by Jen Johnson, Revolut Contributor
There’s nothing “traditional” about your business. The web is your marketplace. You’ve got clients and customers all over the world. You’re battling your way to inbox zero with your smartphone in hand. You need a payments solution that’s as agile and adaptable as you are – which is why you’ve decided to switch to Revolut.
We’re not your traditional business account, because we aren’t a traditional finance provider. We understand the challenges that conventional banks pose to businesses. That’s why customer experience is at the core of what we do, and why we’re committed to a slick and seamless user experience.
Naturally, getting started with us is simple. We’ve written this quick guide to walk you through your first steps.
Open(ing) for business
To open your business account with Revolut, you’ll need to fill in a short online application form. This means giving us a few standard personal details, like your full name, address and date of birth. Next, you’ll have to tell us whether you’re a freelancer (you don’t have a registered company) or a business (you have a formally registered company).
You’ll then be asked to give us a bit of information about your business. If you’re opening a corporate account we’ll need basic incorporation details – including your company’s registered name, incorporation number and trading name. If we can't find your company through these means, we may ask your to submit the most up-to-date incorporation certificate or registry extract.
We’ll also ask you for some documentation to prove your identity, as well as a description of what your company does and where. Once you’ve filled in these details, the application is sent to our team to be checked. Most of the time you can just sit back and relax, though sometimes we might reach out to you to confirm a few specifics.Open a business account today
How do I move to Revolut from my old bank?
Moving to Revolut is easy – no vans, boxes or heavy lifting necessary. You simply have to open a Revolut Business account and transfer money into it.
What if I’m already a Revolut customer?
Great news! If you already have a personal account with Revolut you'll be able to skip one step when you open a business account, as well. And you can use the instant transfer function from your personal card to top up your business account.
Normally, your monthly account fee is deducted from your business account balance. We only ask you for payment card information in case you forget to top up – and it’s fine to list any personal debit or credit card as your backup payment option.
You can read more about our “pay as you grow” billing options here.
What do I need to verify my identity?
You need to provide us with the same verification information whether you’re opening a corporate or a freelancer account. We ask for your name, address, a photo of your ID and a selfie. If you’re not a director or shareholder of the applying business we’ll also need proof of authorisation to open an account, confirming your right to set up an account in the business’ name.
Can I have multiple Revolut Business accounts?
We know that most entrepreneurs have a side hustle (or maybe it’s more like a second business). This is why we offer multi-business accounts, which allows you to manage multiple Revolut Business accounts, both corporate and freelance. You only need a single login to access all of your information – taking the stress and fuss out of monitoring your money.
How long does it take to get approved?
Before you get started on your application, it’s also a good idea to check that your business is eligible to apply for a Revolut account. If it is, it can take just a few hours to get your business account approved – though it could take up to a week or so if we’re experiencing high demand. It can also take longer if we need to follow up with the customer and request additional documents, which the customer may or may not have at hand. This is the main reason for delays.
Once we’ve opened your business account, you should receive a GBP account with unique sort code and account number, plus a EUR account with unique IBAN and BIC details. You will also be able to hold, exchange and transfer your money in 28 other currencies.
We know that running a business in the digital age is both demanding and rewarding, which is why we want to help you streamline your routine financial admin. Life’s too short to sweat over a spreadsheet. With Revolut, you’ll have more time to plot your next steps – or your route to world domination.
Check out some of the forward-thinking companies already using Revolut Business, from digital accountants to eco-friendly retailers.Open a business account today
Start Local, Go Global
Get started with a free Revolut for Business account. Open accounts in 28 different currencies, transfer and exchange money without rubbish rates, issue corporate cards to your team and much more.