Revolut provides an easy-to-use and scalable financial option for sending money within and outside the UK. It’s also an effective expense management application that you can use to grow private or business finances.
Although Revolut is great at its job, it has limitations and shortcomings. Revolut is quite popular among people who travel regularly and make international payments.
With Revolut, you can move money abroad and in numerous currencies, providing borderless accounts to hold money in multiple currencies. You also get some nifty budgeting tools and quick payment notifications.
Although Revolut is a popular option for many, it may not be the ideal solution for everyone. The platform’s emphasis on foreign payments and frequent travellers may not be appropriate for all budgetary applications.
Revolut might be short-handed in some areas, forcing some people to consider alternatives to Revolut. If you’re looking for a Revolut alternative, this guide will walk you through five options that you can consider.
What Are You Missing with Revolut?
As great as Revolut is, it isn’t the complete package. It has some great features but is also missing some essential ones. Some of the areas where you might find that Revolut falls short include;
Unlimited virtual cards
Revolut has a limited number of corporate cards (virtual and physical). This can limit how you process funds or make payments. Some Revolut alternatives offer an unlimited number of corporate cards. They allow you to create as many cards as needed and have them dedicated to your employees, departments or other monthly expense categories. This is a crucial feature for businesses that allows them to ease transactions and payment of expenses and fees.
With Revolut, you get a maximum of 200 virtual cards and only 3 physical cards at a time. For a small business, this might suffice, but for larger businesses, it might be limiting, especially if the business is looking to scale.
Credit facilities
Revolut doesn’t offer any credit options for its business or private partners. Borrowing and spending within the app and repaying at the end of the billing period is a quick and convenient way for businesses and business owners to access funds without worrying about overdrafts. Some Revolut alternatives offer this feature, although the amount of money you can access varies widely depending on how long you’ve been a customer and your financial standing based on the statement from the fintech provider.
This credit facility for businesses and business owners is often available within a few days and without as much documentation as a bank requires. This makes it easy for businesses to get a quick cash injection when needed.
Lower transfer prices
The price model of Revolut can be slightly confusing. It promises a certain number of free local and international payments depending on the payment you choose. The number of transfers you get depends on your chosen pricing scheme, and the payment price after you exceed the free limit can be slightly high.
Also, while Revolut exchange rates are better than what traditional banks offer, they are not the best. Some options like Wise and Pay iO have better rates, meaning the recipients get more money, and the sender saves money on the transfer.
Smart budgeting tools
Revolut isn’t designed to help its customers make the most out of their money. It does a great job of helping you spend your money and giving you the freedom to spend wherever you are, but the same can’t be said about budgeting.
Other apps have various budgeting tools and features that allow you to set maximum spending limits, tagging expenses and tabulating every expense made under a category, helping you know if you’re on the right track with your expenses or are about to exceed them.
These features are particularly essential for businesses and ensure they can easily predict when they’re about to go overboard with their spending. They also help business owners identify the expenses and categories that cause them to break their budgeting rules.
AP automation
Account payables involve a series of steps like onboarding vendors, receiving and uploading invoices, scheduling payments and sending them out on time. These are crucial to businesses and make the work of accountants in a business easier and smoother.
Revolut goes as far as helping you make and schedule business transactions. However, it is not fully automated, and you cannot track the payment by its vendor. So, as far as vendor management is concerned, Revolut is short-handed in the kind of support it can offer you.
Expense policies
Revolut has some expense reporting and control features, but some alternatives offer better and more robust features that make it easier for accountants and businesses to stay on top of their expenses.
With Revolut alternatives, you can give accountants full control to update expense policies and create rules. This way, the application knows how to route any payment and who is approving the payment. You can also set limits for different expense categories and have multiple approvers, so your business never has to come to a standstill.
Features to Look for in a Suitable Revolut Alternative
Now that you know everything that you might be missing out on with your Revolut account, before looking at the potential alternative, it’s vital to know what you should be looking for so you don’t end up with a worse option.
Granted, the digital banking sector has expanded drastically over the past few years. Finding alternatives to Revolut won’t be a problem, but the goal should be to find better alternatives that will help you better align with your financial goals. Here are some of the factors you should consider.
Security
The alternative you choose should offer top-notch security features for its customers on all its digital products and platforms. These include online banking and mobile apps. You should ensure the service complies with all of the security regulations in the UK. It’s not enough for the services to have the features. You must also use them. Set limits, two-factor authentication, and enable and disable payment options.
Mobile apps
The basic idea behind digital banking and payment services is convenience, and it doesn’t get better than mobile apps. Many of the alternatives to Revolut are mobile banks. Some of them are even mobile-only. The option you go with should offer you a state-of-the-art mobile app. An app that should allow you to transfer money, check your balance and account history, set security limits and many more.
Mobile apps are extremely reliable and convenient. They allow you to take your account wherever you go and manage your finances even outside the country.
Multi-currency accounts
Revolut offers a multi-currency account that allows business and personal customers to hold and exchange currencies. But that’s not nearly enough for customers who travel frequently and businesses with a presence in multiple countries.
If you intend to transact business globally, you need an alternative that allows you to send and receive payments in more currencies. This is convenient and saves you money in currency conversion fees.
ATM withdrawals
Personal customers will need easy access to cash no matter where they are. Some of the alternatives presented below make this possible and allow you to withdraw a certain amount of money each month at no cost. Once you reach your limit, some fees will apply.
The cards attached to these challenger banks are extremely versatile and can be used in most ATMs worldwide.
Contactless payments
Some alternatives offer NFC or contactless payment options. Customers can use mobile apps to pay for their purchases whenever and wherever they are.
5 Best Revolut Alternatives
When choosing a Revolut alternative, you need to consider the application of the account, whether it will be for business or personal use. These alternatives are carefully selected to offer a good balance of both to ensure effective service if you want to have accounts for either purpose.
Wise
Wise is one of the best alternatives to Revolut, offering low-cost, fast and easy international payments. With minimal requirements, a Wise account is cheaper and easier to run than a bank account.
Wise accounts hold over 40 currencies, which solves the multi-currency problem presented in Revolut accounts, and you can link the account with a card that you can use around the world. You can also access local account details and get paid from 30 countries fee-free.
Wise has a different price scheme, and the fees are slightly different. Unlike Revolut, where customers who choose a free standard account get a set amount of free currency conversion and transactions, but fees apply if you use the account frequently, all Wise accounts are free.
You enjoy the same low, transparent fees for your transactions and exchange range no matter how often you use the account.
Wise Pros:
- You can send payments to over 80 countries with low and transparent fees
- There are no extra or monthly subscription fees when operating a Wise account or when doing a currency exchange rate on the weekends
- You get live chat support on the phone, and you can also reach customer support on various social media platforms. Wise also has a helpful customer support page addressing customers’ most common questions.
Wise Cons:
- You have to pay a fee every time you transfer money
- Wise is not available in all countries
- Like Revolut, Wise is also more inclined to serve businesses
Pay iO
Pay iO is another excellent alternative to Revolut. It’s perfect for business accounts and has well-rounded features that help you unlock your full financial potential with a robust range of efficient features.
If you like the pricing structure of Revolut and want an alternative that gives you the same tiered approach to fees, Pay iO will fit right in. There are three different Pay iO accounts that range from £25. These are Pay iO PRO, Pay iO Plus and Pay iO Platinum. What’s impressive with this pay structure is that the Platinum class can be customised to the customer’s needs, ensuring you only get what you pay for.
Pay iO also offers a mobile app and web platform for easy access. These platforms are not only user-friendly but provide users unrestricted access to their accounts at any time of the day or night.
The service has extensive features and payment options tailored to small and big businesses. As a Pay iO customer, you can enjoy getting bank payments directly from your customers and managing your transactions and expenses from one interface. You can also send and receive global payments in one easy-to-manage account.
You can get virtual and physical accounts and complete various types of payments directly from your Pay iO account.
Pay iO also offers open banking, API, streamline payments, Direct APPI, Finctech, Direct payments and Payment portal. It has all the tools a business would want to achieve financial success. Also, with the vast range of features and reach of Pay iO, the service is capable of scaling your business.
Pay iO Pros:
- Customers get a wide range of features and functions that make it easier to run a business and make prompt payments
- The transaction fees are affordable and transparent. Even small businesses find it cost-effective to work with Pay iO
- Friendly and responsive customer support to help you with any challenges you might experience when using the service
- You can get virtual and physical cards and set account expense limits
- Opening a Pay iO account is quick, with a short onboarding process
Pay iO Cons
- Pay iO mainly focuses on business accounts, although it has a robust personal account offering as well, but most of its clients are businesses.
- Pay iO offers many services, so the UI might be a little crowded and confusing initially.
Starling Bank
Starling Bank is another option you should consider as an alternative to Revolut in banking. Starling Bank is a fully authorised bank in the UK, meaning its clients get to enjoy the services of a traditional bank with the convenience of a challenger bank.
Starling Bank offers a wide range of financial services, including a fee-free current account. Starling Bank’s current account is one of the highest-rated accounts in the UK, providing its users with access to valuable services like overdrafts, loans, joint accounts and pensions, among others. This robust offering makes Starling Bank an excellent alternative to neo-banks like Revolut and high-street banks.
Among the many notable features of Starling Bank is its Saving Spaces feature. It allows users to allocate money towards various goals and expenses within their accounts. This feature is vital in helping users budget more effectively and save money towards their objectives. It is an ideal option for those looking to manage their finances more efficiently.
Starling also offers a youth card, pension scheme and interest on balances, giving its users a wide range of options to choose from.
While options like Pay iO are better suited to businesses, Starling Bank might be suitable for personal banking. This challenger bank is highly ranked in terms of service and the experience it provides to its customers. It has a comprehensive and feature-rich offering which makes it an excellent alternative to Revolut.
Some of the highlights of Starling Bank services include;
- A fee-free current account with a wide range of financial services
- The Saving Spaces feature makes budgeting and saving towards specific goals easier
- A pension scheme, a youth card and an interest on balances for added benefits
- A diverse range of features makes it a suitable alternative to Revolut.
Remitly
Remitly is a great alternative to Revolut if you’re looking to send large sums of money internationally. Remitly is specifically designed for international money transfers and offers lower fees and strong exchange rates compared to Revolut. Some people might find the limits on Revolut cumbersome and hard to get around. If you’ve had a similar experience, then you should consider Remitly.
Revolut is a multi-functional financial app with the capacity to do many great things. However, if you’re only signed up to Revolut for its money-sending features, you will find that Remitly offers the same features with an even better experience. Remitly’s sole focus is on international money transfers, which makes it a more specialised and reliable option for sending money across borders.
The service comes highly recommended and has been ranked as the best choice for international money transfers from the UK, the US and the Eurozone. It’s known for its competitive exchange rates and low fixed rates, making you substantial savings if you send money regularly.
Additionally, Remitly has a user-friendly and secure platform offering a wide range of payment options, including bank transfers, debit cards and credit cards.
Excellent customer service and a 100% satisfaction guarantee are among the reasons you should consider Remitly as an alternative to Revolut. It is available in many languages, which makes its platform easier to access by people from different countries.
N26
Finally, there’s N2, an online bank offering many benefits to its customers. It’s a worthy alternative to Revolut. One of the significant advantages of N26 is its accessibility to anyone with a smartphone.
You can easily open an account on N26 and start depositing funds immediately. Customers can also enjoy fee-free ATM withdrawals across Europe. Another stunning reason to consider N26 is that its Debit card has zero international transaction fees. You can enjoy hassle-free transactions when travelling abroad. This makes N26 a great pick if you travel frequently, which is also a reason why people like Revolut. With N26, you don’t have to worry about card fees, which can rack up if you use the card frequently.
Another factor that makes N26 a good alternative to Revolut is its budgeting tools and a unique feature called saving pots. Customers find these tools useful because they allow them to use their accounts to monitor expenses and save up towards major goals in life.
The budgeting tools help customers track their spending and stay within their budget. Saving pots enables customers to set money aside for specific goals.
Additionally, you can integrate N26 with Wise, making it possible for customers to send and receive low-fee international money transfers easily.
If you’re looking for a reliable and user-friendly alternative to Revolut, N26 might be it. Its accessible account opening process, fee-free ATM withdrawals, zero international transaction fees and budgeting tools all make this a formidable option to consider when looking to replace Revolut.
Closing Remarks
Evidently, multiple options make great alternatives to Revolut. As you might have noticed, there isn’t one who is a master of all trades. You have to decide the services you need most and pick a service that matches your needs and requirements. Options like Pay iO do a great job balancing business and personal accounts, but ultimately, the corporate side shines with more features. N26 is a great option for travellers, while Starling Bank is great for businesses that aren’t quite ready to sever the cord with traditional banks.
