reminders for receipt submission
• Enhanced automated bookkeeping tools with seamless integration to accounting software, pulling categories and tax rates while pushing reports and receipts back automatically
• Comprehensive business software integrations including Xero, QuickBooks, Sage, FreeAgent, NetSuite, Zoho Books, Slack, Zapier, and 45+ other tools
• Powerful Business API enabling instant, automatic, trigger-based payments, currency exchanges, team management, and custom integrations
• Business Savings Account with tiered interest rates (Grow: 2.25% AER, Scale: 2.75% AER, Enterprise: up to 3.51% AER) paid daily, available in UK, France, Netherlands, Ireland, and Lithuania
• Comprehensive payment acceptance suite including Revolut Pay, card readers, Point of Sale (POS) system with QR code ordering for hospitality, Payment Links, and invoicing tools
• Bulk payment automation for supplier payments, payroll processing, and invoice management with error detection
• Advanced team management with unlimited team members, role-based access controls, custom spending periods, and enhanced merchant restrictions
• Global business overview allowing management of multiple business entities from a single dashboard
• HR platform integrations with automatic team member onboarding/offboarding synchronization
• Advanced analytics with refreshed interface for clearer cashflow visibility and historical change tracking

Payment Acceptance Solutions

Revolut Business provides comprehensive payment acceptance tools:

• Online and in-person payment acceptance (all plans)
• Point-of-sale terminals and card readers
• QR code ordering for hospitality businesses
• Invoice and payment link generation

What is the Revolut Business Account Pricing?

Revolut Business offers a tiered structure of pricing plans. You can choose to switch between these plans as you see fit, giving you flexibility as your company grows and your business needs change. 

The plans are broken down as follows for company plans:

Enterprise

This is the most comprehensive plan available and can be tailored to your particular business. Because of this, you’ll need to get in touch with Revolut to talk through the details and find out how much it will cost your individual business as well as what allowances you’ll get.

Additional Fees

Any transactions that fall outside of your monthly allowances for any of the above plans, will be charged as follows:

Exchange Rates

Revolut Business exchange rates are based on the mid-market exchange rate. This is the base rate used by large banks to transfer currencies and it typically beats the consumer rate offered by banks by around 3.00% to 5.00%.

For less liquid currencies such as THB, RUB, UAH and TRY, a 1.00% markup applies on the exchange rate. There are no markups or fees for all other currencies, providing the foreign exchanges fall within your monthly plan allowance. Otherwise, a 0.4% markup will apply.

Things are a little different on the weekends, when a 0.50% markup applies to major currencies such as USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN and CZK. A 1.00% markup applies to all other currencies, meaning that over the weekend THB, RUB, UAH and TRY have a 2% markup.

What makes Revolut’s service unique, however, is its FX Forwards feature. Allowing customers to book a contract via the app in a combination of GBP, USD and EUR up to three months in advance, it attracts a flat fee of 0.80%. This allows business owners who regularly trade internationally to lock in future exchange rates and thus minimise the risk from market movement. 

How Do Customers Rate Revolut Business?

Overall, Revolut Business scores highly on the Trustpilot review platform, earning a healthy 4.5/5 from 238,000+ reviews. Some recent business-specific reviews show more mixed sentiment, but overall customers praise the efficient application process, easy-to-use app, ability to exchange currency “in seconds”, competitive exchange rates and speedy money transfers. 

Positive Feedback

Based on our analysis of recent reviews, customers consistently praise:

• Intuitive mobile app with excellent user experience
• Competitive exchange rates and fast international transfers
• Comprehensive expense management tools
• Responsive customer support through in-app chat (when reachable)

Common Complaints

On the flip side, the negative feedback tends to centre around accounts being blocked and slow customer service responses:

• Account freezing issues without clear explanations
• Limited account management service (Enterprise plan only)
• Complex fee structure that can become expensive at scale
• Technical glitches affecting statement downloads and integrations

Credibility and Security

Revolut’s head office is in London, but it has offices across Europe, the Americas, Asia Pacific and beyond. Revolut Business maintains strong security credentials:

• FCA Authorization: Regulated as an electronic money institution
• Segregated Accounts: Customer funds held separately with Barclays and Lloyds
• Advanced Security Hub: In-app fraud reporting and device management
• Transaction Monitoring: Real-time alerts and spending controls

Is Revolut Business Right For You?

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If you’re looking to trade regularly abroad, Revolut Business is certainly worth considering, thanks to its competitive exchange rates and ability to lock in rates in advance. The app also comes packed with innovative features, helping you to stay on top of your bookkeeping and manage your invoices.

After doing a little competitor analysis against other big names, you can get a better sense of the kind of business profile that is suited for Revolut:

vs. Starling Bank

• Revolut: Superior multi-currency features, global reach, payment acceptance
• Starling: Free banking option, FSCS protection, overdraft facilities, UK-focused

vs. Wise Business

• Revolut: All-in-one platform with payment acceptance, team management tools
• Wise: Lower fees for simple transfers, transparent pricing structure

vs. Traditional Banks

• Revolut: Digital-first experience, international capabilities, modern features
• Traditional: Physical branches, established lending products, comprehensive business banking

See our comparison chart below to get a good sense of what Revolut Business has to offer against other digital business bank accounts:

About the Authors:

Jarrod Suda is a financial writer and guide at Monito, with a background in international affairs and extensive experience living in Japan. Jarrod brings a global perspective to financial technology reviews and has personally tested dozens of business banking platforms across multiple markets.

Byron Mühlberg serves as a finance and banking expert reviewer at Monito. His expertise spans traditional banking, fintech platforms, and international payment systems.

Disclaimers

Revolut is not a bank. Fees may apply. Banking services are provided by Lead Bank, Member FDIC. The Revolut USA Prepaid Visa and Prepaid Mastercard are issued by Lead Bank pursuant to licensing by Visa® U.S.A. Inc. and Mastercard International for Mastercard cards. Your funds are FDIC insured up to $250,000 through Lead Bank, Member FDIC, in the event Lead Bank fails. See revolut.com/en-US/ for more details.