I was one of the first to signup for Revolut for Business. After months of eagerly waiting, I finally got onboarded onto Revolut. I had a free trial month that went in right after being onboarded.
Shortly after, my account got locked down without my knowledge. When I found out was was wrong, I was told that Revolut works with a third party bank and that that other bank did NOT accept my details. My “Know Your Costumer” process failed.
After me sending elaborate details about my business (which I have had for over 7 years without any issues), I was able to get onboarded again but with my account being severely restricted.
I got 1 EUR IBAN that can only be used for SEPA transfers, and got pooling accounts for USD and non-EU transfers.
Shortly after I started using the Revolut bank account. Immediately I found out that I couldn’t link my IBAN to PayPal (to receive payments from PayPal). I even set up a UK PayPal account to link it to the GBP Revolut for Business account that I got myself, but that didn’t work either.
I have used the Revolut account for about a month, and I had to stop using it because it wasn’t worth the hassle. I can’t make some of my clients pay me via a pooling account, nor use PayPal which is 50% of my business.
I have proof that I only used the account about a month (see my bank statements). I have asked… hell… I have even begged Revolut to cancel my account to not pay the monthly €25 fee for an account that I can’t use. It’s true that I asked a few weeks after I stopped using the account, but it took me weeks to realize that the bank account has huge limitations that other bank accounts don’t have. They denied my request through the support chat inside my account because the trial had already expired. (Sigh)
I want to warn everyone for Revolut for Business.
Don’t accept a crippled account for the same price as a normal account. And if you do, be warned, your free trial starts right after they activate your account (even if you don’t have your card, and payments don’t come in till next month).
Revolut lost a lot of karma points IMHO. I was a happy Revolut customer with both personal (Premium) and business accounts, but now I’m starting to see the dark side of Revolut: things don’t work and you don’t like it? There is no escape now, cos you signed up for €25/m (€300/yr).