Client invoice payments and sending collected funds to US bank account


#1

We are a US corporation with clients around the world. You offer payments in currencies that Transferwise does not (CAD, AUD, NZD) and so we are interested if the business account would suit our needs.

It appears though that the only way to use money in the account is via the MasterCard; you can’t transfer the money collected from client payments into a bank account. Is this true? If it can be transferred, can it be transferred via ACH into a US bank account and what are the fees involved?

For clients to pay us, do they need to be a Revolut user or do we simply send them a payment link that they use to pay us in local currency? On your website, I see information regarding counterparties but not sure how those are used and configured.

Finally, when invoicing a client, can we invoice them in USD and when they go to pay us, they can select their local currency for payment and it will charge them in their local currency at whatever the current rate is?


#2

Need to check with @andriusb to see whether US companies can use Revolut for Business (At the current moment, the consumer product is only available for UK/EU/EEA countries. An expansion into the US market is under way, with a pre-registration waiting list for those keen on the first people in the US to have a Revolut account.).

26 and counting.

There are currently 2 ‘interfaces’ for money to go in and out of your Revolut for Business account.

-1) Currency account: A ‘wallet’/currency account in the 26 currencies that Revolut supports at the current time. First-party (Bank transfer from your legacy bank.) and third-parties transactions (such as client payments.) can be sent to those currency accounts via the IBAN address for that currency account (or in the UK, sort code and account number. For the US, it should be ACH/ABA, but you need to check with @AndreasK and see whether ACH implementation is complete .).
-2) Debit card: Employees/executives can be issued with Mastercard debit cards. Any money spent using these cards will draw on the money in the specific currency account (e.g. If you’re spending CAD in Canada, the money will be taken from the CAD currency account. If there are insufficient funds in the CAD account, then it will convert your base currency (USD) into CAD at the interbanking FX rate.).

Need to check with @AndreasK regarding ACH support, and whether there are any fees involved in domestic/international ACH transactions.

They can send money to your IBAN address.

As far as I am aware, they don’t need to be Revolut users. The P2P function (Revolut<–>Revolut.) seems to be more oriented towards the consumer product, rather than the Business product.

@andriusb @AndreasK will be more suited to answer this.


#3

I am adding Revolut’ IBAN to my bank. My bank requires “UK domestic sort code”. What is this reference for LOYDGB2L?


#4

Hi @Marin, not sure what exactly do you have in mind? Please write to us to business@revolut.com so we know which business account to take a look at and make sure your questions are answered. Thanks


#5

Correct, currently only businesses incorporated within EEA can be accepted however once we launch our consumer product, Revolut for Business will follow suit short after.

Correct in general. Just a few add ons with regards to:

  1. For the USD we provide multi-currency IBAN (non-US based yet) hence there’s no ACH/ABA at the moment until after we launch there.

can it be transferred via ACH into a US bank account
Need to check with @AndreasK regarding ACH support, and whether there are any fees involved in domestic/international ACH transactions.

Not at the moment

Revolut<–>Revolut function is going to play a crucial role within our Business product, too. This function is up and running by the way. With regards to receiving or / and sending money to IBANs - it’s possible.

Not sure what you have in mind. Normally, when you invoice someone in currency XXX you don’t really care how they pay, you just want to get your XXX in. In our case, nothing really changes yet - they’d need to pay you in your preferred currency, otherwise you can always issue the invoice in their local currency and once received, you’ll be able to convert it to a currency you like at the interbank exchange rate.

Let us know if you have any additional questions


#6

It should be a domestic one, therefore no fees involved.