Integration with Xero would be REALLY awesome, none of the banks here (Ireland) support it very well…
I was correct in saying it will basically be in Q3
I run a travel company with trip leaders all over the world - I’m really interested to hear an update on how Revolut for Business is coming??? Already pre registered and have 2 of my guys trialling the standard personal cards. But the integration that would come for business users is key for us to roll it out to others…any idea of updates guys??
Probably compliance/regulatory-regulated and operational things slowing down the roll-out.
They definitely won’t delay the launch indefinitely. Competition hot on the heels of Revolut.
Transferwise moving into the area (https://transferwise.com/business), Tide’s recently popped up in Shoreditch for demos (https://www.tide.co/) and more fintech companies being set up catering specifically to the enterprise sector.
Confident Revolut will roll out Revolut for Business soon. From a consumer standpoint, the currency account with minimal fees (compared to major retail banks.), fantastic. I’m sure they’ll be able to replicate this experience on the enterprise side.
@here keep your eyes peeled - it’s coming very shortly! very…
Is there a number to contact for problems with signing up for Revolut Business?
I am a sole trader from the UK and just received an invitation to register to Revolut for Business. However, I am unable to complete the sign-up procedure as Revolut asks for a company incorporation number. As a sole trader, I do not have such a number. Could you please update the sign-up form to allow sole traders to input their Unique Taxpayer Reference (UTR) number instead of a company incorporation number?
£25 per month just for starting up? Are you kidding?
It’s a good thing that we have a thing called competition in the GB.
TransferWise now has USD, GBP and EUR accounts and charges £0 per month. And they charge one of the lowest exchange rate markups!
Revolut, are you listening? Yes, that’s zero!
Can you guys please work on your communication style?
In August of 2016 you claimed to be “launching Revolut for Business soon.”
10 Months later is not soon. Try to keep the word soon to mean “within 3 months” - it would cause a lot less anger and confusion within the community.
Transferwise charges 50p per outgoing bank transfer. Not a good deal. Revolut offers a completely different service.
I highly doubt a startup or a small business (making less than £100k annually) would do 50 outbound transactions per month to justify Revolut’s £25 per month fees. That is 600 outbound transactions per year. So, no, you are not making that much transactions.
Revolut would cost £300 per year.
At TransferWise, assuming a fair EUR FX markup , you would have to be making at least EUR 60,000 per year to pay that much in foreign exchange.
If your business does not touch the far end of £100,000 barrier; which is likely the case for small businesses, you would end up paying more to Revolut (based on current pricing).
If its a better deal for you to pay 50p + 0,5% per transaction and you also need no corporate cards, nobody keeps you from using a TransferWise Borderless account. Maybe Revolut will also offer a pay as you go account for small businesses in the future. Just because the offer is not suitable for you, it is not generally bad.
Small businesses make huge chunk of economy and ignoring that is definitely flawed, if not generally bad.
About pricing, have you looked at what other banks are charging for business accounts in the UK? If yes, you’d know that Revolut is over-priced for most people in the UK.
It’s not me, it’s just basic maths (for small businesses).
Revolut’s < £100,000 plan, does seem to be representing small business but with unjustifiable pricing.
With that being said, obviously, stuff still sells, whether expensive or not. I didn’t call it “bad”. I was just pointing to the factual trends in market or more generally what other average “banking fees” should be!
HSBC Business Account cost me 32 GBP / Year but offers nothing in terms of free exchanges, isn’t multi-currency (which does cost extra!) and charges for international transfers, even if you send to HSBC in another country. If people all around the world use Revolut it will essentially be free transfers between Revolut accounts. Scale = win win!
Need to keep in mind that percentage fees (Which is what Transferwise offers. Charging a spread per transaction.) punishes businesses that grow and increase their transaction volumes.
Revolut Business for startups/freelancers
Right, the opposite is also true (the point many are making here).
Transferwise “punishes” growth by taking a % fee off transactions.
Revolut “punishes” companies that grow slowly by charging upfront for services that may not be fully used.
Some people prefer to pay a % with each transaction so they don’t have the initial capital outlay.
Some people prefer to have the initial capital outlay as they can plan their banking-related expenses at the get go.
In truth I would imagine very small businesses (start-ups) would prefer to pay a % fee, medium-sized businesses should pay a monthly fee. Large companies are tricky… Revolut is losing out on a lot of money by offering them accounts for 1000 GBP a month. These businesses probably spend much more in % terms with their current providers so Revolut is leaving a lot of money on the table.
Revolut Business for startups/freelancers
So… happy for the release of Revolut for Business, I tried to make my company subscribe to it. We are located in Belgium and Revolut’s FAQs claim that any company in the EEA can sign up for it.
Unfortunately, the signup page claims that Revolut for Business is not available in my country (Belgium).
Anyone else with the same issues?
Any chance for a lower entry level subscription as an example <10 000 GBP monthly income for 5-10 GBP/m ?