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Revolut Alternatives in 2024 and How to Choose Payment Solutions
Luis Clark
Revolut is a popular financial technology (fintech) company based in the United Kingdom. Founded in 2015, Revolut has gained prominence for its innovative banking and financial services. While Revolut was initially launched as an alternative to traditional banks, many Revolut alternatives, such as Wise, Starling Bank, and Monzo, have since entered the marketplace. As a well-known European neobank, Revolut serves more than 30 million retail users worldwide. With Revolut being a global payment and multi-currency account platform, it’s easy to see why today’s business owners, entrepreneurs, and freelancers are considering utilizing Revolut.
But, as is often the case, in addition to revolutionizing the digital banking space, Revolut became embroiled in a few scandals. Some users highlighted money laundering, while others were concerned about handling sensitive data. Due to the recent media rumors circulating it, many of its clients are looking for alternatives to Revolut that are safer and accomplish the same job. This article will guide you through the best Revolut alternatives and what to consider when choosing payment solutions.
What is Revolut?
Before we go into the alternatives to Revolut, let’s first define the service. Revolut was a huge banking revolution when the financial technology company began its operations in 2015. Nikolay Storonsky and Vlad Yatsenko launched the platform, both of whom had extensive experience working for large financial organizations in the United Kingdom.
Frustrated with how traditional banks operate, they established a mobile banking service that includes international payments, pre-paid debit cards for simple withdrawals, a cryptocurrency exchange, savings options, and insurance. However, these successes and benefits were overshadowed by scandal after scandal.
Soon, Revolut became the subject of several money laundering scandals in 2019 after the company came under the scrutiny of the Financial Conduct Authority (FCA), the organization that regulates financial activities in the UK. The company received negative attention after it stopped using anti-money laundering software. Many believe Revolut did this on purpose, and the true ramifications of this action were not publicized. It was believed that user data was compromised due to this practice.
The Best Alternatives to Revolut
Today, many of Revolut’s clients are considering new financial alternatives for their money transfers and exchange needs. Of course, Revolut is not the only choice for online banking services, and we will look at various options.
Wise Accounts
Wise was launched in 2011 as TransferWise, a UK-based company similar to Revolut. Wise account holders can use their Wise account and Wise debit card to spend, receive, and send money in many countries worldwide.
Your Wise account allows you to receive money in different currencies and send money to people in other countries. Wise specializes in money transfers at very low prices. The platform’s straightforward services and low fees for foreign transactions have contributed to its growing popularity in recent years. Through our team’s direct experience and analysis, we have determined that Wise borderless accounts will appeal to those who need to access local account details in multiple regions.
Moreover, with Wise, there are no costly international transactions or exchange rates. This is one of the key reasons Wise’s customer base has grown so quickly. Multiple currencies can be sent, received, and exchanged using a single account. Wise’s fees are among the lowest in the industry, and the latest live exchange rate is always applied.
In addition, a Wise debit card can be used to withdraw money from ATMs, pay online, or buy products and services in various countries worldwide using cash from your online account. Wise is quite comparable to Revolut, making it a good substitute, however a large amount of users have complained about sudden account closures without providing reasons and information regarding the closure.
Payoneer
Payoneer was first introduced to the world in 2005. The platform is used for online money transfers and digital payments and provides clients with operating cash. Payoneer is a MasterCard Service Provider that operates globally. Its primary purpose is to assist organizations in receiving and sending payments, and it offers services to both local and international businesses.
Payoneer’s global success lies in its ability to provide a secure platform for users to receive payments and send money quickly and easily. Payoneer’s services are used in over 200 countries, with over 150 currencies now supported, allowing easy international payments and transfers. With a Payoneer debit card, funds can be withdrawn instantly from ATMs. Your Payoneer debit card is accepted for online purchases, in stores, and almost anywhere Mastercard is accepted. The daily withdrawal limit is $5,000 with up to 30 withdrawals, whereas 30-point sales transactions daily amounting to $2,500 are allowed. When appropriate, a 1% foreign currency fee will be imposed.
Payoneer’s help desk has an extensive knowledge base and other useful tools. You can also reach out to their professional support staff, who are located in offices across the globe, via email, phone call, or live chat. Money can be transferred from your Payoneer account to all other bank accounts anytime. Moreover, you can use the funds in your Payoneer account to purchase products online or in various retail locations.
Monzo
Of all the digital challenger banks in the UK, Monzo has the highest number of customers, and it’s frequently regarded as the best option aside from Revolut. Setting up and maintaining a free account with Monzo is simple, and the software is easy to navigate and engaging. Monzo is a digital-only challenger bank offering a full range of banking services, including current accounts, personal loans, and integrated savings accounts.
Monzo also supports business accounts, making it a suitable banking service for freelancers looking to receive work payments. You can also use a Mastercard debit card for all transactions and ATM withdrawals. Monzo’s app is utilized for all account administration and is significantly more advanced and feature-rich than rival banking apps. If the card is lost or stolen, it can even be frozen and unfrozen via the app.
The one major disadvantage of Monzo compared to similar apps is the comparatively low cap on free ATM withdrawals abroad. With a free account, you can withdraw £200 every 30 days without incurring any charges. Monzo Plus members can withdraw £400 every 30 days without charges, while Monzo Premium users can withdraw up to £600. After the set amount, all withdrawals are subject to a 3% fee. For most people, this isn’t a serious issue. However, if you frequently travel abroad to countries where cash is still king, you might want to consider other solutions.
Starling Bank Account
Starling Bank is a good option if overseas cash withdrawals are a high priority. Starling’s account offering is fairly similar to that of Monzo. There are no costs associated with purchasing the card overseas or withdrawing cash from an ATM outside of the United Kingdom, up to a daily limit of £300. Drawing from our hands-on evaluations, we can state that Starling is a wonderful alternative for mobile-first checking accounts that are nearly free and have a modern vibe.
Starling’s app allows you to apply in minutes, and your address or credit history is irrelevant unless you desire an overdraft. Starling offers its overdraft services to customers at interest rates of 15, 25, and 35%. To get a better idea, you can visit their overdraft calculator here.
N26
N26 is a modern banking pioneer and one of Revolut’s major competitors. It is a fully regulated European bank that only provides services online. This can be beneficial for users who require more full account services than what many traditional brick-and-mortar financial institutions can offer. Their straightforward mobile app provides numerous standard banking functions on a safe and secure platform.
Clients can use the MasterCard they receive from N26 to transfer money, top up their accounts, and withdraw cash from ATMs. International travelers who are on the go can save funds and complete transactions in less time and effort. Individuals and self-employed people who conduct business in multiple currencies or travel frequently may want to look into N26. There are no time-consuming forms or fees to deal with, in addition.
After the first three free monthly withdrawals that come with the standard account, a £2 fee is imposed for each withdrawal after that limit is met. Users in Austria have the benefit of unlimited free withdrawals. The account comes with a free Maestro card and a free MasterCard. Travelers will appreciate N26’s services as there are no currency conversion costs. N26 also uses the genuine exchange rate. A fee is only applied when you withdraw funds in a foreign currency. A 1% currency conversion fee is charged on top of a 2% transaction fee. The service also follows a 1.7% conversion rate for most regions.
Monese
Monese is a digital banking app and debit card that improves your banking experience by utilizing smartphone technology. After our direct and extensive analysis, we have noted that Monese is an excellent option for travelers. It enables a better banking experience by allowing you to make ATM withdrawals and card payments without incurring fees anywhere in the world.
Monese debit cards function similarly to other popular debit cards today. It can make contactless payments, purchase products in stores and online, and withdraw cash from ATMs. You may use the app to transfer money, view bank statements, and save funds in your account anytime.
Since the app supports both Apple Pay and Google Pay, you can make contactless payments using your phone. Monese leverages the interbank rate to provide low-cost currency exchange rates and transfers, resulting in less expensive international payments and foreign exchanges. Before the payment is processed, your money gets converted at the wholesale exchange rate plus the currency exchange fees start at 0.5% of transaction value, with a minimum of €2.
Skrill
Skrill has been around for nearly two decades. Its primary function is to serve as a digital payment platform. It also lets customers sell and purchase cryptocurrencies and receive and send payments. Organizations can be awarded merchant accounts, and Skrill also provides users with a pre-paid debit card.
Skrill’s money transfer platform allows for same-day transfers to your bank account. It lets you send money to your contacts in different countries quickly and easily. Currently, up to 40 international currencies are supported, making international transfers easy. Customers can create mobile wallet accounts in any country that supports money transactions.
Skrill does not impose fixed fees or other transaction costs when sending international money transfers to customers in other countries. Skrill may be especially tempting to those concerned about transaction fees related to smaller money transfers. It offers free local bank transfers; however, Skrill will charge a transaction fee of 1.25% for Visa or Mastercard payments. In addition to that price, your credit card provider may charge foreign transaction fees. The bank also charges a foreign exchange fee of up to 3.39%.
What to Consider When Selecting Banking Services
You need to consider multiple factors when choosing where to open a bank account. However, if you don’t know what you are looking for in the first place, that choice can become very confusing. Let’s look at some factors you must consider when selecting any financial service.
Safety Insurance
People nowadays prefer that the organization they have picked for their daily financial services is dependable. This is precisely why a service provider must offer the highest level of cybersecurity in any product or service they provide. This is especially essential today because this is the first place to be attacked. The overall structure and applications must adhere to all worldwide and local safety standards and all safety rules.
Contactless Payments
In a world that survived a pandemic, it is best to harness the power of the latest contactless technology. Banks should provide contactless payment choices that shield you and your loved ones from invisible risks. You can use NFC technology, for instance, to pay for your purchases through a mobile application.
Dedicated Mobile App
A mobile application is now the foundation of a mobile bank. It not only allows you to use your mobile device for banking, but it is also your primary personal access to your finances. It can no longer be anything extra; a high-quality, full-featured application is essential for modern banking.
ATM Withdrawals
Regardless of the Revolut alternative you choose, each provider has a different limit on cash withdrawals. Hence, you need to be aware of this and explicitly calculate your monthly cash demands. Dedicated debit or credit cards are necessary, and fee-free ATM withdrawals can be an enticing bonus.
Multi-currency Accounts
You should look for a provider that offers accounts in multiple currencies. This is no longer an issue or a luxury, as most businesses can provide you with a multi-currency account. The demand for such services is on the rise which is why so many providers are now offering these options, and all you have to do is select the best one for your needs. This can save you a lot of money by removing the need to acquire and trade in foreign currencies, especially if you travel to other countries frequently.
Conclusion
Revolut might have been the leading mobile banking provider at one point. Still, its fall into financial scandals has forced customers to look elsewhere to meet their needs. As you have seen from our direct trials and assessments, we can confirm that there is more than one viable Revolut alternative. We have chosen the best options that may fit the needs of different people. These companies have already made a name for themselves in the digital banking industry.
Furthermore, remember that fintech is one of the fastest-growing sectors today, and the stronger the competition, the higher the quality of services offered. The competition does not let you relax and does not provide a chance for those who do not do well enough to survive. You also better understand what to look for when trying to find good Revolut alternatives. We hope this blog provides you with all the knowledge you need to find the right fit.
FAQ
Most frequent questions and answers
The decision between Chime and Revolut is based on your financial demands and preferences. Chime is a fee-free online bank that offers a no-fee checking account, savings account, and other financial services. Its early direct deposit feature distinguishes itself from other options, which allows users to get payments up to two days earlier than regular banks.
Revolut, on the other hand, is known for emphasizing international transactions, with multi-currency accounts and fee-free foreign spending. It also accepts Bitcoin transactions and frequently offers travel-related advantages like insurance and airport lounge access. Chime may be a better option if you like a simple online banking experience with no fees.
Revolut is up against several well-known firms in the financial technology sector. Wise, formerly TransferWise, is a major competitor specializing in international money transfers with transparent fees and exchange rates but having controversies regarding their compliance operations. N26, a mobile bank, competes with Revolut by providing various banking services, including fee-free international transactions. Monzo, another UK-based digital bank, has grown in popularity because of its user-friendly interface, budgeting tools, and zero foreign transaction fees.
An American neobank, Chime, specializes in providing a fee-free banking experience, highlighting features such as early direct deposit. Starling Bank, established in the United Kingdom, offers digital banking services focusing on personal and commercial accounts.
The choice between Revolut and Wise depends on what you are looking for from your financial service provider. Wise, well-known for its international money transfer services, provides low-cost transactions with the true exchange rate and clear costs. It also offers multi-currency accounts and business accounts for multinational companies. Revolut, on the other hand, stands out for its cryptocurrency trading capabilities, allowing users to purchase, trade, and hold numerous cryptocurrencies within the app. Wise on the other hand even prohibits transaction to any form of crypto product, exchange, etc and will close your account if you engage in any such transactions.
Furthermore, Revolut provides a variety of features such as budgeting tools, insurance alternatives, and perks such as airport lounge access. Wise may be a strong candidate if your primary focus is on efficient international money transfers and multi-currency accounts. However, suppose you’re looking for a broader range of services, and freedom of use of your funds, such as cryptocurrency compatibility and additional rewards, Revolut is the much better fit.
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