The London-based digital banking unicorn Revolut has recently launched Revolut for Business, and over 120,000 freelancers, startups, and SMEs have already signed up for a digital current account.
Founded in 2015, Revolut grew quickly – drawing in customers by letting them spend and transfer money abroad with the real, interbank exchange rate – an offer it has now been extending to its business customers, presenting real potential savings to freelancers and companies that do business internationally.
It takes just 5 minutes for a freelancer and 15 minutes for a company to sign up for a Revolut for Business account online. Due to a collaboration between EU-Startups and Revolut for Business you’ll get the first three months free if you sign up now via this link!
On top of allowing businesses to hold, receive, and send money in 29 currencies, Revolut eliminates foreign unfair transaction fees, letting businesses spend and transfer money in over 150 currencies at the interbank exchange rate (only 0.5% on weekends).
Traditional banks typically charge around 3%, and even up to 13%, in foreign transaction fees – which easily can add up for businesses transferring large sums. For example, a business that does €100,000 in foreign exchange transactions in one month will typically spend anywhere from €2,000 to €5,000 (2-5%) per month in fees. In this scenario, that business would save between €23,000 to €60,000 per year by banking with Revolut.
Revolut for Business also offers prepaid corporate cards that can be easily issued to employees, topped up, and tracked. It also allows suppliers and staff to be paid in bulk, simply by uploading a CSV file from accounting software into the account.
On its dashboard, businesses can easily monitor their accounts, cards, and payments, and grant different levels of access to accountants and staff. And with its Open API, businesses can integrate their bank accounts with accounting and other software including XERO, FreeAgent, Slack, Zapier, and more – simplifying and streamlining processes such as cashflow management, invoicing, payments, and transaction monitoring.
Revolut for Business starts at just €7.81 / £6.99 for freelancers and €27.93 / £25.00 per month for companies – depending on the size of your business, but the first three months are completely free if you sign up now!
In addition to its many features, businesses that sign up to Revolut for Business are able to take advantage of more than €2,235 / £2,000 worth of discounts and benefits, including a 10% discount on Apple products, a nice discount on Slack, as well as credits for Expensify, Google Adwords, and much more.