How to open Revolut Business Account

hello

thanks for response.

I have a company in Hungary.

My company is in the field of cosmetics.

But I live in Turkey. I need to open a bank account for the company for my work
I have all the documents related to the company, can you help me?

4 Likes

Hi @farhadd12, and welcome to our Community :wave:

Revolut Business is currently available for companies and soletraders registered in and with a physical presence within the United States of America, European Economic Area (EEA), Switzerland and Australia.

Hope this helps :star:

1 Like

Thank you and the services you have provided.
I came across this problem during debugging
can you help??

Unfortunately, we are unable to open a business account for you right now.
We know it’s disappointing, but in Hungary, we can’t open a business account for applicants living in your country of residence. If you have a verifiable permanent address in Hungary or a related jurisdiction, contact our support team.

1 Like

Hi

Thanks for following this up.

The 2 questions I had were:

  1. As per the HMRC regulations here in the UK. I can use a business name, rather than my personal name for a sole trader business bank account. Is this possible with Revolut? I have already registered a pro freelancer account now (under review), but at no point during registration was that option offered.

  2. I will be accepting payments from abroad, Will I be given an IBAN number and what are the Revolut Swift and (if needed) intermediary swift numbers?

Many thanks

Dean

Hi @MisterM23 :wave: ,

Unfortunately, you need to use your own name for the freelancer account. :frowning_face: This happens because a freelancer account is “personal” in the sense that belongs to a person and not an entity and would need to contain the user’s name only.

For the account details you can check our FAQ link.

Hope this helps. :blush:

SG | Community Team

Wouldn’t that be something to consider for improvement? It is perfectly legal for a person to use a trading name. I’m really sorry, but your explanation sounds a bit like trying to excuse an oversight.

A post was merged into an existing topic: Business Application Rejection

A post was merged into an existing topic: Business Application Rejection

I know many freelancers & sole traders here in the UK, who trade with a trading name. A trading/business name explains what your business is. Also, if your freelancer account is ‘personal’, why does it have ‘team management’ features?

If somebody made a payment to my business name (not my personal name), using my revolut account number and sort code, would that payment still reach my account?

3 Likes

The good news is the payment will go through, however if the sending bank supports account name verification (which now almost all banks do) the sender will get a warning that the account name does not match, which they have to override in order to send the money.

I get around this by stating the “account name” on my invoices. Having said that, my real name is part of my trading name, so it doesn’t look out of place in my case, the account name is just shorter. But I agree, if the trading name is completely different it looks odd. In my opinion something Revolut needs to improve on. Same with business addresses really. Some of us have old fashioned trades you can’t do from home and for which we have to rent business premises and therefore have a different business address.

1 Like

Wow, I didn’t realize that about the business addresses either.

I guess not all sole traders are freelancers, so the ‘personal’ attribute really doesn’t apply to many. Maybe an account between a LTD company and freelancer would be a better idea.

I did email the sales team with my questions on Monday, before opening my account on Tuesday (still under review) but received no reply. I am begining to think maybe I should have stuck with a better thought out high street bank :confused:

It seems this was messed up recently.

Revolut reorganised business plans relatively recently, maybe around the time of the introduction of the Pro plan that lives inside the consumer app.

I vaguely remember a table comparing features of various business account plans with various tiers for small business, including freelancers, where registering business names was an option at a higher tier. Details are hazy.

Maybe this was scrapped because it wasn’t very popular? I have no clue. I’d make sure to let business support directly know that this feature is important.

3 Likes

Yes, they changed the plans, when I signed up there were more business plan options. I tried to raise that with support a while ago (before they reorganised the plans). I first got a flat out “not possible” as this would be in “breach of regulations”. When I asked which regulations that would be and also pointed out that pretty much all other banks can cope with trading names and trading addresses without breaking regulations, there was a bit of backtracking, but it didn’t go anywhere.

I’m not fighting that battle, after ten years running my own business I’m currently contemplating changing direction.

1 Like

4 posts were split to a new topic: Swift Transfers in Business Acount

Hi, please tell me, I am an entrepreneur from Ukraine, currently living in GB. I can register as a freelancer in Revolut Business. Can I download my Ukrainian registration documents, bank statements

1 Like

Hi @SerhiiOZ and welcome
For business accounts, you can use the attached form - there is a section at the end which you can use to ask additional questions.
[The form is here]

I’ve moved your post to one which deals with Revolut Business.

2 Likes

@Graham_Lees Thank you for your response and we appreciate it. :sunflower:

@SerhiiOZ Welcome to our community. We are happy to have you here. :smiling_face:

Hope this helped. Please feel free to contact us for any further queries :smiley:

2 Likes

Hi!
Im Borja and Im from Spain. I just opened a business account but revolut denied me.
I just wanna know the reason and if i can do something to be accepted.
thanks

Hi Borja, this is a user community, not Revolut support. You’re mainly talking to customers here. You can contact the business sales team through this contact form: Meet with the Revolut Sales Team

I’m not sure how things are done in Spain, here in the UK most banks won’t give you a specific reason for fear of costly complaints, but good luck anyway. Hopefully Revolut is better.

1 Like