Exploring the Best Revolut Alternatives: A Guide to Neobanks and Banking Apps
Revolut has become a popular choice for many individuals globally, owing to its sleek debit card and impressive multi-currency account. Furthermore, users can access a stock and cryptocurrency marketplace, as well as travel benefits, savings opportunities, and a mobile app that facilitates budgeting and purchase tracking.
Nonetheless, there are Revolut limitations that are unique to particular nationalities, such as the inability to access bank account information, which means direct deposits from employers or friends are not possible. Additionally, the neobank does not accept cash deposits.
Fortunately, there are many alternatives to Revolut available in the market that offer comparable core banking services, with their own unique advantages and drawbacks. This guide will examine some of the top neobanks and banking apps that provide a compelling substitute to Revolut.
For those seeking a reliable alternative to Revolut, Wise Account is a notable option to consider. Founded in the UK, Wise has made a name for itself through its speedy and cost-effective international money transfer services. Beyond this, Wise offers a multi-currency account that provides users with access to a debit MasterCard and allows them to hold money in over 50 currencies. Furthermore, users receive account details for 10 currencies, including USD, EUR, and GBP, making it a versatile option for those who frequently conduct transactions across borders.
One of the standout features of Wise Account is that it charges no monthly fee, making it an attractive choice for cost-conscious users. Moreover, the account does not offer an overdraft, which can be beneficial for those who want to avoid accruing debt. Although the account does not offer interest on balances or savings, its ability to hold money in multiple currencies can potentially save users from incurring foreign exchange fees, making it an excellent choice for frequent travelers.
In addition to its multi-currency account, Wise Account also partners with FSCS-insured Barclays UK, ensuring that users’ funds remain safe and secure. Overall, Wise Account’s commitment to offering low-cost international money transfers and providing users with an easy-to-use multi-currency account with a range of features and benefits makes it a compelling alternative to Revolut.
- Allows users to hold money in over 50 currencies, with account details for 10 of them
- Charges no monthly fee and does not offer overdrafts, making it an affordable choice for users
- Offers fast and low-cost international money transfer services
- Partners with FSCS-insured Barclays UK, ensuring users’ funds remain secure.
Payoneer is an excellent option to consider for SMEs and self-employed professionals. This cross-border digital payment system provides users with a free business account that is available to numerous nationalities around the world. One of Payoneer’s key features is its access to local bank accounts in nine countries, including the US, the UK, and various European countries, allowing users to withdraw their revenue in local currency and avoid costly international wires.
Another notable aspect of Payoneer is its integration with payment systems like Stripe and Amazon’s check-out system. This can broaden users’ international market reach, potentially increasing their revenue and saving them money on transaction fees. Furthermore, Payoneer charges no monthly fee and does not offer overdrafts, making it a budget-friendly choice for businesses looking to save costs.
In addition to its standard account, Payoneer also partners with FDIC-insured US banks, ensuring that users’ funds remain secure. Overall, Payoneer’s range of features, affordability, and focus on catering to businesses and self-employed professionals make it a strong alternative to Revolut.
- Provides a free business account with access to local bank accounts in nine countries
- Integrates with payment systems like Stripe and Amazon’s check-out system, broadening users’ international market reach
- Charges no monthly fee and does not offer overdrafts, making it an affordable choice for businesses
- Partners with FDIC-insured US banks, ensuring users’ funds remain secure.
N26 is an online bank that offers numerous benefits to its customers, making it a worthy alternative to Revolut. One of the significant advantages of N26 is its accessibility to anyone who owns a smartphone, as it allows them to open an account easily and start depositing funds immediately. Customers can also enjoy fee-free ATM withdrawals across Europe, making it easier for them to access their money. Moreover, with a debit card that has zero international transaction fees, N26 customers can enjoy hassle-free transactions when traveling abroad.
Another factor that makes N26 a good alternative to Revolut is its budgeting tools and savings pots, which customers find very useful. The bank’s budgeting tools help customers track their spending and stay within their budget, while savings pots enable customers to set money aside for specific goals. Additionally, N26’s integration with Wise makes it possible for customers to send and receive low-fee international money transfers with ease.
In conclusion, N26 is a great option for anyone looking for a reliable and user-friendly alternative to Revolut. With its accessible account opening process, fee-free ATM withdrawals, zero international transaction fees, and budgeting tools and savings pots, N26 offers a wide range of features that cater to the needs of its customers.
- Accessible to anyone with a smartphone
- Fee-free ATM withdrawals across Europe
- Zero international transaction fees
- Budgeting tools and savings pots for customers to manage their finances better
Starling Bank is a standout option among the alternatives to Revolut when it comes to banking. As a fully-authorised bank in the UK, Starling offers a comprehensive range of financial services, including a fee-free current account. This account is one of the most complete in the UK, providing users with access to services like overdraft, loans, joint accounts, pensions, and more. As a result, Starling is an excellent alternative to both traditional high-street banks and neobanks like Revolut.
A standout feature of Starling Bank is its Saving Spaces feature, which enables users to allocate money towards specific goals or expenses within their account. This feature assists users in budgeting more effectively and saving money towards their objectives, making it an ideal option for those who want to manage their finances more efficiently. Starling also offers a pension scheme, youth card, and interest on balances, providing users with a wide range of benefits and features to choose from.
In summary, Starling Bank provides an outstanding banking experience for those seeking a comprehensive and feature-rich alternative to Revolut. With its fee-free current account, extensive financial services, and unique features like Saving Spaces, Starling is an excellent option for anyone seeking to manage their finances effectively.
Key points about Starling Bank and its strong points for users include:
- A fee-free current account with a wide range of financial services
- The Saving Spaces feature, which allows users to save money towards specific goals or expenses
- A pension scheme, youth card, and interest on balances for added benefits
- A comprehensive and feature-rich alternative to traditional high-street banks and neobanks like Revolut.
Chime is a popular mobile finance app in the US, offering a range of services that are easy to use and accessible to anyone with a social security number. One of the standout features of Chime is its current account and high-yield savings account, which offers a competitive 2.00% APY on savings. In addition, Chime also provides an interest-free credit builder called the Secured Chime Credit Builder Visa Credit Card, which can help users build credit history.
Chime is also known for its vast network of over 55,000 ATMs, allowing users to make fee-free withdrawals across the country. Furthermore, Chime does not charge any international transaction fees, making it an excellent option for frequent travelers abroad. With its simple and user-friendly interface, Chime is a great choice for those looking for a hassle-free banking experience.
Another significant advantage of Chime is that it is FDIC-insured, giving users peace of mind that their deposits are secure. The Chime Checking Account also does not charge any monthly fees and offers overdraft protection, providing users with a reliable and cost-effective banking solution.
Four bullet points about Chime’s strong points for users are:
- Offers a competitive 2.00% APY on savings through the Chime High Yield Savings Account
- Provides an interest-free credit builder called the Secured Chime Credit Builder Visa Credit Card to help users build credit history
- Boasts a vast network of over 55,000 ATMs for fee-free withdrawals across the US
- Does not charge any international transaction fees, making it an excellent option for frequent travelers abroad.
Remitly is an excellent alternative to Revolut for those who need to send larger sums of money internationally. Remitly is specifically designed for international money transfers, and it offers lower fees and strong exchange rates compared to Revolut, especially for larger transfers. While Revolut is a multi-functional financial app with many features, Remitly’s sole focus on international money transfers makes it a more specialized and reliable option.
Remitly is highly recommended by many comparison engine websites, which consistently ranks it as the best choice for international money transfers from the UK, the US, and the Eurozone. Remitly is known for its competitive exchange rates and its low fixed fees, which can save you a significant amount of money compared to other providers. Additionally, Remitly provides a user-friendly and secure platform, which offers a range of payment options, including bank transfers, debit cards, and credit cards.
Remitly has earned a reputation for providing excellent customer service, and it offers a 100% satisfaction guarantee. If you are not satisfied with the service, Remitly will refund your transaction fees. Moreover, Remitly offers fast delivery times, which range from instant transfers to 3-day delivery, depending on the destination and payment method. Remitly is also available in many languages, which makes it accessible to people from different backgrounds and countries.
Here are four bullet points highlighting Remitly’s strong points for users:
- Competitive exchange rates and low fixed fees
- User-friendly and secure platform
- Excellent customer service with a satisfaction guarantee
- Fast delivery times and availability in multiple languages
For European residents seeking a hassle-free way to open a UK account, Monese could be an excellent alternative to Revolut. With Monese, you can quickly get a multi-currency account for GBP, EUR, and Romanian leu, along with an EU IBAN and a UK sort code, without having to show proof of UK residency. This feature alone can make it a more accessible choice for people who need a UK account for various reasons, such as freelancing, studying, or traveling.
In addition to this, Monese offers a range of other products, such as interest on your savings, purchase insurance, and an interest-free credit builder. These features are beneficial to those looking to save money and build their credit score, which makes Monese an attractive option for people who want to use their banking app for more than just making transactions.
Finally, Monese offers joint accounts for family members, which is a unique feature that can make it easier for families to manage their finances together. With Monese’s joint account, family members can share their income and expenses, set savings goals, and monitor their spending through the app.
- Monese allows for easy opening of a UK account without proof of UK residency.
- Monese offers a range of other products such as interest on savings, purchase insurance, and an interest-free credit builder.
- Monese offers joint accounts for family members, making it easier to manage finances together.
- Monese supports virtual cards and provides multi-currency accounts for GBP, EUR, and Romanian leu.
In conclusion, Revolut is not the only option available for online payments and money transfers. Several other platforms, such as Payoneer and Wise, offer similar services with additional features and benefits. These alternatives provide users with lower fees, better exchange rates, and more extensive coverage of countries and currencies.
Payoneer, for example, has a global reach, making it an excellent choice for freelancers and businesses operating internationally. On the other hand, Wise allows users to hold and convert money in over 50 currencies with no hidden fees. Overall, there are various alternatives to Revolut that can cater to specific needs and preferences, offering users more flexibility and control over their finances.
Ultimately, the choice between Revolut and its alternatives such as Payoneer and Wise comes down to the individual user’s needs and preferences. While each platform offers similar services, such as online payments and currency exchange, they differ in terms of fees, exchange rates, and supported currencies.
Therefore, it is important for users to research and compare these options based on their specific needs, such as the currencies they frequently use, the frequency of their transactions, and the level of customer support they require. By doing so, users can select the platform that best fits their requirements and offers the most value for their money.
Other resources for online banking and transactions
If you are considering options to bank internationally, you might want to check some of our other guides to the subject. Check how to open an European bank account and our guide on how to open an US bank account for non residents. More information specific to banking in the UK is also available at UK Finance.