Managing Your Finances With Revolut Business: A Comprehensive Guide

Managing finances is tough for businesses. That’s why Revolut Business is here to help. It offers banking, currency exchange, and payment services all in one place. We have used it and found that it helps smooth out the company’s financial tasks.

We will show you how to get the most from Revolut Business for your company’s money management needs.

Key Takeaways

• Revolut Business offers multi-currency accounts, quick currency swaps, and links to accounting software for managing company finances.
• Plans vary based on business size. The Basic Plan is free for newcomers. Grow, Scale, and Enterprise plans add more features.
• Opening a Revolut Business account requires the legal documents and IDs of the primary individuals of your business. Some businesses may not be eligible.
• Sending payments is straightforward with their app or website. Multiple receiving options help reduce costs.
• Security is crucial. Regularly update passwords, choose strong ones, and report any lost cards immediately.

Setting Up Your Revolut Business Account

To start a Revolut Business account, you need your company’s legal documents and identification for key people.

Eligibility requirements

Before opening a Revolut Business account, you must be 18 or older. Your business should be registered, whether it’s a company or you’re working as a sole trader. You’ll need proof, like valid registration numbers.

However, not all businesses qualify. If your business involves charities, political or religious groups, non-profits, trusts, SPVs (special purpose vehicles), or any risky activities – Revolut can’t open an account for you.

We discovered this directly when trying to set up an account for our project last year and had to gather all the necessary documents to comply with Revolut’s requirements.

Documents needed for account opening

Opening a Revolut Business account is quick. We need a few key documents:

• A valid company registration number, or one for sole traders.
• Identifying documents like a passport or national ID card.
• Proof of business address through a utility bill or bank statement less than three months old.
• Information on your business, such as what it does and expected annual revenue.

We prepared our documents to ensure the process was smooth. This helps Revolut keep things secure and lets businesses manage their finances better.

Steps to Create Your Account

Starting a Revolut Business account takes only a few steps:

• Visit the Revolut website or get the app.
• Tap “Get Started” to kick off your application.
• Enter details about your company, such as type and industry.
• Add personal info like your name and address.
• Submit ID for identity verification and business documents for company confirmation.
• Verify your email through the link sent to you.
• Use the app for an ID check by taking a photo of your ID and a selfie.
• Wait for Revolut’s team to approve after checking your information is correct.
• Once OK’d, you can fund your account with a bank transfer or by linking another card.

With approval, Revolut Business lets you manage payments, handle currency exchange efficiently, and connect with accounting tools. This service simplifies financial management tasks for both you and your team.

Revolut Business Plans

We offer Revolut plans that match your business needs, from simple account management to detailed analytics and team roles. This helps you handle money effectively.

Overview of available plans

Revolut Business has four plans. The Basic Plan is free, and great for small teams or solo entrepreneurs starting. It’s simple with no hidden costs.

For growing businesses, the Grow Plan costs £19 a month and adds features without being expensive. It suits expanding teams that need more from their banking but want to keep an eye on spending.

The Scale Plan at £79 a month is for larger companies. It offers detailed reports and analytics among other advanced options needed by big operations.

Then there’s the Enterprise Plan with custom pricing for very large businesses that need custom solutions and personal support for complex banking, payment processing, and currency conversion needs.

Features of each plan

We want to give you a clear view of what each Revolut Business plan offers. We’ll break it down so you can determine the best fit for your business needs. Review the features of each plan in our easy-to-read table:

Choosing the right plan involves assessing your business requirements. The Basic plan could be ideal if you’re starting, providing a balance of features without excess. As your business expands, the Grow plan accommodates additional free local and international transfers, and higher no-fee currency exchange limits. Larger businesses with greater needs will appreciate the Scale plan, offering an increased number of no-fee transfers and a significant currency exchange threshold. For custom needs, the Enterprise plan is available, providing a plan specifically crafted for your business.

Our presentation is streamlined to support your decision in bolstering your business’s success. Each plan offers its advantages, centered around meeting your particular needs.

Choosing the right plan for your business

Choosing the right business plan involves looking at our transaction volume and international payments. High foreign exchange activities lead us to consider plans offering multi-currency accounts to cut down on exchange rates and fees.

We also evaluate the need for batch payments and detailed spending analytics. Having access to these features enables us to track every expense accurately, aiding in better financial decisions.

Our goal is to match our daily business needs with what the plan provides.

Key Features of Revolut Business

Revolut Business helps us manage finances by offering multi-currency accounts, fast currency exchanges, integration with accounting software, cash flow insights, and team role organization.

Multi-currency accounts

Our accounts let you manage over 25 different currencies. This way, you don’t need separate bank accounts for each currency. It’s like carrying a local wallet wherever you go.

Exchanging money between these currencies is fast and low-cost. You avoid high fees or slow transfers. We don’t pay interest on your account balance, which keeps things simple.

Our app makes it easy to see all your money in one place. This helps with paying suppliers overseas or receiving payments from clients abroad, making global finance management straightforward.

Instant currency exchange

We use Revolut Business for instant currency exchange. It offers competitive rates, allowing us to switch money between dollars, euros, or pounds quickly. This saves time and costs compared to traditional banks that often require calls and long waits.

Revolut’s fast process avoids service charges and delays common in the foreign exchange market. We get better rates with Revolut, keeping more of our earnings instead of losing them to fees or unfavorable exchange rates from other services.

Integration with accounting tools

Our service links directly with top accounting software. This automatic data transfer prevents double entries and errors, saving time when managing direct debits and transaction fees.

The integration allows for easy monitoring of cash flow, invoice management, and foreign currency transactions. By connecting with leading finance systems, we ensure accuracy in every financial aspect of your business.

Business analytics dashboard

A business analytics dashboard shows key numbers and trends about our earnings and expenses. This tool helps us make informed decisions for the future. We can customize reports to focus on specific data, like sales or costs, making financial management more straightforward.

The dashboard is user-friendly and helps prevent errors, supporting our business growth.

Team management and role delegation

With Revolut Business, we manage our team and assign roles easily. This setup lets us control access to sensitive tasks such as handling payments or viewing financial reports. For example, a “Manager” might oversee transactions but cannot alter main account settings.

This feature also allows us to monitor user activities, which helps prevent unexpected issues and secures our finances.

By delegating specific tasks, each team member knows their job. This approach keeps our business organized and efficient, ensuring the right people do the right jobs.

Managing Payments With Revolut Business

Using Revolut Business, we send and receive money easily, manage transaction limits and fees, and automate payments through their API. This makes handling company finances more efficient.

Sending payments

Managing money can be challenging. Revolut Business simplifies sending payments.

Here’s what we do:

• Log in to our Revolut Business account and go straight to the “Payments” tab.
• Choose “Send” and decide whether to pay a person or a company, both options are straightforward.
• For instant transfers to another Revolut user, use their REVTAG—it’s very fast.
• Adding new payees is simple—just need their banking details like sort code and account number for the UK, or IBAN for abroad.
• We pick the currency for sending money overseas easily.
• Enter the payment amount, making sure all details are correct to avoid errors.
• Local transfers reach in 1 business day—very efficient.
• Revolut shows the exchange rate immediately for international transfers—no hidden surprises.
• Add a reference note before sending; it clarifies what the payment is for both parties.
• Review all details one last time and confirm the payment with our secure password or PIN.

We’ve made many payments this way without problems. Paying suppliers or managing expenses through Revolut Business makes financial tasks simpler and faster.

Receiving payments

We all know getting paid is a big part of running a business. With Revolut Business, receiving payments becomes simpler and more efficient. Here’s how it works:

• Customers can pay us using different methods like bank transfers, debit cards, and credit cards. This makes it easy for them to choose their preferred way.
• For local UK payments in GBP and Euro payments in Europe, we use SEPA direct debits. This means money comes directly from the customer’s bank account to ours.
• Payment acceptance fees are low, starting at 0.8% plus a fixed fee per transaction. This helps keep our costs down.
• We can receive money in various foreign currencies. This is great for dealing with clients from other countries.
• Instant currency exchange rates apply when we receive money in different currencies. This helps us get the best deal at the time of the transaction.
• Using Revolut’s dashboard, we can track all incoming payments in real time. We always know the status of our funds.
• The integration with accounting tools simplifies bookkeeping tasks. It automatically updates our financial records with each payment received.
• For those customers who prefer modern payment methods, we offer options like Apple Pay.

Receiving payments through Revolut Business streamlines our finance operations and saves us time and money.

Payment limits and fees

Managing money wisely is key for us in the modern business world. That’s why we chose Revolut Business. It helps us keep track of our finances smoothly. Let’s talk about payment limits and fees. These details matter a lot.

Here’s a quick look at what we deal with:

We learned something important. Knowing these fees helps us plan better. For instance, the 2% ATM fee means we think twice before pulling cash. The 0.6% exchange fee? It reminds us to watch how much money we move around in different currencies. And that 1% out-of-hours fee nudges us to time our exchanges.

Payment limits? They’re different, based on our plan with Revolut Business. We picked a plan that fits our needs just right. This way, we don’t bump into limits often.

By staying on top of these details, we save money. It makes us more efficient, too. We use Revolut’s tools to manage these costs. Their dashboards and alerts are super helpful.

Our advice? Know these numbers. They seem small but add up fast. Plan around them. Use Revolut’s features to keep costs down. That’s how we keep our finances under control.

Using the Revolut Business API for automation

We automate payment processes using the Revolut Business API. This automation means less manual work for us. We set up automatic transfers and manage invoices easily.

Our systems connect directly to Revolut’s services through their Open API. This connection helps us save time and reduce errors, acting like an efficient team member.

We also integrate our accounting software with Revolut Business. As a result, payments flow smoothly in and out, keeping our financial records current without extra effort from us.

Keeping Your Revolut Business Account Secure

Protect your Revolut Business Account and its login information carefully. Quickly report lost or stolen payment cards and securely manage third-party software access to your account.

Protecting your login credentials

We all know keeping our login details safe is crucial, especially for our Revolut Business account. It’s about making sure only we can access our money and data. Here’s how we do it:

1. Change our passwords often. We make it a habit to update them regularly, which keeps hackers guessing.
2. Use strong passwords. We mix letters, numbers, and symbols to make them tough to crack.
3. Secure our email accounts too since that’s where password reset links go. We make sure these are just as protected.
4. Avoid sharing login info with anyone. Not even people we trust in the business unless they absolutely need it.
5. When someone needs access, we use role delegation in Revolut Business instead of sharing personal sign-in details.
6. Set up multi-factor authentication (MFA). This adds an extra step to verify it’s us trying to log in.
7. Keep an eye on bank statements and alerts from Revolut for unusual activity that could hint at a breach.
8. If we suspect something’s wrong, we contact Revolut immediately.

It all comes down to being careful and staying alert—simple steps can make a big difference in security.

Security features for your Revolut Business card

Revolut Business cards protect our funds with strong security measures:

• They use 3D Secure Authentication for safer online shopping, confirming it’s you on the other side.
• If we think there’s fraud or we lose our card, we can freeze or cancel it right away in the Revolut app or Dashboard.
• Every card connects to a mobile phone, sending us alerts if someone tries to use it without permission.
• We can set spending limits on each card to manage how much is spent.
• For safer online buys, we create unique virtual cards that lower fraud risk.
• Only approved services have access to our account because of rules from regulation (EU) 2016/679 and UK GDPR.
• As soon as we report a lost or stolen card, Revolut activates protection steps to block unauthorized access.

With these actions, Revolut Business cards let us handle our business money confidently and securely.

Reporting lost or stolen cards

If we lose a card, quick action is key to keep our money safe. Here’s the process:

• Immediately log in to the Dashboard.
• Use the app to freeze the card, blocking any use.
• In the app, mark the card as lost or stolen.
• Request a new card via the app.
• Review recent charges for anything unusual.
• Report unrecognized transactions to customer support quickly.
• Monitor account activity for anything strange.

From personal experience, freezing and replacing our card was straightforward. Monitoring for odd transactions added an extra layer of security.

Allowing third-party providers access safely

We use the Revolut API to manage third-party access safely. This way, we decide who enters and what they can access, ensuring only secure connections. Our approach safeguards both data and finances.

By adhering to the Data Protection Act 2018, we build trust. We also verify that third parties comply with this act. It’s like putting a strong lock on our financial house, where we hold all the keys.

Moving Money In and Out

Revolut Business lets you quickly transfer money to other accounts or across the globe at competitive rates. It uses open banking for easier transactions between linked accounts.

Transferring money between Revolut accounts

We often transfer money between our Revolut accounts. It’s quick and comes with no fees. Here are the steps we follow:

• We check our account balance first. This ensures that we have enough funds to transfer.
• Next, we choose the “Payments” tab in our Revolut app.
• Then, we select “Send” and pick “To another Revolut user.”
• We enter the recipient’s details. Using their phone number or unique REVTAG makes this step easy.
• After this, we type in the amount we want to send. We can send money in different currencies without worrying about exchange rates.
• Before hitting “Send,” we review everything one more time to make sure all details are correct.

This process helps us manage our finances efficiently. It supports both small transfers and larger amounts for business needs. Plus, the instant transfer feature is perfect for immediate payments. With these simple steps, managing money within Revolut accounts becomes a breeze for us.

International transfers and exchange rates

Sending money abroad can be quick, sometimes immediate, or up to four business days. We offer competitive exchange rates, ensuring you don’t pay extra when converting your money.

We handle two types of transfers: between Revolut accounts and to external banks. Transfers among Revolut users are free and instant. For transactions with other banks, we provide good rates to prevent losses due to high fees or poor exchange rates.

Our services benefit businesses by reducing costs on international payments and receipts from foreign customers. This is crucial for firms buying or selling goods internationally.

Open banking integration

With open banking, we can link our Revolut Business account to other bank accounts. This lets us manage all our finances in one place without needing to log into different sites or apps.

We can easily transfer money between linked accounts with just a few clicks, making it simpler to handle our cash flow.

Managing Team Access and Responsibilities

Revolut Business makes it easy to manage team access by assigning roles, ensuring efficient workflow.

Delegating access through the dashboard

We often find ourselves needing to share tasks within our team. Giving access through the dashboard makes this simple.

1. First, we log into our account on the dashboard. It’s where we control everything.
2. We click on “Team” in the menu. This shows us everyone in our company.
3. Then, we select “Invite Member” to add a new team member. We just need their email.
4. Each person gets a role. Roles define what they can see and do.
5. We can pick from roles like Admin, Accountant, or Viewer. Each has different access levels.
6. To assign a role, we choose it from a list next to the person’s name.
7. If someone needs special access, we can customize their permissions.
8. Custom permissions let us fine-tune access for each team member.
9. We always check what each role can do before assigning it. Safety first!
10. Finally, if someone leaves our team, we remove their access with one click.

This process helps us work together without giving away too much control.

Assigning roles and permissions

We need to manage who does what in our Revolut Business account. Customizable access levels let us do just that, making sure everyone gets the right permissions for their role.

• First off, we pick a team leader. This person oversees who gets access to what information and tools.
• Next, we decide on specific roles for each team member. Each role comes with its own set of permissions, from viewing transactions to managing funds.
• We assign these roles based on what tasks each team member needs to do. For example, our accountant might need access to financial reports but not to make payments.
• For added security, we can limit who has permission to send money or approve transactions. This helps prevent mistakes or fraud.
• We also use roles to decide who can use our business debit cards. Not everyone needs one, so we’re careful about assigning this permission.
• Setting up alerts and notifications is important too. We permit some team members to manage these so they can keep track of account activity.
• Finally, we regularly review and update these roles and permissions. As people’s jobs change or new people join the team, we adjust their access accordingly.

This way of managing access helps us keep our Revolut Business account safe and ensures that everyone can do their job without stepping on each other’s toes.

Monitoring activity logs

We monitor all user activities to keep our system safe. This includes tracking payments and setting changes by team members. By doing this, we identify any unusual actions quickly.

Acting swiftly helps us fix issues, ensuring our account remains secure and everyone uses their access properly.

Resolving Issues and Making Complaints

If your Revolut Business faces issues, you can easily contact support or escalate to the financial ombudsman to ensure your concerns are addressed.

When Revolut might block or restrict access

Revolut may block or limit account access when illegal activity is suspected or terms of service are violated. Engaging in banned activities could cause problems. If we detect possible fraud or money laundering, we act quickly to protect all parties involved.

We follow regulations set by the Financial Conduct Authority to prevent harm from dishonest actions. Users need to monitor their transactions and adhere to guidelines.

Should access be restricted, promptly contacting Revolut can aid in resolving the matter quicker.

We take these measures seriously but aim to help users address any concerns they have while maintaining transparency and honesty for a better experience.

How to contact support for issues

We sometimes face issues with our business finances. Revolut Business helps us stay on track with their 24/7 customer support. Here’s how to get in touch:

• Reach out through the Revolut app for quick service.
• Call (844) 744-3512 if you need immediate assistance.
• Send an email to support@revolut.com for non-urgent matters.

These methods ensure we can solve any problem at any time.

Filing complaints and escalation process

If you encounter an issue with Revolut Business, here’s your roadmap:

• Your first step is to shoot an email to formalcomplaints@revolut.com. Detail the concern and suggest a possible remedy.
• Await our response. We strive to fix issues promptly.
• If our resolution doesn’t meet your expectations, connect with the Financial Ombudsman Service.
• Browse the Financial Ombudsman Service website for guidance on complaining. They handle disagreements between clients and establishments like ours.
• Be prepared to furnish comprehensive information about your complaint to them.
• This service is accessible free of charge.

At Revolut Business, we’re devoted to addressing your grievances and striving for resolution.

Closing Your Revolut Business Account

To close your Revolut Business account, follow these steps:

– Move all funds out.

– Learn how Revolut manages your remaining personal data.

Steps to close your account

Closing a Revolut Business account involves several steps. We’ve gone through the:

• First, sign into the Revolut Dashboard to manage your account.
• Next, access the ‘Profile’ section for more options.
• In ‘Account Settings,’ you can adjust your account details.
• Select ‘Close Account’ if you’re ready to end your service.

Following these steps starts the closure process:

• The system provides instructions for each step. Follow them carefully.
• Withdraw or transfer all funds from your account to avoid leaving money behind.
• Clear any outstanding fees or balances to ensure no debts remain.

If there are loans or obligations with Revolut:

• Settle these debts before proceeding with account closure.

For record keeping:

• Download or save essential documents like statements and transaction histories.

Finalizing the closure:

• Confirm the closure request as indicated by the Revolut Dashboard prompts.

After confirmation:

• Await an email from support@revolut.com about the status of your account closure.

Checking completion:

• Look out for an email confirming successful account closure.

These steps helped us make closing our business account smooth and straightforward.

What happens to your data and funds after closure

We convert your money into US dollars, and charges may apply. First, we ask you to withdraw any remaining funds for safety.

We then carefully handle your data to protect your privacy. We follow strict rules to keep your information secure. We either delete or make your details unrecognizable to prevent misuse.

Finally, we block team member access once the account is closed. This step ensures security and minimizes risks.

Benefits of Using Revolut Business

Revolut Business saves companies of all sizes money by simplifying finance management and securing their funds.

Cost-effectiveness for small and large businesses

We choose plans with low fees to help businesses save money. Small businesses can use the savings to grow or pay bills. Big companies can cut costs without losing quality. This way, they manage money better and possibly extend their budgets.

Simplified financial management

Revolut Business makes managing business money easier. It allows us to handle multiple currencies and switch between them instantly, avoiding high fees. This is a big save on time and money for small businesses.

The platform offers integrated bookkeeping tools. These tools link with Revolut Business, providing real-time views of our spending and earnings. The reports we get help in making quick decisions by offering all the necessary information.

We can also give team members different access levels based on their roles. This way, we control who can see balances or send payments, keeping our account safe without sharing card details unnecessarily.

Enhanced security features

We chose Revolut Business for its strong safety features. Our money is insured by the Federal Deposit Insurance Corporation up to their limits, offering us protection. Revolut also secures transactions with advanced technology, giving us peace of mind.

Our experience showed how crucial these security measures are. Every payment or money transfer is checked to confirm our identity and prevent fraud. If we lose a card or suspect theft, we can quickly report it through the app and block access.

These security steps allow us to concentrate on growing our business without fearing financial threats or scams.

Conclusion

We showed you how to set up and use your Revolut Business account. We covered the different plans, key features, and how to manage payments efficiently. Our tips help keep your account secure, making it easy to move money and handle access for your team.

This contributes to your business growth. For more details, visit the Revolut website or get in touch with support.

This guide simplifies managing finances for businesses of any size. Choosing Revolut Business can save time and reduce costs, benefiting your company’s financial health.

We aim for these strategies to enhance your business operations.

Start using Revolut Business now for better financial management.

FAQs

1. What is Revolut Business and how can it help manage my finances?

Revolut Business is a service provided by Revolut Ltd that offers a prepaid Mastercard, allowing you to make card payments easily and efficiently. It’s ideal for managing your business finances, from handling contracts to dealing with foreign exchange markets.

2. How does the protection of personal data work with Revolut Business?

The protection of personal data is paramount at Revolut Ltd. They adhere strictly to laws regarding privacy and confidentiality, ensuring that sensitive information like driving license numbers or contract details are kept secure.

3. Can I use cryptocurrency with my Revolut Business account?

Yes, you can! With Revolut Business, you have the option to deal in binary options including popular cryptocurrencies as part of your financial management strategy.

4. What happens if I become insolvent or bankrupt while using Revolut Business?

In such situations where a user becomes insolvent or wound up, debt collectors may be involved as per the articles of association agreed upon during account setup. However, users are advised not to negligently incur debts they cannot repay.

5. Is there any risk of fraudulent activities when using Revolut Business?

While no system is completely immune from criminal fraud or dishonesty risks, precautions are taken by conducting audits regularly on merchant accounts and monitoring transactions closely for any signs of negligence or fraudulent behavior.

6. How do I keep track of my transactions on my prepaid card through Twitter?

Currently, transaction tracking via Twitter isn’t available with the prepaid Mastercard offered by Revolute LTD; however, all card payment activity can be monitored directly through their dedicated app.