Revolut vs PayPal for business banking

Updated on 7 August 2023

Business banking has evolved significantly in the last decade, with a shift from traditional high-street banks to more flexible and innovative digital alternatives. Revolut vs PayPal are two leading platforms that have transformed the business banking landscape. In this comparison, we will examine the features, costs, and unique selling points of both to help you choose the right banking partner for your business needs.

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Revolut vs PayPal

FeatureRevolutPayPal
Multi-currency accountsSupports 30+ currenciesSupports major currencies
Card paymentsWorldwide acceptance via MasterCard or VisaAccepted by millions of businesses worldwide
International transfersFree; real exchange ratesFee charged; conversion rates may apply
Mobile appFull-featured app for iOS & AndroidFull-featured app for iOS & Android
InvoicingFree, customisable invoicesFree, customisable invoices
Instant notificationsReal-time transaction alertsReal-time transaction alerts
API integrationComprehensive API for business integrationsNot available
Bulk paymentsSupportedNot supported
Expense managementAdvanced expense management toolsBasic tools available
Payroll functionalitySupportedNot supported
Cryptocurrency supportBuy, sell, hold & transfer in-appBuy, sell, hold & transfer in-app
Savings vaultsAvailable in multiple currenciesNot available
Virtual cardsAvailable for secure online paymentsNot available
Budgeting toolsAdvanced budgeting & analytics toolsBasic tools available
24/7 customer supportAvailable via in-app chatAvailable during business hours
Subscription billingSupportedSupported
LoansNot availableBusiness loans available
FDIC InsuredNot availableAvailable up to $250,000
Physical cheque depositNot availableAvailable
Business debit cardAvailableAvailable
Revolut vs PayPal

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

Revolut

Revolut, founded in 2015, is a digital banking alternative designed for individuals and businesses looking for seamless, low-cost banking and financial management. It offers comprehensive features catering to diverse needs from basic transactions to sophisticated financial planning and analysis.

Pros and cons

Pros

  • Highly competitive foreign exchange rates.
  • No fees for international money transfers.
  • Extensive range of features like bulk payments, expense management, and payroll functionality.
  • Excellent API integrations for smooth business operations.
  • Robust budgeting tools for efficient financial management.
  • 24/7 customer support.

Cons

  • No loan products available.
  • Not FDIC insured.
  • Physical cheques cannot be deposited.

Fees and charges

FeesCharges
Monthly FeeFrom £7 to £25
Card payment in the UKFree
International card paymentFree
ATM withdrawalFree up to £200/month, then 2%
Foreign currency exchangeFree up to £5,000/month, then 0.5%
Inbound transfersFree
Outbound transfersFree
Revolut fees and charges

Unique and standout features

Revolut’s standout features lie in its ability to provide extensive financial management tools and offer low-cost international transactions.

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The platform provides automated expense management and subscriptions tracking, making it easy to maintain a comprehensive view of your financial activity.

Its API integration is beneficial for businesses with unique requirements, enabling them to customise their financial processes efficiently.

Moreover, its provision of multi-currency accounts with real exchange rates is a boon for businesses dealing with international transactions.

PayPal

PayPal, a global leader in digital payments, offers a suite of features tailored for businesses. From secure online transactions to business loans, PayPal is designed for businesses of all sizes, offering scalability, reliability, and worldwide recognition.

Pros and cons

Pros

  • Widespread recognition and acceptance globally.
  • Provision of business loans.
  • FDIC insured.
  • Acceptance of physical cheque deposits.

Cons

  • High fees for international transactions.
  • Limited features for complex financial management.
  • Lack of 24/7 customer support.

Fees and charges

FeesCharges
Monthly FeeNone
Domestic sales2.9% + $0.30 per transaction
International sales4.4% + fixed fee based on currency per transaction
ATM withdrawal$1.50
Foreign currency exchangeVaries
PayPal fees and charges

Unique and standout features

PayPal’s strength lies in its widespread acceptance and trusted brand name, making it easier for businesses to receive payments from customers globally.

The platform also offers business loans, helping firms access capital for growth or cash flow management.

Furthermore, the FDIC insurance offers peace of mind to businesses that their money is secure.

Conclusion – Revolut vs PayPal

Choosing between Revolut and PayPal for business banking depends on your company’s specific needs.

If your business requires comprehensive financial management tools and low-cost international transactions, Revolut is the better choice.

Conversely, if brand recognition, availability of business loans, and the safety of FDIC insurance are your priorities, PayPal would be more suitable.

FAQ

Which platform is better for international transactions?

Revolut offers better foreign exchange rates and no fees for international transfers, making it more cost-effective for international transactions.

Does either platform offer business loans?

PayPal offers business loans, while Revolut does not currently provide this service.

Which platform offers better customer support?

Revolut offers 24/7 customer support, while PayPal’s customer service is not available round the clock.

Are the funds stored in either platform insured?

PayPal is FDIC insured, offering coverage up to $250,000. Revolut, however, is not FDIC insured.

Can I deposit physical cheques in these platforms?

PayPal accepts physical cheque deposits, but Revolut does not have this functionality.

Which platform offers more comprehensive financial management tools?

Revolut offers more sophisticated financial management features like budgeting tools, expense management, and payroll functionality.

Reviewed by , Managing Director

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