Revolut Alternatives and Competitors

March 23, 2021

Revolut is a UK-based neobank regulated by the Financial Services Authority, meaning your money is protected up to a certain current limit. It provides services to individuals and businesses from different countries. It gives individuals three types of current bank accounts. You can only send money overseas through its app and not its website. Access to the app comes in multiple languages. With regard to business banking, companies get to hold funds and transact in 24 currencies.

Revolut offers reliable and cost effective services, especially when compared to traditional banks, although it has yet to offer a fully-fledged savings account. However, looking at what prominent Revolut competitors, some of which may be described as “challenger banks”, have to offer may be worth your while. Your individual and business requirements play a crucial role in determining which Revolut alternative might work best for you.

International money transfers from Revolut Australian accounts used to be almost free for low volume monthly transfers. Revolut has become less competitive with pricing changes in 2021. Revolut Australia now charges between $0.30 and $8 depending on the size of the transfer to a foreign bank account. This means that it may be time to look for an alternative to Revolut for international money transfers.

Transparent fee structure
Send money to email addresses
Multicurrency account with debit card
Multilingual website & app

low

Fees

fast

1-2 days

Go to Site

Low Transparent fee structure
Forward contracts
Scheduled transfers
Dedicated account manager
Live chat support

low

Fees

fast

1-2 days

Go to Site

high

Fees

medium

2-3 days

Go to Site

0.4% margin for new customers referred by iCompareFX
Fee-free transfers
Scheduled transfers
Online and phone transfers

low

Fees

medium

2-3 days

Go to Site

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TransferWise

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WorldFirst

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Payoneer

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OFX

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TransferWise

TransferWise is a UK-based international money transfer company. It is the closest Revolut alternative. While TransferWise provides services to individuals and businesses, it is among the few alternatives to Revolut that also offer a free debit card.

The TransferWise Borderless Account is available to individuals and businesses comes with fee-free receiving accounts in USD, GBP, EUR, AUD, NZD and SGD. The TransferWise Mastercard debit card gives you easy access to money in your Borderless Account. With Revolut you can have multi-currency receiving accounts, they are all located in the UK. This means if you are living abroad, receiving funds in to one of your multi-currency accounts costs may be incurred by the sender due to international transfer fees.

While TransferWise does not have a banking license, it also provides a savings bucket where you can segregate your digital wallet money from your Borderless debit card. Very handy indeed.

TransferWise is also a cheaper alternative to Revolut. No monthly fees, no debit card issuance fee. Same low currency conversion rates on the weekend, where Revolut costs a lot more to spend on their debit card in foreign countries on the weekend. If you spend more than $500 a month when overseas, TransferWise would be the cheaper alternative. Revolut's currency conversion fees are increased to 2% after your monthly fee free spending threshold.

Free foreign currency optimized debit card

Use the TransferWise Mastercard to access funds in your Borderless Account globally

The Borderless Account gives you access to receiving accounts in USD, GBP, EUR, AUD, NZD and SGD with unique local banking details.

Use the Borderless Account to hold funds and make transactions in more than 40 currencies

Multilingual websites for the UK, France, Italy, Germany, the U.S., Canada, Australia, New Zealand, Japan and Singapore

Depending on where you live, you may pay using a credit card to send money overseas

Not all foreign currency corridors supported by its peer-to-peer network

Does not provide currency risk management tools for businesses

Transfer fees may vary depending on the currencies involved, the payment method and the transfer method

No banking license

WorldFirst

This UK-based Revolut competitor also has offices in the Netherlands, Japan and Hong Kong. It provides services to individuals, businesses and online sellers. If you sign up for the World Account, you get access to free receiving accounts in USD, CAD, GBP, EUR, AUD, NZD and JPY. World First operates multilingual region-specific websites. A debit card is not provided with their WorldFirst World Account. That may be make or break for some individuals or businesses. However, for large money transfers or receiving larger sums of money in foreign currencies, WorldFirst is the better choice. Their extremely low and transparent currency exchange structure can save individuals and businesses money moving larger sums of money internationally.

The World Account comes with receiving accounts in USD, GBP, EUR, AUD, NZD, JPY and CAD – you may use these accounts to save on currency conversion fees

Multilingual websites for the UK, the Netherlands, France, Singapore and Japan

Charges a transparent margin over existing interbank/mid-market currency exchange rates, which varies depending on your expected annual transfer amount

Currency risk management tools available for businesses. For example, set up forward contracts and scheduled transfers

You can connect your World Account with Xero

Personal / business account managers available over the phone

No debit card available for WorldFirst World Account customers

Does not accept customers from the U.S.

Payoneer

Depending on where you live, you may use the services of this U.S.-based Revolut alternative to make and/or receive payments. Payoneer customers get access to receiving accounts through the company’s Global Payment Service. This gives them the ability to receive payments in the form of local transfers from the U.S., the UK, the Eurozone, Australia, Canada, Japan and China. Online sellers may use the company’s services to receive payments from different e-commerce marketplaces.

Payoneer offers receiving accounts in USD, CAD, GBP, EUR, AUD, JPY and CNY

Lets you hold funds and transact in multiple currencies

Use the Payoneer Mastercard to access funds in your account globally

Make payments using bank account transfers, debit cards or credit cards

Money can only be sent to other Payoneer users

Country limitations

The Payoneer Mastercard comes with an annual fee

OFX

OFX is an Australia-based Revolut competitor that also has offices in New Zealand, the UK, the U.S., Canada and Singapore. You may sign up as an individual, a business or an online seller. The OFX Global Currency Account offers free receiving accounts in USD, CAD, GBP, EUR, AUD and HKD. It is also compatible with most popular e-commerce marketplaces. Businesses may use the Global Currency Account to make payments in the same currency and to pay suppliers directly. The company operates dedicated region-specific websites, which are available only in English.

Serves individuals, businesses and online sellers

Offices in Australia, New Zealand, the UK, the U.S., Canada and Singapore

No fees for personal transfers

Lets you set up market orders, forward contracts and scheduled transfers

Initiate transfers online or over the phone

Get local phone support in various countries

Can not access funds in the OFX Global Currency Account by using a card

No multilingual websites

Allows transfers of some currencies only over the phone