Any feedback on Revolut Business?
£25 a month is a lot for bootstrapped 👀.. I went with a Santander, free for a year then around £6 a month
Santander looks very nice. I wonder if they support SEPA transfers 🤔 I'm incorporated in the EU so SEPA makes paying contractors (and myself) much cheaper :)
I'm using revolut business as I was paying enough in FX fees that the switch saved money rather than costing more. I don't use it as my only bank (tho I guess there's no reason I shouldn't now) but just to receive USD and convert to GBP.
It works really well and due to the monthly there is 0 fees. My biggest frustration is their login verifications can be slow (likely as much due to my setup as theirs) so by the time I receive them the session has tined out and I have to start again. Otherwise all is quick and efficient - transfers between currency accounts are instant and a withdrawal hits my account within an hour.
One slighly weird quirk is a lot of automatic IBAN / SWIFT verification systems think their codes are invalid, so I've had people refuse to pay to that account as their systems won't allow it - but those that have submitted pyament anyway have been paid in with no issues.
I don't use their virtual or real cards yet but looks cool. Might try them out if I get some freelancers who need expenses.
Thanks for sharing Jonny 🙌 Seems to be a solid alternative to old banks!
Have you tried withdrawing Stripe funds toward your Revolut Business account?
Unfortunately that doesn't work, as Stripe will only pay USD to a US account for some reason.
Instead I set up a Transferwise Borderless account which has no monthly fee but a small (0.5%?) fee when you convert currencies. This is based in the US and has the ACH number and routing codes you need for Stripe. It works well for receiving funds but feels less like a complete bank alternative.
One issue I've noticed with both is that while I now have the freedom to choose when to exchange from USD<>GBP and potentially could benefit from better exchange rates, it means I get distracted by exchange rates and Brexit news trying to time my transfers for a better rate. This sometimes messes with my productivity, as I tend to hoard usd until I need GBP and then get anxious about whether I should change now or later...
Oh... that's strange. The payout doc (https://stripe.com/docs/payouts#supported-bank-account-types) seem to indicate that it is possible to transfer proceeds to any bank that's a in country where Stripe operate (see attachment).
The reason i'm asking is because the same doc says:
> Supported bank account types
> A standard bank account with a financial institution must be provided (e.g., checking). Other types of bank accounts (e.g., savings) or those with a virtual bank account provider (e.g., e-wallet or cross-border services) are not supported.
I'm wondering which category Revolut falls into ...🤔
You can transfer to any of those countries, but in most cases you can only receive in the relevant currency of that country. EG Switzerland can receive CHF, UK can receive EUR and GBP etc.
So to choose USD you have to choose 'United States' as the country - there's no option for Denmark where Revolut bank. Which means you need a US account number not IBAN, which fortunately Transferwise provide - here's a screenshot of the screen on stripe