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Revolut is a UK-based platform, which offers peer-to-peer payments, debit cards, currency exchange, and even cryptocurrency support. The mobile app allows to send the money or withdraw it at local ATMs quickly. The business account makes it easy to process international payments, connect their API to your platform, or order prepaid business cards.
You can choose a pricing plan depending on the size of your business. There is a free account for startups, but also one for bigger enterprises.
The platform provides you with an Open API and tools to connect it to your business and store. That way, you can easily process and keep track of your customer purchases and payments. Revolut supports numerous currencies and introduces even new payment technologies like cryptocurrencies, which allow you to make fast and cheap transfers. Bulk payments allow you to make up to 1,000 payments with a single click, and you can also schedule payments for the future. It’s worth noting that the company tries to provide you with the best exchange rates without any markups.
You can transfer money to other Revolut accounts instantly and for free. They offer different pricing plans depending on the size of your business. You can change or cancel your plan at any time.
The free business account has some limitations, and you will need to pay 3GBP per international transfer and 0.2GBP per transfers outside the Revolut system.
Other accounts which cost 25GBP and 100GBP per month have additional free domestic and international transfers up to a certain amount per month. They also offer you other additional features like better exchange rates, bulk payments, and 24/7 customer support.
“Enterprise” package costs 1000GBP per month and provides you with unlimited free domestic and international transfers outside of the Revolut platform and best midmarket rates on currency exchange.
Depending on your account type, you may get access to midmarket rates, which are the exchange rates without any markup, which banks use to purchase currencies.
If you exceed your monthly limit for free exchange rates, you will be charged a 0.4% markup on each conversion.
There are no strict amounts or payment limits set on business accounts. Depending on your pricing plan, you may have a limited amount of free transfers or team members, which you can add to your account. The most expensive “Enterprise” Revolut account doesn’t have any limits.
Revolut seems like a strong alternative for regular bank accounts, as it provides you with very cheap international transfers and reasonable exchange rates. On the other hand, it costs significantly more with 25GBP-100GBP per month for an average account, compared to the usual 5GBP at banks. The mobile app is convenient to use, and the API is easy to connect. Therefore, the platform can also compete against other online payment processors like PayPal, for example.
You can connect Revolut to your online store or mobile app and set up instant and automatic payments. They showcase that it has been used in food-delivery apps, insurance companies, or to issue mass payrolls. You can use it within your inner financial management systems to pay your suppliers and employees.
There are well-written documentation and instructions on how to use the API.
Navigate to the “Sign up” button and enter your email. You will then get a verification code. Next, you will need to provide all of your information, fill out the form, and choose your pricing plan. You may also need to undergo a verification process, and the company may ask you to provide photos of your ID and other documentation.
With more than 5 million customers, Revolut seems to be quite a reliable platform. The project has been recognized at FinTech50, PaymentsUK, and KPMG as a promising startup. The company is also backed by well-established investors such as Index Ventures, Seedcamp, or RibbitCapital.
Clients' funds are stored in segregated accounts at well-established UK banks, and the card transactions are protected by Mastercard, Maestro, or Visa safety measures. All data passed between Revolut mobile apps, their servers, or any third parties are protected with a 2048-bit SSL encryption.
There have been some minor scandals with Revolut not treating well their employees and not meeting some of the compliance and regulations.
You can contact Revolut by calling their call center or messaging a representative via an in-app chat. They are available 24/7.
Most of the online comments and Revolut reviews seem to be quite positive, and with more than 350 million transactions already processed, the platform looks like a reliable choice. While the pricing plans for different types of accounts may seem quite expensive, most of the transactions and currency exchange are very cheap or even free, so it may pay off for people who make a lot of transactions. The API lets you conveniently connect it to your eCommerce store or business management system to keep track of your sales or schedule regular payments to your employees. As an advantage acts the fact that the customer support is available 24/7.
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