Observations by new business customer (personal customer for 4 years)

Having been a Revolut personal customer since 2015, I recently opened a Revolut business account because Revolut introduced a business plan with no monthly fee. My business occasionally sells services outside the UK, so it is potentially very useful. I have the following observations:

Positive points

  • There is a web interface, something that has been requested many times by personal customers.
  • The application process impressively imports public domain data, e.g. directors and shareholders, from Companies House and prepopulates it into the application.
  • It is very easy to upload documents about the owners and controllers of the company.
  • The first card arrived in only 2 days as opposed to the 12 days indicated at the time of ordering.

Negative points

  • There is a markup of 0.2% to 0.4% on all FX unless you opt for the £1000 or €1000 per month plan. Even the £25 or €25 per month plan allows only £10k or €10k per month of free FX, which works out at a minimum of 0.25%.
  • Apple Pay can’t be activated from Revolut’s business app, for example before receiving a physical card, and can’t be activated on virtual cards at all.
  • Virtual cards don’t appear in Revolut’s business app.
  • Every time you log into the web interface, Revolut sends you an e-mail with a 6-digit code and then asks you to “Enter code from email”. This creates unwanted noise in one’s inbox, which is particularly annoying for those who maintain a clean inbox. Two-factor authentication should not be requested unless one is making payments or ordering cards. Perhaps two-factor authentication on the web interface could instead be performed via the app, a bit like for authorising some card payments.
  • There is no support at all on the free plan, not even in the app. So if something goes wrong, there is no obvious way of contacting Revolut.
  • There is no function to export transactions in formats such as XLS, CSV, OFX, QIF and QFX.
  • The company name doesn’t appear on the physical card below the personal name, unlike most other company debit cards and charge cards (e.g. American Express).
  • You can use a card only for your first top-up, which is limited to £250. Revolut states erroneously “You can only use a card for your first topup”, which is another way of saying “For your first top-up, you can only use a card”, i.e. not what Revolut wants to say because you can use other methods for your first top-up.
  • There are further mistakes in Revolut’s English throughout the application process (although I can no longer view them). For example, it asks for a “driver’s license” instead of a “driving licence”. Just like advice/advise, practice/practise etc, “licence” is the noun and “license” is the verb. Revolut ought to proof-read its web pages before releasing them. An established bank would never release web pages without proof-reading them, because such errors give the impression of an amateur workforce.
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I also question why Revolut issues cards to businesses using a BIN allocated to consumer cards, i.e. 5314 23. If Revolut instead used a commercial BIN, then interchange fees would not be capped at 0.2% by Regulation (EU) 2015/751. Although a commercial BIN makes very little difference to the customer, it would earn a lot more revenue for Revolut.

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Continuing the discussion from Observations by new business customer (personal customer for 4 years):

I’m really sorry to post here but I can’t see any way to post a new help request topic.

I have a business card issuer by my company. The company has decided not to use Revolut although they must have kept the account as I can still log in to the App.

I want to make sure that the card I was issued is cancelled and I want my side of the account closed. How do I do this? There is no “Live Chat” in the Business app for some reason; there is no ability to start a new topic in the community forum. Basically communication is impossible and I want nothing more to do with Revolut at all.