HSBC vs Revolut for business banking

Updated on 7 August 2023

Choosing a banking partner for your business is a critical decision, as it impacts your day-to-day operations and future growth. In this article, we compare two financial giants, HSBC vs Revolut, that have set robust footprints in the UK business banking landscape.

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With traditional and digital banking platforms represented, we provide a detailed analysis of their features, pros and cons, fees, and standout elements to guide your choice.

Video: Choosing a business bank account

HSBC vs Revolut

FeaturesHSBCRevolut
Business current accountsYesYes
Digital bankingYesYes
FX servicesYesYes
Business credit cardsYesNo
Business loansYesNo
Overdraft servicesYesNo
Business savings accountsYesNo
International paymentsYesYes
Accounting integrationYesYes
Invoicing servicesYesYes
Payroll servicesYesNo
Cash & cheque handlingYesNo
Free ATM withdrawalsYes (Terms Apply)Yes (Terms Apply)
Business insurance servicesYesNo
Term depositsYesNo
Customer servicePhone, Email, In-personPhone, Email, Live Chat
App-based bankingYesYes
Free transactionsLimitedLimited
Business advice servicesYesNo
Regulated by FCAYesYes
Access to physical branchesYesNo
HSBC 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

HSBC

HSBC is a longstanding giant in the financial services industry, offering a comprehensive suite of banking solutions for businesses. They have an extensive global reach, providing clients with a vast network and local expertise in various markets.

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Pros and cons

Pros

  • Diverse offerings: HSBC offers a comprehensive set of financial products, from current and savings accounts to loans, credit cards, and business insurance, catering to a wide range of business needs.
  • International reach: With operations across the globe, HSBC is ideal for businesses with international operations or ambitions.
  • Physical branches: Presence of physical branches offers face-to-face customer service, and cash & cheque handling.
  • Strong regulatory framework: As an established bank, HSBC is heavily regulated, offering clients high levels of security and assurance.

Cons

  • Less competitive on digital front: While HSBC does offer online banking services, their digital platform isn’t as advanced or user-friendly as that of many digital-first banks like Revolut.
  • Fee structure: HSBC tends to have a higher fee structure compared to digital banks due to higher overhead costs.

Fees and charges

ServicesHSBC
Account maintenanceVaries based on account type
Domestic paymentsFree
International payments£4 – £30
OverdraftVaries based on account type and limit
ATM withdrawalsFree (limits apply)
Business credit cards£32 annual fee
Cash & Cheque handlingFee applies, varies depending on volume
HSBC fees and charges

Unique and standout features

HSBC provides a comprehensive set of offerings tailored to different business needs.

Their business advice services and access to international markets make them unique, catering particularly to businesses with global operations or those intending to scale internationally.

Their commitment to sustainability, with products like green loans, also sets them apart.

Revolut

Revolut is a digital-first bank offering innovative, app-based financial solutions. With a focus on low fees and user-friendly technology, they aim to provide a seamless banking experience for businesses.

Pros and cons

Pros

  • Cost-effective: Revolut typically offers lower fees due to its lean digital business model.
  • User-friendly digital platform: Revolut’s app-based banking is seamless, offering a highly intuitive interface and features such as instant notifications.
  • Flexibility and convenience: Revolut offers real-time payment tracking, spending categorisation, and the ability to hold and exchange different currencies.
  • Quick setup: The account setup process is swift and easy, requiring minimal paperwork.

Cons

  • Limited product offering: As a digital bank, Revolut doesn’t offer products such as business loans, credit cards, and overdraft services.
  • No physical branches: Some businesses might find the lack of physical branches inconvenient, especially those dealing with cash and cheques.

Fees and charges

ServicesRevolut
Account maintenanceFree for basic, fees apply for higher tiers
Domestic paymentsFree
International paymentsFree up to £5,000/month, then a 0.5% charge
ATM withdrawalsFree up to £200/month, then 2% fee
Invoicing servicesFree
Revolut fees and charges

Unique and Standout Features

Revolut’s modern approach to banking is their standout feature.

Their app allows businesses to hold, receive, and exchange different currencies with ease, ideal for companies dealing with international transactions.

Integration with accounting software makes managing finances more efficient, and their instant notifications help businesses keep a real-time check on their spending.

Conclusion – HSBC vs Revolut

Choosing between HSBC and Revolut depends on your business’s specific needs.

HSBC’s diverse offerings, global reach, and physical branches make it ideal for larger, international businesses or those requiring a broad spectrum of banking services.

In contrast, Revolut’s digital-first model, user-friendly platform, and cost-effectiveness make it a suitable choice for small to medium enterprises and digitally-oriented businesses.

FAQ

Which bank is more suitable for a small business?

Both banks can serve small businesses, but Revolut’s digital platform and lower fee structure might be more appealing for smaller enterprises.

Which bank provides more comprehensive services?

HSBC offers a broader range of services, including business loans, credit cards, and business insurance.

How fast is account setup for both banks?

Account setup is generally faster with Revolut due to their digital-first model.

Do both banks offer 24/7 customer service?

Both banks offer customer service, but Revolut provides 24/7 support through their digital platform.

Can I handle cash and cheques with Revolut?

Revolut does not currently provide cash and cheque handling services.

Does HSBC offer business advice services?

Yes, HSBC provides business advice services, which could be beneficial for companies looking to scale or navigate complex financial decisions.

Reviewed by , Managing Director

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