Are you already a Revolut user and want to know more about the different services Revolut offers? Perhaps you want to ensure you’re using the best possible Revolut account for your needs?
Or maybe you’re looking for a new financial app to help you manage your money?
In either instance, you might be interested in what Revolut Pro offers.
In light of that, I’m putting Revolut Pro under the microscope, so hopefully, by the end of this review, you’ll have a better idea of whether this service is a good fit for your needs.
However, if you don’t have time to read this entire Revolut Pro review, here are the highlights:
Revolut Pro is certainly worth a second glance if you’re already using Revolut for personal use and you’re a European freelancer or sole trader looking for an intuitive business account.
That’s enough preamble; let’s dig into the nitty-gritty of this Revolut Pro review:
What Is Revolut Pro?
The Revolut Pro account is one of many accounts offered by Revolut.com. This product is explicitly designed for self-employed people. I.e., freelancers, sole traders, those with a side hustle, contractors, etc., that want to manage their business finances alongside their Personal transactions within Revolut’s retail app.
In light of that, it might not be surprising to hear that Revolut Pro is somewhat similar to Revolut’s “Revolut Business” product. But there are a couple of crucial differences between the two.
Namely, Revolut Pro is accessed via an existing Revolut Personal account within (as previously mentioned) its retail app. In contrast, Revolut’s Business product is an entirely separate account accessible through Revolut’s Business app and platform. It also comes with a more extensive offering. For instance, you can add team members to your account. So as your business grows, you might wish to consider upgrading to a Revolut business account.
Who Can Open a Revolut Pro Account?
You might have already guessed a few of these requirements, but to clarify, to be eligible to open a Revolut Pro account, you must meet the following conditions:
- Have a Revolut Personal account.
- Be a self-employed person, i.e., a freelancer or sole trader – not an incorporated company.
- Only use Revolut Pro for business purposes.
- Pass Revolut’s onboarding checks (this might include application reviews and inspections to ensure your business doesn’t operate within one of Revolut’s forbidden sectors – e.g., dating services, fortune tellers, medical devices, real estate, and more – the complete list can be found, here.).
How Do You Sign Up for a Revolut Pro Account?
Yes, you predicted it; first things first, you need a Revolut Personal account. If you don’t have one already, you can sign up for one on Revolut’s home page. Once you have an account, download the Revolut retail app. Then, from within the app, you can request to sign up for Revolut Pro.
Revolut will then review your application to determine if you’re a suitable candidate for the Revolut Pro account. Usually, this decision is near-on immediate. However, Revolut might require you to provide extra information to help them decide (as mentioned above, this is usually just to double-check that you’re not operating in one of their forbidden markets).
How Do I Move Money Within My Revolut Pro Account?
Although your Revolut Pro account is the same kind of account as your existing Revolut Personal account, it’s important to note that the Pro account is distinct.
You can access your Pro account separately within the app. It also means your Pro account will have its own:
- Separate balance
- Account number
- Transaction history
At this point, I want to remind you that you can only use your Revolut Pro account for business purposes.
So, with that in mind, you can move money to your Revolut Pro account from your Revolut personal account, a debit or credit card from a different fintech company/bank, bank transfer, Apple Pay or Google Pay.
In contrast, where withdrawals are concerned, you can:
- Use your Revolut card.
- Make an outbound payment (i.e., send funds to non-Revolut accounts)
- Transfer money to your Revolut Personal account
How Can Clients Pay Me?
You’ll be pleased to hear that receiving payment from clients/customers is very easy. Not only that, but the funds will appear in your account within seconds. You can take quick payments via:
- QR codes
- Payment links
- Custom invoices (with just a few clicks, you can create, track, and send invoices)
- The Revolut reader
How Much Does Revolut Pro Cost?
You’ll be pleased to hear that it’s completely free to open and use a Revolut Pro account. Any monthly fees (and other costs) that apply are the same as your Personal account. At this point, it’s worth noting that all transactions made on your Pro account count towards any limits imposed on your Personal account.
So, with that said, we recommend double-checking Revolut’s personal account pricing packages to get a better idea of the fees involved.
That said, there’s one caveat to this rule. The only different cost occurs when you order a Pro card. The price of which (and its delivery fee) will be made known to you within the app before you commit to ordering a card.
How Do I Earn Cashback on Revolut Pro?
Did you know you can earn up to 0.8% cashback when using your Revolut Pro debit card? Well, if you didn’t, now you do. This applies to any domestic or international transaction using your Revolut Pro card.
Please note: Some merchants are excluded from this cashback offer – for example, gambling, money transfer, securities brokers, and more. You can view the complete list here.
You can see the exact cashback rate offered within the Revolut app. However, Revolut makes it clear that they vary this rate at their own discretion at any time.
Is Revolut Pro Secure?
Although, technically, Revolut isn’t a bank, it is regulated by the FCA (Financial Conduct Authority) as an institution that deals in electronic money. As a result, it has to preserve all client funds in a “segregated account” at a licensed UK bank.
However, as Revolut isn’t officially a bank, monies stored in your Revolut Pro account aren’t protected by the FSCS (Financial Services Compensation Scheme). As such, if (heaven forbid!) Revolut goes bust, and the FSCS won’t compensate you. So, if you’re holding colossal sums in your Revolut Pro account or all of your income, this could be a risky move.
Concerning cybersecurity, Revolut’s app is protected by password and biometric recognition. Revolut also says that its security systems are ‘award-winning,’ and I did some hunting around the internet and found that Revolut has indeed won the ‘Anti-fraud Solution of the Year’ award at the 2020 FStech Awards. So that’s pretty cool, right?
Revolut says that its security system monitors its accounts to flag suspicious transactions and asks for extra verification from you when necessary to protect your funds.
Lastly, Revolut makes it easy to immediately freeze or unfreeze your card within its app. This is handy if your card has been lost or stolen and you’re concerned it’s fallen into the wrong hands!
Revolut’s Pros and Cons
No Revolut Pro review would be complete without a quick pros and cons section, so let’s take a quick gander at Revolut’s most notable advantages:
Pros 👍
- You can earn up to 0.8% cashback on all Revolut Pro debit card purchases.
- A generous free account is available.
- With so many customer payment methods available, you can empower shoppers to pay how they feel most comfortable.
- You can accept and receive customer payments immediately using payment links and QR codes.
- Although I haven’t mentioned it above, it’s worth citing that Revolut Pro is excellent for international transactions. Revolut is famous for its multi-currency features and competitive currency exchange rates. In fact, you can instantly exchange money in 29 currencies and double-check how much your international payment will cost you before wiring over any money. That way, there aren’t any nasty surprises!
Cons 👎
- Some users may feel frustrated that they can only use their Revolut Pro account for business spending. For some solopreneurs, this might seem needlessly inflexible.
- You must have a Revolut Personal account. If this is something you don’t require, this may seem like a needless hurdle.
- This isn’t so much a downside of Revolut but more of a drawback of all digital banks/financial services; there aren’t any physical branches. This might be offputting for customers that prefer in-person customer service.
- It’s not entirely clear whether Revolut Pro is available to US customers, and if it is, whether there’s a subscription fee involved.
My Final Verdict: Is Revolut Pro Worth Using?
So, that brings me to the end of my Revolut Pro review. I hope that, having read this blog post, you have a better understanding of what this account has to offer and whether or not it meets your needs.
In response to the question: Is Revolut Pro any good? I have to say that, on the whole, yes. More specifically, I think it’s an excellent option if you’re a European freelancer or solopreneur already using Revolut to manage your personal finances – especially if you want a separate account to help with business expense management. For instance, supplies, travel, marketing fees, etc.
It’s also a great option if you’re looking for a simple way to receive customer payments via QR codes, payment links, or face-to-face contactless payments.
However, this account probably isn’t for you if you might be tempted to make personal purchases using your Revolut Pro account. In this instance, you risk Revolut reversing any cashback you’ve earned and/or shutting down both your Pro and Personal accounts. It also isn’t a good option for large or growing businesses where you might need to assign multiple account holders.
That’s all from me, folks, over to you. Are you considering using Revolut Pro? Or do you have any experience with this account? Tell me all about it in the comments box below!
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