WorldRemit vs Revolut

WorldRemit offers

WorldRemit is tailored for individuals with account services that include:

• Foreign bank transfers
• Cash pick-up
• Foreign bill payments (ie electricity, credit cards and television services)
• Pre-paid mobile credit top-ups
• Recurring / regular transfers are also supported

Note: bill payments and cash pick-up services are not available in all countries.

WorldRemit has two unique features. These are:

• Mobile money - Shop in-store, online and withdraw cash at authorised agents
• WorldRemit Wallet - Money can be received through their vast global network into a multi-currency wallet

WorldRemit does not offer

• Travel debit cards
• Access to a personal account manager (helpful when transferring large sums of money)

Revolut provides digital banking and international money transfer services for personal customers from different countries.

What Revolut does

• International money transfers.
• Debit cards.
• Unique multi-currency accounts.
• Direct debits.
• Receive money.
• Budgeting tools.
• Create Vaults to save money faster.
• Access to cryptocurrencies.
• Bill splitting.
• Revolut Junior Account for children aged 12 to 17.

What Revolut doesn’t do

• Personal account managers.
• Hedging tools.
• Cash pickup.

WorldRemit does not provide a business service, although WorldRemit could be used for business transfers. The Mobile Wallet could be used for business, however it may not be suited for this purpose.

Businesses signing up with Revolut can receive multiple benefits.

What Revolut for business offers

• International money transfers.
• Unique multi-currency accounts.
• Business debit cards.
• Automated accounting with Xero, Freeagent and QuickBooks.
• Integration with Zapier and Slack.

What Revolut for business doesn’t do

• Account managers.
• Solutions for online sellers.
• Hedging tools.
• Mass payments.

WorldRemit Fees

Most of the WorldRemit fees are within the exchange rate offered. The exchange rate offered can and does change depending on payment type, receiving option and the amount being transferred.

• Bank deposit - 0.5% - 2% depending on the destination country and amount
• Bill payment fee - 1% - 4%
• Cash pick up fee - 1% - 4%
• Mobile airtime top up - 1% - 4%
• Additional fee - $1 - $5 per transfer

New customers from eligible countries signing up through iCompareFX receive 3 transfers fees for free using the code 3FREE. Eligible countries for this free transfer promotion are the USA, UK, Australia, Belgium, Netherlands, South Africa, Sweden, New Zealand, and Norway.

When you use your Revolut card to make international transactions, you could benefit by getting existing interbank rates. Revolut fees depend on the type of account you open and where you live. As you will see to get the best out of Revolut for international transactions, you need to choose a monthly subscription plan to match your forecasted monthly international money transactions volume, and most importantly.. don't use Revolut on the weekends for currency conversions! Read on to see why…

Subscription fees

Other fees for US customers

Fees for ATM withdrawals

Fees for international money transfers

Fees for same currency international money transfers

For example, you have an Australian Revolut account but have a USD balance. You may have converted your AUD balance to USD and are holding it in your Revolut multi-currency account. Since early 2021, a new fee is applied. The fee for same currency international money transfers from your Revolut account to a non-Revolut bank account is 0.3% of the transfer amount. The minimum charge is $0.30 and the maximum charge is $8. 

Same currency transfers between Revolut customers internationally still does not cost anything.

Revolut exchange rates

Revolut provides interbank exchange rates when processing international money transfers involving major currencies, provided they fall within a customer's monthly allowance limit. Transfers that involve THB (Thailand) and UAH Ukraine) come with markups, as do cryptocurrency exchanges. The markup depends on the type of account you hold.

Fees for foreign exchange outside market hours (weekends)

Using Revolut on the weekend (GMT), incurs high exchange rate fees of 1%. This is not highlighted very well when signing up and can mean surprise costs for weekend international travellers or travellers on extended trips. 

iCompareFX Top Tip: It pays to not use Revolut on the weekends!

Fees for receiving money

You don't have to pay any fees to receive money into your Revolut multi-currency accounts. However, the sender might need to pay intermediary bank fees. For example, a sender transferring EUR from Ireland into your EUR-denominated account in the UK might still need to pay intermediary bank fees. This is because the multi-currency accounts offered by Revolut are physically located in the UK.

Registration - Simple and easy through their website or mobile app.

ID verification -  If requested, it is a simple process that can be actioned through their mobile app or via email. Simply upload the requested documentation as photos from your phone. 

Transfer speed -  Speed ranges from instantaneous to up to 2 days. This depends on the country you are sending money to, and if it is a bank transfer or sending cash. 

Payment options - Uploading your funds to WordRemit is also a simple process. With in-country solutions such as Australia’s POLi or via debit card, you can instantly transfer your funds to WorldRemit. This speeds up the entire process of sending money overseas.

Mobile app - There is a WorldRemit mobile app to help manage your transfers end to end.

What Revolut does well

Sign up process - Create a new account with ease by using the Revolut app.

Payment options - Bank account transfers, debit cards and credit cards..

Apple Pay and Google Pay - Link your Revolut account to Apple Pay or Google Pay to make fast and easy payments.

Mobile app - Available for iOS and Android.
 

Where Revolut could improve

Website access - Customers can not use the Revolut website to access their accounts or send money. They need to use the Revolut app.

WorldRemit supported countries

WorldRemit has an impressive list of supported countries. 

• Mobile Money - 23 countries
• Cash pick up - 80 countries
• Bank transfer - 150 countries
• Bill payment -  Selected countries
• Phone support - Multiple languages
• Multilingual website
• Local settlement accounts in dozens of countries.

Customer support

There are reports on TrustPilot and through its mobile app reviews of poor wait times to talk to a customer service representative.

What Revolut does well

Supported currencies for transfers - Use Revolut to send money in 28 currencies.

Customer support - Local phone support in different countries and 24/7 chat support.
 

Where Revolut could improve

Supported registration countries - Revolut can improve by increasing the number of registration countries outside of Europe.

• WorldRemit is regulated by multiple financial regulators globally including the FCA in the UK. 
• Their company structure is sound and customers funds are segregated from their company accounts thereby reducing the risk for their customer.
• The WorldRemit fee structure for money transfers includes a hidden fee within the offered exchange rate which reduces transparency. This is unfortunately common amongst most international money transfer companies.
• High TrustPilot rating. However, there are an increasing number of poor reviews. This will be monitored by iCompareFX. 

What Revolut does well

• Revolut is licensed to provide services in the US, the UK, the European Union, Australia and Singapore.
• Fingerprint identification.
• Rating of Excellent on Trustpilot.

Where Revolut could improve

Addressing customer complaints - Some Revolut reviews on Trustpilot mention customers' accounts being locked and their money going missing. Quick resolution of such complaints would work well in increasing trust levels.