US Revolut Business Account Review

The Revolut business account in the United States is a virtual business account that allows you to hold, send, receive, and exchange more than 25 different currencies. You can create as many subaccounts as you need in each currency to run your business. The business account is ideal for startups, freelancers, and big businesses alike.

Revolut Business Account Requirements

The majority of legal types of businesses can open a Revolut US Business account, though there are some exceptions, such as charities, public sector companies, and cooperatives. You will need the following information to open your Revolut Business account:

• Fill out a short online form
• Confirmation of your operating address
• A brief description of what your company does and where it is located
• Your plans for using your business account
• Identity proof and verification
• Which Revolut Business plan will you begin with

Revolut may need to contact you to confirm a few details or leave you a message on your application to walk you through the required information.

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Revolut Business Bank Account Features

• Multiple currencies. You can hold and exchange 25+ currencies and spend like a local in 150 countries.
• Local accounts. Revolut business offers local accounts in USD and GBP.
• Prepaid debit cards. The Revolut business virtual and physical debit cards are MasterCard expense cards for your team members.
• Bulk payments. With a Revolut business account, you can make up to 1,000 multiple payments at the same time.
• Rewards. You can get discounts and rewards from Revolut partners such as Shopify, Fivver, Slack, Deel and Paymo.
• Revolut API. Connect your company’s applications to your Revolut Business account and set up API integrations to automate payments.
• Team. Add your team to your account and manage their permissions and levels of access, as well as create custom roles and the apps and features you want them to use.
• International payments. Fast local and international transfers save money on fees. Send 25+ foreign currencies and spend in 150 global currencies like a local.
• Expense management. Using automated bookkeeping tools, you can reduce human errors and save time. Easily export expenses as a CSV file or automatically sync them with accounting software like Xero or Sage.
• Cashback. On the Revolut No-Fee plan, you’ll get a minimum of 1.5% cashback on all qualifying card spend, which can be increased to 1.9% on paid plans.

Revolut Business Account vs Freelancer Account

Revolut Business offers two types of bank accounts in the US: freelancer and company. Freelancer accounts are tailored for freelancers, sole traders, and sole proprietors in the US. Freelancer bank accounts are held under your personal name rather than your company’s name. When you send or receive bank transfers, they’re displayed under your name, and you can’t use your company’s trade name with your account details.

On the other hand, company accounts are designed for businesses already registered with the local Government Business Registration Service. To open a Company account, your company must have a valid registration number, and you need to provide all required documents during the onboarding process. Your company must also be fully incorporated. If you mistakenly start an application for a company account as a freelancer or sole trader, you’ll need to close that application and apply for a freelancer account instead. However, if your business eventually becomes fully incorporated, you can then apply for a company account.

Revolut Business Account Fees

Revolut business bank account plans for companies and freelancers are as follows:

There are three Revolut business plans you can choose from. The first option is the No-Fee plan, which allows you to pay only for what you use each month. Additionally, Revolut provides paid plans for businesses that require more advanced features, including the Grow plan for $39.99 per month, the Scale plan for $149.99 per month, and a custom Enterprise plan designed specifically for larger businesses. The paid plans offer exclusive benefits, additional features, and higher allowances, which can help your company save money in the long run.

The Revolut Freelancer account has three plans available to choose from: the No-Fee plan, the Professional plan for $9.99 per month, and the Ultimate plan for $39.99 per month. The No-Fee plan provides basic features, while the Professional and Ultimate plans offer additional advanced features and benefits for more demanding needs.

Revolut Business Account Limits

In Revolut Business, the limits on what you can do with your account can depend on the type of transactions you’re making and the kind of plan you have. Let’s break it down. For everyday spending, like buying things or paying bills, there’s a limit of $10,000 per day and $50,000 per month for all plans. If you need cash from an ATM, you can withdraw up to $3,750 per day, but this amount might change depending on where you are and the currency you’re using. When it comes to sending money internationally, there are different limits for different types of transfers. For example, if you’re sending money within the US, you can do up to $50,000 per transfer with a daily limit of $200,000. And if you’re sending money to India, there’s a limit of £5,000 per day or the equivalent in other currencies. There’s also a maximum account balance allowed of $1 million for all plans.

Other limits include the number of team members you can have (up to 50), the number of physical cards each team member can have (up to 3), and the number of virtual cards each team member can have (up to 200). Keep in mind that these limits might change, so it’s a good idea to check the most up-to-date information on the Revolut Business website or app. Also, depending on your situation, there might be additional limits or requirements for certain transactions, so it’s important to stay aware of any updates or changes.

Revolut Business vs Personal Account

Revolut Business is designed for freelancers, small businesses, and sole proprietors, providing freelancer and company accounts that require business documentation for setup. These accounts can accommodate up to 50 team members and offer up to 3 physical and 200 virtual cards for team members. Additionally, Revolut Business integrates with accounting software like Xero and QuickBooks for streamlined financial management, offering invoicing capabilities directly within the app. It also assists in tracking business expenses and generating reports to simplify tax management.

In contrast, Revolut Personal is designed for individuals managing their personal finances, offering quick setup with basic personal information and supporting single-user access. Personal accounts allow up to 1 physical card and up to 5 virtual cards per user. They may incur fees for foreign currencies and have limited international transfer options compared to Business accounts. Unlike Business accounts, Personal accounts lack integration with accounting software and do not offer invoicing features. While they provide some support for tracking expenses, it’s more limited compared to the capabilities of Revolut Business.

Why Revolut Business is a Good Option for Businesses

Revolut Business is a comprehensive digital banking platform designed for businesses. It offers various benefits, including the Basic plan with no monthly fees, making it cost-effective. The platform enables fee-free payments and transfers between Revolut accounts. Businesses can work with over 25 currencies through a multi-currency account, and virtual and physical debit cards to simplify transactions. The platform also allows your business to make simultaneous payments to 1,000 recipients in multiple currencies. In addition, it offers integration with accounting tools and software such as Xero. In addition, you can open multiple Revolut business bank accounts and manage them in one place.

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