Revolut for business?

Discussion in 'Accounts & Finance' started by Tim Longland, Nov 29, 2017.

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  1. Tim Longland

    Tim Longland UKBF Newcomer Free Member

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    Is anyone using Revolut as a banking alternative for their business?

    Does it work out that much cheaper?
    Have you had any issues?
     
    Posted: Nov 29, 2017 By: Tim Longland Member since: Nov 23, 2017
    #1
  2. Gordon - Commercial Finance

    Gordon - Commercial Finance UKBF Ace Free Member

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    I believe it costs £25 per month right? And the only advantage over much cheaper high street services is the foreign exchange model. Potentially worth it if you have massive amounts of income and expenditure in non-GBP, but otherwise probably not.
    I signed up to Revolut and Tide but left them both dormant in favour of a high street bank when I discovered they weren’t covered by FSCS or any of the regulatory protections that the FCA force upon banks who take deposits.
     
    Posted: Nov 29, 2017 By: Gordon - Commercial Finance Member since: Jun 26, 2017
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  3. AccountOnThis

    AccountOnThis UKBF Contributor Full Member

    30 4
    Not sure about Revolut, but I've tried Tide and so far I'm not impressed. Transferring funds to it seemed to take days as opposed to seconds compared to my bank. And they took the service offline for a whole weekend. No high street bank would do that.
     
    Posted: Nov 30, 2017 By: AccountOnThis Member since: Nov 29, 2017
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  4. yourbestdeals.co.uk

    yourbestdeals.co.uk UKBF Newcomer Free Member

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    Hi

    we work with tide on our offer website and i have to say yes there have been issues, there is in every startup business... and before i get shot down i know there shouldn't be as they are handling money but it happens even to high street banks occasionally. but we use them and have to say very easy to open an account, and make/receive payments, plus banking is free !!! etc and im not just saying this cause we work with them.
     
    Posted: Nov 30, 2017 By: yourbestdeals.co.uk Member since: Nov 9, 2017
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  5. ldjames

    ldjames UKBF Regular Full Member

    323 44
    I got halfway through the application when I was actually shown the pricing. At £25 per month you need to do a lot of volume for it to be worthwhile. If you do enough volume then I would absolutely go for it.

    Transferwise has a very similar product. Much like Revolut for Business, their product is in development and some features (e.g. Direct Debit) is still in the pipeline. The two companies have prioritised different features, though, and have different pricing models. It's worth comparing them.

    We ended up going for Transferwise's Borderless Account as it's better suited for lower volume. Really happy with it. The big thing that's missing is cards - but if you're in a rush, you can get a complementary American Express USD/EUR card and pay it from the Borderless Account.
     
    Posted: Dec 1, 2017 By: ldjames Member since: Nov 14, 2013
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  6. Centuryrace

    Centuryrace UKBF Newcomer Free Member

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    The problem with revolut is they do not understand UK business. We are a partnership and they will not recognise this without a certificate from the registration office .Neither of which exist. So we registered as a sole trader free lancer. Then it comes out that with our turnover they will only take limited companies. They are difficult and tedious to deal with hampered by their lack of understanding and sometimes I think they are using Google translate to reply. Shame because the foreign currency exchange is great.
     
    Posted: Feb 2, 2018 By: Centuryrace Member since: Feb 2, 2018
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