Revolut Business positions itself as the modern alternative to a traditional UK business bank account. For freelancers and sole traders, is it actually worth the upgrade from a personal account — or from competitors like Wise?
What Revolut Business Offers Freelancers
Revolut Business is a registered business account for UK sole traders and companies. Key features relevant to freelancers:
- Multi-currency account: hold GBP, USD, EUR, AUD, CAD, and 25+ currencies
- Local account details: GBP (sort code/account), EUR (IBAN), USD (routing number) for receiving payments
- Expense management: categorise spending, sync with accounting software
- Invoicing: basic invoice creation within the app
- Payment links: send to clients for card payments
- Batch payments: pay multiple people at once
- Team cards: issue virtual/physical cards to team members
Plan Comparison
| Plan | Monthly cost | Free transfers | FX limit (no fee) | Best for |
|---|---|---|---|---|
| Free | £0 | 5 local | £1,000/mo | Very low volume |
| Grow | £25/mo | 100 local | £10,000/mo | Active freelancers |
| Scale | £100/mo | Unlimited | Unlimited | Agencies/teams |
| Enterprise | Custom | Unlimited | Unlimited | Large businesses |
Most freelancers will use Free or Grow.
Open a Revolut Business account →FX Rates: Business vs Personal
Revolut Business and Revolut personal use the same exchange rates. Both get:
- 0% markup on weekday transfers
- 0.5–1% weekend surcharge
The difference: Business plans have higher "fair usage" limits before Revolut applies fees. On the Free plan, once you exceed £1,000/month in currency exchanges, a 0.6% fee kicks in.
For freelancers converting more than £1,000/month, this is important. On £2,000/month:
- Revolut Business Grow: 0% FX (£10k/month limit, well above your volume)
- Revolut Business Free: 0% on first £1k, then 0.6% on remaining £1k = £6/month extra
- Wise: 0.41% on the full £2,000 = ~£8.20/month
Revolut Business Grow is the best value for freelancers converting over £1,000/month who also want expense management.
Revolut Business vs Wise Business
| Feature | Revolut Business (Free) | Wise Business |
|---|---|---|
| Monthly fee | £0 | £0 (account free, card ~£3) |
| Local account details | GBP, EUR, USD | 10+ currencies |
| FX rate | 0% weekdays | 0.41% always |
| Free transfers | 5/month | Unlimited incoming |
| Invoicing | Basic | Via integrations |
| Accounting sync | Yes (Xero, Slack) | Yes (Xero, QuickBooks) |
| Best for | UK-focused freelancers | International payment focus |
For freelancers with clients in multiple countries, Wise Business wins on breadth of currencies. For UK-focused freelancers who want expense tracking and a business bank feel, Revolut Business is more appealing.
When Revolut Business Makes Sense
Use Revolut Business if:
- You want a full business account feel (not just payment tool)
- You need expense management and accounting integrations
- You have a team or subcontractors to pay
- You want a UK business bank card for expenses
Stick with Revolut personal (or Wise) if:
- You're a solo freelancer without complex accounting needs
- You primarily need multi-currency receiving and conversion
- You're on Upwork/Fiverr (Payoneer + Wise is still cheaper)
- Your main concern is minimising fees, not business banking features
Real-World Cost: Revolut Business Grow vs Wise
For a UK freelancer earning $3,000/month from US clients:
| Platform | FX fees | Monthly plan | Monthly total |
|---|---|---|---|
| Revolut Business Free | £0 (first £1k) + £6 extra | £0 | ~£6 |
| Revolut Business Grow | £0 (under £10k limit) | £25 | ~£25 |
| Wise (personal) | 0.41% × £2,380 | £0 | ~£9.75 |
| Wise Business | 0.41% × £2,380 | ~£0 (card only) | ~£9.75 |
At this volume, Wise personal is the cheapest. Revolut Business Grow costs more due to the monthly fee, but includes business features Wise doesn't have.
Frequently Asked Questions
Is Revolut Business free? There's a free plan with 5 free local transfers per month and £1,000/month free FX. Most freelancers start here. The Grow plan at £25/month adds 100 free transfers and better FX limits.
Does Revolut Business work for sole traders? Yes — Revolut Business accepts UK sole traders as well as limited companies. You'll need your UTR (Unique Taxpayer Reference) during registration.
Can I use Revolut Business as my main bank account? Revolut Business is an e-money account, not a bank. Your funds are safeguarded but not covered by FSCS (unlike HSBC or Barclays). For large balances, using a traditional bank alongside Revolut is advisable.
See also: Revolut Australia review · Is Revolut available in Canada? · Wise vs Revolut for freelancers
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