Revolut Account Options
Is Revolut Safe to Use?
Should I use Revolut?
Recommended Revolut Alternatives:
This Revolut app review will reveal how Revolut is to a certain extent, unique. Revolut offers something that is similar to a bank account, but without holding a banking license, and is still considered by many as a Neo-Bank. The closest examples we could find are Monese offering a similar range of services, focused specifically on international bank accounts and multi-currency accounts.
The below Revolut alternatives aren’t necessary 100% direct competitors but simply other solutions that will enable prospective customers to hold a multi-currency virtual bank account abroad and make payments to a from it (whereas Revolut also offers investing).
- Multi-currency Bank Accounts in USA, Canada, UK, EU, New Zealand, Hong Kong, Singapore and Australia
- Traded Publicly in the Australian Stock Exchange. A prominent and well-know company with excellent reputation in Australia operating for 20+ years. Boasting more than £20bn in annual turnover, across all five continents.
- Diverse offering combining the good parts of all other compabies - transfer money abroad, receive funds, multi-currency accounts, corporate foreign exchange, ecommerce intergration, online system and a friendly app.
- Bank accounts available in UK, France, Germany, USA, and Canada, as well as Singapore, China and Japan (recent additions)
- FX Margins from 0.15% to 0.5% per transaction, potentially cheaper than competitors like TransferWise (Wise). No fixed payment fees or receiving fees.
- Industry Leader in the eCommerce Space, Owned by Ant Financial (AliPay). Easy integration with any eCommerce platform, and Amazon recommended solution for currency exchanges.
- Global Offices in 5 Continents and 20 years of experience in FX
- 95% positive reviews from past customers.
- Bank accounts available in UK, EU, Poland, Australia, New Zealand and USA but you can hold money in 50+ currencies
- Most recognisable name in money transfers and multi-currency account, serving millions of customers and traded on the London Stock Exchange
- Very transparent about its fees which are generally among the cheapest for both private clients
- Very easy to use online, fast (especially with transfers with other Wise accounts)
- Easy to set up to receive payments from PayPal, Amazon, eBay, ETSY etc.
- Operating since 1979 - the first commercial foreign exchange space. Specialising in businesses - corporations and small businesses. Each business customer with volume of £5,000 is assigned with a dedicated currency dealder, demonstrating very high level of professionalism and excellent availability.
- Virtual IBAN bank accounts available in UK, EU and USA - but you can use Moneycorp to receive foreign exchange payments from everywhere in the world.
- 98% satisfaction based on online customer review. Many customer and business awards.
- Excellent FX hedging offering for businesses that need to control their foreign exchange flows. From Forward contracts to FX options - all are available for customers of any size, together with dedicated guidance on how to use these fx hedging tools optimally.
- Credibility Score - 65%65%
- Client Feedback - 70%70%
- Fees, Exchange Rates - 85%85%
- Global Reach, Availability, Service - 75%75%
- Added Values - 90%90%
Revolut is one of UK’s most promising startups with the highest valuations and they boast more customers than any other cross-border fintech startup in the world. With as many as 15m customers globally and massive transaction volumes, there is no doubt Revolut is onto something good.
The offering for both individual customers and business clients is vast and surpasses any other payment specialists and potentially surpasses also most or all of UK’s Neo-Banks. Revolut is no longer a simple multi-currency account connected to a Revolut card that enables cheap currency exchanges, it’s a lot more than that now. It’s a bank account in multiple currencies that you can use to pay and receive payments, and a currency card, but it’s also an account that you can use to borrow funds, save funds, invest funds, and use as your one-stop-shop for everything banking, powered by edge-cutting technology and more than $1.7bn in funding.
On the flipside, if you focus on Revolut international payments then you realise that there could be Revolut competitors who are able to transact your international money transfers for lesser fees. Additionally to that, Revolut has been getting some hit from customers, whistle blowers, and ultimately regulators including a recently levied fine of more than EUR 200,000 by the National Bank of Lithuania.