Revolut Business Account in Australia: The types, fees and how it work

As a business owner, it’s always good to stay on top of what services and technologies are out there that can help you grow and sustain your company. One area that’s always worth keeping an eye on is finance. Having the right business accounts and financial service partners can help reduce fees and make the money side of things easier to manage.

To that end, we’re going to take a look at the Revolut Business account. This blog will explore how it works for Australian customers, including the fees, processes, and features. We’ll also let you know a little bit about Wise, another provider who might be able to help with managing global finances.

What is a Revolut Business account?

Revolut Business is a digital-first financial platform that allows Australian-registered companies (sole traders, Pty Ltd, etc.) to open business accounts online and access fast local and international transfers. One of Revolut’s “essentials” is a multi-currency account for holding and managing 30+ currencies¹. But there are other tools too, including corporate debit cards and expense tracking.

The service is designed, first and foremost, for managing multiple currencies and streamlining (and saving money on) cross-border payments. Revolut states that customers save around 6% when using its Business account².

Common Revolut use cases for Australian businesses include:

• Freelancers tracking expenses and paying for supplies in countries outside Australia in different currencies.
• Startups needing affordable banking with built-in expense management tools.
• E-commerce businesses managing payments from international customers.
• Import and export companies dealing with multiple currencies daily.

It’s free to sign up for a Revolut Business account, but the entry-level tier is a paid service.

Is Revolut a bank?

Revolut says it’s “not yet a bank” in Australia, even though it does offer many of the features you’d normally associate with one³.

Instead, Revolut operates under an Australian Financial Services License (AFSL) and partners with licensed banks to hold customer funds securely. While it doesn’t currently have a full banking license, the current setup means money is kept safe in trusted financial institutions.

Revolut Business account features

Revolut Business packs in a range of features and tools to make managing international business finances simpler and more efficient for Australian customers.

Here’s what you get when signing up:

• International transfers - Send money to 150+ destinations in 30+ currencies.
• Multi-currency account - Hold and exchange money in 25+ currencies from one account at the interbank rate.
• Corporate cards - Issue physical and virtual debit cards to your employees.
• Team management - Assign roles and set spending limits and categories, and currency restrictions for your teams with management tools.
• Software integration - Integrate with accounting software, including Xero, QuickBooks, Sage, in addition to 15+ other tools.
• Expense management - Use “smart suggestions” to autofill expenses from past transactions and receipts.
• Business analytics - Generate reports for business earnings and expenditure, and access “granular” account data.
• Bulk payments - Send up to 1,000 payments by uploading a CSV file.
• Currency exchange - Use Limit and Stop orders to automatically buy or sell currencies.

Can I send money to a business via Revolut Business?

Yes, you can send money to businesses using Revolut Business. Like other transfers, you’ll need the account details for the intended recipient. To send money, you click on “Transfers” and “Send money” from the main dashboard, where you then enter the business’s account details.

Revolut says there are transfer limits for more popular currencies like USD and NZD, but it doesn’t list these on the site. It says the max transaction size is shown in the app prior to the transfer, and that it’s not possible to increase it.

However, it does list a few limits for “specific” currencies. For example, transfers in the Indian rupee (INR) to India have a limit of GBP 5,000⁴.

One downside is that you’ll need to add the recipient again if you want to send a new transfer in a different currency⁵. This extra step can be frustrating if you’re sending money, for example, to the same supplier in multiple currencies. With Wise Business, you can usually pay the same recipient in different currencies without having to re-add them each time.

A couple of other caveats with Revolut:

• You have to verify your identity with a selfie before adding each new recipient.
• The fees vary by plan and the payment type, and aren’t always clear upfront until you start the transfer.

Revolut Business account fees and pricing tiers

Revolut is primarily a subscription service. There are four tiers catering to different needs and business requirements: Basic, Grow, Scale, and Enterprise⁶. Each of these has a monthly fee, which you’ll need to pay to retain access to the account.

The entry-level Basic service starts from $10 AUD per month and includes the “essentials” to run a business. The higher-end Scale service will set you back $79 AUD per month for higher allowances and a full suite of tools. There isn’t a set price for Enterprise, which offers a “custom” build for larger corps.

Here’s an overview of what you get with each tier.

How long does a transfer take through Revolut Business?

It can take a few days for both inbound and outbound transfers to be completed. Revolut’s guidance states a maximum time frame of 5 days, excluding weekends and bank holidays⁷. However, both domestic AUD transfers and international transfers via SWIFT will usually be settled after 2 business days. If you’re sending money to another person or business using Revolut, these transfers are “instant.”

How to open a Revolut Business account

Revolut says it’s “quick and easy” to open a Business account. All you need to do is complete a short online form and upload a few personal and business documents, which should take around 10 to 15 minutes⁸. They will then review your application and give you the green light within 24 hours if everything goes as planned.

Revolut states most accounts can be set up and approved within one day.

Here’s a quick step-by-step guide for what to expect:

1. Sign up with your email address and confirm login via email.
2. Select Australia as the country you set up your business in.
3. Enter your phone number to get a verification code.
4. Complete the online form.
5. Upload the required ID and documentation - business structure, company address, etc.
6. Submit your application.
7. Wait up to 24 hours for Revolut to review the application.
8. Receive approval and start using the account.

Comparison: Revolut Business vs Wise Business

Now we’ve covered Revolut in detail, let’s take a look at how it compares to Wise Business, another financial services provider, but with a different approach to pricing and fees.

Like Revolut, Wise Business offers multi-currency capabilities. However, one of the key differences is that Wise Business doesn’t have paid tiers. There are no monthly fees, just a one-time 65 AUD fee if you want to get local account details. This is great for scaling as there are no hard caps or limits as your business expands.

With that in mind, here’s an overview of how Wise Business compares to Revolut’s mid-tier Grow Business account.

This article is provided for general information purposes and has been prepared without taking into account your objectives, financial situation, or needs.

Wise Business: Your gateway to global commerce

Running a business that crosses borders isn’t easy. When making regular transactions overseas, there are hidden fees and poor exchange rates to contend with, and the limitations of bank accounts that can’t process more than a handful of currencies.

Wise Business breaks down those barriers. It’s designed for businesses like you that trade internationally, offering an easier way to send, receive, and manage money in 40+ currencies — all from one dashboard under one account.

Wise Business fees

With Wise Business, there’s never any additional hidden markups on the mid-market exchange rate. What you see is what you get.

Our fees at a glance:

• From 0.63% to send money (fee varies by currency)
• From 0.63% to convert money (fee varies by currency)
• Free to hold money in your account — no time limits
• 6.11 USD per payment to receive USD wire and SWIFT payments
• 2.16 GBP per payment to receive GBP Swift payments

Wise Business for global business transations

Wise Business makes light work of moving money back and forth between Australia and other countries. It works for both large and small transactions, too. If you’ve got a complex chain of money transfers, Wise lets you handle everything with ease. There’s no minimum limit — you can send payments from $1, and you get a discount for large transactions valued over $40,000 AUD during each monthly period. You can even send up to $5,000,000 AUD per transfer.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

Sources:

1. Revolut Australia - Multi-currency accounts
2. Revolut Australia - Business
3. Revolut Australia - Home Page
4. Revolut Australia - What are the limits on outbound transfers
5. Revolut Australia - Making a bank transfer
6. Revolut Australia - Business account plans
7. Revolut Australia - What can I do if my funds didn't arrive in my account
8. Revolut Australia - Open an account online