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 ÂŁ1000 or €1000 per month plan. Even the ÂŁ25 or €25 per month plan allows only ÂŁ10k 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 ÂŁ250. 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.
5 Likes

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.

2 Likes

I agree with the above points. Here is my Revolut for Business experience :

1- My physical card suddenly stopped working. Chip and pin, contactless and swipe payments are all declined. Online payments still work.
2- The customer service required a picture of the card, which I provided and I have been told that my card is in a perfect condition.
3- As noone was able to tell me what’s wrong with my card, I ended up to order a new card for 5£ and asked for a refund.
4- The customer service told me that after a second look at my picture, the card was scratched so a refund cannot be accepted. Obviously, this is an awful lie and this accusation of damage doesn’t make any sense anyway because if the chip was scratched, swipe payments and withdrawals should work properly, which is not the case.
5- The new card never arrived and I have been advised by the customer service to order a third one (lol), what I am actually not going to do.

I would add that it’s impossible for me to create a new thread in this forum. Anyway, I wish you all good luck here, we are moving to Monzo.

Hello pascontent,

The experience you’ve described isn’t at all the kind of experience we want to provide our customers with.
We’ve had the chance to message you directly and try to sort the issue you’ve described and we truly appreciate the fact that you gave us a chance to do it.

As always, we will be here to help. If there’s anything you ever need from us, just let us know!

Revolut Business

1 Like

Hello,

I’m surprised (in a good way) that my post has been approved. It proves a good transparency at least.

I confirm that someone came back to me to try to fix it and the delivery fee of the second card has now been refunded.

I give it another chance by ordering a new card with express delivery. Just weird that no tracking number is provided.

Hello,

I am also surprised!

Unfortunately, I have not been so lucky. I have just opened a business account, following an email link offering £50 to open an account. Thought to myself may as well, they have been pretty good on my personal account…

I know you can all sense the BUT coming up.

So I follow the link. Provide all the details. get the account set up and guess what? My balance is -£25?? So, I send a message to Customer services and I get told, what promo code did you use? So I explain there is no promo code it’s via an email link…“OK so you didn’t use the link” is the response.

So, not only do you not qualify for the offer they send out you also get the bonus of being called a liar. Sorry but a bank that can tell lies and then to pass the buck on to the customer is to me unacceptable

Hi there!

We’re sorry to hear you’ve experienced issues with promotions. When an user applies for a business account via a promotion link we have that on record to prevent issues like this, if any issue occurs with it, we need to know which link was used so we can find out what happened.

Our support agents are more than happy to help you with this matter, but we’ll require the promotion link that was used so we can find which promotion you’ve signed up with and if the criteria was met.

If you have the link, you can contact us via the support chat on our website here: https://business.revolut.com/
Just click on the chat bubble on the bottom right corner to start a chat with us.

Best regards,
Revolut Team

Please find one of the emails below:

I am joining here @NFH,

Like @NFH, I’ve been using Revolut as a private since 2015 and was overall satisfied.

I am unsatisfied with Revolut Business, here is why:
First because I subscribed using a promo link valid through March 2020 which required to have the account created before end of March and activated in the next 10 days with a credit card requested and used over the 10 days after account creation.
Revolut carefully rejected the documents uploaded for the next 10 days without further feedback. Only after contacting a customer service agent, Revolut requested me to finally upload documents that were out of the list to validate the account. Which worked.
But Revolut refused to apply the promotion.

The CS agent contacted today implied that by registering on March 25th 2020, it would be impossible to benefit from the March promotion(!!)
@Revolutbusiness does not seem to be aware that publishing a promotion where the publisher prevents the user to benefit from the promo is called misleading advertising: DIRECTIVE 2006/114/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL, of 12 December 2006, concerning misleading and comparative advertising
See: EUR-Lex - 32006L0114 - EN - EUR-Lex

Second because there is no ability to request a credit card in the app, only through desktop browser and that is not mentioned in the FAQ

Third because of the lack of export of OFX and QIF like @NFH mentioned

1 Like

Hi @NFH!
I have created a small service to automatically convert Revolut CSV to QIF and want to prove if there is any need of it.

Here is it: https://revolut2qif.tolbxela.com

The service fixes some problems of Revolut CSV and determines the right payee.
No data from CSV files is saved on the server except of total amount and total sum of transactions. I wanted to make the service absolutelly safe to use.
It is a fully working prototype now with minimal functionality. I could made it much sofisticated, if it needed. I could theoretically build an export in any format you need.
Please check my service, if it works for you and give some feedback, if you like it or not.

Bonjour
J’ai un réel gros problème j’ai créé un compte résolut entreprise j’ai recharger mon compte de 180 euros et j’ai eu 1000 euros de frais je pense avoir fais une erreur de frappe j’ai activer une touche que j’aurais pas dû activer je voudrais revenir à mon monter initiale svp je suis à -820 euros d’un coup, j’ai vraiment rien compris au système pouvez me remettre mon statut normal svp

Does revolut allow business accounts for webcam affiliate marketing?

I noticed a few programs advertising that they payout via revolut for example :