The revolution of digital banking came with an explosion since the spin of the millennium in 1999. This has led to the rapid growth of neobanks which have outgunned traditional banks on numerous fronts. This is probably because the financial services offered by neobanks are fully digitised and almost free. Looking into the UK’s FinTech landscape, which is the leading across the globe, it is inevitable that you will encounter Revolut. The Revolut fintech bank has the most extensive customer base worldwide, with an extension to over 31 countries.
Description and History of Revolut
Revolut mobile app was launched in 2015 by Vlad Yatsenko and Nikolay Storonsky who had experience in fintech and economics respectively. The company was, however, licensed as a mobile banking institution in 2018 by the European Central Bank. The app allows you to run multicurrency accounts for free. Currently, Revolut works as a multicurrency card linked to an app. The Revolut debit card allows you to convert and send money to your Revolut account before making any financial transactions.
Revolut is regulated by the Financial Conduct Authority (FCA) and the app’s finances protected by the Financial Services Compensation Scheme. The company claims to have around 6 million registered clients, with over 350,000 of them using Revolut actively daily.
How to Open an Account with Revolut
Opening an account with Revolut is easy and straightforward. The online process of opening a Revolut account allegedly takes 60 seconds only, with a European ID and a smartphone being the prerequisites. Here is how you do it;
- Downloading the Revolut App. You can download the Revolut app from the Apple Store or Google Play. Android tablets cannot support this app. Your phone’s screen must be at least 3.5 inches in size.
- Revolut Sign-up. Once you have the app, you will be required to enter your details such as phone number, create a password, and confirm the sign-up with an SMS code.
- Profile. You will need to provide some information such as your name, physical address, and email address to create your Revolut profile.
- Money Transfer. To activate your account, you will need to transfer £10 from any of your old accounts. Revolut provides you with a chance to resend the £10 to your old account if you wish.
- Identity Verification. To verify your identity, you will need to upload your passport or an image of your driving license or ID card. You are also needed to upload a selfie with your smartphone as the last phase of verifying your identity.
- Confirm Verification. Clicking on the verification link sent to your email by Revolut completes your registration process. You can now log in to your Revolut account to order for a physical or virtual Revolut card.
Revolut for Businesses
Revolut was initially started as a digital banking platform for personal accounts. Later they developed Revolut for Business, which was meant to provide fintech banking to businesses. This was to be a gem to businesses that deal with multicurrency money transfers. Today, there are over 20000 businesses that are registered with Revolut for Business.
Revolut for Business provides businesses with features, which may vary depending on the pricing plan for which a business signs up. Such features include;
- 24/7 Customer Support which is given priority to Business for Revolt accounts.
- Multi-account access for businesses with multiple employees who can have access to Revolut for Business.
- Local account for the UK to UK or EU to EU transfers.
- Virtual and Prepaid Debit Cards for online and physical purchases.
- Multicurrency account for businesses dealing in numerous currencies.
- Bulk payments
- Business Software Integration.
Revolut Account Offers for Businesses
Revolut Challenger Bank has some unique offers for businesses registered with Revolut for Business. These offers, however, are restricted to the four pricing plans available for businesses, including the free plan, grow, scale, and enterprise plans.
The Free Plan
The free plan, as the name suggests, has no monthly charges. Businesses subscribed to this plan enjoy the following offers;
- Five free local transfers every month. After the fifth transfer, your business is charged £0.20 for every transfer.
- £3 transaction cost for every international transfer.
- Free two-member additional onboarding to the business account.
This plan does not allow businesses to have access to features such as bulky payments and 24/7 priority support.
The Grow Plan
This plan comes with a monthly fee of £25. Offers available for this offer include;
- Free ten-member additional onboarding to the business account.
- One hundred free local transfers per month.
- Ten free international transfers per month.
- 24/7 priority customer support.
- FX-free transfers of up to £10000.
- Bulky payments.
- User permissions.
- Payment approvals.
The Scale Plan
For business owners that feel that the Grow Plan is not sufficient, you can consider the Scale Plan. This plan requires you to pay a monthly fee of £100. This plan provides you with all the offers that come with the Grow Plan, with an addition of the following privileges;
- Fifty free international transfers.
- One thousand free local transfers per month.
- FX-free transfers of up to £50000.
- Free thirty-member additional onboarding to the business account.
The Enterprise Plan
This plan is ideal for large businesses. This plan demands a monthly subscription of £1000 per month. The Enterprise plan does not have any account limits. While the subscription charges of the Enterprise Plan appear to be excessive, this plan provides your business with great value. This is especially so if your business deals in numerous international and local transfers.
What to Keep in Mind?
The world is turning digital, and the banking industry is not an exemption. Fintech banks are the way to go now, especially for the millennials. They provide you or your businesses with a platform to carry out financial transactions for extremely low prices. The Revolut neobank is one of the leading challenger banks across the world. Opening a personal Revolut account is easy and simple. Revolut accounts for businesses are also available. Browse through Revolut’s website for more details on this global online institution https://www.revolut.com/