When it comes to business banking in the United Kingdom, there are numerous options available, with Barclays and Revolut being two prominent players in the market. Both banks offer a range of services tailored to the needs of businesses, but they differ in several aspects.
This article will compare Barclays vs Revolut for business banking, outlining the pros, cons, key differences, costs, and other important considerations to help you make an informed decision for your business.
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Barclays vs Revolut
| Features | Barclays | Revolut |
|---|---|---|
| Account Types | Business accounts, savings accounts, foreign currency accounts | Business accounts |
| Branch Network | Extensive network of 1,500+ branches | Online-only |
| Mobile App | Available, but user experience may vary | User-friendly mobile app with real-time notifications |
| International Transactions | International transfers and payments available | Competitive exchange rates for international transactions |
| Customer Support | Dedicated relationship managers | Limited customer support (some reported challenges) |
| Expense Management Tools | Basic expense tracking tools | Automated expense tracking and management |
| Additional Services | Loans, credit cards, merchant services | Limited range of additional services |
| Fees | Varies depending on services and transaction volumes | Varies depending on services and transaction types |
| Security Measures | Standard security measures | Two-factor authentication, encryption, and fraud detection |
| Integration with Business Tools | Integration with various business tools | Integration with select business tools |
| Scalability and Future Growth | Suitable for businesses of all sizes | Suitable for small to medium-sized businesses |
Please note that the information provided in the table is based on general observations and may be subject to change. It is recommended to visit the respective banks’ websites or contact their customer support for the most up-to-date and accurate information regarding their features, services, and fees.
Statistics
- Barclays:
- Barclays has over 1,500 branches across the United Kingdom, providing businesses with a wide physical presence for in-person banking needs.
- As of 2020, Barclays had a total assets value of approximately £1.1 trillion, highlighting its substantial size and financial stability.
- Barclays serves over 24 million customers globally, including individuals, businesses, and institutional clients, showcasing its extensive customer base and market reach.
- Revolut:
- As of 2021, Revolut reported having over 16 million personal and business customers worldwide, demonstrating its rapid growth and popularity among users.
- Revolut processed over 150 million transactions per month in 2020, indicating the high volume of financial activity conducted through its platform.
- Revolut’s international presence spans across 35 countries, making it a global player in the digital banking space.
Barclays
Barclays is a well-established UK bank with a strong reputation and extensive branch network. They offer a comprehensive range of business banking services, including accounts, loans, credit cards, and merchant services, supported by dedicated relationship managers for personalized guidance and support.
Pros of Barclays for business banking
- Established reputation: Barclays is one of the largest and oldest banks in the UK, known for its stability and long-standing presence in the financial industry.
- Extensive branch network: With over 1,500 branches across the country, Barclays offers convenience and accessibility for businesses that prefer face-to-face interactions.
- Diverse product offerings: Barclays provides a comprehensive range of business banking products, including business accounts, loans, credit cards, and merchant services.
- Specialist support: Barclays offers dedicated relationship managers who can provide personalised guidance and support for your business’s financial needs.
Cons of Barclays for business banking
- Higher fees: Compared to newer digital banks, Barclays may have higher fees for certain services, such as international transfers or foreign currency transactions.
- Legacy systems: Some customers have reported that Barclays’ online banking platforms and mobile apps may not be as user-friendly or technologically advanced as those offered by digital-only banks.
Revolut
Revolut is a leading digital bank offering convenient and user-friendly business banking services. With its mobile-first approach, Revolut provides a seamless digital experience through its app, including features like real-time notifications and expense management tools. It is known for competitive exchange rates, quick account setup, and catering to businesses engaged in international transactions.
Pros of Revolut for business banking
- Digital convenience: Revolut is a mobile-first bank, offering a seamless and user-friendly digital banking experience through its app, with features like instant payment notifications and real-time spending analytics.
- Competitive exchange rates: Revolut’s business accounts allow for easy currency exchange at competitive rates, making it beneficial for businesses that frequently transact internationally.
- Expense management tools: Revolut provides automated expense tracking and management tools, simplifying the process of monitoring and categorizing business expenses.
- Quick account setup: Opening a business account with Revolut is a straightforward and swift process, requiring minimal paperwork and no physical branch visits.
Cons of Revolut for business banking
- Limited customer support: Some Revolut business account holders have reported challenges in reaching customer support or receiving timely responses to queries.
- Limited product range: While Revolut offers essential business banking services, such as accounts, payments, and cards, it may not have the same breadth of offerings as traditional banks like Barclays.
- Regulatory limitations: As a digital bank, Revolut is subject to regulations that may restrict certain types of business activities or impose limitations on transaction volumes.
Barclays vs Revolut – Key differences
- Branch network: Barclays has a significant advantage with its extensive branch network, offering in-person assistance and services across the UK. Revolut, on the other hand, operates solely online, providing convenience for tech-savvy businesses.
- Digital experience: Revolut excels in providing a modern and intuitive digital banking experience through its app, while Barclays may have a more traditional and established but potentially less user-friendly digital interface.
- International transactions: Revolut’s competitive exchange rates and seamless international payment capabilities make it an appealing choice for businesses engaged in global trade. Barclays also offers international services but may have different fee structures.
Barclays vs Revolut – Costs and fees
Barclays and Revolut have different fee structures for their business banking services. It is important to compare and evaluate the fees associated with business accounts, transactions, international transfers, and any additional services your business may require.
Barclays vs Revolut – Other considerations
Business Needs
Assess your business’s specific requirements and consider which bank aligns better with your needs, whether it’s a physical presence, specialised support for complex financial transactions, or a seamless digital experience.
Integration with business tools
Evaluate how well each bank integrates with your existing business tools and software, such as accounting systems or payment gateways.
Security measures
Consider the security measures implemented by each bank to safeguard your business funds and data, including two-factor authentication, encryption, and fraud detection systems.
Scalability and future growth
Assess how well each bank can accommodate your business’s growth and changing financial needs in the long term, including loan options, credit facilities, and international expansion support.
Barclays vs Revolut – Verdict
In conclusion, both Barclays and Revolut offer distinct advantages and considerations for businesses in the UK.
Barclays brings a well-established reputation, extensive branch network, and a diverse range of products.
On the other hand, Revolut offers a seamless digital banking experience, competitive exchange rates, and convenient expense management tools.
The choice between the two ultimately depends on your business’s specific needs, preferences, and priorities.
Barclays vs Revolut – FAQ
Both Barclays and Revolut offer business accounts suitable for startups and small-sized businesses. However, it’s important to review their specific requirements, features, and any minimum balance or turnover criteria that may apply.
Barclays offers a range of financing options, including loans and credit facilities, to eligible business customers. Revolut, on the other hand, may have more limited offerings in this regard. It’s advisable to check the specific lending products and eligibility criteria offered by each bank.
Both Barclays and Revolut have different fee structures for their business banking services. Fees can vary depending on the type of account, transaction volumes, and additional services you require. It’s essential to review and compare the fee schedules of each bank to determine which aligns better with your business’s needs and budget.
Both Barclays and Revolut offer international transaction capabilities. Barclays provides services such as international transfers and foreign currency accounts, while Revolut is known for its competitive exchange rates and seamless international payment options. Consider your business’s specific international transaction requirements and compare the offerings of each bank accordingly.
Barclays offers dedicated relationship managers who can provide personalized support. Revolut’s customer support may have limitations reported by some users. It’s advisable to consider the importance of customer support for your business and assess the feedback and experiences of other customers when making a decision.
Both Barclays and Revolut offer integration capabilities, but the extent and compatibility may vary. Barclays may have more extensive integration options with various business tools and software, while Revolut may have more limited integration capabilities. It’s recommended to review the integration options provided by each bank and consider whether they align with your existing systems.
Remember to conduct thorough research, review the banks’ official websites, and reach out to their customer support teams for the most accurate and up-to-date information specific to your business’s requirements.