As a freelancer, getting paid on time and in a convenient manner can be a challenge. Traditional payment methods often have high fees, exchange rate markups, and lengthy processing times. That’s where a Revolut bank account comes in—a digital banking solution that enables freelancers to easily receive payments from clients worldwide.
In this article, I’ll explore how Revolut can simplify your payment process, eliminate unnecessary fees and hassles, and allow you to focus on what matters most: growing your business.
What is a Revolut Bank Account?
Revolut foreign bank account is a financial tech company that offers services for businesses. It was founded in the year 2015 by Nikolay Storonsky and Vlad yatsenko. This bank account offers users debit and credit cards, bank services, virtual cards, stock trading, and more.
Furthermore, Revolut bank accounts operate in companies in European economic areas, Singapore, the United States, etc. It also supports transactions in over 30 currencies.
Key features of Revolut Bank Account
- Transfer Speed
In a Revolut bank account, the quality time for international transfers takes one or two working days. This depends on the transaction type (card payment or bank transfer) and the policy of the recipient bank. In some cases, the transfer might take up to five days.
- Account Options
Revolut Bank offers five levels of personal accounts and a business account. The standard personal account charges no fee, while the other four charges a monthly fee in exchange for special services. Personal accounts offer interest of 2.29% gross interest. Also, Revolut offers a joint account to users.
- Budgeting Features
This bank account provides quality tools for tracking spending and saving goals. You can create different ‘pockets’ to stay organized. One outstanding feature is that it sends reminders for upcoming bills and subscriptions.
- Money Transfers
Revolut bank allows UK customers to send money in more than 80 currencies. Instead of using interbank rates, Revoult uses its exchange rates. Additionally, money transfers are free on weekdays with certain limits.
Revolut Bank Account Pricing Plan
Revolut bank account has five pricing plans from which users can choose. These plans include:
- Standard account
- Metal account
- Ultra account
- Plus account
- Premium plan
1. Standard Account plan
This plan is forever free and only grants users access to limited features. It gives you access to:
- Basic features are available for free.
- Supports over 29 currencies.
- Mastercard and Visa cards are accepted in more than 140 currencies.
- Set spending limits.
- 1.99% charge on commodity exchange fee.
- Allows international money transactions.
2. Plus Account plan
The Revolut Plus account plan costs £3.99 monthly. This plan gives you access to all features in the standard plan and the following:
- Increased saving interest rate at 2.39%.
- Access to two free prepaid debit cards and a free replacement each following year.
- Free account for 2 children under 18 with full access.
3. Premium Account Plan
This pricing plan has everything in the Plus plan, including extra benefits. It costs £7.99 monthly. Below are the additional benefits you can enjoy from subscribing to this plan.
4. Metal Account Plan
The metal plan costs £14.99 per month. It has everything in the premium plan and extra benefits such as:
- Discount of 40% on all international transaction fees.
- A high saving interest rate of up to 4%.
- Cashback of 10% on discounted lounge and accommodation.
- Free atm withdrawals for up to GBP 800 per month.
- Free account for 5 children with full access.
5. Ultra Account Plan
This is known as the Revolut account introductory offer. It costs £45 and has everything in the metal plan with additional benefits, including:
- A callback request from customer service.
- Limited lounge access.
- A platinum-plated card.
- No fee for international payment.
- Free atm withdrawals for up to GBP 2,000 per month.
Revolut Business Account
Revolut bank account offers different business accounts for freelancers and companies with four pricing levels. Thankfully, you have a chance to choose the plan that best suits your business needs.
Revolut Business Account Pricing Plan
Revolut business account has four pricing plans, including:
- Basic Plan
The Revolut business account basic plan is a free plan. This plan gives users access to just the core features of Revolut business accounts. It is suitable for small businesses and startups. Also, It offers limited local and international transfers.
- Grow Plan
With this plan, you can save up to 24% annually. This plan costs $30 per month. With this plan you’ll be charged $5 for international transfers and $0.20 for local transfers.
- Scale Plan
This plan costs $119 per month, and you can spend in over 150 currencies. The scale Plan allows you to save 21% on the annual plan.
- Enterprise Plan
- Personalized solutions for large-scale businesses.
- Modified pricing based on business needs.
How To Open Revolut Business Account
Opening a Revolut business account is fast and easy; all you need to do is follow the steps below:
- Go to the “Sign up” page on their website or app.
- Fill out an application form, which will take about 5 to 10 minutes.
- Your business account application will be reviewed as part of your business onboard.
- Once your business is onboard, your account has been approved and ready for use.
Getting Started With Revolut Bank Account
How Can I Open a Revolut Account?
Opening a Revoult bank account is simple and straightforward. Below are the steps follow:
- Download the Revolut app from the Google Play store or Apple Store.
- Click on “Sign up.”
- Fill in your details by adding your phone number, and a verification code will be sent to your number.
- Input the verification code, then Click “Verify.”
- Input your personal details (Name, birth date, country of residence, and email address).
- Finish your verification process by uploading pictures of your identity document.
- Once your account is verified, you can deposit money into your account for use.
How To Send Money With Revolut Account
- Sign in to your Revolut account.
- Add funds to your Revolut account.
- Click on “Payment” on the menu bar below the app.
- Select a recipient from your contact list or input their account details.
- Input the amount you want to send and confirm the transaction.
You will receive a confirmation that the transaction is successful.
What Details Do I Need To Send Money Using Revolut Account?
All You need is the recipient’s full name, their bank account number, and bank code.
Ways to Pay for Your Revolut Account Transfer
You can pay for your Revolut bank account transfer in different ways.
- Bank Transfers
Transfer money from your existing bank to your Revolut account using the standard bank transfer.
- Linked Account
This is for users with a local account linked to their Revolut bank account.
- Sign in to your Revoult account
- Select your linked account from “Accounts.”
- Click on “Transfer” to Revoult.
- Debit or Credit Card
You can use your debit and credit card to transfer funds to your Revolut account.
- Apple or Google Pay.
You Can use these services to add funds to your Revolut account.
- Cash Deposit
- Go to the Homepage screen.
- Click On “Add money.”
- Set the currency to “GBP.”
- Input the amount you want to deposit.
- Generate “Barcode” (your barcode will be available for only 30 minutes).
- Follow the instructions at your chosen retailer to complete your payment using pay-safe cash.
Note: You can always generate a new barcode if the previous one expires.
Revolut Account Charges
Exchange Rates
Revolut bank account currency exchange rate varies based on the account plan chosen. Once the limit has been exhausted, a usage fee of 0.5% will be charged.
Here’s a summary of the amount charged for the standard and premium plans:
- The standard account offers free currency exchange up to $1,000 per month, and a fair usage fee of 0.5% applies after that.
- Premium account plan offers an exchange rate of up to 10,000 with a fair usage fee of 0.5%
Transaction Fee
- Domestic transfer is free.
- International transfers incur a small fee of 3%, but this fee varies depending on the currency and destination.
Card Issuance
- The standard account plan offers a free virtual card. While the physical card charges a one-time delivery fee.
- Plus, premium and metal cards are also free, and these cards come with special benefits.
Card Replacement
There is a fee for replacing your card, but it depends on the account type and delivery method.
Atm Withdrawals
- Standard and Plus offer free withdrawals of up to $200 per month; after that, a fee of 2% will be charged.
- Premium offers free withdrawals up to $400 per month, after which a fee of 2% will be charged.
- The Metal plan offers a limit of $800 per month, after which a 2% fee will be charged.
Monthly Subscription
- Standard account plan is free.
- Plus, it charges 2.99 USD per month.
- Premium charges up to 9.99 USD per month.
- The metal plan charges 16.99 USD per month.
These fees and limits depend on the region. Therefore, it is advisable to check the latest charges on the website or app.
Revolut Account Verification
- Log in to your Revolut account.
- Click on your “profile icon” on the top left of your screen.
- Click “Account.”
- Select “Personal details” and fill in the details.
- Upload pictures of your “identity document.”
A confirmation will be sent to you once your account is verified.
How Long Does it Take For Revolut To Verify My Account?
It takes up to 10 minutes for a Revolut bank account to verify your account. It usually takes 2 to 3 days or even a week, which is not very common.
Revolut Pros and Cons
Below are the Pros and Cons attached to the Revolut bank account.
Pros
- Earn interest while saving.
- Provides budgeting tools.
- Offers no-fee account.
- Free transfers on weekdays with certain limits.
Cons
- High fees for high transactions.
- Unpleasant exchange rates.
- It offers limited banking services.
My Thoughts on Revolut Account
Revolut bank account offers many amazing features and flexible services. Their free international transactions and access to a variety of currencies are big pluses for me. The budgeting features are also very appealing for managing spending and savings.
Let me not forget the amazing saving interest rates. Revoult also offers business accounts for different levels of business, which is very thoughtful. The Revolut bank account is a solid choice for modern financial accessibility.
Bottom Line
Revolut offers a versatile and user-friendly digital banking solution for freelancers and small businesses. It provides a seamless way to receive payments from clients worldwide. With its range of features, including fast transfer speeds, budgeting tools, and competitive exchange rates, Revolut simplifies financial management and saves time. While some fees apply for high transactions and exchange rates, the benefits of using Revolut far outweigh the drawbacks.
Frequently Asked Questions
1. Can Someone Transfer Money To My Revolut Account?
Yes, users with Revolut bank accounts can send money to your Revolut account in over 36 currencies.
2. Can I Use Revolut in Nigeria?
Absolutely! You can use the Revolut card in Nigeria for transactions with low transaction fee and competitive exchange rate.
3. Is Revolut A Real Bank Account?
Yes it is, in Dec 2021, the European central bank permitted a full banking license to the company.
4. Is Revolut Bank Account Better Than Wise?
Wise platform focuses on low fees while Revoult strength focuses on its flexibility of banking services. Both platforms provide a variety of financial services. It depends on your business needs.
5. Can You Use Revolut As A Bank Account?
Sure you can! Revolut bank account has the same features as a traditional bank. You can use it to receive payments, transfer and pay your bills.
