Is Revolut Business safe for UK businesses?

Are you curious about or invested in the world of digital banking for your business? If the answer is yes then you’ve no doubt wondered about Revolut Business and the benefits of signing up. Which brings us to our question today: Is Revolut Business safe?

Here, we uncover everything you need to know about Revolut Business including the advantages of using it, its compliance with FCA regulations and some top tips for securing your Revolut Business Account. We’ll also explore the TransferGo Business Account to see how the single, simple-to-use, multi-currency account compares.

Ready to get started? Let’s go.

What is Revolut Business and how does it work?

Before we answer the question, ‘Is Revolut Business safe?’, let’s find out more about Revolut and Revolut Business.

Founded in 2015, Revolut is a British financial technology platform that offers a wide range of banking services. In 2017, it launched Revolut Business, enabling business owners to set up accounts, streamline their payments, manage their finances and make international payments with ease. 

Revolut doesn’t have any physical branches; all services are accessible through the Revolut app.

Key features of Revolut Business 

When you sign up for a Revolut Business Account, you’ll be able to:

• Send, hold and receive multiple currencies (Revolut Business supports 25+ currencies across 100 countries)
• Integrate your existing tools to save time on team admin
• Issue physical debit or virtual cards to team members
• Offer your customers one-click checkout for increased conversions
• Simplify your financial reporting and automate bulk payments with ease
• Fix the best exchange rates for up to 12 months
• Keep your money safe thanks to Revolut’s anti-fraud system and extra verification processes 

Benefits of using Revolut Business 

With the above features in mind, having a Revolut Business Account can:

• Streamline your business operations
• Make international transfers easier and more accessible
• Save you time and money
• Give you more control over your finances

Who is Revolut Business best suited for?

Revolut Business is suitable for any UK business owner looking for flexible and reliable international payment facilities and expense-tracking tools. This includes small and medium enterprises, freelancers and startups. 

Businesses involved in international trade may also find a Revolut Business Account useful as it allows account holders to accept and settle payments in 25+ currencies without conversion fees.

Is Revolut Business safe? 

For any company in the digital financial sphere, protecting customers’ money and data is crucial. Revolut Business does this with various safety protocols. 

Security measures and protocols

Revolut Business has several security measures and protocols in place that protect customers’ funds and data. These include:

• Encryption to protect your data and messages
• Anti-fraud monitoring that looks for signs of potential fraud and warns you if any suspicious activity is detected
• Two-factor authentication to add an additional layer of security
• Single-use virtual cards to protect against online threats
• Confirmation for new recipients to ensure you trust the intended recipient

User reviews and trust factors

Looking at the user reviews on Trustpilot, Revolut is celebrated for its reliability, security features and ease of use. Its average customer rating is 4.4/ 5, which is considered ‘Excellent’.

Comparison with competitors

Revolut Business may have excellent reviews but it’s not the only digital banking service to have them. In fact, TransferGo has an average customer rating of 4.7/5 on Trustpilot, making it the top-rated choice between TransferGo and Revolut.

TransferGo is known for its high-speed transfers, low fees and excellent customer support team, which addresses 80% of enquiries within two hours. Find out more about how TransferGo and Revolut Business compare in our TransferGo vs Revolut Business guide.

Is Revolut regulated in the UK? 

Financial regulations ensure that financial companies adhere to the laws, rules and guidelines that govern how they operate. This is to protect both customers and the wider system should things go wrong.

Overview of financial regulations in the UK 

The Financial Conduct Authority (FCA) is the main and independent financial regulatory body in the UK. It protects consumers and keeps the industry safe. 

Revolut’s compliance with FCA regulations 

Revolut Business is registered as an Electronic Money Institution (EMI) with the FCA. This means that Revolut Business complies with all the regulations required to safeguard customer funds. This includes KYC (Know Your Customer) and AML (Anti-Money Laundering) processes.

International regulatory compliance 

In addition to the FCA, Revolut Business also complies with the regulations of the United Nations, European Union and the United States. 

Is Revolut FSCS protected?

Are your funds protected under the Financial Services Compensation Scheme (FSCS) with Revolut? Let’s find out.

What is FSCS and why is it important? 

FSCS is a free and independent service that protects customers’ funds in the event of a financial institute failing. Funded by the financial services industry, it protects up to £85,000 per person if the bank/financial institution were to go under, paying customers the relevant compensation.

Revolut’s coverage under FSCS explained 

Since it’s an electronic money institution and not a bank, Revolut Business is not covered by the FSCS. 

Alternatives for fund protection with Revolut 

Though not covered by the FSCS, the company offers alternative safeguarding features to provide additional Revolut protection to its customers. This includes strict identity checks, disposable virtual cards and biometric security. 

Is Revolut safe for large amounts?

Let’s see how Revolut Business safeguards accounts that deal with larger transactions.

Handling large transactions on Revolut 

Revolut Business can handle large transactions of up to £50,000 (or the equivalent amount in your currency).

Limits and safeguards for high-value transfers

As stated above, there is a £50,000 limit per transaction with Revolut Business. For larger transactions, Revolut may require additional information to prove the source of funds.

Real-world examples of large-amount transfers 

Many businesses are using Revolut Business for high-volume transfers of large amounts. In fact, each month, Revolut Business has 17,000 new businesses using its service.

Curious about some of the alternatives to Revolut Business? Read our guide on The Top 10 Revolut alternatives for international money transfers.

Tips for securing your Revolut Business Account

If you sign up for a Revolut Business Account, there are ways to add extra layers of security to your account. These include:

Setting up two-factor authentication

Revolut provides two-factor authentication to ensure only authorised users can access your account. Another way to boost your account security is to choose a strong password and change it regularly.

Monitoring account activity regularly 

As is the case with all of your accounts, you should regularly monitor your account activity to detect any unauthorised transactions. 

Protecting sensitive business information 

Always keep your personal details, login information and other sensitive business information safe and secure. Do not share them with any unauthorised individuals.

Contacting support in case of suspicious activity

In case of any suspicious activity, get in touch with the Revolut support team immediately. The team is available 24/7 and you can access support in over 100 languages.

The TransferGo Business Account

Now that we’ve completed the Revolut Business Account review in terms of security, let’s quickly explore the TransferGo Business Account to see how it compares.

The TransferGo Business Account is a single, simple-to-use multi-currency account that lets you send, receive and manage money all around the world, supporting 35 currencies in more than 60 countries. It’s free to set up and subscribe and transfer margins are as low as 0.35%. Top-notch customer support is also available when you need it, with the team addressing 80% of enquiries within two hours.

And when it comes to safety, TransferGo goes above and beyond to protect your money and data with its high-grade security protocols. It also complies with all regulatory requirements, safeguarding each transfer until payout. In addition, TransferGo offers two-factor authentication, rigorous transfer screening, robust onboarding controls and a strong anti-fraud team.

Ready to get started? Sign up to TransferGo Business 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.