Coronavirus: Revolut Business FAQs

Sarah Hiraki

 · 04/07/2020  · 04/07/2020

We want to ensure your time is spent focusing on what you can do for your business. Last week we released a blog detailing the initiatives you can take advantage of if you’re a UK freelancer or business owner. We’ve also launched a dedicated section on our blog for all coronavirus (COVID-19) related topics, which you can access here.

Today, we’d like to address some of the most frequently asked questions that our support team has been helping our customers with.

Is Revolut Business affected by the coronavirus?

The current pandemic represents a challenge to a vast majority of economies and businesses of all sizes. Our customer security and satisfaction remains a top priority for us and there has been no change in the way we provide that service to our customers. We’re continuing with business as usual, delivering first-class service to all our customers.

Is there any chance that Revolut Business will go bankrupt or declare insolvency due to the coronavirus?

Revolut is a financially strong institution and we have just concluded a successful funding round. The coronavirus pandemic will impact countries and institutions around the world in different ways, however, Revolut is set up to work remotely and therefore we are still able to provide our normal service to your business during this challenging time.

I am worried about the security of Revolut Business – is my account secure?

We understand your concern, however we would like to assure you that we have always prioritised the security of our customers, and are responding promptly to the challenges caused by the pandemic. It is still safe to operate your Revolut Business account. If you do have any suspicions about any fraudulent activity regarding your account, please contact us and we will do our utmost to assist you.

Can I receive a refund of Revolut Business fees if my business is affected by the coronavirus?

Unfortunately, it is not possible to refund fees that you have already incurred. You can continue to use your account for free, by downgrading to a free plan. By doing so, your allowances will be reduced from your paid plan, however you will keep your business account and pay no plan fee.

Are you accepting new business account applications?

Yes! It’s business as usual for us. The advantage of Revolut Business is that you can open an account completely online, you can start using us for free and because our plans are flexible - you’re able to upgrade or downgrade according to your needs.

Do you support the Business Interruption Loan Scheme and other UK government initiatives?

We are not in the list of accredited lenders and cannot provide this help. Please click here to see the list of accredited lenders. We have compiled a shortlist of government initiatives for UK businesses and freelancers here.

Our coronavirus blog section will be up to date with relevant information to you, so please ensure you check in with us regularly here.

How can I request a refund for my cancelled trip/service?

A lot of merchants are willing to proceed with refunds, given their current circumstances. If you manage to clarify it directly with the merchant, it is possible that you will be able to receive the refund quicker compared to initiating the chargeback procedure at Revolut. If you’ve paid your service by card, you can request a chargeback. Click here to find out more.

What if I can’t obtain some of the required documents because of the coronavirus?

Please share the documents that you currently have access to and a Business support agent will notify the relevant team about your current situation. We are not able to make any promises, as we must meet the regulatory requirements, but we will try our best to help you during this difficult time.

Stay updated

For even more information, the government has launched a Business Support Campaign to help businesses across the UK meet the challenges brought about by the coronavirus. Click here to find out more.

We want you to know that the entire Revolut Business team is behind you, and throughout this crisis, we’ll continue to do everything in our power to support you and your business. If you have questions or concerns about your business account, the best way to reach our customer support staff is via the help chat in your Revolut Business app. If the situation changes, we’ll keep you updated via email, our blog, and our social channels – Twitter, LinkedIn and Facebook.