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By laura
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How to open a Revolut bank account with a company in the UK
What do I need to know before opening a bank account with a company?
How to open a Revolut bank account? Most of the major banks in the United Kingdom provide this service for businesses. However, one significant drawback is that their maintenance fees can be relatively high. In contrast, a Revolut account offers the ability to manage all business activities efficiently and without the complications associated with traditional banking services.
In the following article, we will provide a detailed explanation of how to open a Revolut bank account for a UK-based company.
What do I need to open a Revolut bank account with a UK business?
Revolut provides tailored plans designed to meet the requirements of businesses and freelancers. Sole Traders do not have the obligation to open a specific account for their business; however, they may use the Standard Plan account if they prefer. For Limited Companies, Revolut offers highly competitive solutions to enhance business operations.
Revolut Bank Account for the Self-Employed
The Standard Plan offers an excellent option for sole traders due to its no-cost maintenance. Additionally, there are paid plans available that extend the limits and provide various benefits associated with Premium, Meta, and Ultra plans. You can manage your account conveniently via their mobile application. To open a Revolut account, please follow these steps:
– Download the application on iOS or Android devices.
– Complete the required personal information and provide valid identification.
– Begin using your Revolut account to explore its numerous features, including setting up direct debits, making international transfers, and obtaining a multi-currency card.
Revolut bank account for companies in the UK
A Revolut Business account for corporate entities provides sophisticated features designed to assist businesses in managing their finances on a large scale.
To establish a Revolut Business account, your business must fulfilled the following requirements:
– The company must be fully incorporated and operational.
– The legal entity should not be a charity or involved in the public sector.
– The company’s registered address must be in the UK. Additionally, details regarding the company’s tax domicile must be provided during registration with Companies House.
What can I do with my Revolut business bank account?
With Revolut business account you can tailor your account to your business needs, with customisable allocations and features:
– Accept and settle payments in over 25 currencies without conversion fees.
– Control all expenses without stress.
– Manage your money in multiple currencies.
– Access customisable online payment solutions with its merchant API.
– Make customisable transfers to over 150 destinations without fees.
– Accept hassle-free payments anywhere.
– Handle physical and virtual debit cards.
What other benefits do I get with my Revolut business account?
Transfers with other banks can be slow and expensive, especially international transfers. However, the fees with Revolut are much lower and they even offer some transfers for free. Your account will have an IBAN associated with it, for sending and receiving these transfers, just like conventional banks.
With Revolut’s business account you can keep accurate accounts for your business. In addition, you can control your team’s expenses and set up recognition and approval methods through AI. If you want to automate and streamline these processes, you can set up your app and connect it to accounting software such as ClearBooks.
Revolut business accounts are 100% protected. Revolut is an e-money institution regulated by the FCA (Financial Conduct Authority) in the UK.