Revolut Pro: Free Super Bank for Freelancers? (2022)
Revolut launched today a service called Revolut Pro with extra features and tools for freelancers, gig workers, and self-employed, all from within THE SAME app we use for our personal finances (consumer app).
The coolest part this announcement is the possibility to handle both personal and business or work expenses and money transfers from the same app, and FREE of charge! This is a great deal for freelancers as you don’t need a separate business account for your own work, such as Revolut Business.
In 2022 and after the pandemic, most people than ever are self-employed, freelancers that work from home. Blurring the line and simplifying bank accounts like Revolut is doing with Pro, makes everything much easier and smoother. And, it’s free.
What is Revolut Pro?
Revolut Pro is a service that allows you to set up an account to manage your business or side-hustle, all from within the Revolut consumer app. Revolut Pro is similar to Revolut Business product. The difference is that Revolut Pro is accessed through your existing Revolut Personal account via the consumer app, while Revolut Business has a separate app. Your Revolut Pro account is the same type of account as your existing Revolut Personal account.
What are Revolut Pro advantages?
- 1% cashback on card spend. Get cashback on all Pro debit card purchases, whether you’re buying supplies, booking travel or keeping yourself fed and watered while working away.
- Totally free account – No joining fees, monthly fees or balance requirements. The account can be bundled with existing retail plans i.e. if you already have Premium you will have Pro Premium.
- Multi-currency payment acceptance using QR codes, payment links, invoice templates, and in-person payments with card reader
- Dedicated income, payment and expense management account within the Revolut retail app
- Create account in under two minutes within Revolut’s app
And, since Revolut Pro connects to your regular Revolut account, you benefit from all the rest:
- Exchange money instantly in 30+ currencies
- Send instant personal cash gifts or gift cards to loved ones
- Wire internationally at excellent exchange rates
- Discounts and offers
Who can open a Revolut Pro account?
Anyone can open a Revolut Pro account if:
- you have a Revolut Personal account (sign-up and get €10)
- are a self-employed natural person (not a company);
- will only use your Revolut Pro account for business purposes; and
- pass some Revolut’s onboarding checks.
- Revolut Pro is currently available to Revolut users in the United Kingdom, Ireland and Lithuania.
How much does Revolut Pro cost?
Revolut Pro is free. There is no fee to open or hold a Revolut Pro account. As long as you have an existing Personal account which is eligible for Pro, you can open a Pro account for free.
However, there’s a fee when you order a Pro card. The cost of this card, and any delivery fee, will be shown to you in the app before you agree to order a Card. Your Pro card does not count towards the card limit on your Personal plan.
Revolut Pro Cashback: When do you get it?
With Revolut Pro you earn 1% cashback on any domestic or international transaction made using your Revolut card, except on cash like transactions. These include money transfers, cash disbursements (ATMs), merchandise and services, Quasi cash (whatever that is), and securities brokers. For example, card transactions to payment service providers, gambling, gift card or currency exchange service providers, money transfers, financial or investment services, or any similar transactions are not valid.
Does Revolut Pro work in Sweden?
No, not yet. Revolut Pro is currently available to Revolut users living in the United Kingdom, Ireland and Lithuania, as of September 2022.
Revolut Pro Sweden: Will it work?
Sweden is one of te best countries for freelancers and startups. The entrepreneurial culture is very intense, and the system is smooth and simple when you want to start a business and get going. It’s actually one of the easiest I’ve been through when it comes to paperwork, accounting and tax reporting (compared to countries like United States, Argentina or Spain).
Revolut Pro is easy, straighforward an has great potential. Revolut Pro would work great in Sweden, but to be a success it needs to implement some key specific features to be compliant with local services that people are used to. The banking technology and standards in Sweden are high (advanced than ever), and the following things are a must when operating as a self-employed or freelancer (“enskild firma”), Revolut Bank should consider implementing:
- BankID compatibility (log-in and sign)
- OCR compatibility / possibility to pay faktura / e-faktura
- Integration with Swish
Those are good starting points, and even though I understand it might require a separate app on the Swedish app store, it would skyrocket Revolut in Sweden.