Top 5 Best Revolut Alternatives (Money transfer, Account & Card) [2023]
Specialist apps and sites like Revolut offer ways to make international payments which can often be cheaper, faster and more convenient than your bank. However, the features and fees offered by each provider do vary – which means it’s a smart move to look at some Revolut alternatives before you dive into your next payment.
Use this guide to see if Revolut’s delivery times, fees and rates are competitive, as we explore our top picks for the 5 best Revolut alternatives, how they compare and why they might be better than Revolut.
Quick summary: Best alternative to Revolut
Several providers stand out when exploring international payment options beyond Revolut, each offering unique benefits.
- Wise: Known for great exchange rates, transparent fees, and quick delivery. It supports users across 80+ countries.
- OFX: Offers 24/7 phone support and doesn’t charge transfer fees. It’s an ideal option for large payments and currency risk management.
- TorFX: Stands out with its personal account management options and high-quality customer service.
- Remitly: Preferred for payments on popular remittance routes, offering both cost and speed options.
- WorldRemit: Serves over 130 countries worldwide and is known for its multiple payout options and transparent fees
- Western Union: Renowned for its massive agent network that enables convenient cash transfers around the globe.
Each provider holds a strong reputation and adheres to international licensing and regulatory standards. However, the best alternative to Revolut ultimately depends on your individual needs. In this guide, we’ll provide details on each alternative so you can make the best decision for yourself.
Why you should consider a Revolut alternative
Revolut describes itself as a financial super app, with multi-currency accounts and Revolut cards for personal and business customers which can hold and exchange 28 currencies. You can also send global payments, and access a range of account features to help you save, invest, budget and more.
Revolut has some really great features, but when it comes to making international payments there are a few downsides you may want to consider.
If you choose the Revolut Standard account – which has no monthly fee – you’ll only be able to exchange up to 1,000 USD a month with the mid-market exchange rate.
To raise this limit you’ll have to upgrade your account, which means a fee of up to 16.99 USD/month. There are also some exotic currency and out of hours fees – which may mean Revolut isn’t your best bet if you’re sending high value payments or need to arrange transfers outside of banking hours.
| Pros of Revolut | Cons of Revolut |
|---|---|
| ✅ Choice of account plans to suit different customers ✅ Access a broad range of banking features ✅ Exchange in 28+ currencies ✅ All accounts offer some mid-market rate currency exchange ✅ 10 no-fee international transfers per month included in account plan | ❌ Monthly fees apply to unlock all features ❌ Out of hours currency exchange fees apply ❌ Transfer fees of up to 6 USD plus and applicable exchange costs apply once your no-fee transfers and exchange are exhausted |
Alternatives to Revolut money transfer: Comparison
To help you decide if Revolut is right for your payment we’ll take a look at 5 international money transfer providers that compare to Revolut. We’ve taken into account their speed, transparency, ease of use and price when transferring money abroad – with more details coming up right after this overview.
| Provider | Exchange rate | Speed | Convenience |
|---|---|---|---|
| Wise | Mid-market exchange rate | 50%+ of payments are instant, 90% arrive in 24 hours |
|
| OFX | Exchange rate includes a markup | Most transfers are received within 24 hours |
|
| TorFX | Exchange rate includes a markup | 1 – 2 working days |
|
| Remitly | Exchange rate includes a markup | Varies by destination and payment type |
|
| WorldRemit | Exchange rate includes a markup | Most transfers are instant, but it depends on where you’re sending money to and could take 1-2 working days |
|
| Western Union | Exchange rate includes a markup | Cash collection payments can be instant, bank deposits may take a day or two |
|
Which Revolut alternative is best for you will depend on the type of payment you want to make, and the destination country.
- Wise may be a great option for fast payments with the mid-market exchange rate
- OFX can help if you’d rather talk through your transfer by phone 24/7
- TorFX has a personal service with a range of payment types on offer
- Remitly has payments to banks and for cash collection, on popular remittance routes
- Western Union can help if you want to get your money in cash to someone – fast
1. Wise
Wise was launched as TransferWise in 2011, and now has over 13 million users around the world. You can make cheap, fast international payments or open a Wise multi-currency account to hold and exchange 40+ currencies in one place.
Wise payments use the mid-market exchange rate with low, transparent fees. Transfers are super fast – over half arrive instantly, and nearly all are there within a day. You can send money with Wise to 80+ countries, and if you’re looking for a way to receive, exchange or easily spend in foreign currencies, you can also get a Wise account.
Best Wise features
- Utilises the mid-market exchange rate and charges low, transparent fees.
- Provides super-fast transfers, with over half arriving instantly and nearly all within a day.
- Sending money to 160+ countries with Wise money transfer.
- Accounts can hold 40+ currencies.
- Allows account holders to receive payments like a local in up to 10 currencies.
- Provides personal customers with the ability to spend in 170+ countries with a linked Wise international debit card.
| Pros of Wise | Cons of Wise |
|---|---|
| ✅ Usually the best available exchange rate ✅ Transparent fees you can see and compare before you make a payment ✅ Send to 160+ countries, direct to bank accounts ✅ Open a multi-currency account to get paid in foreign currencies for free | ❌ Fees vary based on payment method and destination ❌ Accounts are not interest bearing |
2. OFX
OFX is a currency specialist which offers international transfers as well as currency risk management services and products for businesses and individuals. Online sellers and business customers can also get a multi-currency account.
Best OFX features
- Renowned for its exceptional personal service.
- Provides 24/7 access to OFX brokers for discussions on options and risk management.
- Doesn’t charge transfer fees for payments, ensuring cost-effectiveness.
- Incorporates a small markup in the exchange rate instead of fees, potentially offering better value than traditional banks.
- Ideal for large payments or if a currency risk management solution is required.
| Pros of OFX | Cons of OFX |
|---|---|
| ✅ Send in 50+ currencies, to over 190 countries ✅ No transfer fee ✅ Most payments arrive in 24 hours ✅ Personal service by phone | ❌ Exchange rates include a markup ❌ No cash, checks, bank drafts or credit cards |
3. TorFX
UK based TorFX has 300,000+ customers, several global offices, and offers a high level of service for international payments and currency risk management solutions. It’s a frequent recipient of customer service awards, and holds the highest possible credit rating.
Best TorFX features
Use TorFX by phone, online or in app, to send one off or recurring payments, and to access currency services including forward contracts and market orders. Services are available for personal and business customers, with TorFX often being highlighted as a top customer support provider in the payments industry.
There are no transfer fees when you send a payment with TorFX. Instead, a charge will be added to the exchange rate used to convert your funds.
| Pros of TorFX | Cons of TorFX |
|---|---|
| ✅ Award winning personal service ✅ Currency risk management options for individuals and businesses ✅ Payments can arrive on the same day or up to 2 days | ❌ Exchange rates include a markup ❌ You’ll need to register an account to see the rates offered and compare the cost of your transfer |
4. Remitly
Remitly was set up to help people sending money home to loved ones on popular remittance routes. You can make a Remitly payment from any of 28 supported sending countries, to around 100 different countries around the world.
Best Remitly features
Send Remitly payments to bank accounts, mobile money accounts and for cash collection, with services and currencies offered varying by destination country. In some cases you’ll be able to opt to pay with a bank transfer, for an economy payment – or with a card for an Express transfer. Express payments may arrive in minutes, while the cheaper Economy option can take 3 to 5 business days to arrive.
| Pros of Remitly | Cons of Remitly |
|---|---|
| ✅ Good range of payout options ✅ Send to around 100 countries ✅ Choose cheaper fees or a faster transfer depending on your needs ✅ Online and in-app service for convenience | ❌ You can’t transfer between ‘sending’ countries ❌ Exchange rates may include a markup, and there’s usually a transfer fee to pay |
5. WorldRemit
WorldRemit is a regulated international money transfer service that allows its users to send funds to more than 100 locations worldwide. With a customer base of over 5 million users, they send to over 130 countries in 70+ currencies, and their core mission is to empower economic migrants.
Best WorldRemit features:
- International Payments Specialist: WorldRemit provides a dedicated platform for global transfers, facilitating transactions to over 130 countries.
- Multiple Payout Options: WorldRemit offers diverse payout options, including bank transfers, cash collections, mobile wallet deposits, and airtime top-ups.
- Transparent Fees: There are no hidden charges with WorldRemit. All fees are displayed upfront, ensuring complete transparency.
- Speedy Transfers: WorldRemit prides itself on swift transfers, with some transactions reaching recipients instantly.
- Accessibility: WorldRemit’s services can be accessed easily online or via their mobile app.
| Pros of Worldremit | Cons of Worldremit |
|---|---|
| ✅ Send money to over 130 countries ✅ 4 payout options: bank transfers, cash collections, mobile wallet deposits, and airtime top-up ✅ Some transfers can be received instantly ✅ Transparency with fees being displayed upfront ✅ Services can be accessed easily online or via their mobile app | ❌ Unable to maintain a balance with WorldRemit ❌ No option for a linked debit card ❌ Fees apply, and exchange rates may include a markup |
6. Western Union
Western Union is one of the best known money transfer brands on the planet, with a huge agent network which covers almost every country in the world. Send money online, in-app or in person, with a range of different ways to pay – and different payout options depending on what suits your recipient.
Best Western Union features
Western Union really stands out because of its global range. You can send money to almost every country in the world, and have it collected in cash in just a few minutes. That makes Western Union a good Revolut alternative if you need to get cash to someone who doesn’t have access to a bank account easily.
| Pros of Western Union | Cons of Western Union |
|---|---|
| ✅ Cash collection payments can be instant ✅ Range of ways to pay, and for the money to be received ✅ Send to almost every country on the planet ✅ Easy to use app or an in-person service at an agent if you prefer | ❌ Exchange rate markups apply ❌ Fees vary and can be on the high side |
Revolut card alternatives
The Revolut card is a globally recognized prepaid debit card known for its international financial services, with features such as making ATM withdrawals in over 150 types of currency, easy in-app card management, spending effortlessly with no hidden fees, and card security control. However, a few drawbacks such as no line of credit, exchange rate freezes over weekends, challenges with direct debit, and no American Express support might have some users seeking alternatives. Here are a couple of alternatives that offer comparable, if not better, features:
- Wise Debit Card: Wise offers a debit card with low conversion fees and zero transaction fees, allowing global spending at the real exchange rate. It’s available to residents in several countries, including the US, UK, Canada, and more.
- Western Union Prepaid Mastercard: This card, a collaboration between Western Union and Netspend, provides the convenience of a prepaid card and the ability to send and receive Western Union transactions. Users can get paid up to two days faster with Direct Deposit, and there are no late fees or interest payments.
Choosing and alternative to Revolut
Revolut offers a wide range of accounts, but they may not be for everyone. We went through the alternatives in detail. Here is a concluding list for each alternative, and why you can choose them over Revolut:
Wise vs. Revolut
Wise can be a strong Revolut alternative, with currency conversion that always uses the mid-market exchange rate, and no out of hours charges.
Wise personal accounts are always free, with no monthly charges to worry about. Wise also offers the option to hold and exchange more currencies compared to Revolut – worth considering if you travel often or love to shop with a range of international ecommerce stores.
OFX vs. Revolut
OFX might have the edge over Revolut if you need very high value payments or more complex currency risk management tools. Because OFX has a 24/7 phone service you’ll also be able to talk through your needs with a support agent, which can be reassuring.
TorFX vs. Revolut
Like OFX, TorFX may be the best Revolut alternative for you if you need to manage currency risk, or make high value transfers around the world. TorFX also has decent phone support options – and it’s celebrated for its service, which is delivered with a personal touch. If you’re unsure of the payment type you need, or looking for in person advice, this may be a good bet for you.
Remitly vs. Revolut
Revolut doesn’t support cash collection payments – which is why Remitly may be a good Revolut alternative if you want to remit money home quickly.
Remitly payments have a range of fee options and delivery times to suit your personal preferences, and can often be collected in cash locally, or even sent out for home delivery in some destinations.
WorldRemit vs. Revolut
WorldRemit provides broader global coverage, with the ability to send money to over 130 countries compared to the limited number of countries offered by Revolut.
It offers multiple payout options, including cash collections and mobile wallet deposits, providing more flexibility for your recipient, a service Revolut doesn’t offer. Additionally, some WorldRemit transfers can be received instantly, a feature that’s particularly valuable for urgent or emergency fund transfers.
Western Union vs. Revolut
Western Union is another strong Revolut alternative if you want to pay in cash for your transfer – or if you need the recipient to get their money in cash in the destination country. Western Union has a good customer support operation and you can always walk into an agent office to get face to face help – another bonus if you’re a fan of in person customer service.
Are the alternatives safe?
Yes. All the Revolut alternatives we’ve picked out for you are reputable businesses which are trusted by their customers, and properly licenced and regulated in the countries in which they operate.
Revolut Business Alternatives
If you are a freelancer or a business owner, business accounts may be better fit for you. Check out our detailed guide on alternatives for Revolut Business:
Conclusion: Best alternatives to Revolut
Revolut offers some great payment and account services for US customers – but it’s not always the perfect fit. Before you use Revolut to make your international payment check out these Revolut alternatives, to see if one suits you better.
If you want to send money out of hours with the real exchange rate, get currency risk management advice, or have your payment collected in cash at the other end, there may be a better option out there for you.
Revolut alternatives FAQs
1. What is the best alternative to Revolut?
The best alternative to Revolut depends on personal requirements, but Wise and WorldRemit might be good choices. Wise provides a debit card with mid-exchange rate transfers and low fees, while WorldRemit is praised for its extensive reach and diverse payout options, making both compelling alternatives for different uses.
2. What is the cheapest way to send money internationally?
Sending money internationally with a specialist online or digital service is often cheaper than using a bank. However, different services have their own rates and fees – so to find the cheapest way to send money internationally in your specific case, you’ll want to compare a few options based on both the transfer fees and the exchange rate markups applied.
3. Which is the safest mode of money transfer?
Sending your payment with a properly regulated and trusted provider is essential. Check the money transfer service you pick is reputable – in most cases these services are regulated in the same way as your bank, which makes them just as safe for the services they offer.
4. What is the best company to transfer money with?
There’s no single best company to transfer money with. Comparing a few is the best way to get a good deal. At Exiap we only review and compare trusted providers – so you can use our top picks as a starting point to find the best one for you.
