In today’s fast world, small and medium-sized businesses need quick ways to send money across borders. Revolut Business started in 2015 and has grown fast. It now helps over 500,000 businesses and has more than 25 million users worldwide.
Revolut works in over 200 areas and supports 36 currencies. It’s becoming a big name in digital banking.
Revolut Business is made for today’s businesses. It lets users handle money in different currencies without extra fees in the UK, US, or EU. This review will look at what Revolut Business does well and what it could improve on. It’s for businesses thinking about using Revolut for their money transfers.
Overview of Revolut Business
Revolut Business is a top choice for businesses needing to handle international money moves. It started in 2015 and now has over 500,000 business users. They love its user-friendly tools and cool Revolut Business features.
The platform lets users manage money in over 30 currencies. This makes sending money across borders easier. It also offers tools like automated payroll and virtual cards. Plus, it gives access to financial analytics.
Companies get free exchange up to £1,000 a month. After that, there’s a small fee. This helps keep costs down.
Revolut works in over 200 countries, making it a big name in banking. Its app is easy to use and works well with HR and accounting software. There are different plans for all kinds of businesses.
Revolut services include free SEPA transfers and low fees for spending in over 150 currencies. It uses good exchange rates.
Even though Revolut is great, it has some downsides. There are fees for exchanging money on weekends. It also doesn’t have the best cash management solutions. But, users like its security features like biometric scanning and virtual cards.
Revolut is approved by the UK Financial Conduct Authority (FCA). But, it doesn’t have a full UK banking license. This is something to think about when deciding to use Revolut.
Review of Revolut Business for Transferring Money Internationally
Revolut Business is a top choice for international money transfers. It offers great exchange rates on weekdays and instant transfers with other Revolut users. This is perfect for businesses that often send money abroad.
But, there’s a catch. Weekend currency exchange fees can be high. This might make businesses think twice about using Revolut for big transactions. Understanding Revolut’s fees is key when reviewing its cost-effectiveness.
Customer service is another issue. Many users complain about slow responses and long wait times. Some even face account freezes, which can really mess up business plans. This mixed feedback is important to consider, compared to what other services like Wise and Currencies Direct offer.
The following table highlights a comparison of fees and features among these platforms for international transfers:
| Feature | Revolut Business | Wise | Currencies Direct |
|---|---|---|---|
| Competitive Working Hours Exchange Rates | Yes | Yes | No |
| Weekend Currency Exchange Fees | High | Stable | Moderate |
| Customer Service Response Time | Long wait times | Efficient | Good |
| Account Verification Process | Lengthy | Streamlined | Moderate |
| Instant Transfers Among Users | Yes | No | No |
Revolut Business has many good points for international money transfers. But, the high fees and slow customer service are big concerns. These issues are important to weigh when deciding if Revolut is right for your business’s needs.
Pros and Cons of Using Revolut Business
Revolut Business offers many features that businesses find useful. Its easy-to-use mobile app helps manage finances well. It supports many currencies, making global money transfers cheaper.
Customers like the digital tools and automation for international deals. But, there are downsides too.
Some users are unhappy with the slow customer support. There are also higher fees for big transactions. Weekend fees can hit businesses hard, too.
| Benefits of Revolut Business | Drawbacks |
|---|---|
| User-friendly mobile app | Slow customer support |
| Multi-currency accounts | High fees on transactions exceeding limits |
| Global payment capabilities | Weekend currency conversion fees |
| Automation tools for financial management | Limited interest on deposits |
For more details on Revolut Business’s pros and cons, check out user feedback and financial comparisons. Businesses can decide if Revolut Business fits their needs or if other services like Wise or Currencies Direct are better.
Comparison with Alternatives: Wise and Currencies Direct
When looking at the best ways to send money abroad, a Revolut vs Wise comparison is common. Both offer unique features for businesses. Wise is known for its clear fees and low costs, great for big transfers. It has a Trustpilot rating of 4.7/5, giving mid-market exchange rates without extra charges.
Revolut also has competitive options, like a flexible fee structure and a Trustpilot rating of 4.2/5. It’s a strong choice too. Both Revolut and Wise support over 40 currencies, but Wise can hold 45 currencies and send money to 50 countries.
Wise’s local accounts and wide reach are big pluses. Revolut, on the other hand, can send money to 220 countries. This is key for businesses needing to operate globally.
Customer support and user experience are also important in this Currencies Direct comparison. Wise has a support rating of 3.9/5, but Revolut offers 24/7 in-app chat support. This makes Revolut a top pick for businesses needing quick help.
Both platforms have a dedicated user base. The choice depends on what a business needs most. Wise is known for its transparency and ethics. Revolut shines with its innovative features and wide range of currencies.
