Bunq vs Revolut for business banking

Updated on 7 August 2023

In the evolving digital landscape of modern banking, two platforms, Bunq vs Revolut, have emerged as strong contenders, offering an impressive array of services tailored to business needs. As both offer a unique set of features, a comparison may aid businesses in deciding the right platform.

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This article provides a detailed comparison between Bunq and Revolut, focusing on their pros, cons, fee structures, and unique features, to help businesses make an informed decision.

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Bunq vs Revolut

FeatureBunqRevolut
UK IBANAvailable for all accountsAvailable for all accounts
European IBANAvailable for all accountsAvailable for all accounts
API AccessAvailable with comprehensive documentationAvailable with comprehensive documentation
Multi-currency accountsAvailable, supports 39 currenciesAvailable, supports 150 currencies
Virtual cardsAvailable, free issuanceAvailable, free issuance
Physical cardsAvailable, £9 per cardAvailable, £4.99 per card
Instant paymentsAvailable, instant SEPA transfersAvailable, instant SEPA transfers
FX ratesReal-time, interbank ratesReal-time, interbank rates
Invoicing featuresAvailable, integrated into appAvailable, integrated into app
Spending analyticsAvailable, categorises spendingAvailable, categorises spending
Expense managementAvailable, receipt and expense trackingAvailable, receipt and expense tracking
Batch paymentsAvailable, simplifies mass paymentsAvailable, simplifies mass payments
Sub-accountsAvailable, for better money managementAvailable, for better money management
Mobile and desktop appsAvailable, fully functionalAvailable, fully functional
24/7 customer serviceAvailable, through chat supportAvailable, through chat support
Free ATM withdrawalsLimited, £0.99 per withdrawalLimited, free up to £300/month, 2% fee thereafter
Payment linksAvailable, enables easy paymentsNot available
Interest on balanceAvailable, on all account typesNot available
Cashback rewardsNot availableAvailable, on card purchases
Business loansNot availableAvailable, flexible terms
Bunq vs Revolut

Wallester Business
✓ Virtual & Physical Cards
✓ No Setup Fees
✓ No Monthly Fee
Pricing Trial period Contact

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

Bunq

Bunq, a Dutch-based challenger bank, extends its services across Europe, offering a seamless banking experience. Prioritising customer convenience, it offers services such as instant payments, flexible savings, and batch payments, among others.

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Pros and Cons

Pros

  • Bunq’s ‘Tree Planting’ initiative is an appealing feature for sustainability-conscious businesses.
  • Businesses can earn interest on their balance, a rare feature amongst challenger banks.
  • Instant payment feature ensures a quick transfer of funds.
  • Batch payments can simplify payroll and vendor payments.
  • A robust API allows businesses to integrate Bunq with their existing systems.
  • Invoicing features integrated directly into the banking app can be convenient.

Cons

  • No cashback rewards on purchases may disappoint businesses that make large transactions.
  • The absence of business loans could limit growth opportunities for some businesses.
  • Bunq does not support payment links, limiting flexibility in payments.
  • Certain premium features come with a high price tag.

Table of fees and charges

ServiceFee
Monthly Fee£19.99
Payments in EurosFree
Payments in other currenciesVaries based on currency
Cash withdrawals£0.99 per withdrawal
Physical card issuance£9
Virtual card issuanceFree
Bunq fees and charges

Unique and standout features

Bunq allows businesses to earn interest on their balance, a unique feature among digital banks.

Its commitment to green causes is showcased through its tree-planting initiative; for every £100 spent, Bunq plants a tree, contributing to global sustainability efforts.

Batch payments, another standout feature, can simplify mass payments to employees or vendors.

Bunq also boasts a robust API, allowing businesses to easily integrate the banking service with their existing software systems.

Revolut

Revolut, a London-based financial technology company, offers a versatile banking platform that facilitates global transactions. Its feature-rich platform caters to a variety of business needs.

Pros and cons

Pros

  • Revolut offers cashback rewards on card purchases, a beneficial feature for high-spending businesses.
  • The availability of business loans provides businesses with the funds to grow.
  • Multi-currency accounts make international business transactions easier.
  • Seamless integration with popular business software such as QuickBooks and Xero.
  • The ‘Expense Management’ feature simplifies tracking and approval of business expenses.

Cons

  • No interest earned on account balance.
  • Limited customer service compared to traditional banks.
  • Additional fees may apply for premium services.
  • Some users report occasional delays in transactions.

Table of fees and charges

ServiceFee
Monthly Fee£25
Payments in PoundsFree
Payments in other currenciesVaries based on currency
Cash withdrawalsFree up to £300/month, 2% fee thereafter
Physical card issuance£4.99
Virtual card issuanceFree
Revolut fees and charges

Unique and standout features

Revolut’s ability to offer business loans is a distinct advantage over many fintech banks.

Its cashback rewards program can significantly benefit businesses with high card spending.

The ‘Expense Management’ feature simplifies the approval and reimbursement process, saving valuable time.

Also, integration with popular accounting software, such as QuickBooks and Xero, simplifies bookkeeping and financial management.

Conclusion – Bunq vs Revolut

Both Bunq and Revolut offer compelling features for businesses.

Bunq stands out with its environmental initiatives and the ability to earn interest, while Revolut shines with cashback rewards and business loans.

The decision between the two ultimately depends on the specific needs and values of your business.

It is recommended to thoroughly evaluate both platforms and consider a trial period to fully understand which bank can better serve your business requirements.

FAQ

Can I switch between Bunq and Revolut?

Yes, both platforms allow businesses to switch, but it is important to evaluate any potential switching costs or time delays.

Do Bunq and Revolut offer customer support?

Both offer customer support, but the quality and response times may vary.

Can I have accounts with both Bunq and Revolut?

Yes, businesses can maintain accounts with both banks and use them as per their specific needs.

Do Bunq and Revolut offer joint accounts?

Bunq offers joint accounts, while Revolut currently does not.

Are Bunq and Revolut safe?

Both Bunq and Revolut are regulated by financial authorities, the Dutch Central Bank and the UK Financial Conduct Authority respectively, providing a level of safety and assurance.

Can I use Bunq or Revolut for international transactions?

Yes, both Bunq and Revolut support multi-currency accounts, making international transactions convenient.

Reviewed by , Managing Director

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