Revolut Competitors: Top 8 Alternatives for International Money Transfers

Revolut has emerged as a game changer in the world of financial technology, providing a hassle-free way to send and receive money internationally.

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However, it’s important to consider other options and find a Revolut alternative that better suits your needs.

In this article, we’ll take a closer look at the top 8 Revolut competitors and compare their features and fees.

Why Look for a Revolut Alternative?

While Revolut offers a variety of benefits, such as low fees, good exchange rates, and an easy-to-use app, it’s not the perfect fit for everyone.

Here are a few reasons why you might want to consider a Revolut alternative:

Limited coverage: Revolut currently operates in over 35 countries, but it’s not available everywhere. If you’re looking to send money from a country that Revolut doesn’t support, you’ll need to find a different option.
Restricted transfers: Revolut imposes restrictions on how much money you can send and receive, based on various factors including your account verification status, country of residence, and payment method. If you need to transfer large sums of money, you may be better off with a competitor.
Lack of clarity on fees: While Revolut generally offers low fees, there are caveats. Some users have reported unexpected charges or hidden fees, so it’s important to do your research before using the platform.
Poor customer service: Although the Revolut app is user-friendly and offers 24/7 customer support, some users have complained about poor response times or unhelpful service.

With these concerns in mind, let’s take a closer look at the best Revolut alternatives.

Criteria for Choosing a Revolut Competitor

When comparing Revolut competitors, there are several important factors to consider:

Fees: How much does the platform charge for sending and receiving money, as well as other banking services?
Exchange rates: What exchange rate does the platform offer, and how does it compare to other options?
Transaction speed: How quickly can money be transferred and received, and are there any delays to watch out for?
User experience: Is the app easy to use, and how does it compare to Revolut in terms of features and functionality?

8 Best Revolut Competitors That You May Try

N26

N26 is a mobile bank that offers free international money transfers to other N26 users, as well as competitive rates for international transfers outside the network.

The platform operates in over 25 countries in Europe and the US, and offers a sleek mobile app that allows for easy management of your funds.

Fees: N26 offers a free basic account as well as a premium account with added features for a monthly fee. International transfers outside the N26 network cost 0.5-2% in fees, depending on the country and currency.
Exchange rates: N26 uses the mid-market exchange rate, which is generally competitive with other platforms.
Transaction speed: N26 transfers are generally processed within 1-2 business days, with no delays reported.
User experience: N26 offers a user-friendly mobile app that provides a variety of banking services.

Monzo

Monzo is another digital bank that offers competitive rates for international money transfers and operates in the UK and Europe.

It also provides a range of alternative banking services and features such as budgeting tools.

Fees: Monzo offers a free basic account as well as a premium account with added features for a monthly fee. International transfers cost 0.5-3% in fees, depending on the country and currency.
Exchange rates: Monzo uses the mid-market exchange rate, which is generally competitive with other platforms.
Transaction speed: Monzo transfers are generally processed within 1-2 business days, with no delays reported.
User experience: Monzo offers a user-friendly mobile app that allows for easy management of your funds and budget.

Wise

Wise (formerly TransferWise) is a popular international money transfer service that offers competitive rates and fast transactions. The platform offers a variety of currencies and countries to send and receive money from.

Fees: Wise only charges a small percentage fee for international transfers, with no hidden fees.
Exchange rates: Wise offers the mid-market exchange rate, which is generally very competitive.
Transaction speed: Wise transfers are generally processed within 1-2 business days, with no delays reported.
User experience: Wise offers an easy-to-use platform with a simple transfer process and transparent fees.

Starling Bank

Starling Bank is a digital bank that offers competitive rates for international money transfers and other mobile banking services. It operates in the UK and Europe, and offers a range of features such as budgeting tools and savings accounts.

Fees: Starling Bank offers a free basic account as well as a premium account with added features for a monthly fee. International transfers cost 0.4-4% in fees, depending on the country and currency.
Exchange rates: Starling Bank uses the mid-market exchange rate, which is generally competitive with other platforms.
Transaction speed: Starling Bank transfers are generally processed within 1-2 business days, with no delays reported.
User experience: Starling Bank offers a user-friendly mobile app that provides a variety of banking services.

Chime

Chime is a mobile bank that offers competitive rates for international money transfers as well as alternative banking services. It operates in the US and offers a range of features such as budgeting tools and savings accounts.

Fees: Chime offers a free basic account as well as a premium account with added features for a monthly fee. International transfers cost 0.5-3% in fees, depending on the country and currency.
Exchange rates: Chime uses competitive exchange rates when transferring money internationally.
Transaction speed: Chime transfers are generally processed within 1-2 business days, with no delays reported.
User experience: Chime offers an easy-to-use mobile app that provides a range of banking services.

Neon

Neon is a Swiss digital bank that offers competitive rates for international money transfers and other banking services. It operates only in Switzerland, but offers a range of currencies to send and receive money.

Fees: Neon offers a free basic account as well as a premium account with added features for a monthly fee. International transfers cost 0.5-1% in fees, depending on the country and currency.
Exchange rates: Neon uses competitive exchange rates when transferring money internationally.
Transaction speed: Neon transfers are generally processed within 1-2 business days, with no delays reported.
User experience: Neon offers a simple and easy-to-use mobile app that provides basic banking services.

Tangerine

Tangerine is a Canadian digital bank that offers competitive rates for international money transfers and other banking services. It operates only in Canada but offers a wide range of currencies to transfer and receive money.

Fees: Tangerine offers a free basic account as well as a premium account with added features for a monthly fee. International transfers cost 0.5-2.5% in fees, depending on the country and currency.
Exchange rates: Tangerine uses competitive exchange rates when transferring money internationally.
Transaction speed: Tangerine transfers are generally processed within 1-2 business days, with no delays reported.
User experience: Tangerine offers an easy-to-use mobile app that provides a range of banking services.

Payoneer

Payoneer is a payment platform that offers competitive rates for international money transfers and other payment services.

It allows users to receive payments in multiple currencies, making it ideal for freelancers and businesses.

Fees: Payoneer offers competitive fees for international transfers, with no hidden charges.
Exchange rates: Payoneer uses competitive exchange rates when transferring money internationally.
Transaction speed: Payoneer transfers are generally processed within 3-5 business days, depending on the country and currency.
User experience: Payoneer offers an easy-to-use platform with features such as escrow protection and an online payment gateway.

Pro Tips for Finding the Right Revolut Alternative

While each of these Revolut competitors has its merits, it’s important to find the right platform for your specific needs. Here are a few tips to keep in mind:

Compare fees and exchange rates: Make sure to factor in all fees and exchange rates when comparing platforms, as some may seem cheaper at first glance but have hidden charges.
Consider coverage: If you need to send money to a specific country or currency, make sure to check whether the platform supports it.
Check user reviews: Look for reviews from other users to get a sense of the platform’s reliability and customer service.
Test out the app: Finally, try out the platform’s app before making any transfers to ensure that it’s easy to use and fits your needs.

Conclusion

Finding a Revolut alternative can be a valuable way to diversify your financial toolbox and find a platform that better suits your needs.

Whether you’re looking for competitive fees, good exchange rates, or a reliable customer service team, there are several worthy platforms to consider.

By keeping in mind the criteria and pro tips outlined in this article, you’ll be well on your way to finding the right Revolut competitor for you.