Revolut adding free tier to business accounts

Revolut have added a free tier to their business accounts.

I was thinking of signing up. It’s only for part-time work as a sole trader but it would be nice to keep it separate (I would use Starling but I need FX). I’ve used their personal account a bit but does anyone have any experience on the business ones?

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Well, that’s quite an attractive offering for micro businesses like my wife’s.

Really like the option of web access and that you can give 2 people access even on the free tier.

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I wonder how difficult the onboarding is :thinking:

Me too. I didn’t even know Revolut had it - I guess it is business account only.

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Unless there was a killer feature that Starling didn’t have, I just don’t think I’d trust Revolut as much with a business account.

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I definitely wouldn’t ever trust Revolut with more than small amounts of money for limited periods of time

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That’s my concern as well, unfortunately…

Idk I’ve been using Revolut for quite a while now - I’m a metal customer and soon an ambassador probably (i applied for N26/Revolut since i have people sign up for fintech often and might as well get the title)

I’ve had thousands go through them although in values of like £200 a month (1/3 of my monthly wages) and i’ve never had my account frozen or anything similar.

Having to spend £12000 a year on foreign purchases and £120,000 a year of European purchases purely to get my metal cost back is arse though.

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Just tried to sign up to the free tier. It started off by linking me personally to the sign up and saying that since I already had a Revolut account it would speed things up which seemed great, then wanted so much information about the business I’ve semi given up. Why I need to give an invoice from the last 3 months and a corresponding bank statement just to own a forking Revolut account is beyond me. I don’t really even need it, i just thought it would be handy from the currency perspective but I don’t know if I can be bothered now…

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That is kind of off-putting, especially because, like you, I don’t necessarily need it.

I wouldn’t be keeping a lot in there, most would be transferred to my personal account. It’s not so much a trust issue for me but their banking license is from Lithuania. I’m not sure they can honour any guarantee when Revolut has more customers than Lithuania’s population!

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Opening accounts for the sake of it seems pointless. Sharing all your details with an organisation with a foreign bank licence that may not even protect you, just to add a new card in a wallet.

It was more to keep my work related stuff separate but I know it isn’t required for a sole trader, but you’re right - it’s not worth sharing the amount of information they seem to want.

I get that they need to tighten up on their AML procedures, but I had at least 4 documents to provide; proof of trading address, (rent or business rates bill for trading address), proof of director structure (i am the only director/shareholder so ive no idea why they couldnt get this from companies house), proof of business purpose (providing all the companies online handles as requested seemingly wasnt enough as they wanted an invoice the company has sent for goods and a corresponding bank statement) and one other proof I forget now lol

Sadly my Revolut for Business experiment is now over, before it actually even started, just got them to delete the application. I had a Natwest account for this company, which I then CASS’s into my Starling one, so two ‘proper’ banks managed to open me accounts without 10% of the hassle Revolut wanted.

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Yeah, I’ll think I’ll give it a miss :sweat_smile:

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I moved my sole trader to starling and been happy, I use my personal transferwise account for currency things, revolut might be slightly cheaper but not enough for me to open an account with them.

Revolut is one of them banks that nothing really gives me confidence in them, they are just the same as curve, unreliable and there is always questions about them.

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The thing is, if i really wanted it, and it wasn’t saturday morning and my attention is elsewhere, i might have provided all that, but I just presumed it would sail through like Starling would for example and i’d be up and running in 10 minutes with minimum input from me. I cant be bothered to start searching all over for these things and uploading half my life to Revolut’s servers when i’m just about to take the dog for a walk all for an account i dont really even need!

OK, so while @l8n.me was struggling with Revolut’s business sign-up progress I too had a go. Mine went much better - I just hadn’t had time to write it up until now.

I signed up on my phone but using the web interface. I downloaded the dedicated business app afterward. Here are my observations…

  • The web interface is nice and clean on both the PC and on the phone. Logging in though requires a one-time code to be sent by email - this is not ideal. So far as I can tell, there is no way to change this to use an authenticator app.

  • Requesting a card is ‘free’, but having said card delivered to you is not. Bizarrely you have two options: ‘Standard’, which costs £4.99 and ‘Express’, which will set you back €19.99.
    Yes, that’s right - they have priced different delivery options in different currencies. :exploding_head:
    There are two colour options for your card - black and white.

  • By default the account comes with three sub-accounts… GBP, EUR and USD. You can add any others you require quite simply enough in the web UI or in the app.

  • During the card ordering process, you have to be able to opt-in each card to the various sub-accounts you have open. I am not sure whether not opting a particular card to, for example, your Euro account would render it unable to spend in EUR, or just make it unable to access that reserve of the currency you bought when the rate was sweet.

  • In order to get a card you will need to top-up. You can do this either with a debit card or via the account number and sortcode provided. I struggled with transferring money by transfer - not sure whether the issue was with my Revolut credentials or something at Starling’s end - and so I resorted to top-up by debit.

  • My top-up was for a small amount of just £10 - to enable me to buy a card have a card delivered. The screen on which I plugged in my card details proudly announced that there would be ‘no fees’ to pay on this transaction and the account ledger still shows up £10 with no fees.
    Curiously however, my Starling account, who’s terms state “We will not charge a fee for making a payment in £ sterling, whether in a shop, online or over the phone”, shows a debit of £10.13 having been made to to Revolut. Either I’ve missed something pretty basic or somebody has carged me something they said they wouldn’t charge me.

  • There are one or two kinks to iron out in the UI. entering a card number is frustrating due to some bad javascript that continually overwrites/ignores/screws with you when you try to key in numbers that displace their helpful tips like “MM/YY”.

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I think I’d probably just use Starling assuming their API covers business too?

Think that depends. For me, personally - yes - Starling is all I really need. The additional flexibility of the Revolut product may or may not have been worth the fiver paid - time will tell.

If you are more than a one man band though, the revolut account could be very useful.

Some years ago, I worked for a (dysfunctional) family-run start-up that provided some of the property information you (or your lawyer) needs when you buy a house or re-mortgage.

They employed several ‘agents’ to go out into the field to collect the data. These were dispatched with nothing but a mobile phone and a cheque book.

Back in the office there was the firm’s one-woman accounts team who could use the online banking but mostly wrote cheques to pay for stuff, including us.

The directors had the plastic and that was it.

Anything that could not be purchased by cheque was a pain or an expenses list waiting to run at the end of the month.

Issuing the field agents with a card for expenses would have meant that instead of running through reams of expenses claims, each agent would have been able to buy their own stationery, parking fees, congestion charges, local-authority fees without hassle - and all instantly auditable.

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