Bunq vs Revolut for business banking – What’s best? Comparing fees, features, pros and cons

Last updated on 10 August 2023

In the rapidly evolving landscape of digital banking, Bunq and Revolut have emerged as prominent players offering innovative business banking solutions.

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As UK businesses explore alternatives to traditional banking, it’s essential to understand the pros, cons, key differences, costs, and other considerations when comparing Bunq vs Revolut.

In this article, we delve into the details to help you make an informed decision.

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Bunq vs Revolut

FeaturesBunqRevolut
Banking LicenseFull European banking licenseE-money license
Multi-Currency AccountsAvailableAvailable
Sustainability FocusYesN/A
Payment CardsMastercard (Physical and Virtual)Mastercard and Visa
Business ToolsLimitedComprehensive suite
IntegrationsLimitedExtensive integrations with accounting software
Global AccessibilityLimited (European Economic Area)Available worldwide
Customer SupportAvailableAvailable
Reputation and TrustPositive reputationPositive reputation
Cost and PricingMonthly subscription feeVarious plans with different pricing tiers
Bunq vs Revolut features compared

Please note that the table provides a general overview, and it’s essential to visit the respective websites of Bunq and Revolut for more detailed and up-to-date information on their specific features, pricing, and terms.

Statistics

  1. Bunq:
  • Over 2 million registered users as of 2021.
  • Offers accounts in 25 different currencies.
  • Planted over 1 million trees through their green initiatives.
  • Available in several European countries, including the Netherlands, Germany, Belgium, Austria, Italy, Spain, and more.
  1. Revolut:
  • Over 16 million customers worldwide as of 2021.
  • Transacted over $150 billion globally in 2020.
  • Supported in over 35 countries, including the United Kingdom, United States, Canada, Australia, Singapore, and various European countries.
  • More than 500,000 business customers using Revolut for their banking needs.

Pros of Bunq

  • European banking license: Bunq holds a full European banking license, ensuring compliance with rigorous regulatory standards and providing added security and peace of mind for your business funds.
  • Sustainability focus: Bunq prides itself on being a green bank, committing to plant a tree for every £100 spent through its platform. If environmental sustainability is a key concern for your business, Bunq aligns with those values.
  • Multi-currency accounts: Bunq enables businesses to hold accounts in multiple currencies, facilitating international transactions and eliminating currency conversion fees for cross-border payments.

Cons of Bunq

  • Limited availability: While Bunq is expanding its services across Europe, it may not be accessible to businesses outside the European Economic Area (EEA). Therefore, if your business operates globally, this restricted availability could be a significant drawback.
  • Higher costs: Bunq’s pricing structure includes a monthly subscription fee and charges for various transactions and services. For businesses with lower transaction volumes, the cumulative costs may be higher compared to other alternatives.

Pros of Revolut

  • Global accessibility: Revolut has gained widespread popularity and expanded its services across various countries, making it accessible to businesses operating on a global scale. This can be beneficial if your business conducts international transactions or has a global customer base.
  • Extensive currency support: Revolut offers support for numerous currencies, allowing businesses to hold multiple currency accounts and make international payments without incurring excessive fees for currency conversion.
  • Advanced business tools: Revolut provides a comprehensive suite of business tools, including expense management, budgeting, and invoicing features. These tools can streamline financial management processes, enhance control, and provide valuable insights for your business.
  • Integration capabilities: Revolut integrates with popular accounting software such as Xero and QuickBooks, enabling seamless synchronisation of financial data and simplifying bookkeeping and reporting tasks.

Cons of Revolut

  • E-money license: Unlike Bunq, which holds a full banking license, Revolut operates under an e-money license. While it offers banking-like services, the distinction may affect certain banking functionalities and regulatory protections.
  • Customer support: Revolut’s customer support has faced criticism for its response times and accessibility. Some businesses have reported difficulties in reaching support representatives or experiencing delays in issue resolution.
  • Free plan limitations: While Revolut offers a free plan, it has certain limitations in terms of transaction volumes, international transfers, and access to advanced features. Growing businesses may need to upgrade to a paid plan to access the full range of functionalities.

Bunq vs Revolut – Key differences

  1. Banking license: While both Bunq and Revolut possess banking licenses, Bunq’s license allows it to operate as a fully-fledged bank, offering a broader range of services compared to Revolut’s e-money license. This distinction could be vital depending on your business’s specific banking needs.
  2. Payment cards: Bunq provides physical and virtual Mastercard debit cards, while Revolut offers both Mastercard and Visa cards. Considering your preferred card provider and its acceptance worldwide is crucial when choosing between the two.
  3. Business tools and integrations: Revolut offers a more extensive suite of business tools, including expense management, accounting integrations, and access controls for team members. If you require robust financial management features, Revolut may be the more suitable choice.

Bunq vs Revolut – Costs and pricing

Bunq’s pricing varies depending on the selected plan. Business users can choose from the Business Simple, Business Easy, or Business Super plans. Monthly subscription fees range from £9.99 to £19.99, with additional charges for transactions, international payments, and cash withdrawals.

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

Revolut’s business plans consist of the Free, Grow, Scale, and Enterprise tiers. The Free plan offers basic functionality, while the paid plans provide enhanced features for growing businesses. Pricing information can be obtained directly from Revolut’s website.

Bunq vs Revolut – Other considerations

  1. Customer support: Both Bunq and Revolut provide customer support through their mobile apps or websites. However, the availability and responsiveness of support channels may differ, so it’s worth considering your preferences and the level of support your business requires.
  2. Reputation and trust: Evaluating user reviews, ratings, and the reputation of each bank can provide insights into the overall customer experience. Trustworthiness and reliability are critical factors to consider when entrusting your business’s finances to a digital banking platform.

Bunq vs Revolut – Verdict

Choosing between Bunq and Revolut for business banking requires careful consideration of your specific business needs, preferences, and priorities.

While Bunq’s European banking license and sustainability focus may appeal to some businesses, Revolut’s broader range of business tools and global accessibility could be advantageous for others.

Consider your business’s specific needs, geographic reach, preferred card providers, required features, and integration capabilities to make an informed decision that aligns with your business objectives and priorities.

Bunq vs Revolut – FAQ

Can I open a business account with Bunq or Revolut if I’m located outside the European Economic Area (EEA)?

Bunq: Bunq’s availability is primarily focused on the European market, so it may not be accessible to businesses located outside the EEA.
Revolut: Revolut has expanded its services globally, and businesses from various countries can open an account with Revolut. It is recommended to check Revolut’s website for the list of supported countries.

Are there any transaction limits on Bunq and Revolut business accounts?

Bunq: Bunq offers different plans with varying transaction limits. The specific limits depend on the plan you choose. It’s important to review the details of each plan to determine which one aligns with your business’s transaction needs.
Revolut: Revolut’s business plans have different transaction limits, with higher tiers offering increased limits. The limits can vary based on the plan you select.

Can I integrate Bunq or Revolut with accounting software such as Xero or QuickBooks?

Bunq: Bunq has limited integrations with accounting software compared to Revolut. It’s recommended to check Bunq’s website or contact their customer support to verify the availability of specific integrations.
Revolut: Yes, Revolut integrates with popular accounting software such as Xero and QuickBooks, allowing for seamless synchronisation of financial data and simplifying bookkeeping and reporting tasks.

What type of customer support is available with Bunq and Revolut?

Bunq: Bunq provides customer support through their mobile app and website. You can reach out to their support team via chat or email. The availability and response times may vary.
Revolut: Revolut offers customer support through their mobile app and website as well. They provide in-app chat support and have different support tiers, with higher-tier plans offering priority customer support.

How secure are Bunq and Revolut for business banking?

Bunq: Bunq holds a full European banking license and is regulated by the Dutch Central Bank (DNB). They implement security measures to protect customer funds and data.
Revolut: Revolut operates under an e-money license and implements security measures to safeguard customer funds and data. They are also subject to regulatory requirements and follow industry-standard security practices.

It’s important to note that the answers provided here are based on general information and may be subject to change. For the most accurate and up-to-date details, it’s recommended to visit the official websites of Bunq and Revolut or contact their customer support directly.

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Reviewed by , Managing Director

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