Revolut Alternatives: Which Is The Best For You in 2024?
Online banking has changed how we handle our money for the better, making things faster and easier compared to old-school banks. These services offer a lot of different features, such as accounts in multiple currencies and the possibility to send money abroad easily.
Revolut is one of these services. You can handle all your financial needs right from your mobile phone, making it easier to manage money in multiple currencies.
Revolut has won the hearts of customers globally thanks to its ability to handle multiple currencies, low fees for international transfers, and a variety of other banking services.
However, financial technology is constantly evolving, and other platforms are fighting in the same space. This raises an important question: are there viable Revolut alternatives that can offer similar or even better features?
A list of Revolut alternatives:
- swissmoney
- Starling Bank
- Monzo
- TransferWise (Wise)
- N26
- Chime
Table of Contents
Why consider alternatives to Revolut?
Revolut has undeniably shifted the paradigm of banking by introducing a user-friendly platform for handling multi-currency bank accounts and simplifying international transfers. However, the financial market is diverse and competitive.
Several Revolut alternatives offer equally compelling or even superior features that cater to a range of banking needs.
Is there a better alternative to Revolut?
The primary concern for most individuals and businesses regarding their bank accounts is its associated costs. Traditional banks often tag numerous fees that can add up quickly — especially for international transfers.
📚Related: The Best Bank Account for Online Business
One of the critical aspects that make Revolut and its alternatives stand out is their ability to offer lower fees for these services. However, some of these alternative platforms offer even better exchange rates, meaning you could save more than you think.
Another crucial area where people look for options is the variety of available financial services. Revolut offers many services, but so do many of its competitors.
These alternatives often present a broader array of options that cater to specialised needs — be it personal accounts, investment options, or more favourable conditions for a savings account.
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Given that digital banking is continuously evolving, settling for one platform without exploring others might mean missing out on features that better suit your individual or business needs.
What to look for in an alternative to Revolut?
When considering alternatives to Revolut, there are several key factors to consider. It’s not just about finding another platform; it’s about identifying one that truly suits your needs, whether you’re sending money across borders frequently or running a small business.
International money transfers and more
In a globalised world where business and personal matters often cross borders, the ability to conduct international transfers, make international payments, and receive payments efficiently is paramount.
But the devil is in the details, specifically, the transfer fees that many traditional banking services charge for international payments.
Digital banking alternatives often pride themselves on their capacity to offer reduced or even zero transfer fees for international transactions.
These money transfer services can be attractive for those looking to transfer money without the hefty fees often associated with other money transfer services and traditional banks.
📚Related: Wire Transfer vs Bank Transfers
If you’re considering switching platforms to better transfer money or receive payments, pay special attention to the foreign exchange rates as well as the fees for international payments.
While some digital banks might advertise “low transfer fees,” they might recuperate costs by offering less favourable foreign exchange rates.
So, when evaluating an alternative to Revolut, it’s crucial to consider transfer fees and foreign exchange rates alongside other features offered by money transfer services to determine the actual cost of international transactions.
Business and personal accounts
The line between business and personal accounts has become increasingly blurred in digital banking. However, each type of account still has its own set of pros and cons.
Business accounts typically offer invaluable features for entrepreneurs, such as invoice management, the ability to segregate funds for tax purposes, and even human resources functions in some cases.
Conversely, these accounts often have higher fees to support these extra functionalities.
While not as feature-rich, personal accounts are usually less expensive and easier to manage for the average user.
They often offer most of the international money transfer capabilities and essential financial services one would expect from a digital bank without the additional complexities that come with a business account.
When seeking an alternative to your current digital banking service, consider your specific needs — be it personal or for business.
Make a checklist of the features you can’t live without, and then weigh that against the fees associated with these services. That will give you a comprehensive view of what to look for when evaluating different options.
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Comparative analysis of Revolut alternatives
Several platforms are vying for your attention in the bustling digital banking marketplace. We’ll delve into seven compelling Revolut alternatives, scrutinising their fees, services, and overall user experience.
swissmoney
swissmoney has carved out a niche, especially appealing to those who value security and versatility in their financial dealings.
Created by Swiss developers and cybersecurity specialists, the swissmoney platform allows users to easily send, spend, and manage money and crypto coins anytime and anywhere.
One of the standout features is its customisable card, granting access to your money across 210 countries and territories. This kind of global accessibility is crucial for frequent travellers or those engaged in international business.
Should you encounter any issues or have questions, swissmoney’s live chat support provides timely and effective assistance, enhancing the overall user experience.
Pros:
- High-level security measures, including robust encryption technology
- Competitive exchange rates and transaction fees
- Streamlined crypto trading
- Available in 210+ countries and territories
- Personal and business accounts
Cons:
- Limited range of additional financial services
- It’s a relatively new company
Starling Bank
Starling Bank, based in the United Kingdom, has made waves in the digital banking sphere for various reasons.
First and foremost, it offers a compelling suite of features without the burden of fees for personal accounts, making it one of the most attractive alternatives to Revolut for UK residents.
Its mobile app is another point of strength. Designed with a user-centric approach, the app provides a clean, easy-to-navigate interface complete with real-time notifications for all transactions.
Budgeting tools, savings accounts, and spending insights are also part of the package, making it easier for users to manage their finances holistically.
However, Starling Bank’s reach and functionality are primarily focused on the UK market, meaning international users may find it less accommodating for their services.
While it does offer international payments, the variety of currencies is somewhat limited compared to more globally oriented platforms.
Pros:
- No monthly fees for accounts
- Competitive exchange rates
- User-friendly mobile app with budgeting and savings tools
Cons:
- Limited services beyond the UK
- Less variety in international currencies supported
Monzo
As another UK-based option, Monzo offers a varied range of services that cater to both personal and business needs. One of Monzo’s standout features is the user-friendly nature of its mobile application.
The intuitive interface allows even the least tech-savvy users to navigate through their banking services with ease, making tasks like setting up a savings account or checking on transaction history a breeze.
In addition to a slick app, Monzo also offers features that go beyond the necessities, including overdraft protection and joint savings accounts.
These options add a layer of flexibility and financial security, making it an attractive choice for individuals and partners looking to manage their finances jointly or keep a safety net for unexpected expenses.
However, Monzo’s international transfer services can be more expensive than those of some of its competitors, including Revolut and Starling Bank.
This can be a significant downside for users who frequently engage in overseas transactions and are sensitive to higher costs associated with them.
Pros:
- Overdraft protection and joint savings accounts are available
- User-friendly mobile application for easy navigation
- Responsive and good customer service
Cons:
- Higher costs associated with international transfers
- Limited range of additional financial services
TransferWise (Wise)
TransferWise, rebranded as Wise, is mainly celebrated for its transparent approach to international transfers. It stands out by utilising mid-market exchange rates, ensuring that you get a rate as close as possible to the one you’d find on global currency markets.
This practice translates to significant savings, especially for those who regularly transact in multiple currencies.
The platform also offers multi-currency accounts, making it an excellent choice for freelancers, businesses, or anyone else dealing with more than one currency.
The Wise account comes with a transparent fee structure that’s detailed for the user. You’ll never wonder how much you’re being charged or why, as Wise ensures complete visibility into your transactions and associated costs.
Despite these advantages, Wise does have its limitations. Unlike other more comprehensive platforms, Wise does not offer a broad range of banking services.
For example, you won’t find a built-in savings account option, nor any cashback or similar incentives that might be available on other platforms.
Pros:
- Mid-market exchange rates for more cost-effective transactions
- Completely transparent fee structure
- Multi-currency account options
Cons:
- Limited in the range of additional banking services offered
- Absence of perks like cashback or rewards
N26
N26, a fintech player originating in Germany, has rapidly expanded its global footprint, gaining particular popularity among those who value effective personal finance management.
One of its standout features is a multi-currency account that rivals Revolut’s offerings. It also comes equipped with an exceptionally user-friendly interface, making it accessible even for those new to digital banking.
N26’s real unique selling point, however, is its robust suite of personal finance management tools. The platform offers automated savings accounts that enable users to set goals and save efficiently without micromanaging their finances.
This helps streamline your personal financial planning, making N26 more than just a simple digital bank account but a complete financial management solution.
However, it’s important to note that N26 doesn’t offer the same breadth of services for business users, unlike some of its competitors.
Pros:
- Intuitive, user-friendly interface
- Various budgeting tools
- Personal finance management tools
- Strong focus on user experience and personalised banking solutions
Cons:
- Transaction fees for international transfers are notably higher
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Chime
Rooted in the United States, Chime has found its sweet spot by providing an uncomplicated banking experience devoid of the fees that often plague traditional banking.
With Chime, customers enjoy the flexibility of both savings and spending accounts, all wrapped up in a straightforward package.
Its mobile app, praised for its user-friendly design, allows customers to manage their finances at their fingertips, complete with real-time alerts for account activity.
While Chime excels in a fee-free domestic banking experience, it leaves something to be desired on the international front. The platform is noticeably limited when it comes to international transfers, offering only basic functionalities.
Another area where Chime lags is in multi-currency account offerings. Unlike some of its more globally oriented competitors, Chime has yet to expand its services to include multi-currency accounts. It can be a crucial feature for international travellers or businesspeople.
Pros
- Zero hidden fees
- Comprehensive savings and spending accounts
- Efficient, user-friendly mobile app
Cons
- Doesn’t offer international transfers
- Missing multi-currency accounts
Each of these alternatives has its own sets of pros and cons, depending on what you need. Whether it’s lower fees, more banking services, or better international payment options, there’s likely a card out there that suits your needs.
Note:
Conclusion
In the rapidly evolving landscape of digital banking, Revolut has undoubtedly established itself as a formidable player, particularly in areas like international money transfers and multi-currency accounts.
However, numerous alternatives offer comparable, if not superior, services in different areas. From Wise’s transparent fees and mid-market exchange rates to N26’s personal finance tools, each alternative brings something unique to the table.
Regarding choosing the best Revolut alternative, the ultimate decision boils down to what you value most — be it low fees, favourable exchange rates, or the ability to send money internationally with minimal hassle.
While Revolut has its merits, exploring the best Revolut alternatives can provide you with tailored solutions that better fit your financial lifestyle.
FAQ
What makes these options good Revolut alternatives?
Each of the alternatives we’ve explored offers a unique set of banking services that rival or exceed what Revolut provides.
Whether it’s lower fees, better exchange rates, or more comprehensive multi-currency accounts, these platforms bring something valuable to the table.
Can I use these alternatives as my primary bank account?
Yes, most of the alternatives mentioned offer fully functional bank accounts, complete with IBANs, debit cards, and even credit options in some cases. They are more than capable of serving as your primary bank account.
How do these alternatives fare in terms of international money transfers?
Many of the alternatives offer competitive or even better rates than Revolut for international money transfers. Platforms like Wise and Starling Bank, for instance, provide mid-market exchange rates and low fees, making them excellent options for international transactions.
Do these alternatives commonly offer multi-currency accounts?
Absolutely. Many of the alternatives discussed, like swissmoney and N26, offer robust multi-currency accounts that allow you to hold, transfer, and spend in multiple currencies, often with better conditions than Revolut.
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