New Business Plans - Your thoughts?

Alright, so I had started my migration away from Revolut when I got an email from them today announcing their new price plans.

Thankfully, this means I can just migrate to free for now instead of my planned closure, but I am sure the limitation on fx on the £25 plan for loyal customers won’t go down so well given they’re facing a reduction from £100,000 to £10,000 a month. To process £100,000 fx now they are facing a monthly bill of £385 on start, or £300 by upgrading to Scale.

They also hint about coming soon features, including ones I’ve been desperately waiting for. Perhaps they should have coincided these changes with the launch of those features so its an easier bite to take?

Anyway, just opening up a discussion on your thoughts!

**Edit: Thought I’d be geeky and show when it’s best to upgrade based on FX fees - correct my maths if you feel its incorrect however! **

£0 - £6250 = Free
£6250 - £28,750 = Grow
£28,750 - £275,000 = Scale
£275,000+ = Enterprise

** Edit 2: Someone had posted a poll, it was removed, so I’ve added one here! :slight_smile: **

How do you feel about the changes to the Business Plans?

  • Very upset - considering/going to leave Revolut.
  • Annoying - but I’ll stick with Revolut for now.
  • It’s okay - I support Revolut and understand the change.
  • Happy - Great news, it’s been a long time coming!

0 voters

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I’m quite upset about this change tbh, and I’ll start actively working on my departure.

It is a massive massive price change.

I cannot understand how anyone can benefit from this price change as it must be more expensive for 90% of existing users.

It is a large price hike masked under “a more fair and flexible price structure”. Fair for Revolut yes, but not for users.

At least just call the price rise by its name instead of making it sound like users demanded it. “We taken your feedback on board to make it better”. Surely everyone’s feedback was “we are paying too little!”. Which surely was the case before, but at least own the fact you are raising prices: its plain obvious. Be honest about it.

In my case, FX aside just the 10 intl transfer cap makes it impossible to stick to the £25 plan. So that is 4x price increase while still getting less benefits than the £25k plan where at least the limit was £100k

Currently, considering the number of inbound and outbound transfers we do, we have to upgrade to £100 plan and even that has only a £50k exchange threshold (it was basically £1m before).

Also 0.4% above interbank rate, while much lower than most banks, it is still high.
You can get lower markups with a broker and I have a 0.3% mark-up with TransferMate (note: not TransferWise)

Transfermate also has a Xero integration.

All in all, while I think Revolut pricing was unsustainably low to grow user base, the price difference which has been just announced is massive. They could have at least increased this in stages.

A fairer price structure should have had higher FX limits per plan - you can’t just drop from £1m to £50k. It’s 20 times lower?? That’s going to upset a lot of users.
Also, as all bad news this has been released at time when public attention is distracted: on the day a new British PM is announced… so everyone’s mind is elsewhere…coincidence?

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Hi James. I posted something yesterday about this in reply to another topic (I can’t start a new topic), and my message was not approved by the mods! Scary actually that there is censorship on a forum like this. Let’s see if this message goes through :slight_smile:

So, in terms of the new Business Plans, there are, as you point out huge differences for businesses. The only value Revolut provides my business is the currency exchange. Now with the £25/month Price Plan I can only exchange at interbank rates £10K/month, down from £100K/month. Even if I upgrade to the 4x as expensive price plan of £100/month, I will only have £50K/month free currency exchange, i.e. half of what I have with my much cheaper current plan. Essentially, Revolut has become as expensive as my dinosaur local banks, which is really sad!

At the end of the day, it is their choice to change their pricing so much, but what is really very disappointing is that they are spinning these changes as a positive thing for their customers which I find insulting. “We have been honest with our customers - these changes were made almost entirely based on feedback and we feel that overall they are a massive positive improvement.”

In the other topic, the op mentions another option for currency exchanges, I will certainly be looking into such options going forward.

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Can’t verify the maths, but this is what I can see for the business plans, and features, including “coming soon”:

on the positive side, we can now transition our departure from revolut by switching to the free plan and keeping the IBANs.
I was happy enough with what I was getting for £25, but not anymore.

Lets’ Revolut know what we think about that.

That’s actually a tough one…
Can’t say I’m unhappy - as a freelancer the new 0EUR Plan is somewhat nice, right in time when I was going to use Revolut Business a bit more starting in august this year - even the new Professional Plan fee isn’t exactly more expensive than before.

BUT … the new limits and new costs per transaction are indeed a show stopper for increasing the usage of Revolut Business to the level I originally intended.
For example the 0/0 allowance on SWIFT and FX for the free plan is… less than optimal.

So not sure if Revolut will actually make more money / get more customers with the price plans I’m seeing.
That’s closer to normal pricing for high street banks (per transaction costs etc.), without offering anything close to the level of services that the latter provide (drawing direct debits from customer accounts - I totally miss that important feature from each and every “FinTech” account so far, credit cards, “real” support etc. etc.) so … so not sure what’s the plan here.

Time will tell, I guess I just start printing the SEPA IBAN on my bills as additionall account for now and NOT use it for non-EUR/EU payments for the moment and don’t force my customers over :slight_smile:
Not what I wanted to use Revolut for, but time will tell.

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Revolut did NOT like the poll I had created
and so it’s been removed…

Anyone has got ideas about Revolut alternatives?

Transferwise seems to be the most popular alternative at the moment, however, I haven’t seen their fees being much different to Revolut’s, especially if you use my guide in the first post regarding when to upgrade.

I’d probably move to Revolut from transferwise completely if they offered ACH and local bank details in more countries rather than just UK international SWIFT, until then, I think using Revolut will be more hassle than its worth for us. But, I’m going to keep my account open on the new free plan in hope that Revolut soon introduces those “Coming Soon” features, where I may then be inclined to re-upgrade again.

Edit: I’ve added a poll to this thread for you.


Depends where you are located and whether you see revolut as a bank or as a travel card.

In EU proper “Bunq” is likely the best alternative as a proper bank. “Tomorrow” as well seems like it will become a really good product/ option one day. It isn’t quite there yet, but in itself a really nice idea. And the basics are there already. “Fidor” could be an option as well, though it’s quality went a bit downhill aparently the last year. And with the later two (Tomorrow and Fidor) I am not sure whether they serve people living outside of Germany. You would have to try.
In the UK “Monese” and “Starling” seem like solid choices, from what I have heard.

For a travel card both “Transferwise” as well as coupling a “normal” Creditcard with “Curve” seem like good options. If you use it as a travel card alone “N26” seems okay-ish as well, but personally I would not use it as a proper main bank account. Have heard a lot of really, really bad stuff about them.

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IF I interpret Kontist’s site correctly, they maybe offer this. 's section, saying

  • Lastschriften (Eingehend/Ausgehend)

seems like they do, given Eingehend/ Ausgehend should indicate it is possible in both ways.
I am not sure though, since I have no need for a business account & am not a customer of them.

short answer is: they don‘t

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Had a bit of a shock when I noticed the PayPal verification penny deposit is now chargeable as one of your local transfers with the new plans. Honestly believed the limit on local/international transfers was for outbound, but it’s actually for inbound and outbound?! Wow…

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with these plan changes without actually fixing any of the problems they’ve killed revolut (for business) for me.