Revolut’s Free Business Bank account comes with no monthly fees, and account holders can make up to five UK bank transfers each month free of charge. When this limit is exceeded, each transfer costs 20p. Transfers to another Revolut account are free.
International payments are also charged on a pay-as-you-go basis, costing £5 each.
The account could be a good option for companies that regularly do business abroad, since customers can hold and spend multiple currencies.
The app provides a detailed breakdown of cash flow, can be used to generate invoices and is compatible with accounting software including Xero and QuickBooks. Revolut have also introduced a ‘Tap to Pay’ function, which allows businesses to accept in-person contactless payments from an iPhone.
Revolut also offers fee-charging accounts that provide extra free transactions each month. All accounts can be opened and managed through the Revolut app.
It’s worth noting that Revolut is not a bank but an e-money institution. This means that money held in a Revolut account is not covered by the Financial Services Compensation Scheme (FSCS). Instead, money is ‘safeguarded’ — placed in a trusted bank, invested in low risk assets, or protected by an insurance policy. This ensures that if Revolut fails, the company has sufficient funds to return all its former customers’ money.
