Is This The Future Of Business Banking?

In the past few years there have been a number of new banks that are looking to change the game!

These banks are interactive, full of data and a pleasure to use! Some of us at DH Business Support are fans of Monzo, who recently became eligible to offer personal current accounts to their customers.

However, Monzo doesn’t offer business accounts (yet)… That’s where we stumbled upon Revolut!


Revolut: “Business Accounts Made Easy”

Revolut’s tagline intrigued us – “Business Accounts Made Easy!”.

So, as massive lovers of these new type of banks: we decided to check them out and see what Revolut has to offer for business owners.

Here are some of the the features of banking with Revolut:


Multi Currency Accounts

If your business deals in multiple currencies, then Revolut may peak your interest.

Revolut allows you to hold, receive and exchange 25 different currencies without being hit by any crazy bank charges!

You can also transfer money internationally without any fees!


Track Employee Expenses Instantly

With Revolut’s pre-paid cards you can now find out the expenses of any member of your team in an instant.

Their pre-paid cards can be topped up by your main business accounts, allowing you to set spending limits for your employees.

It also means you can trace expenses from your employees prepaid cards – which will help to create an incredibly efficient process!


Link It With Your Accountancy Software

Revolut also syncs your transactions into your accountancy software!

Xero and Quickbooks are the first integrations, with others expected to follow!

You can also link Revolut with lots of other apps! It’s well worth a visit to their website to see which apps your business uses, and how Revolut can simplify your business processes through integration.


No Waiting, No Fees: With Other Revolut Users

Transferring money between other Revolut accounts is instant, simple and won’t cost you a thing.

Of course, this feature will only be attractive if you know other business owners who use Revolut.


Other Added Perks

Other companies are working with Revolut to offer discounts.

The most notable is Apple – who offer up to 10% discounts for Revolut users.

Other discounts you can take advantage of come from Google ads, Slack any many more. It seems likely that this number will continue to increase!


Our Conclusion

If you run your own business, we can imagine that at some point you’ve run into complications with your bank.

Personally, we know this to be true – and so there is a massive gap in the market for a newcomer to step in and change the way that businesses can benefit from their bank.

Business accounts made easy – that’s what we all want! But does Revolut deliver?

On face value it seems like Revolut offers a lot of benefits, particularly for businesses who transfer abroad, it could be a real game-changer.

For other businesses who have lots of expenses to track – it could also be for you!

But for most businesses, what is needed is a shift in culture away from the big, reputable banks. This would be the catalyst for a company like Revolut to really take hold of the market!

We believe it will happen… whether it’s Revolut, or not, begs to be seen!

 

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