Business Bank Account – Revolut
Revolut is a fully digital bank that offers private personal and corporate business banking solutions. Their banking products are offered throughout Europe in 45 countries. Here we will focus on the Revolut business bank account offered to German-based companies.
The type of business entities that are supported is private limited companies (LTD), public limited partnership (PLC), limited liability partnership (LLP), partnerships, sole traders and freelancers, and unlimited companies that have a physical presence in the EEA or Switzerland.
Revolut offers two accounts; a Company account, and a Freelancer account. Each account type offers several pricing tiers.
The Key Benefits:
- Customer support is provided in English and German
- Multiple users per account with a paid account type
- Ability to open an account anywhere from the EEA or Switzerland
- Expense management
- Mobile and Web application
- Unlimited free transactions to other Revolut accounts (personal or business)
What are the different accounts offered?
Free – 0 Euro / Month
Grow – 25 Euro / Month
Scale – 100 Euro / Month
Enterprise – Price Depends
Free – 0 Euro / Month
Professional – 7 Euro / Month
Keep in Mind:
- The account is based in the UK
- There is not an invoicing option yet
- You have to pay a fee to accept card payments
- You are limited in the number of times you transfer money for free
How to open:
Submitting your application for your business bank account with Revolut is fully online and will take about 10 minutes. Once submitted, your application will be reviewed. It will take 1 to 7 business days for Revolut to process your application.
To open a Freelancer account, you will need:
- Your personal information; name, address, a photo of your ID, and a selfie.
- A short description of what your business does and where.
To open a Corporate account, you will need
- Basic incorporation details. The Revolut website recommends providing the most recent incorporation certificate or registry extract.
- Your personal information; name, address, photo ID, selfie. You must be a director, shareholder, or have Power of Attorney to open an account on behalf of the company.
- A description of what your company does and where they do it. You will need proof of physical presence in Germany, see accepted documents here.
- Basic details about the shareholders/directors