TransferGo vs. Revolut Business: Which service is best for a UK business?

If you’re a UK business, you’ll understand the importance of streamlining your business operations and having access to a reliable business payment platform that lives up to its promise of low fees and high speeds. This brings us to the TransferGo Business vs Revolut Business debate. Which of these services is the best for UK businesses?

Here we explore the pros and cons of TransferGo vs Revolut Business, analysing everything from their multi-currency solutions and speed of payments to customer service, integration capabilities and so much more.

So, which one comes out on top? Let’s find out!

Key benefits of TransferGo for businesses

When you sign up to a TransferGo Business Account, you’ll gain access to many benefits for your UK business. For example, you’ll be able to:

• Make money transfers to over 60 destination countries in 35 currencies 
• Benefit from low transaction fees and competitive currency exchange rates (plus, you’ll unlock even lower rates when making high-volume transactions!)
• Simplify your global financial management with its business multi-currency account, which allows you to send, receive, hold and exchange money across the globe
• Turn to top-tier, dedicated customer support in 9 different languages when needed

Intrigued? Learn more about how TransferGo Business works here.  

How TransferGo simplifies business payments

TransferGo’s business payments are swift, seamless and simple and the TransferGo Business Account makes it easy for UK businesses to manage their global cash flow on a local level.

With a TransferGo Business Account, you can receive, hold, exchange and send international business payments in multiple currencies and thanks to clear payment histories and tracking capabilities, you’ll enjoy full control and visibility over your finances.

Need to pay multiple suppliers in one go? TransferGo’s batch payment option allows you to send money to up to 50 contacts at once, saving you both valuable time and effort.

Multi-currency solutions: How Revolut Business and TransferGo differ  

TransferGo makes handling multiple currencies easy with its TransferGo Business Account, supporting over 35 currencies in over 60 countries. It’s free to set up and there are no monthly fees.

What’s more, the TransferGo Business Account allows business owners to lock in the best exchange rates for future transactions and offers lower rates for high-volume payments. With the TransferGo Business Account, you can hold accounts in GBP, EUR, RON, PLN and more.

Meanwhile, the Revolut Business Account supports payments in over 25 currencies in 100 countries and you can hold local accounts in GBP, EUR and USD. 

Comparing TransferGo vs Revolut Business fees and hidden costs

Keeping your costs as low as possible is integral for business owners. Thankfully, the TransferGo Business Account makes this easy. It’s free to sign up and there are no monthly fees; plus, it charges zero fees on major transfer routes with exchange-rate markups as low as 0.35%. TransferGo is also completely transparent about its fees and there are no hidden costs.

Meanwhile, a Revolut Business Account is also free to set up. However, when it comes to monthly fees, there are a range of different subscription plans available, with prices ranging from 0 to £100 a month for companies and from £0 to £25 for freelancers. Once customers have exceeded their fee-free monthly allowance, additional fees are charged.

Market reach: Supported countries and currencies  

With a TransferGo Business Account, you can send money to over 60 countries in over 35 currencies, allowing you to reach your global partners easily. Meanwhile, Revolut Business supports 100 countries for payments in 25+ currencies.

It’s worth noting that TransferGo Business is constantly working on expanding its destination market. Don’t see your country listed at the moment? Watch this space.

Speed of payments: Which platform delivers faster transfers?  

TransferGo’s super-speedy payments arrive in minutes, with 97%+ of deliveries consistently paid on time and often ahead of schedule. This provides peace of mind for business owners looking to pay suppliers on time and keep their cash flow going.

Meanwhile, Revolut Business card transfers can take up to 30 minutes with bank transfers taking a lot longer (unless the customer is transferring to a fellow Revolut customer). GBP local transfers to banks typically take up to 3 hours, EUR bank transfers take up to 2 business days, USD bank transfers take up to 3 business days and SWIFT international bank transfers take up to 5 business days depending on the intermediary banks involved.

With the above timeframes in mind, it’s clear that TransferGo puts business owners at an advantage when it comes to speed.

User experience: TransferGo vs. Revolut Business for SMEs  

TransferGo has a super-sleek and simple interface that’s user-friendly and easy to navigate. Its mobile-friendly design and tracking also allow users to send and track transfers on the go, giving business owners more control over their transactions and finances. 

Meanwhile, the Revolut Business interface is visually striking with a black and white colour scheme and many advanced features. For smaller businesses with lower budgets, this could feel overwhelming and unnecessary.

Security and compliance: Ensuring business transactions are safe  

TransferGo and Revolut Business are two of the best business payment platforms in the market. It will come as no surprise then that both companies prioritise security, using advanced encryption and compliance measures to keep their customers’ money safe.

Customer support comparison: Revolut Business vs. TransferGo for businesses  

TransferGo is known for its outstanding customer support with its customer support team speaking 9 languages and addressing 80% of enquiries within just 2 hours. As a result, it comes highly recommended on Trustpilot with an average customer rating of 4.7/5. 

Meanwhile, Revolut Business offers 24/7 customer support with help available in over 100 languages. That said, it doesn’t come as highly recommended as TransferGo. On Trustpilot, its average customer rating is 4.3/5.

Integrations for businesses: Accounting and ERP system compatibility  

Revolut Business offers various integrations with accounting software, as well as other popular business tools such as Slack, Zapier, HR tools and more. 

Meanwhile, TransferGo’s focus is on simplifying payments with its super-easy and fuss-free navigation removing the need for complex integrations. This is why TransferGo’s set-up costs stay free.

Advantages and drawbacks for businesses

Advantages and drawbacks of Revolut for businesses  

Revolut Business offers many advanced features but is it a good fit for businesses? Let’s break it down.

Pros  

• Supports payments in over 25+ currencies 
• Free to set up with a choice of subscriptions plans available
• Advanced features available including physical and virtual cards

Cons:  

• Free Revolut Business plans offer very limited features
• Subscription fees can be expensive; with higher fees charged for unlocking additional features
• Slower transfer speeds with typical EUR bank transfers taking up to 2 business days

Advantages and drawbacks of TransferGo for businesses  

Now that we’ve explored the pros and cons of Revolut Business, let’s look at the advantages and drawbacks of TransferGo to summarise our comparison of TransferGo and Revolut Business. How does it compare? Let’s find out.

Pros

• Low fees and excellent exchange rates. Plus, there are no sign-up or monthly fees
• Super-fast transfers with payments reaching their destination in minutes
• Easy currency exchange for businesses with the option to hold balances in GBP, EUR, RON, PLN and more
• A dedicated customer support team with an average rating of 4.7/5 on Trustpilot

Cons

• Integration of accounting tools is not currently possible
• While TransferGo supports over 60 countries in 35+ currencies, some countries and currencies are not yet supported by TransferGo—but watch this space

Conclusion: Choosing the right platform for your business needs

Both TransferGo and Revolut Business offer valuable business payment solutions for UK businesses. However, when it comes to the best option for small to medium-sized businesses in the UK, the TransferGo Business Account comes out on top.

Not only is it easy to use and free to set up (plus, there are no monthly subscription fees!), but it also promises low-cost international payments for businesses and transfer speeds are fast. Its excellent customer support team is also rated 4.7/5 on Trustpilot and addresses 80% of enquiries within just 2 hours. It’s no wonder then that 40% of TransferGo’s customers come from word-of-mouth recommendations!

Ready to reimagine the way you handle international payments? Sign up for TransferGo today!

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The information provided in this blog post is for general informational purposes only and reflects the author’s personal opinion. Any comparisons made between TransferGo and other businesses are intended to highlight differences and provide a fair overview, based on publicly available information as of the date of publication.

While every effort is made to ensure the accuracy of the content, we make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. We encourage readers to independently verify any claims or information presented in this post.

Any references to other companies, products, or services do not imply endorsement or affiliation with TransferGo, and we do not accept responsibility for the actions, products, or services of third parties.