Revolut business alternatives [US]

If you’ve used them before, you may be interested in some alternatives to Revolut Business, as making a business money transfer internationally is becoming easier and faster.

Smart entrepreneurs know that these days it’s possible to open a business account without being tied to the terms of a traditional bank. Online providers like Revolut are often specialists in their field, and can offer business account products which are as safe for your business as a bank would be - but without some of the fees.

But it's good to know that before you choose a business account it makes sense to check a few alternatives to see which may suit you best. There are a few great providers out there but each has its own features and fees - which means different customers may be drawn more to one or another. Here are a few alternative business solutions to consider.

Business account alternatives:

Let’s look first at other providers which have business accounts available.

1. Wise

Hold and manage 54 currencies, and switch between them online or in the Wise app using the real mid-market exchange rate every time. There are no markups, just low, transparent fees which can be 6x cheaper than banks and 19x cheaper than alternative options like PayPal.

Use your Wise account to transact like a local with receiving accounts for 10 currencies, which allow you to get paid fee free from 30 countries. Accounts can be opened online for free, with no monthly costs and no minimum balance requirements.

Learn more about Wise

2. Payoneer

Payoneer business accounts are aimed at freelancers, service providers, online sellers, vacation rental hosts, IT outsourcing services and digital marketing services. 

Open an account to get local receiving accounts for a range of currencies, and get paid in different currencies using invoices or via marketplace platforms. With money in your balance you can either withdraw to a local bank account, send payments to contractors or pay VAT and similar bills, and you can switch between currencies as and when you need to in the Payoneer app.

Learn more about Payoneer

3. Skrill

If you get paid online through an ecommerce store, Skrill may be a good fit for you. Integrate your Skrill account with your website to accept 100+ local payment methods in multiple currencies. You can hold and manage 40 currencies in your digital wallet, and make rapid bank transfers when you need to.

Skrill accounts come with multilingual customer support, chargeback protection, and a high level of anti-fraud measures across security, detection and prevention.

Learn more about Skrill

Online business payments:

Maybe you don’t need a full international business account just yet - but you do need to make occasional payments in foreign currencies. There are some great providers to help here too - with fees often lower than those used by traditional banks. Pick the right provider and you’ll also benefit from a bank-beating exchange rate.

1. WorldRemit

WorldRemit is an alternative to OFXCustomers that have used Western Union are likely to feel comfortable using WorldRemit. The most important thing that Western Union and WorldRemit have in common is cash pick up. While WorldRemit don’t offer it for every location they can transfer money to, it’s worth checking. Often you will find the rates they off are better than Western Union’s exchange rates.

It's also important to know what makes them different. You can make a higher transfer with WorldRemit. While Western have a transfer limit of $5,000 you can send up to $10,000 with WorldRemit, depending on the currency.

  • Very low fees and excellent exchange rates for transfers to India, the Philippines, Africa and South America.
  • Their website and app is easy to use and allows you to pay by credit or debit card.
  • Great alternative when you need cash pick-up.

Learn more about WorldRemit

2. OFX

OFX business payments are aimed at online sellers, small to medium businesses, and companies which need a foreign exchange partner. Different products and services are available depending on your specific needs, and include international transfers which come with no upfront transfer fee and reasonable exchange rates. Payments can be arranged to 190 countries, and in 50 currencies or more - with a 24/7 service available for customers. 

Learn more about OFX

3. Wise

Hold and manage 54 currencies, and switch between them online or in the Wise app using the real mid-market exchange rate every time. There are no markups, just low, transparent fees which can be 6x cheaper than banks and 19x cheaper than alternative options like PayPal.

Use your Wise account to transact like a local with receiving accounts for 10 currencies, which allow you to get paid fee free from 30 countries. Accounts can be opened online for free, with no monthly costs and no minimum balance requirements.

Learn more about Wise

Moving your business account online is a smart idea for many entrepreneurs. You’ll be able to access and manage your money from home, from the office, or on the go via your provider’s app - and online providers can often offer lower fees and more flexible services compared to regular banks. Take a look at the different account plans available from Revolut to see if any might suit your specific needs - and compare them against a few alternatives to make sure you get the very best match for you.

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By Ileana Ionescu Updated October 11th, 2021