Atom Bank vs Revolut for business banking – Fees, features, pros and cons compared

Last updated on 10 August 2023

In today’s fast-paced digital landscape, businesses need efficient and reliable banking solutions to streamline their financial operations. Atom Bank vs Revolut have emerged as popular choices for business banking, offering innovative features and convenience.

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In this article, we will compare Atom Bank vs Revolut, outlining their pros, cons, key differences, costs, and other essential considerations to help you make an informed decision for your business banking needs.

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Atom Bank vs Revolut

FeaturesAtom BankRevolut
Account TypesBusiness Current Account, Savings AccountsBusiness Current Account, Multi-Currency Accounts
User InterfaceIntuitive mobile app interfaceUser-friendly mobile app interface
Physical BranchesNoRevolut Business Hubs (limited physical locations)
Product RangeLimited, but covers essential banking needsBroad range of services including expense management
International TransfersAvailableAvailable with competitive exchange rates
Savings AccountsAvailable with competitive interest ratesNo
Business LoansSecured business loans availableNo
Expense ManagementIntegrated bookkeeping, real-time balance updatesReceipt scanning, automatic categorisation
Multi-Currency AccountsNoAvailable for holding and transacting in multiple currencies
Customer SupportDedicated customer support through the appSome reported difficulties in accessing customer support
IntegrationsIntegrates with accounting software and business toolsIntegrates with accounting software, invoicing platforms, and business tools
Security MeasuresRobust security measures including encryption and biometric authenticationRobust security measures
Pricing PlansDifferent pricing plans, including a free planVarious pricing tiers with different features and transaction limits
Atom Bank vs Revolut features compared

Please note that the information in the table is a general overview, and it’s advisable to refer to the respective bank’s websites or contact their customer support for the most up-to-date and detailed information on their features and services.

Statistics

  1. Atom Bank:
  • As of 2021, Atom Bank has raised over £800 million in funding, highlighting investor confidence in its digital banking model and potential for growth.
  • Atom Bank has more than 1.6 million customers, indicating a significant user base for its digital banking services.
  • The bank’s app has received positive reviews, with a rating of 4.6 out of 5 stars on the Apple App Store and Google Play Store, reflecting its user-friendly interface and customer satisfaction.
  • Atom Bank’s business savings accounts have offered competitive interest rates of up to 0.85%, providing businesses with the opportunity to earn returns on their idle funds.
  1. Revolut:
  • As of 2021, Revolut had over 16 million personal customers and over 500,000 business customers, highlighting its substantial user base and popularity among individuals and businesses.
  • The company has processed more than 1 billion transactions with a total value of over £200 billion, underscoring the scale and impact of its digital banking services.
  • Revolut’s app has gained widespread popularity, boasting a rating of 4.8 out of 5 stars on the Apple App Store and 4.5 out of 5 stars on the Google Play Store, indicating a high level of user satisfaction.
  • In 2021, Revolut raised $800 million in a funding round, valuing the company at $33 billion and solidifying its position as a major player in the fintech industry.

These statistics provide insights into the growth, user base, and market presence of both Atom Bank and Revolut, showcasing their significance and influence in the digital banking landscape.

Atom Bank

Atom Bank is a UK-based digital bank that aims to revolutionise the banking experience through its mobile app. Here are the key aspects to consider:

Explore business banking

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up to 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply in 10 minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

Co-Op Business Banking
✓ Business Current Account
✓ Online, App & High Street Banking
✓ Quick & Easy Application Process
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

Pros

  • User-friendly interface: Atom Bank provides a simple and intuitive mobile app interface, making it easy for business owners to manage their finances on the go.
  • Competitive interest rates: Atom Bank offers attractive interest rates on business savings accounts, allowing businesses to maximise their returns.
  • Personalised customer support: Atom Bank provides dedicated customer support through its app, offering personalised assistance and quick responses to queries.

Cons

  • Limited product range: Atom Bank’s product range is relatively limited compared to traditional banks, and it may not meet all the banking needs of complex businesses.
  • No physical branches: As a digital-only bank, Atom Bank does not have physical branches, which may be a drawback for businesses that prefer in-person banking interactions.

Key differences

  1. Current account features: Atom Bank’s business current account includes features like instant notifications, integrated bookkeeping, and real-time balance updates, enabling businesses to stay on top of their finances.
  2. Business loans: Atom Bank offers secured business loans, providing financial support to businesses looking to expand or invest in their operations.
  3. Savings options: Atom Bank provides flexible savings accounts with competitive interest rates, allowing businesses to save and grow their funds.

Costs

Atom Bank offers different pricing plans for business banking, including a free plan for businesses with straightforward banking needs.

However, additional fees may apply for certain transactions, and businesses should carefully review the fee structure based on their requirements.

Other considerations

  1. Security: Atom Bank ensures robust security measures to protect your business’s financial data and transactions, utilising encryption and biometric authentication.
  2. Integration capabilities: Atom Bank integrates with various accounting software and business tools, enabling seamless data synchronisation and efficient financial management.

Revolut

Revolut is a fintech company that offers a range of financial services, including business banking, through its mobile app. Let’s explore its key aspects:

Pros

  • Multi-currency accounts: Revolut allows businesses to hold and transact in multiple currencies, making it ideal for international businesses or those dealing with global clients.
  • Expense management: Revolut’s app provides expense management tools, including receipt scanning and automatic categorisation, simplifying the tracking and reconciliation of business expenses.
  • Virtual and physical cards: Revolut offers both virtual and physical business debit cards, giving businesses flexibility in making payments and managing expenses.

Cons

  • Customer support limitations: Some businesses have reported difficulties in reaching Revolut’s customer support when encountering issues, leading to delays in problem resolution.
  • Limited cash deposit options: Unlike traditional banks, Revolut does not offer physical cash deposit facilities, which can be a challenge for businesses dealing with cash transactions.

Key differences

  1. International transfers: Revolut’s business accounts facilitate cost-effective international transfers with competitive exchange rates, making it advantageous for businesses with global transactions.
  2. Advanced analytics: Revolut provides detailed financial analytics and insights through its app, helping businesses gain valuable data-driven insights into their financial performance.

Costs

Revolut offers different pricing tiers for business accounts, each with its own set of features and transaction limits.

Other considerations

  1. Integrations: Revolut integrates with various accounting software, invoicing platforms, and other business tools, ensuring seamless data synchronisation and workflow management.
  2. Expense control: Revolut allows businesses to set spending limits and control employee expenses through its app, providing a higher level of financial control and transparency.

Comparing Atom Bank vs Revolut

Scope of services

  • Atom Bank offers a range of business banking services, including current accounts, savings accounts, and business loans. While its product range is more limited compared to traditional banks, it covers the essential banking needs of most businesses.
  • Revolut, on the other hand, offers a broader suite of services, including multi-currency accounts, expense management, international transfers, and advanced analytics. It is particularly advantageous for businesses with international operations or those requiring comprehensive expense tracking.

User experience

  • Both Atom Bank and Revolut prioritise user-friendly mobile app interfaces, enabling businesses to manage their finances conveniently from their smartphones.
  • However, individual preferences may vary, and it is recommended to explore their respective apps to determine which one aligns better with your business’s requirements.

Accessibility

  • Atom Bank operates as a digital-only bank, which means it does not have physical branches. While this may be a drawback for businesses that prefer in-person banking interactions, it can be an advantage for those seeking flexibility and convenience.
  • Revolut also operates primarily through its app but has established physical locations called Revolut Business Hubs. These hubs offer face-to-face support and guidance to businesses, bridging the gap between digital banking and traditional branch services.

Pricing

  • Both Atom Bank and Revolut offer pricing plans tailored to different business needs.
  • Atom Bank provides a free plan for basic banking, while Revolut offers various pricing tiers with different features and transaction limits. It is crucial to assess your business’s anticipated transaction volume and requirements to determine which pricing plan suits you best.

Customer support

  • Atom Bank provides personalised customer support through its app, offering assistance and quick responses to queries.
  • Revolut, however, has faced some criticism regarding the accessibility of its customer support. It is advisable to consider the level of support you may require and review user feedback to gauge customer service quality.

Atom Bank vs Revolut – Verdict

Atom Bank and Revolut offer compelling digital banking solutions for businesses, each with its own strengths and limitations.

Atom Bank focuses on providing straightforward business banking services with competitive interest rates, while Revolut offers a broader range of features, including multi-currency accounts and expense management.

Assessing your specific business requirements, transaction volumes, and preferences will help you determine which bank aligns better with your needs.

Ultimately, both banks bring innovative digital solutions to business banking, enabling businesses to streamline their financial operations in the evolving digital landscape.

Atom Bank vs Revolut – FAQ

Can I deposit physical cash with Atom Bank or Revolut?

No, neither Atom Bank nor Revolut offer physical cash deposit facilities. They are primarily digital banking platforms.

Are there any fees associated with transactions on Atom Bank and Revolut?

Both Atom Bank and Revolut have different pricing plans, and while some basic services may be available for free, additional fees may apply for certain transactions. It is recommended to review their fee structures to understand the costs associated with your specific business banking needs.

Can I integrate Atom Bank or Revolut with my accounting software?

Yes, both Atom Bank and Revolut offer integration capabilities with various accounting software and business tools. This enables seamless data synchronisation and efficient financial management.

How do I contact customer support for Atom Bank and Revolut?

Atom Bank provides dedicated customer support through their mobile app, where you can access personalised assistance and submit queries. Revolut offers customer support through their app as well, although there have been reports of difficulties in reaching their support team. It is advisable to explore the support options available within their respective apps.

Do Atom Bank and Revolut provide business loans?

Atom Bank offers secured business loans, providing financial support to businesses looking to expand or invest in their operations. Revolut, however, does not currently offer business loans as part of their services.

Can I make international transfers with Atom Bank and Revolut?

Yes, both Atom Bank and Revolut allow international transfers. Revolut, in particular, offers cost-effective international transfers with competitive exchange rates, making it advantageous for businesses with global transactions.

It’s important to note that these FAQs provide general information, and it’s recommended to visit the banks’ websites or contact their customer support for specific details regarding their services, fees, and policies.

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Reviewed by , Managing Director

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