Revolut offers a wide range of digital banking services. It is even one of the most used neobank apps worldwide. With an app on your smartphone, you can easily access crypto marketplaces, stocks, savings accounts, and budgets or track purchases with travel benefits. However, some downsides will force you to look for Revolut alternatives.
While convenient in many ways, Revolut may sometimes find you inconvenient. There are alternatives on the market that can give you a better experience than Revolut. I already know of some options that will work well in 2023.
I did a lot of research on Revolut alternatives, and the ones I found are effective and better than them in terms of features. However, from the following discussion, you will get a clear idea about the top options.
What is Revolut, and how does it work?
Revolut is a popular banking app that allows various online businesses to manage money and transactions efficiently. According to a December 2022 survey, Revolut brand awareness in the UK is around 65%. Users can track and manage all their financial transactions through an app.
Users can open an account here and get a card for transactions. However, you will get this card directly in your hand, and even on the phone, you can use it as a virtual card. Apart from this, there are also facilities for buying and selling stocks or cryptocurrencies.
Another advantage is that if you have accounts in other banks, you can also link them to them. But Revolut comes with some disadvantages that can sometimes frustrate the user. So it is better to know about some alternatives.
Revolut Pricing and Features
| Monthly fee | £2.99/mo to £100/mo (Custom price |
| Foreign transaction fee | $0.30 to $6 |
| Free version | Yes |
| Best for | Maintaining personal finance. |
| Currency supports | More than 30 currencies. |
Why do you need Revolut alternative?
As mentioned earlier, Revolut may not only be convenient in some cases. But it should also be clear when you think about its alternatives. Below are some serious reasons why you need a Revolut alternative. Perhaps these will make its weakness clear to you.
- No line of credit: As it offers a debit card, the user can spend only the money deposited in his account. No line of credit.
- Direct debit problems: You may need help setting up a direct debit with other merchants online if you are not a UK buyer. Essentially UK users benefit while others are disadvantaged.
- Using the App is mandatory: You can only sign up for a new account with the app. When you face any problem with the application, you can do little things without the app.
- Poor customer service: As a user, when you expect support from Revolut, you will probably be disappointed as its customer service could be better.
- No physical branch: Revolut offers only online services for money transactions. So if you want to deposit money somewhere, it is impossible physically.
1. Wise
Wise is a cheaper alternative to Revolut for transferring money abroad. It works very fast and smoothly when it comes to international payments. It is a very affordable platform, even for those looking for something different from traditional banks. You can access local accounts to send money to 30 countries without any fees.
Unlike Revolut, Wise gives you more benefits because here, you only spend as much as you use. Besides, receiving money in several currencies is free. On the other hand, with Revolut, you can go for a free plan, but there are limited features.
Wise Pricing and Features
| Monthly fee | No monthly fee |
| Foreign transaction fee | 3% on the costs |
| Free version | N/A |
| Best for | International money transfers and affordable cost. |
| Currency supports | More than 50 currencies. |
2. Payoneer
Payoneer is one of the most popular Revolut alternatives. When you are working on an e-commerce or freelancer platform, Payoneer can be your most trusted and convenient payment method. It allows the user to access local bank accounts in nine countries.
Payoneer also has pre-paid MasterCard that allows you to bring any currency into your account. With the help of this card, apart from withdrawing money, you can also use it for various purchases and services.
Payoneer Pricing and Features
| Monthly fee | No monthly fee |
| Foreign transaction fee | 0.5% based on the amount |
| Free version | N/A |
| Best for | Low transparent fee and fast transaction. |
| Currency supports | 11 currencies. |
Related:
3. PayPal
PayPal is currently a leading platform in digital payment systems that have always been popular in the industry. It was established in the year 1998 and has been running successfully till now. Undoubtedly, PayPal is an excellent alternative to Revolut. According to Forbes, PayPal currently has about 429 million customers from more than 200 countries.
In 2023, PayPal ran some promotions that offered sign-up bonuses for new customers.
As per the new update, PayPal is giving more to customers, and it is expected to increase its customer base daily. Although it is not yet available in some countries like Bangladesh, customers in almost all countries will benefit in the future.
PayPal Pricing and Features
| Monthly fee | No monthly fee. |
| Foreign transaction fee | 1.5% with the domestic transaction fee (1.9% and 3.5%). |
| Free version | N/A |
| Best for | A secure payment transaction. |
| Currency supports | 26 currencies. |
4. Chime
Chime is one of the affordable Revolut alternatives for everyday use. Although it has no banking license, it has partnered with top-tier banks to keep customers’ money safe. It has received a lot of customer appreciation as it does not require any monthly or foreign transaction fees. You don’t need to deposit minimum money to keep the account active.
Besides, Chime has an attractive mobile app, and you can control all the account activities only through this one app. It is excellent for small businesses as it is easy to use and deals with low charges. Moreover, Chime offers the option of two bank accounts to make money management more effortless.
Chime Pricing and Features
| Monthly fee | No monthly fee. ($3 to $15 for a pro subscription) |
| Foreign transaction fee | No fee. |
| Free version | 30 days trial, no free version. |
| Best for | Regular money transfers. |
| Currency supports | Not mentioned |
5. N26
N26 is one of the best free online banking against Revolut. However, citizens of several other countries, including Germany, have opened their accounts at N26 and are depositing money. You can start depositing money as soon as you open an account with it.
Although it is a European platform, tens of thousands of people in the US have been using the service. But later, it made a great decision to focus on European businesses. As a result, it is no longer available for US customers. However, it is a site like Revolut but provides considerable benefits to the customers.
N26 Pricing and Features
| Monthly fee | No monthly fee. |
| Foreign transaction fee | No fee. |
| Free version | It’s all about free. |
| Best for | Everyday banking. |
| Currency supports | Foreign currency transfers are not supported. |
6. OFX
OFX is an excellent alternative to Revolut, providing money transfer services through its website and mobile apps in more than 190 countries. It is known to customers as a cost-effective option as it does not charge any transfer fees. OFX is considered a cheaper option for sending money.
Usually, the delivery time of the money depends on the banking working hours. So the recipient doesn’t receive the money immediately or the next day when the money is sent. However, OFX is highly praised for its customer support, as you get their support whenever needed.
OFX Pricing and Features
| Monthly fee | No monthly fee |
| Foreign transaction fee | Around 3% |
| Free version | N/A |
| Best for | Cheap bank-to-bank transfer |
| Currency supports | Over 50 currencies. |
7. Remitly
Another great Revolut alternative is Remitly, which offers low-cost international money transfers. This an excellent option for those sending less than $1000 per month as there is a fixed fee within this limit. Founded in 2011, the platform has ensured money transfers in more than 160 countries. It offers low-cost money transfers only to certain countries.
It charges higher fees for countries other than designated countries. This is a global platform through which customers can easily send money to relatives in other countries. The platform offers money transfers at over 350,000 pickup points, including over 3,000 banks worldwide.
Remitly Pricing and Features
| Monthly fee | No fee |
| Foreign transaction fee | 1% to more than 3%. |
| Free version | N/A |
| Best for | Transferring money safely abroad. |
| Currency supports | Not mentioned. |
Related: Best Remitly Alternatives for international Payments | 2023
8. Western Union
Western Union is an excellent Revolut alternative for domestic and international money transfers. Earlier it had breached customers’ trust in money transactions, and they have admitted it. Later they made a commitment to customers that they would prevent all risks.
Western Union secures money transfers in over 550,000 locations in over 200 countries. Unlike Revolut, it offers more convenience as Western Union is a medium that allows customers to send or receive cash.
Western Union Pricing and Features
| Monthly fee | No monthly fee. |
| Foreign transaction fee | Up to $16.00 |
| Free version | N/A |
| Best for | Sending or receiving physical cash. |
| Currency supports | Over 130 currencies. |
9. Skrill
Founded in 2001, Skrill serves as a mobile wallet where you can receive and make payments. Skrill is also used for online shopping. This platform is very popular especially among freelancers as they can bring money earned from various foreign clients into their accounts.
Also, there is an account activation feature where you have to keep the account active by making transactions. If the account is not used once within 1 year there will be a $5 inactivity fee. However, it is considered quite advantageous compared to Revolut.
Skrill Union Pricing and Features
| Monthly fee | No, $10 annual fee. |
| Foreign transaction fee | Up to 3.99% |
| Free version | Yes, for personal use. |
| Best for | Easy and secure money transfers. |
| Currency supports | 40 currencies. |
To sum up
Revolut offers interesting features but they may not be right for everyone as it has some disadvantages. Top Revolut alternatives are must-knows to perform online money sending, receiving, saving, and other functions affordably and hassle-free. I have already discussed the top 9 options that users may find good.
Actually, you have to choose the right option depending on what you want to use your digital wallet account for. Here you’ll find sites like Revolut, but you’ll probably find some features that Revolut lacks.
Therefore if you liked the articles please comment and let me know, or if you have any questions or concerns don’t hesitate to reach out to me.
FAQs on Alternatives to Revolut
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