Revolut Business is the first account most entrepreneurs open for their Cyprus company — and for good reason. It is fast (1–5 days), fully remote, multi-currency, and free at the basic tier. But it has real limitations that matter for running a Cyprus Ltd properly. Here is the unvarnished review.
What Revolut Business Does Well
Speed: Revolut Business can be fully operational in 1–5 business days. For a newly-formed Cyprus company that needs to start invoicing clients, this is transformative — no waiting 8 weeks for a local bank account.
Multi-currency: Revolut Business holds balances in 25+ currencies with no conversion fees between them (on paid plans). For a business invoicing in EUR, GBP, and USD — this eliminates the forex losses that traditional banks charge.
International transfers: Transfers to international accounts use Revolut's real exchange rates, typically 0.4–1% above mid-market, significantly cheaper than the €15–25 per wire transfer that local Cypriot banks charge.
Cards: Issue virtual and physical Mastercards instantly. Set spending limits per card, per employee, per category. Freeze cards from the app in seconds.
Accounting integrations: Connects to Xero, QuickBooks, FreeAgent, and other accounting platforms. Automatic transaction categorisation reduces bookkeeping time.
Expense management: Employee expenses, receipt capture, and approval workflows built in. Useful for small teams.
Revolut Business Plans (2026)
| Plan | Monthly Fee | Transfers Included | Exchange Rate | Team Members |
|---|---|---|---|---|
| Free | €0 | 5 transfers/month | Mid-market (weekdays) | 1 |
| Basic | €10 | 10 free, then €0.20 | Mid-market | 1 |
| Grow | €25 | 100 free, then €0.20 | Mid-market | 3 |
| Scale | €100 | 1,000 free | Mid-market | 10 |
| Enterprise | Custom | Unlimited | Custom | Unlimited |
Most Cyprus companies with regular international transactions use Grow (€25/month). The 100 free international transfers per month covers most small business needs.
What Revolut Business Cannot Do (Limitations)
Not a bank: Revolut is an EMI — Electronic Money Institution. This matters because:
- Some payment processors (particularly older, conservative ones) require a "real bank" IBAN
- Some B2B suppliers in Cyprus specifically require a local Cypriot bank IBAN
- The local taxation and social insurance authorities may have questions about Revolut IBANs for payroll
- No deposit guarantee scheme (deposits are safeguarded but differently to bank deposits)
Cyprus-specific payment issues:
- Paying PAYE and social insurance contributions: doable via bank transfer but some government portals prefer or require specific bank relationships
- JCC Smart (the Cypriot card payment system): requires a local bank merchant account
- Local supplier direct debits: may require a local bank mandate
Account freezing risk: Revolut's compliance systems are automated. Accounts can be frozen for:
- Sudden large payments from new counterparties
- Changes in payment pattern
- Transactions flagged by automated AML systems
This is Revolut's most significant operational risk. Never rely on Revolut as your only business account. Keep some operational funds in a local bank or a second EMI account (Wise, for example).
Customer support: Primarily in-app chat. For urgent issues (frozen account, large payment query), this can be frustrating. There is no dedicated phone line for standard Business customers.
Transfer limits by plan: The Free plan's 5 transfers/month is insufficient for most businesses. Even the Grow plan's 100 transfers may run out for businesses with many small transactions.
KYC Process for Cyprus Companies
Opening Revolut Business for a Cyprus Ltd requires:
- Download Revolut Business app
- Enter company details (company name, registration number, registered address)
- Upload company documents:
- Certificate of Incorporation
- Certificate of Directors and Shareholders
- Memorandum and Articles of Association
- UBO declaration
- Director identity verification (passport scan + liveness check via app)
- Business activity description and expected transaction volumes
- Source of funds declaration
The process is fully app-based. Approval: 1–5 business days for straightforward applications. Complex structures or unusual business activities may take longer or trigger enhanced due diligence.
"Revolut Business is best positioned as the operational bridge account for Cyprus companies — open it immediately while waiting for local bank approval, then use both in combination for different payment types."
Revolut Business vs Wise Business
Both are EMIs with similar features. Key differences:
| Feature | Revolut Business | Wise Business |
|---|---|---|
| Monthly fee | €0–100 | €0 (usage-based) |
| Currencies | 25+ | 50+ |
| Transfer fee | 0.4–1% (free on plan) | 0.41% average |
| Local IBANs | EUR, GBP, USD | 10+ local IBANs |
| Cards | Included | Available |
| Accounting integration | Strong | Good |
| Best for | All-in-one business banking | Multi-currency receiving, cheap transfers |
Many Cyprus companies use both: Revolut for day-to-day operations and cards, Wise for international payments where the lower fee matters.
Our Verdict
Revolut Business is essential for Cyprus companies as a first account — open it the same week as company formation. It will be your working account for months while the local bank processes your application.
It is not sufficient as your only account for:
- Salary and payroll payments
- Local Cypriot B2B payments
- Government payment requirements
- Risk mitigation (frozen account contingency)
Use it as part of a banking stack: Revolut + local Cypriot bank (AstroBank or Hellenic) + optionally Wise for international payments.
See the full banking comparison for Cyprus companies for the complete picture. Find Cyprus banking advisors in our banking directory.
For the alternative EMI, see the Wise Business Cyprus review — many companies use both in combination.
Revolut products, plans, and fees change. Verify current terms at revolut.com. This is an independent review and not financial advice.