Best Revolut Alternatives

Revolut bills itself as a “financial super app”.

Updated: May 21, 2024
Matt Crabtree

Written By

Matt Crabtree

|
Rebecca Goodman

Edited By

Rebecca Goodman

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Best Revolut Alternatives

Revolut is one of the most well-known challenger banks around and it says it's a “financial super app” for the modern day. 

As an electronic money institution with more account options and cheaper costs than many traditional banks, you can open accounts quickly.

There are three account plans to select from based on your goals. It's also a specialist in money transfers and cheap foreign withdrawals, so it's ideal if you travel a lot for work.

But it's possible that Revolut isn't the best option for you. In this guide we look at the next best options to help you decide what's right for you.

ProviderScoreDetails
1. Monzo★★★★★Learn more
2. Starling Bank★★★★★Learn more
3. Wise★★★★★Learn more
4. Skrill★★★★Learn more
5. PayPal★★★★Learn more
6. Monese★★★★Learn more

What is Revolut?

Revolut is a private startup that began operations in 2015 in the UK. Customers may use Revolut to send money to their bank accounts or to other Revolut users.

Customers can use the money in their Revolut accounts to make purchases using the Revolut Visa/MasterCard. You can also use virtual cards and trade cryptocurrencies.

Revolut caters mostly to frequent fliers and businesspeople with foreign needs. The Revolut multi-currency card enables speedy, low-cost international money transfers in a variety of currencies. When making an online purchase or utilising an ATM withdrawal, you may convert funds via their app.

It just takes a few seconds to transfer money to another Revolut user's account, and the process is streamlined overall.

You may utilise a virtual card or a prepaid Visa or MasterCard debit card with your Revolut account. With a Revolut card, you may make purchases and withdrawals. Money may be transferred in 30+ different currencies using the Revolut app.

The pros and cons of Revolut

Let’s look into the pros & cons of Revolut

Pros

✅ Accepts and stores a variety of currencies. 

✅ More and more optional enhancements (like cryptocurrency trading and disposable digital cards) are being added.

✅ Premium memberships available, some of which provide useful extras (such trip insurance).

Cons

Despite having a banking licence for certain countries, it does not have a UK banking licence

You can't segment funds between virtual cards and physical cards. 

For reasons of security, customer accounts may be temporarily locked.

Low support for customers.

Top Revolut alternatives — Reviews

One of the better alternatives to traditional banks is Revolut. Some of their most sought-after offerings are their money transfer and foreign exchange services. Yet it doesn't have a UK banking licence and therefore doesn't offer protection under the Financial Services Compensation Scheme (FSCS).

There are many other options if you decide that Revolut is not the best fit for you. Several excellent alternatives to Revolut are shown below.

We’ll look at other financial apps with cheap costs and convenient mobile banking. Find our favourites below:

1. Monzo — Best Revolut alternative

In Britain, Monzo has the most customers of all digital challenger banks.

It's simple to create and maintain a free account, and the app is bright and enjoyable (so long as you can stand the app's loud, chiming sounds each time you make a purchase).

Monzo is a digital-only challenger bank that provides a complete range of banking services including current accounts, personal loans, and integrated savings accounts (savings accounts held at other institutions but controlled via the Monzo app). It also has a UK banking licence and offers protection under the FSCS.

The trademark, hot coral Mastercard that has been dazzling you at restaurants and stores is included. There are three distinct banking options available: the basic Monzo account, Monzo Plus, and Monzo Premium.

Monzo functions like a conventional checking account. You'll get a vibrant coral contactless Mastercard when you open an account with us.

Overall, Monzo's app is far more polished and feature-rich than other banking apps and is used for all account management. The card may even be frozen and unfrozen through the app in the event it is lost or stolen.

The only major downside, in comparison to other similar services like Starling, is the relatively low cap on free ATM withdrawals overseas. This isn't a big problem for the vast majority of people, but if you're a frequent traveller to countries where cash is still king, you may want to look into other options.

Pros 

✔️ Real-time updates on account balances.

✔️ Funds allocation and budgeting containers.

✔️ In-app savings options, including Individual Savings Accounts.

✔️ International payment platform.

✔️ Overdrafts can be requested.

✔️ Monzo provides security against fraudulent activity.

Cons

❌ No Monzo Bank locations are currently available.

❌ Fees for funding your account.

❌ Monzo accepts payments through cheque only.

❌ Since you can't do financial transactions online, you'll have to rely on your phone.

2. Starling Bank — Next-best Revolut alternative for cash withdrawals abroad

We back Starling Bank if making international cash withdrawals is a top priority.

Starling's account offering is very similar to that of Monzo, and like Monzo, there are no fees associated with making purchases with the card abroad or withdrawing cash from an ATM outside of the United Kingdom, up to a daily limit of £300.

When it comes to mobile-first checking accounts that are nearly free of charge and have a modern, hip, and youthful feel, Monzo is hard to beat. But Starling comes very close. 

Use it as your main checking account for everyday transactions or as a backup when you travel; either way, it will get the job done swiftly, effectively, and with a certain amount of positivity.

Pros 

✔️ All the features of a standard UK bank account, plus a few more.

✔️ You can apply in minutes using the app, and your address or credit history won't matter unless you want to get an overdraft.

✔️ App that is both entertaining and functional is shown here.

✔️ Use your Mastercard overseas and the currency rate will be applied automatically.

✔️ You can sign up for a savings account with one of Monzo's supported banks from within the app.

✔️ Fund your account at any location proudly displaying the PayPoint logo with a cash deposit.

✔️ Complete with an FCA licence and FSCS insurance.

Cons

❌ Those who want personal interaction with bank staff will be disappointed by the absence of branch locations.

❌ Overseas ATM withdrawals exceeding £200 are subject to a 3% fee, but similar digital bank accounts (like Starling Bank) do not impose such fees.

3. Wise — Excellent Revolut alternative for international transactions

The Wise account might be the best choice if you want to make international transactions quickly, cheaply, and easily as an alternative to the Revolut account. Compared to the bank, smart payments might save you money.

Wise, originally known as TransferWise, debuted the same year. Like Revolut, it is based in the United Kingdom. Wise online account users may use their Wise account and Wise debit card to make purchases, withdraw cash, or transfer money to friends and family in a broad variety of different countries.

Wise allows you to save and convert 40+ currencies, and their associated card may be used everywhere Visa is accepted. Access local account information to receive payments from 30 countries at no additional cost.

Wise‘s charge structure is somewhat different from that of Revolut. Free basic accounts on Revolut allow for a certain number of currency conversions and transactions before fees are incurred. No matter how frequently you use your account, a Wise account is always free and has modest, straightforward costs for foreign exchange and transactions.

Wise's reputation has grown in recent years because of its honest service and low prices. Wise borderless accounts are useful for those who require access to local bank information in many countries.

Important Note: No foreign transaction fees or currency rates get applied. Because of this, Wise has gained a lot of new users. Multiple currencies may be stored in a single account and transferred between them with ease. Wise always uses the most up-to-date live exchange rate, and its costs are among the lowest in the business.

Pros 

✔️ Transfer money to any of 80 countries with clear and reasonable costs.

✔️ Weekend currency exchanges are not charged a premium.

✔️ Phone and chat help available in real time.

Cons

❌ While Wise is dedicated to lowering transfer fees, they are not free.

❌ Discontinued in certain countries

❌ If you're looking for the most up-to-date information on pricing and fees, check out the Wise prices & pricing page, or consult the Terms of Service for your area.

4. Skrill — Best for mobile wallets

Skrill, a rival to Revolut, is pricier and doesn't provide as many features as Revolut, but it serves the purpose of facilitating online wallet transactions.

Mobile wallet service Skrill has been around since 2001. Skrill is an online payment system that allows you to receive funds, make online purchases, transfer funds to other Skrill users or traditional bank accounts throughout the globe, and even have a Visa debit card connected to your account for use in person.

For more than two decades, people have been able to use Skrill. Its primary use is as an online payment system. Clients may send and receive money, as well as sell and purchase cryptocurrencies. Skrill offers a prepaid debit card and the ability to allocate merchant accounts to businesses.

Skrill, a digital payment system, allows for instant wire transactions to a bank account.

It facilitates the quick and simple transfer of funds to recipients in foreign nations. Forty different currencies from across the world are accepted right now. Any country that actively supports money transfers is available for customers to establish mobile wallet accounts in.

Skrill also offers a loyalty programme where users can earn rewards for making purchases and using their account. Earn points with every purchase, and use them to pay for future purchases.

Skrill is a useful tool for online and in-store payments, money transfers, and more. However, certain foreign transactions include costs that are on the high end, and an inactivity charge of £5 gets assessed if you don't use your account at least once a year… Consider the following list of advantages and disadvantages before committing to Skrill.

Pros 

✔️ Buy digitally or load onto a Skrill card.

✔️ Transferring funds to another Skrill user is free of charge.

✔️ No cost to add funds.

✔️ Earn points and use them for discounts with a loyalty scheme.

✔️ Commercial accounts available.

Cons

❌ If you want to avoid some costs, you'll need to upgrade to True Skriller.

❌ If your account is dormant for more than a year, you'll be charged £5.

❌ Fee for converting currencies of 3.99%.

5. PayPal — Best for popularity

When compared to Revolut, PayPal is a formidable rival. You probably already have a PayPal account if you ever purchase online.

Did you know that in addition to receiving direct payments, savings tools, credit, and cash back on spending, you may access a wide variety of account services?

I doubt there are many who have not heard of PayPal, which launched a Debit MasterCard back in 2019. It had a profound impact on the development of internet banking and other financial technologies. There are presently millions of users of PayPal in more than 150 marketplaces in a variety of nations. It can communicate with a wide variety of commonplace payment gateways.

PayPal not only provides account services, but also a “buy now, pay later” feature, which allows qualified purchases to be divided into four equal instalments. As long as payments are made when due, your credit will not be affected and there will be no interest charged. PayPal accounts also allow you to apply for a debit, prepaid, or credit card.

PayPal, like Revolut, allows for quick and easy money transactions, but its higher fees may be its biggest drawback. PayPal balance or connected bank account payments made inside the United States are free, however most card transfers have a 2.9% charge. A 5% additional charge, including the expenses of currency translation, is added to all international payments.

The risk department of PayPal is a frequent source of unexpected issues. Due to PayPal's security precautions, your account might be temporarily locked or even closed ⚠️.

But PayPal is so much more than just a place to send money online. Online merchants and a sizable portion of ordinary users might exploit their access to third-party payment processing and other tools.

Pros

✔️ Send, receive, and hold cash.

✔️ Use the same card to make purchases in-app and online.

✔️ PayPal Credit for borrowing.

✔️ Set up automatic payments to your bank account.

✔️ App for saving and crypto. 

Cons

❌ 2.9% charge for credit card use domestically.

❌ Cost of foreign transactions is 5%.

❌ Exchange rate premium of 3% to 4%.

❌ No credit cards.

6. Monese — Free international transfers

With the use of your smartphone and the Monese digital banking app, you can streamline digital banking for you.

Travellers especially could consider choosing Monese. It improves the banking experience by allowing free (subject to currency exchange fee) international transactions and cash withdrawals (within allowance of your plan) from any ATM.

Debit cards issued in Monaco function similarly to other widely used debit cards. It may be used for contactless payments, in-store and internet shopping, and cash withdrawals. You may check your account balance, make changes to your profile, and add funds with this convenient app.

The software allows both Apple Pay and Google Pay to be used for contactless payments via the phone. Since Monese utilises the interbank rate, international money transfers and foreign exchanges are quite inexpensive.

You may fund an account in a number of different ways. In order to accept wire transfers in the United Kingdom, current Monese accounts are equipped with both a bank account number and sort code.

Overall, this is a capable provider, which has climbed the ropes to grow in competitiveness, partnering with PayPal back in 2019. Individuals or corporations may make transfers. Paying into your Monese account from outside the UK must utilise a European IBAN. Monese is a fantastic option in place of Revolut.

Pros

✔️ Quick and easy to open account.

✔️ No credit check.

✔️ Multilingual support.

✔️ Budgeting tools.

Cons

❌ Free plan has limited features.

❌ No banking licence in the UK.

❌ No cryptocurrency investing.

The verdict

In terms of money transfers and foreign currencies, Revolut's current accounts, which are offered in the United Kingdom, are among the best available.

While the various Revolut account choices are appealing, they aren't the best choice for everyone. The best account for you will depend on your own circumstances – how much you earn, what you need the account for, what benefits you're after, and things like if you need access to an overdraft.

Think about your needs first and then you can look at which banks may offer up a service that works for you. Also keep in mind things like fees and interest rates when making your decision.

FAQs

What are some of Revolut's alternatives?

Should you switch from Revolut to Monzo?

Should you use Revolut or Wise?

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