Understanding annual limits

[kotrfa]

Hi,

I would like to know how exactly annual limits works. Is it possible to use Revolut account number to receive money from e.g. my client directly? He is in UK, so it would be better than to send it to my account and then top-up to Revolut from that account and then submit my invoices + bank statements to be able to increase my annual limit. But without first sending it to my account, I cannot get bank statement (since I have never received this money elsewhere then Revolut).
Or do I have to have a business subscription for this? How much does it costs?

[capital]

@kotrfa

Or do I have to have a business subscription for this? How much does it costs?

Depends. Are you a sole trader? If so, for Business only supports the corporation legal structure.

Please see the attached post below. Click/tap the rightwards-facing triangle to expand content.

@capital

Should sole traders use Revolut for Business or opt for the consumer product?

@dan42

Revolut for Business only works with incorporation as it requires the incorporation number and other details related to companies.

Thanks for the tip about Premium.

@capital

@dan42

Thanks for the tip about Premium.

I’ve got no experience with using Revolut for Business apart from reading about it, but as far as I am aware, the only features that differentiates Business from Premium are:

-Multi-user accounts with multi-user debit card issuance.
-Web-interface*.
-Open-API**.
-Expense reports (The consumer product has .csv export at the moment. Not sure whether the ‘expense reports’ feature is ).

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-Web-interface*:

@capital

A web portal is currently available for Revolut for Business users.

I’ve made some speculation as to why the web interface has been prioritised for business, rather than being released first for the consumer-end.

Firstly, because it is an absolutely essential function of ‘Revolut for Business’ (whereas for the end-user/customer, the mobile app will suffice for now.).

Secondly, due to the operational requirements (Whilst the customers have been beta-testing, in a sense, the Revolut platform and the app, for Revolut for Business users, on the other hand, the feedback gained from Revolut for Business users will eventually filter down to the web-based product for the end users.).

-Open-API**:

No public announcements at the moment, but I would expect, in addition to partnering with other financial institutions to supply auxiliary services (Zurich for Revolut Premium’s global travel health insurance, Lending Works for Revolut Credit, …), for Revolut to extend the open API and allow all financial institutions to offer their financial products (From overdrafts to mortgages to high-yield bonds.), and service providers (Xero for accounting, …).

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@kotrfa

I would like to know how exactly annual limits works.

Annual limits tend to cap out at 30 grand or so for users that have had their account for a while.

Any further increase will require provision of documentation.

@capital

@capital

The yearly top-up limit can be increased via the provision of documentation.

@kotrfa

But without first sending it to my account, I cannot get bank statement (since I have never received this money elsewhere then Revolut).

Invoices may be fine, but I’m not too sure about that. Best check with .

If you’re topping up from a different bank account, then bank statements will be required.

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@kotrfa

Is it possible to use Revolut account number to receive money from e.g. my client directly?

offers current accounts (Sort code, account number.) for UK customers. Therefore it is possible to receive money from a client directly, from his/her account to your account, via the current account details.

I’m not sure how verification will work for that (given how it is a direct transfer, and therefore no bank statements, as you mentioned, from the topping up account.).

I personally think provision of an invoice will be fine, but that’s just a guess.

You will have to check with @anon33247966.

[kotrfa]

Hi, thanks a lot, then I probably understand it correctly.

The only missing piece is IMO what you wrote here:

I’m not sure how verification will work for that (given how it is a direct transfer, and therefore no bank statements, as you mentioned, from the topping up account.).

May I summon @anon33247966 then ?

[Juliopp]

@kotrfa

May I summon @AndreasK then ?

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