Barclays vs Revolut for business banking

Updated on 7 August 2023

In the world of business banking, choosing the right provider can make a significant difference. Two popular options for businesses in the UK are Barclays, an established high-street institution with a longstanding history, and Revolut, a digital bank pioneering the financial tech space. Each has its own unique offerings and tailored services. This article provides a comprehensive comparison of Barclays vs Revolut for business banking.

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Video: Choosing a business bank account

Barclays vs Revolut

FeaturesBarclaysRevolut
Business Current AccountYesYes
Mobile Banking AppYesYes
Debit CardsYesYes
International PaymentsYesYes
Currency ExchangeYesYes
Overdraft FacilityYesNo
Cash Deposit FacilityYesNo
Direct DebitsYesYes
Physical BranchesYesNo
Loan and Credit FacilitiesYesNo
24/7 Customer SupportYesYes
Payment ProcessingYesYes
Savings AccountsYesNo
Payroll ServicesYesNo
Financial AdviceYesNo
Insurance ServicesYesNo
Online InvoicingYesYes
Accounting Software IntegrationYesYes
Free TransactionsLimitedYes, up to a certain limit
Multi-currency AccountsLimitedYes
Instant NotificationsYesYes
Barclays vs Revolut

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

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

Barclays

Barclays is one of the largest and most established banks in the UK, known for its wide-ranging services and customer support. With a comprehensive suite of business banking services, it caters to businesses of all sizes.

Pros and cons

Pros

  • Extensive range of financial products: Barclays offers business current accounts, loans, overdrafts, insurance services, and investment solutions.
  • Physical branches: You have the opportunity to meet with banking advisors in person.
  • High security: Barclays has robust security protocols to ensure your funds are safe.
  • Established reputation: Known for stability and reliability.

Cons

  • Fees: Barclays may have higher fees compared to digital banks.
  • Not as innovative: Barclays isn’t always at the forefront of banking technology.
  • Sometimes slow customer service: Response times can be slow during peak times.

Fees and charges

ServiceFees
Business Current Account Monthly Fee£6
Electronic Payments (UK)£0.35 per transaction
Direct Debits£0.35 per transaction
Cash Payments0.60% of value
Overseas PaymentsFrom £15 per transaction
Barclays fees and charges

Unique and standout features

Barclays offers a robust suite of features unique to traditional banks.

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The Barclays app is feature-rich, enabling management of your business accounts from anywhere.

They also offer the Barclays Local Insights tool, which provides detailed local economic data, a vital asset for businesses.

Barclays’ network of physical branches gives an edge for businesses needing face-to-face services.

Finally, their Business Direct team offers personalised advice and support to business customers.

Revolut

Revolut is a digital banking solution that offers a unique, technology-driven approach to banking. With a focus on simplicity and efficiency, Revolut is reshaping the way businesses manage their finances.

Pros and cons

Pros

  • Fee-free transactions: Revolut offers free card transactions.
  • Multi-currency accounts: You can hold and exchange 28 currencies.
  • Instant notifications: Always stay updated on your account activities.
  • Innovative banking features: Revolut is constantly rolling out new, user-friendly features.

Cons

  • No physical branches: Some businesses prefer face-to-face interaction.
  • No credit facilities: Revolut does not offer loans or overdrafts.
  • Limited customer service channels: There’s no phone support; customer service is primarily via chat.

Fees and charges

ServiceFees
Business Account Monthly FeeFrom £25
Local PaymentsFree
International Payments£3 per payment
Card PaymentsFree
Currency Exchange0.4% fee
Revolut fees and charges

Unique and standout features

Revolut’s standout features lie in its innovative approach to banking.

It provides multi-currency business accounts, allowing businesses to transact in over 28 currencies.

Its real-time notifications provide instant updates on account activities. Integration with popular business apps like Xero, Slack and QuickBooks simplifies operations.

Also, Revolut’s Expenses feature simplifies expense management, while its advanced analytics provide deep insights into your business finances.

Conclusion – Barclays vs Revolut

Both Barclays and Revolut offer compelling options for business banking, each with unique advantages.

Barclays offers comprehensive services and the assurance of an established bank, while Revolut provides innovative, cost-effective solutions tailored to modern businesses.

Your decision should hinge on your business needs and preferences – traditional banking services or digital-first approach.

FAQ

Can I open a business account online with both Barclays and Revolut?

Yes, both banks offer the ability to open a business account online.

Do both banks offer customer support 24/7?

Yes, both Barclays and Revolut provide 24/7 customer support.

Which bank offers better foreign currency services?

While both banks offer foreign currency services, Revolut provides a more flexible multi-currency account.

Does Barclays offer digital banking services?

Yes, Barclays provides a robust mobile app and online banking services.

Can I get a loan or overdraft with Revolut?

No, as of now, Revolut does not offer these services.

What is the main advantage of using a traditional bank like Barclays?

Barclays provides a broader range of services, including loans, overdrafts, and face-to-face services in branches.

What is the main advantage of using a digital bank like Revolut?

Revolut offers innovative features like multi-currency accounts and integration with other business apps, often with lower fees.

Does Revolut offer any physical debit or credit cards?

Yes, Revolut offers physical and virtual cards for its business customers.

Reviewed by , Managing Director

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