Revolut for Business 🏢

[mehmetali]

Can I make transfers to any business account in China (or any other country) in USD or EUR currency? Or will it be changed to local currency automatically?

[DboRevolut]

Xero online accounting integration is kind of key to using Revolut for Business with my current accountants, with whom I have been working with comfortably for the past several years.

Xero has the capability to automatically import bank statements to be reconciled; currently Xero does not recognise Revolut for Business. I am wondering with this stems from the fact that Revolut bank account features seems to be Revolut branding atop a Lloyds white-label banking platform, where Xero does not important Lloyds accounts either.

Is there any awareness of Xero and anything in the pipeline

[andriusb]

Hi @arnaud,

apologies for the delay in getting back to you. With regards to managing your balance on ‘card level’ it’s more straightforward than you think - you would just need to make sure your currency account(s) that you linked your card(s) with (you can link to multiple currencies), are sufficiently funded.

You can receive payments to your Revolut account(s) via bank transfers currently while we’re implementing and will be launching other solutions soon.

Let us know if you have any additional questions - we’re here to help you out!

[andriusb]

Hi @DboRevolut

Thanks for this. This is indeed one of the highly desired features by many businesses likes yours. We’re working to introducing direct feed to Xero which will streamline your accounting processes. Until after this is developed, businesses could use ‘Download statement’ feature to download transaction history in CSV and upload to Xero and many more online accounting tools.

Let us know if any additional questions or requests!

[andriusb]

Hi @mehmetali

Thanks for this - we currently support outbound payments in these currencies https://revolut.com/business/faq/#what-currencies-can-i-use-to-top-up-my-revolut-for-business-account

This means, that you could send USD and EUR to China to recipient’s USD and EUR accounts as we currently don’t support CNY.

Let know if you have any additional questions in the meantime

[andriusb]

Hi @korolija,

good question - actually, you can even define which currency accounts you want your cards to be linked to. It helps when you have funds in different currencies on your Revolut account(s) and are using Revolut business cards in different countries. So it can detect a currency automatically and take it from same currency account.

Let me know if you have any follow up questions on this. Cheers!

[DboRevolut]

Hi Andrius,

Yep I realised this was not a show stopper, but would be super cool!

#xerorevolut

I have another idea, which I originally pre-registered for R4B, but I will raise another thread for it.

Cheers

[mehmetali]

@andriusb thanks for info. I have checked now to transfer usd to china but the country is not in the list just as currency isnt in the related list. Is there any other way to do it?

[andriusb]

To send money there in one of our supported currencies instead ? https://revolut.com/business/faq/#what-currencies-can-i-use-to-top-up-my-revolut-for-business-account Please also feel free to leave your interest in country which we should support next here https://revolut.typeform.com/to/Cxz7Ci and we’ll notify when we launch there (including local currency transfers)

Hope this helps but let us know if you have any additional q’s

[DboRevolut]

This thread is way too long; can you turn Revolut for Business into a category?

[DboRevolut]

Adding here for visibility:

Revolut for Business - Better Two-Factor-Authentication (2FA)

So far Revolut for Business (R4B) has not been a good experience for me. One of those annoyances is having to constantly go to and fro with my email to get the access code to login. I am used to that workflow when signing-up or activating new accounts, or like with my existing business banking, using a one-time-passcode (OTP) to setup a new payment recipient. Within my first day of use I had over a dozen of these codes. Suggestions 1). Use Authy; this is available on phone and desktop 2). …

[DboRevolut]

Adding here for visibility:

Revolut for Business - Sub-accounts, earmarked funds, tagging

One clear pattern that has emerged for me - over the years contracting and attempting to be a diligent business owner - is to syphon off sums of money when my invoices come in, into visibly different pockets of liquidity. Typically this is to earmark and accumulate: .1. My quarterly VAT funds 2. My annual Corporation Tax (CT) funds 3. Funds for other initiatives and investments How I currently implement this: I have a savings account, which I use for VAT and I have another company with it…

[andriusb]

Hi @DboRevolut,

many many thanks for the feedback and ideas! They are going straight into our Trello cards (yes, we’re planning to put a product roadmap publicly to get a sense of what’s coming).

Look forward to keep hearing your feedback further!

[nicola]

some form of bulk-requesting the cards (example, importing from a spreadsheet, CSV file) for the whole organization, with a single initial shipment to a company rep. Or some form of linking each individual account request from the app to a company (example Invite unique code sent via SMS to each employee phone) to allow the individial app to be linked to a company and employee - and let him perform the onboarding / documents - via self service - via the current KYC excellent workflow.

[dahacouk]

Yes! Totally agree! I suggested that at Create “Business” category for this community . @andriusb

[dahacouk]

Great! @andriusb Now I understand what you mean by the Trello cards. Not for individual onboarding but for product roadmap. Yes. Cool. And even better if you allow us to interact, suggest and vote (?) on ideas.

[Myabou]

Category is created @revolut please move thread

[rudolf]

Hi!

I’m interested in opening a Revolut for Business account, but first would like to know if MT940/CAMT.053 reporting is implemented by now for imports into bookkeeping software?
The same question for SEPA XML batch payments which are created by bookkeeping software to pay a group of suppliers in once.

“Reporting:
Next to view and detailed PDF-statements, it is necessary to include computer process-able reporting formats. For bank statements both MT940 (legacy SWIFT standard) and CAMT.053 (fancy XML based, part of SEPA and based on ISO 20022) are used, I’m not sure if there is a credit card equivalent?
This should also be flexible, combining multiple cards onto one statement, or having a statement for each card. You should provide it.”

[CMG]

Just registered for a business account. Turns out I’m 770 on the waiting list. We are in need of an account quite urgently. Can somebody advise how long this will take? It is essential for us to get this sorted as soon as possible. Many thanks!

[rafael_revolut]

Hi @CMG !

Your account is active since yesterday, we have reviewed and approved your application next working day! Sounds great, doesn’t it?
Let me know if I can assist you any further.

Rafael