Top Revolut Alternatives, Competitors (2024)

FAQs

Is there a better alternative to Revolut? ›

Instarem is The Answer. Among Revolut alternatives, some of them offer low-cost transfer fees and competitive exchange rates. However, there is one provider that is second to none, namely Instarem. Aside from the low-cost fees, Instarem also grants you extra rewards.

Revolut's alternatives and competitors. See how Revolut compares to similar products. Revolut's top competitors include TerraPay, NIUM, and Monzo. TerraPay operates as a cross-border payment network.

Low cost and easy to use, Revolut is among the top digital-only financial providers for regular travellers and those sending money overseas. It comes with a transparent fee structure and transfers are safe and secure.

Monzo works on Mastercard exchange rates, and Revolut works on Interbank exchange rates. Both banks offer similar limits and fees, but Monzo's fee-free abroad spending may appeal more to travellers.

There are many other fintechs like Revolut. These include Chime, N26, Wise, and Monese. On the international money transfer front, we particularly recommend Remitly because it consistently ranks as the best choice for transfers from the UK, the US, and the Eurozone.

On the downside, it doesn't offer popular asset classes like mutual funds or options.. Research and educational tools are very basic, and customer support only answers some basic questions. Also, Revolut has had some quite negative news coverage. In 2023, they were unable to submit their annual report in time.

While the Wise platform tends to focus on low fees, Revolut's strength lies in the versatility of banking services. Both systems offer a variety of financial benefits, it just depends on your top business needs. If you're in need of a successful payments platform, it's essential to perform a little legwork first.

Revolut is a global neobank and financial technology company with headquarters in London, UK that offers banking services for retail customers and businesses. It was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko.

In 2023, Revolut had the highest number of customers of any European online bank. Revolut is most popular in the United Kingdom (UK) and Romania, although traction is being made across other key countries, including France and Poland.

Currency Exchange: YouTrip vs Revolut

As far as available currencies, YouTrip is quite limiting, only offering 10 currencies to exchange. Revolut, on the other hand, has 28 currencies available for exchange. While Revolut does offer a wider variety of currencies, it does have a somewhat complex fee system.

Can I use Revolut in the USA? ›

You'll also get a Revolut card, which can be used in the US, UK and in countries all over the world. An important thing to note about signing up for Revolut in the US is that there are unlimited fee-free ATM withdrawals available at its network of 55,000 ATMs.

As an authorised financial institution compliant with Electronic Money Regulations, 100% of your main account balance is safeguarded.

Alternatives to Monzo and Revolut

There are plenty of other digital banks worth considering. Starling is a competitor that pays current account holders a healthy 3.25pc on balances of up to £5,000. As an account holder you'll also have access to a one-year fixed saver paying 4.48pc.

Revolut uses the interbank exchange rate on weekdays and adds a small markup on weekends, ensuring minimal fees for international transactions. Chase offers competitive exchange rates and minimal fees, making it a viable option for frequent travellers.

Although both banks are licenced in the UK, Starling offers a slightly broader banking service, such as an arranged overdraft and fewer limitations on cash deposits and withdrawals. So if you're looking for a banking alternative to the big high street banks, this provider could be worth a look.

PayPal's benefits to the individual is to keep payment details hidden and protected from online fraud. Revolut is a digital bank optimized for FX. PayPal is not. Should your business require a payment gateway, consider comparing payment gateways for fees, features and supported registration countries.

Revolut foreign transaction fee

Revolut is a good option for spending abroad because they don't charge any fees for foreign transactions. You can enjoy your travels without worrying about extra expenses. Keep in mind that merchants can add their own charges at any time, but they're not defined by Revolut.

Unlike traditional banks, we offer more than just the basic banking features: Send instant transfers to other friends using Revolut. Withdraw money without withdrawal fees (up to your plan's limit) Get 24/7 customer support, including weekends.