Revolut Business users in Poland

Discussion Revolut Business
1

I am curious if there are any Revolut Business users in Poland, using the service as main (or second) company account, that would be willing to give me a few hints.

I am mostly interested in your experience with:

  • understanding of the Revolut concept and offering by Polish IRS (Urzad Skarbowy)
  • Revolut API to Accounting/Invoicing link
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2

Hi Karol, Did you ever get any info on the below??

" I am mostly interested in your experience with:

  • understanding of the Revolut concept and offering by Polish IRS (Urzad Skarbowy)
  • Revolut API to Accounting/Invoicing link"

I have a single person company and looking in to ways to to reduce exchange rate losses.

3

I also have a single person company.
Out of curiosity, what does prevent you from exchanging money by making a transfer to a personal Revolut?

4

Hi Petrhaus, As far as I have found out (might be mistaken) We can use services like Revolut as long as it is registered under your full business name.
Your business accounts then will need banking statements from both for calculating Taxes due.
My accountant also told me that it would be easier if the balance is in PLN, which I think should not be a problem since you can exchange between multiple currencies.
If you know something more, please let me know.

5

Hi,
this is a very interesting point, my accountant has never told me to keep statements for both currencies.
Basically, since 100% of my incomes are in EUR, I tend to keep money in EUR and spend in PLN by simply paying with the Revolut (recharged via my business EUR debit card).
I think I need to clarify this with my accountant.

6

AFAIK you should record the exchange rate at the time of conversion, but besides this there should be no issues.

7

Yep, that’s exactly what my accountant told me.
He also advise that recording the exchange rate at time of receiving the payment of the invoice is generally enough.

8

Does this mean sole traders or freelancers who have businesses in Poland, notably using the “jednoosobowa działalność gospodarcza” business structure, are not entitled to the Freelancer plan offered by Revolut?

9

As far as i’m aware, the Freelancer account, is under your personal name. As far as i’m aware to be able to use Revolut (for me this would be to facilitate quicker cheaper borderless payments) the account has to be under the same name as your trading name. I’m still trying to find actual confirmation of this, but information is hard to come by. If anyone else can chime in that would be great.

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10

Hi all, any news in this topic?
AFAIK in Poland, when you’re a freelancer (“jednoosobowa działalność gospodarcza”) you don’t have to have a company bank account, most of banks however don’t allow to use your personal account as business account, please check: https://kontofirmowe24.pl/czy-musze-miec-konto-firmowe.html

So right now the question is: does revolut allows to use it’s personal account to receive some business payments?

11

No. There are freelancer accounts or business account for that: https://www.revolut.com/our-plans

12

For “Jednoosobowa DG” (self-employed):

  • Get freelancer account (7gbp/mo) if You need to exchange lots of $.
  • Just use personal account for small sums, there is no requirement in Poland to have a business account for JDG.
  • Since for JDG accounting is simplified in Poland to only KPiR, you don’t need any bank statements as you don’t need to record or report banking operations. You may, however, be asked from the Tax Office to provide transfer proof of Your incoming invoice payments, then you just print it out as PDF and submit to them.

For Sp. z o.o. (limited company):

  • you must purchase a business account (25gdp/mo)
  • you will need another Polish account anyway since Revolut cannot generate Polish accounting-friendly statements.
  • Your accounting costs will increase
  • I recommend only for businesses with lots of foreign exchanges and transactions, for small businesses there are other local alternatives which work much better.
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13

If you will pay in GBP/EUR/USD then the account could make sense. But if you were thinking about using it to pay bills in Poland, then take this into consideration:

  1. You get a polish IBAN account, so you can receive money in PLN from your customers (and it works very fast),
  2. BUT payments from your PLN account will be made as SWIFT payments, which means 15PLN fee for each transfer (and a risk of an additional fee from intermediary bank - this may happen!).
14

@Mario5 A year has passed since your post and I wonder if anyone has some updates.

As of today, I notice:

  • local payments to a PL account in PLN from my Revolut business account are still counted as international transfers
  • local payments to a PL account in PLN from my Revolut personal account are counted as local transfer
  • both my personal Revolut account and my business Revolut account have an LT IBAN

Does anyone have any updates when business accounts in Poland will also have local transfers? Or why personal and business accounts are treated differently?

15

Hi Guys
I’m a user of Revolut Personal, the free plan. Being self-employed (having one-person company registered on my name). I’m having a contract with US Company and will be receiving payments for my services in USD. Can I perform that way with Revolut Personal, the Premium Plan or will I be forced by Revolut to setup a Revolut Business for freelancers, the Professional plan?
I know that we can’t submit any Revolut account to the polish “white list” but it doesn’t matter I guess because the only payer will be the US company and furthermore I won’t be doing any business payments from that account - just receive USD, exchange it for different currencies and eventually transfer those funds further. I have other polish business account that is on the “white list” and I use it to pay taxes and so on.
I would much appreciate your help

16

T&Cs say this:

You can’t:

  • use a Revolut personal account for business purposes;

I wouldn’t risk it.

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