Revolut scraps free accounts for companies and prices soar to 58%

Digital bank Revolut will no longer offer a free plan to business customers, while paid plans will be significantly more expensive from October 21, with increases of up to 58%, the digital bank’s official source told online news source ECO.

It is the first time that Revolut has changed the prices charged to companies, justifying that the update reflects the improvement of the service and the increase in the functionalities made available.

Until now, companies could open an account without costs, opting for a “Basic” plan that included only five national transfers without commissions. But the British fintech which operates in Portugal is notifying these customers that it will charge a monthly fee of €10 euros, according to e-mails sent out to customers.

The new monthly payment of the “Basic” plan is associated with a doubling of the maximum number of free national transfers that companies with this type of accounts can make: from five to ten, an improvement over the current plan. The new commission will be “automatically” debited from business accounts at the end of each billing cycle.

The remaining business customers who already have paid plans will pay much more for the service, ECO has calculated based on information provided by the company. The minimum increase is almost 14% and the maximum increase is about 58%.

In the case of business customers with the intermediate plan (“Grow”), the monthly fee will increase from €25 to €35, an increase of 40%. Revolut makes a discount if the payment is annual: in this case, the annuity will go from €228 to €360 euros, an increase of 57.9%.