In the past few years, there has been a big shift in the way businesses operate. With the advent of online banking and mobile apps, businesses now have more options when it comes to managing their finances. Two of the most popular online business account providers are Revolut Business and Remitly. In this article, we will compare and contrast these two providers to see which one is best for your business needs.
An Outline of Revolut Business
If you're running an online business, you need a business account that can help you manage your finances and accept payments from customers. Two popular options are Revolut Business and Remitly.
Revolut Business is a business account that offers features like invoicing, expense management, and international payments. It's designed to help small businesses save time and money on their finances.
What is Remitly?
Remitly is an online money transfer service that allows users to send and receive money internationally. The service offers a variety of features, including the ability to track transactions, set up recurring payments, and send money to mobile wallets. Remitly also offers a loyalty program, which gives users points for every dollar they spend on the service.
Remitly is an online money transfer service that lets you send and receive payments from anywhere in the world. It's a convenient way to make international payments but it doesn't offer the same level of features as Revolut Business.
The Pros and Cons of Revolut Business
Revolut Business also offers a hassle free and user friendly interface while Remitly doesn't. This makes Revolut Business more consumer friendly for international transactions as well as for domestic transactions.
Finally, Revolut Business offers free transfers between Revolut Business accounts. This makes Revolut Business more convenient for businesses that need to frequently transfer funds between accounts, but less convenient for businesses that only need to transfer funds occasionally.
| Revolut Business- Pros | |
| Transfer without borders- Revolut Business makes it easy to manage your finances without any borders | |
| Exchange money at great rates in 28+ currencies- Easily find the right rate for your needs | |
| Make and take payments all in one place- Save you time and money on your business finances | |
| Smart cards for smart business- Keep track of your finances, customers, and inventory | |
| Avoid hassle and automated expenses- Avoid the hassle of dealing with a traditional bank | |
| Get paid faster with smart invoicing- Avoid the hassle of dealing with a traditional bank | |
| Access all your apps and integrations- Range of integrations with popular business apps, manage everything from one place |
The Pros and Cons of Remitly
There are a number of reasons why you might want to consider using Remitly for your online business account. Here are some of the pros-
1- Remitly is a regulated financial institution, which means that your money is safe and protected.
2- The process of sending and receiving money is simple and straightforward.
3- You can use Remitly to make one-time payments or set up recurring payments.
However, there are also some cons to using Remitly that you should be aware of-
1- There are fees associated with using Remitly, which can add up if you're making a lot of transactions.
2- If you need to cancel or change a transaction, there may be fees involved.
3- It can take a few days for your recipient to receive the money you've sent through Remitly.
4- Remitly charges a small fee for each transfer.
Business Benefits of Revolut Business
There are a number of business benefits to using Revolut Business for your online business account. Perhaps most importantly, Revolut offers a wide range of features and services that can save you time and money.
For example, with Revolut you can easily and quickly send money abroad without the hassle and fees associated with traditional banks. You can also request payments from customers in other countries without having to worry about exchange rates or conversion fees.
In addition, Revolut provides valuable insights into your spending patterns, helping you to better manage your finances. With its budgeting and tracking features, you can stay on top of your expenses and avoid overspending. And if you ever need to contact customer support, Revolut's team is available 24/7 to help you resolve any issues.
Overall, Revolut Business is an excellent choice for businesses of all sizes that want to save time and money on their international payments and spending.
Business Benefits of Remitly
There are a few key business benefits of using Remitly for your online business account. First, Remitly offers competitive rates on foreign exchange transactions. This can help you save money on international payments, which can be a significant cost for businesses. Second, Remitly offers a secure and efficient way to send and receive payments.
Finally The Better Option
There are many different factors to consider when choosing an online business account. The two main options are Revolut Business and Remitly. Here is a breakdown of the pros and cons of each option to help you decide which is the better option for your business.
Revolut Business offers-
1- No monthly fees
2- Unlimited transactions
3- Can hold multiple currencies
Revolut Business offers a wide range of features that are perfect for online businesses. With Revolut, you can easily manage your finances, make international payments, and get real-time insights into your spending. Moreover, it offers a free business account with no monthly fees or transaction charges.
On the other hand, Remitly does not offer a free business account. However, it allows you to send money abroad at very competitive rates.
Conclusion
Overall, Revolut Business is a good option for online business accounts. However, there are some key differences between the two that may make one a better choice for your needs. Revolut Business offers a more comprehensive suite of features, including invoicing, accounting, and expense tracking. On the other hand, Remitly has higher fees and is not suited for businesses that need to send international payments on a regular basis. Ultimately, the best choice and the clear winner will be Revolut Business.
Hope we got your doubts cleared,
Thanks for reading..!!
