In the world of business banking, choosing the right provider can make a significant difference. Two popular options for businesses in the UK are Barclays, an established high-street institution with a longstanding history, and Revolut, a digital bank pioneering the financial tech space. Each has its own unique offerings and tailored services. This article provides a comprehensive comparison of Barclays vs Revolut for business banking.
Barclays vs Revolut
| Features | Barclays | Revolut |
|---|---|---|
| Business Current Account | Yes | Yes |
| Mobile Banking App | Yes | Yes |
| Debit Cards | Yes | Yes |
| International Payments | Yes | Yes |
| Currency Exchange | Yes | Yes |
| Overdraft Facility | Yes | No |
| Cash Deposit Facility | Yes | No |
| Direct Debits | Yes | Yes |
| Physical Branches | Yes | No |
| Loan and Credit Facilities | Yes | No |
| 24/7 Customer Support | Yes | Yes |
| Payment Processing | Yes | Yes |
| Savings Accounts | Yes | No |
| Payroll Services | Yes | No |
| Financial Advice | Yes | No |
| Insurance Services | Yes | No |
| Online Invoicing | Yes | Yes |
| Accounting Software Integration | Yes | Yes |
| Free Transactions | Limited | Yes, up to a certain limit |
| Multi-currency Accounts | Limited | Yes |
| Instant Notifications | Yes | Yes |
 | 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 |
Barclays
Barclays is one of the largest and most established banks in the UK, known for its wide-ranging services and customer support. With a comprehensive suite of business banking services, it caters to businesses of all sizes.
Pros and cons
Pros
- Extensive range of financial products: Barclays offers business current accounts, loans, overdrafts, insurance services, and investment solutions.
- Physical branches: You have the opportunity to meet with banking advisors in person.
- High security: Barclays has robust security protocols to ensure your funds are safe.
- Established reputation: Known for stability and reliability.
Cons
- Fees: Barclays may have higher fees compared to digital banks.
- Not as innovative: Barclays isn’t always at the forefront of banking technology.
- Sometimes slow customer service: Response times can be slow during peak times.
Fees and charges
| Service | Fees |
|---|---|
| Business Current Account Monthly Fee | £6 |
| Electronic Payments (UK) | £0.35 per transaction |
| Direct Debits | £0.35 per transaction |
| Cash Payments | 0.60% of value |
| Overseas Payments | From £15 per transaction |
Unique and standout features
Barclays offers a robust suite of features unique to traditional banks.
Cutting edge payroll software
- Powerful and easy to use
- HMRC & RTI compliant
- Used by payroll pros
The CRM platform to grow your business
- Great for entrepreneurs
- Powerful data analytics
- Manage sales and data
Powerful web builder and advanced business tools
- Great for startups
- Powerful web page builder
- E-commerce available
Supercharged content planning
- Great for marketing
- Better than lists or sheets
- Manage social media
Create a new website in 10 minutes. Easy.
- Launch your website fast
- Powerful data intuitive
- No coding skills needed
The Barclays app is feature-rich, enabling management of your business accounts from anywhere.
They also offer the Barclays Local Insights tool, which provides detailed local economic data, a vital asset for businesses.
Barclays’ network of physical branches gives an edge for businesses needing face-to-face services.
Finally, their Business Direct team offers personalised advice and support to business customers.
Revolut
Revolut is a digital banking solution that offers a unique, technology-driven approach to banking. With a focus on simplicity and efficiency, Revolut is reshaping the way businesses manage their finances.
Pros and cons
Pros
- Fee-free transactions: Revolut offers free card transactions.
- Multi-currency accounts: You can hold and exchange 28 currencies.
- Instant notifications: Always stay updated on your account activities.
- Innovative banking features: Revolut is constantly rolling out new, user-friendly features.
Cons
- No physical branches: Some businesses prefer face-to-face interaction.
- No credit facilities: Revolut does not offer loans or overdrafts.
- Limited customer service channels: There’s no phone support; customer service is primarily via chat.
Fees and charges
| Service | Fees |
|---|---|
| Business Account Monthly Fee | From £25 |
| Local Payments | Free |
| International Payments | £3 per payment |
| Card Payments | Free |
| Currency Exchange | 0.4% fee |
Unique and standout features
Revolut’s standout features lie in its innovative approach to banking.
It provides multi-currency business accounts, allowing businesses to transact in over 28 currencies.
Its real-time notifications provide instant updates on account activities. Integration with popular business apps like Xero, Slack and QuickBooks simplifies operations.
Also, Revolut’s Expenses feature simplifies expense management, while its advanced analytics provide deep insights into your business finances.
Conclusion – Barclays vs Revolut
Both Barclays and Revolut offer compelling options for business banking, each with unique advantages.
Barclays offers comprehensive services and the assurance of an established bank, while Revolut provides innovative, cost-effective solutions tailored to modern businesses.
Your decision should hinge on your business needs and preferences – traditional banking services or digital-first approach.
FAQ
Yes, both banks offer the ability to open a business account online.
Yes, both Barclays and Revolut provide 24/7 customer support.
While both banks offer foreign currency services, Revolut provides a more flexible multi-currency account.
Yes, Barclays provides a robust mobile app and online banking services.
No, as of now, Revolut does not offer these services.
Barclays provides a broader range of services, including loans, overdrafts, and face-to-face services in branches.
Revolut offers innovative features like multi-currency accounts and integration with other business apps, often with lower fees.
Yes, Revolut offers physical and virtual cards for its business customers.