Choosing the Best Revolut Alternative

Why Do We Need a Good Revolut Alternative?

Revolut is a revolutionary UK-based platform. Revolut offers financial services for users all over the world but gained popularity mostly in Europe. With more than 30 million users all around the world, multi-currency accounts, and real-time cross-border payments, Revolut can easily become your go-to service. It is a very popular service among frequent travelers, freelancers, and international businesses. However, if you are limited to using this service, you may want to find a reliable Revolut alternative for your financial needs. This guide focuses on the alternative services to Revolut.

Here are a bunch of reasons why you may want to find an alternative to the Revolut platform: 

1) Customer care

While many like the Revolut platform for its sleek app and features, their support is far from perfect. The users often have to wait for a long time before getting a live response. It is very inconvenient, especially during critical issues such as card theft or account freezes. There are other digital banking platforms where you can get better services. Check this thread about the Revolut alternative on Reddit where people share their experiences with customer services of similar platforms and apps.

2) Fees

While Revolut offers free transactions and value at low exchange rates, they come with limits. If users exceed their monthly caps on free ATM withdrawals or international transactions, for example, then they are charged a fee. Frequent digital banking users may need an alternative of Revolut in this case.

3) Security

The digital-only setup makes Revolut appealing to the tech-savvy but traditionalists can be nervous about not having a physical branch to access. While it’s regulated in some markets, Revolut isn’t licensed as a bank everywhere. This fact makes people nervous about its use as their major financial service.

About Revolut and Its Phenomenon

Since 2015, this UK-based fintech startup aimed to make banking and currency exchange more transparent and fair for a regular customer.

In a nutshell, Revolut offers multicurrency accounts for holding, exchanging, and money transfers in 30+ currencies at interbank rates. It is a big factor for any traveler and owner of an international business, who wants to avoid the insane fees of conventional banks. With Revolut you can pay abroad or withdraw cash from an ATM as easily as it is possible, without hidden fees.

The core element of Revolut’s success is actually the mobile app, its ease of use, look and feel, and its feature-rich. Notifications come in real-time to inform the user about how much they’ve spent. Users can track and manage their finances through tools for budgeting. Also, Revolut lets users set savings through Vaults – it rounds up purchases and puts the spare change away automatically to a savings account. There’s a range of insurance products they offer as well as a plastic or metal card available for premium users.

At last, Revolut allows users to buy and sell cryptocurrencies directly from the mobile app.

We recommend you watch the following review from a financial expert about the innovative Revolut technology and services.

Things to Look For in a Revolut Alternative

If you want to find an alternative to Revolut, you need a service/platform/application with such features as digital banking, international payments, small fees, etc. In case you travel a lot, freelance, or own an international business, you may look for such features in Revolut alternative services.

The Support of Multiple Currencies

The integration of many currencies plays an important role. One of the overwhelming strengths of Revolut is that a user can keep, exchange, and send money in over 30 currencies. The currency conversion process is smooth and with lower fees. An ability to keep multiple currencies within one account makes life so much simpler while reducing the need to pay for expensive conversion fees.

Transaction and Withdrawal Fees

Next, transaction and withdrawal fees can be a deal-breaker or deal-maker when it comes to digital banking like Revolut. For international transactions, Revolut has reasonable fees and free ATM withdrawals up to a certain daily/monthly limit. Similarly, any Revolut bank alternative should be able to provide the same fee system.

Important notice – pay close attention to the hidden fees! Cash withdrawals abroad or sending money internationally may have hidden fees after a certain limit. Make sure to go through the fine print of certain apps to avoid such situations.

User-Friendly Mobile App

Surely, most people can launch any website through a mobile browser on Android or iOS, but it is better and more convenient if the Revolut alternative service has a separate mobile app. This app should send real-time notifications instantly, have a history of transactions, and show the card’s balance so you can always plan your budget and expenses. The more features the app has, the better.

Security and Compliance

In Europe, Revolut operates under trustworthy bank licenses so its users can be sure their money is safe. A decent alternative to Revolut should have powerful regulatory support and licenses from renowned authorities, in addition to powerful encryption tech and two-factor authentication.

Extra Financial Instruments (Investments, Crypto)

Revolut also offers investment portfolios, insurance options, or cryptocurrency trading. If you need something like this, then you should pick the Revolut alternative that offers extra financial opportunities in addition to traditional instruments.

Top 4 Revolut Alternative Services

After explaining all the perks and options you may get from Revolut it is high time to review a few other services with similar offers.

1. Wise (formerly TransferWise)

Not many digital finance services have grown as quickly as Wise. It is the ultimate solution for international money transfers. If you seek low-cost and multi-currency conversion, Wise is a great alternative to Revolut.

One of the strong points of Wise is that you can also have a multi-currency account to keep, send, and receive money in 50 currencies. While Revolut provides free transfers only up to a certain limit, Wise does not charge any fees over the mid-market rate in any transaction. Their fees are totally transparent – normally it is a small percentage of the transaction amount. A wise choice if you frequently deal with various currencies and financial assets.

It is incredibly easy to send and receive money with Wise in most currencies. You can track each transfer. For freelancers, businesses, or really anybody who sends and receives money internationally, Wise makes the process seamless, without a minimum balance requirement, and no hidden fees besides what you pay upfront for the transaction service. You can also receive local bank details for key currencies, such as EUR, USD, GBP, and AUD. It is like having a local bank account. A nice Revolut bank alternative.

However, Wise is more about cross-border payments and currency exchange. There are no savings accounts, credits, or investment options like Revolut offers.

2. Monzo

Monzo is a UK-based online bank. That is why usually considered the most direct alternative for Revolut. With 6 million users in the UK, Monzo offers full banking services. The biggest advantage – it is a fully licensed bank where the deposits are protected by the FSCS in the UK up to £ 85,000. Such a license adds extra security compared with Revolut because Revolut is not a fully licensed bank.

Monzo fits travelers particularly well due to the lack of any fees abroad. It offers free international ATM withdrawals of up to £ 200 every 30 days, similar to Revolut. But it is far more transparent about its fee structure once that limit is exceeded. Also, you can have a joint account for savings in Monzo. A good thing if you need to manage the finances of your relative or friend. Real-time notifications about each transaction/withdrawal, a budgeting tool, and options to automate savings based on your expenses – these are extra features at Monzo.

Additionally, Monzo has great customer support. The bank also can offer conventional overdrafts and loans, in addition to a travel-friendly card. However, Monzo lacks cryptocurrency trading or investment options that Revolut offers.

3. Starling Bank

Another powerful UK-based digital bank that can serve as a good alternative to Revolut. This digital bank with a mobile application and numerous awards offers a full banking experience. You can have traditional banking accounts, business accounts, loans, and joint accounts.

Just like Monzo, Starling is a fully licensed bank. All the deposits are protected under the FSCS. It means more security and confidence for users.

Additionally, Starling is praised for complete transparency when it comes to fees:

• no monthly fees on personal or business accounts;
• no fees for card payments abroad;
• absolutely no hidden fees;

You can withdraw £ 300 daily from any ATM without fees. International transactions won’t cost more than at any other Revolut alternative app or service.

Budgeting tools and personal finance management instruments are the main reasons to use Staling. The app will automatically categorize your expenses, and analyze spending habits. Also, you can set savings goals on a mobile app. If you are an entrepreneur or a small business owner, Starling integrates with the popular accounting software – Xero and QuickBooks.

4. Payoneer

Payoneer is a great alternative to Revolut, especially for freelancers, e-commerce sellers, and other online businesses that need to transfer cross-border payments. Payoneer targets the users who actually offer international services or e-commerce.

One of the key benefits of Payoneer is its Global Payment Service – you can legally receive payments from clients from many countries as if you have a local bank account in those countries. It is a very useful option for freelancers or small businesses that have to deal with scores of clients living in many countries. Payoneer offers multi-currency accounts. You can have the balances in multiple currencies and convert them into other currencies at competitive rates, just like Revolut.

Payoneer charges low fees and does not have a monthly charge. There are also free payments between Payoneer accounts. However, Payoneer does have an ATM usage fee and a currency conversion fee. It can be expensive if the account is frequently used. With Payoneer, you can get a prepaid Mastercard in various currencies for online purchases and cash withdrawals.

Where Payoneer really shines is the management system of business payments with mass payout tools, cross-border VAT payments, and integrations with such leading marketplaces/platforms as Amazon, Fiverr, and Upwork. On the flip side, Payoneer is not suitable for personal finance management or day-to-day banking.

Are you feeling confused about all these Revolut alternative platforms? Then check our comparison table.

What do you think about these Revolut alternative services, apps, and platforms? What do you use for international transactions and digital banking services? Let us know in the comments.

Frequently Asked Questions

Is there a better alternative to Revolut?

It depends on your needs. Revolut is for multi-currency support, international payments, and trading cryptocurrencies. For example, the Wise as Revolut alternative offers mid-market exchange rates ideal for international money transfers. Starling Bank and Monzo offer full banking services with FSCS protection, loans, and overdrafts. If you’re seeking more of the traditional banking or niche features, these alternatives could suit you better than Revolut.

Is there a card better than Revolut?

It all comes down to your preference. The Revolut card is intended for users who travel to different countries because of its multi-currency accounts and low fees on currency exchange. On the other hand, the Starling Bank card remains a good Revolut card alternative among UK users, because there is no foreign transaction fee and fully protects your money under FSCS. Another option is a multi-currency card offered by Wise with small transaction fees. If you look at how to keep your savings, then Monzo’s card offers some interesting budgeting features.

What is the best Revolut alternative in the USA?

In the U.S., Wise is the closest competitor to Revolut, offering similar low-cost international transfers with real exchange rates and multi-currency accounts. If you are looking for more traditional banking services, Chime and Payoneer are good Revolut business alternative services. For example, Chime offers a no-fee banking platform, with savings instruments, and cashback rewards. While Payoneer is more focused on freelancers and businesses who need cost-effective global payment solutions.

Conclusion

While Revolut is a popular choice for international banking and worldwide transactions, there are a bunch of great options for various financial needs. No matter if it’s Wise for transparent currency exchange, Starling and Monzo for full-fledged banking services, or Payoneer for global business payments, each Revolut alternative offers unique advantages. The choice depends on your priorities: low fees, conventional banking, multi-currency options, international transactions, investments, or savings.