April 23, 2023
11 mins read
Seeking the best Revolut alternatives? Our guide reviews the top alternatives to Revolut, including their features, fees, and benefits.
The Best Alternatives To Revolut
Revolut is a popular digital money transfer platform that provides customers a simple and convenient way to send and receive money. It was founded in 2015 and quickly gained popularity due to its low prices, speedy payment processing times, and ease of use mobile app.
Revolut is intended for those who travel regularly or make international payments. It allows users to move money abroad in numerous currencies and provides a borderless account to hold money in multiple currencies. Revolut also provides budgeting tools, quick payment notifications, and the option to purchase and sell cryptocurrencies.
While Revolut has become a popular option for many, it may not be the ideal solution for everyone. The platform’s emphasis on foreign payments and frequent travelers may not be appropriate for all budgetary requirements. If you are looking for a Revolut alternative, keep reading, as we are going to take a look at the top apps like Revolut, their features, fees, and benefits, so you can make an informed decision on which platform is right for you.
How To Choose A Suitable Revolut Alternative?
Choosing the correct online payment platform is critical for both organizations and individuals, as it can affect the speed, ease, and security of their financial transactions. There are various factors to consider when selecting an online payment platform, including:
- the company’s security measures,
- fees and charges,
- the convenience of use,
- customer service,
- the platform’s functionality,
- integration capabilities.
Here are the top 9 alternatives to Revolut to consider.
Chime is an online payments services platform that provides a variety of financial services such as checking and savings accounts, debit cards, and mobile banking apps. It is a popular alternative to traditional banks, providing customers with convenient access to their funds without the burden of fees or minimum balance requirements.
Chime is ideal for anyone who wishes to simplify their banking experience while avoiding the hidden costs that many traditional banks levy. Chime’s key advantages include no-fee banking services, early paycheck access, automatic savings capabilities, and mobile app capability.
One of Chime’s benefits is that the platform doesn’t charge it’s clients for card payments. Whenever you make payments using your Chime’s Debit Card, the platform receives a small part of the interchange fee. This fee is collected by Visa from merchants for processing clients’ payments.
Chime might not be the best Revolut business alternative in the UK and the EU as they don’t have multicurrency accounts and supports only US dollars.
Wise, formerly known as TransferWise, is an online payments platform that provides fast and low-cost international money transfers. It allows customers to transfer money across borders using real exchange rates with no hidden fees, making it a popular alternative to traditional banks and other money transfer services.
Wise is most suitable for people or companies that need to send or receive money overseas for either personal or professional reasons. Competitive exchange rates, clear costs, multi-currency accounts, and user-friendly mobile and online apps are just a few of its primary advantages.
One advantage of Wise is that it provides multi-currency accounts, which let users hold and manage money in different currencies. This is useful for entrepreneurs. Furthermore, Wise’s cost structure is clear and uncomplicated; there are no additional charges or markups on exchange rates.
Wise might not be the best choice for customers who need physical banking services, such as check-writing or ATM access, as it is a primarily online-based platform.
Payoneer provides cross-border payment solutions and offers its users a variety of financial services such as prepaid debit cards, virtual accounts, and a range of payment processing services. It is designed for freelancers, small business owners, and other professionals who work globally.
Payoneer is an ideal choice for those who need to receive payments from international clients or partners, as it offers seamless transactions without incurring expensive bank fees or unfavorable exchange rates. The platform offers users the ability to hold balances in multiple currencies. This feature enables users to receive and make payments in their local currency, which can save significant costs associated with currency conversions.
Payoneer might not suit those who primarily deal with domestic transactions, as its focus is on international payments. Additionally, some users may find the platform’s fees to be slightly higher than other payment solutions, especially for certain types of transactions.
Transferra is a UK-based payment platform designed for business owners. It offers a range of financial services such as open a USD accounts, Euro accounts or local GBP accounts with a sort code and account number, SWIFT cross-border transfers, and local UK payments including BACS, CHAPS, and Faster transfers. Additionally, Transferra supports EUR payments through SEPA, SEPA Instant, and TARGET2.
Transferra is particularly beneficial for UK businesses and non-residents, who are looking to open their business in the UK. The platform allows to streamline payment processes, reduce transaction fees and improve efficiency. With Transferra, businesses can easily manage and monitor their finances, as well as make payments and transfers in multiple currencies.
Transferra may not be the best alternative to Revolut for cryptocurrency entrepreneurs. It does not facilitate the exchange of cryptocurrency. However, Transferra does support payments from and to crypto marketplaces, providing a level of flexibility for businesses operating in this space.
N26 offers mobile banking, savings accounts, investment options, and debit cards. It is designed for individuals who prioritize mobile banking and value simplicity in their banking experience.
N26 is an ideal option for people who prefer a user-friendly and mobile-first banking experience. The platform offers various features including easy account opening, real-time transaction notifications, and budgeting tools. It also supports international transactions, making it a convenient option for those who frequently travel or make transactions in multiple currencies.
For those who need more conventional banking services, for example, physical branches or checks, N26 might not be the ideal choice. The platform’s charge structure may also not be suitable for everyone, particularly for users who often withdraw cash or conduct overseas transactions.
Neon is a Swiss-based mobile banking platform that offers a variety of financial services including a free personal account, a premium account with additional features, and a business account. It is designed for individuals and small business owners who are looking for a modern and convenient banking experience, making them Revolut business competitors.
Neon offers users different features, e.g., contactless payments, cash withdrawals, mobile payment transfers, and expense management tools. It also allows users to hold balances in multiple currencies.
One of Neon’s key benefits is its transparency and no-fee policy. The platform does not charge any hidden fees, and all its fees are clearly communicated to users upfront. The drawback is that Neon’s services are now restricted to Swiss citizens having a Swiss ID or B permit, which may reduce the appeal of the company to consumers outside of Switzerland. A full banking solution may not be suitable for customers looking for sophisticated features like investing or lending services, which are not offered by the platform.
Skrill enables users to send and receive money globally. It offers various financial services such as prepaid debit cards, virtual accounts, and e-wallets, making it a convenient and accessible option for individuals and businesses alike.
Skrill is a great option for those who frequently make international transactions or need to send money to different parts of the world. The platform offers low fees for international money transfers, and users can hold balances in multiple currencies, allowing them to avoid costly exchange rates. The service also offers a variety of additional features: the ability to buy and sell cryptocurrencies, and a loyalty program that rewards users for their transactions.
Due to its emphasis on international payments, Skrill might not be the greatest choice for people who deal with domestic transactions the majority of the time. In addition, some customers might discover that the platform’s prices are marginally higher than those of other payment options, particularly for specific kinds of transactions.
PayPal is a well-known online payment platform that allows individuals and companies to send and receive payments all over the world. It provides a variety of services, including online invoicing, a digital wallet, and credit card processing. PayPal is a popular payment method for buyers and sellers on online marketplaces, e.g., eBay and Amazon.
PayPal is an excellent choice for anyone who wants to make or receive payments fast and conveniently without the need for a traditional bank account. Its site is user-friendly, and it accepts a variety of payment methods, including credit cards, debit cards, and bank transfers. PayPal’s buyer and seller protection systems assist protect consumers from fraudulent acts, which is especially critical for online transactions.
However, some users may find PayPal’s fees to be slightly higher compared to other payment solutions, especially for international transactions. Additionally, PayPal may freeze user accounts temporarily if it detects any suspicious activity or if users violate its policies.
Monzo is a UK-based online bank that provides customers with a range of financial services through its mobile banking app. The platform offers users a fully functional current account, a contactless Mastercard debit card, and a suite of budgeting and financial management tools.
Monzo is designed for individuals who want to have complete control over their finances and prefer the convenience of mobile banking. The app provides users with real-time notifications for transactions, and the ability to set budgets and track expenses. Users can also freeze and unfreeze their cards instantly in case of loss or theft.
One of Monzo’s key advantages is its transparency and lack of hidden fees. The platform offers customers free ATM withdrawals within the UK and Europe, as well as free foreign currency spending. This service is one of the most known Revolut competitors in the UK.
However, If you are looking for a platform that provides traditional banking services, for example, credit cards and loans, you might want to look at the other platforms out there. Also, Monzo has limited support for business accounts, making it more suitable for personal banking.
To sum up
As you can see, there are many apps like Revolut in the UK, in the EU, and also in other regions. Each of these payment platforms offers its own unique set of features, benefits, and drawbacks. For example, TransferWise is a popular choice for those who need to transfer money internationally at low costs, while PayPal offers a more established payment solution that is widely accepted by merchants and consumers around the world.
It’s important to consider your specific needs and priorities when choosing a payment platform. Some platforms may offer lower fees or better exchange rates, while others may have more extensive features or better customer support. By researching and comparing different options, you can find the payment platform that best fits your needs.
Who are Revolut’s main competitors?
Revolut’s main competitors in the UK include digital platforms similar to Monzo and Transferra, as well as traditional banks that offer mobile banking apps, for example, Barclays and HSBC. In the EU, Revolut competes with other digital banks like N26 and Bunq, as well as traditional banks that offer mobile banking services.
In addition to these banks, Revolut also competes with other fintech companies that offer similar services, such Wise, PayPal, Skrill, and Payoneer. These companies also provide cross-border payment solutions, prepaid debit cards, virtual accounts, and other financial services that cater to freelancers, small business owners, and individuals who frequently travel or work globally.
What is better: N26 or Revolut?
N26 is a licensed bank that offers a wide range of banking services, including savings accounts, investment accounts, and insurance options. It also provides a premium membership program that offers additional benefits such as travel insurance and discounts on partner services. N26’s fees for foreign transactions and ATM withdrawals are generally lower than those of traditional banks.
On the other hand, Revolut is not a licensed bank but offers a range of innovative financial services, including cryptocurrency trading, budgeting tools, and cashback rewards. Its fees for foreign transactions and ATM withdrawals are also generally lower than those of traditional banks.
Both N26 and Revolut have their strengths and weaknesses, so the choice ultimately depends on your personal needs and preferences.
Is Revolut still the best?
It depends on individual preferences, needs, and priorities. Revolut has its strengths: competitive exchange rates, ease of use, and an extensive range of features. Other challenger platforms like N26 or Transfera may have their own advantages, such as lower fees or more streamlined interfaces. We recommend researching and comparing different options based on individual needs before making a decision.