12 alternatives to Revolut in the UK

Need to send money outside the UK? One way to do it is with a digital money app like Revolut.

You’re likely to have heard of Revolut, as it’s one of the most popular of the neobanks operating in the UK. One of the reasons it’s so well used is because it makes international payments easier than using a bank.

But Revolut isn’t the only option out there for making global transfers. It could be a good idea to compare a few different providers, to see which offers the lowest fees and the best exchange rates.

In this guide, we’ll give you the lowdown on 12 Revolut alternatives, including the money services provider Wise. With Wise, you can send money worldwide for low fees and great exchange rates.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What services and products does Revolut offer?

Revolut is a digital money app, offering many of the same services as a bank account - and much more. You can:

• Send and receive payments, including international transfers in 29 currencies¹
• Move money into Savings Vaults and earn interest²
• Get a Revolut debit card
• Get cashback and rewards for spending²
• Invest and trade in stocks, commodities and cryptocurrency
• Access budgeting and analytics tools.

There’s a free plan available for personal users, or you can upgrade and pay between £2.99 and £45 a month for a paid plan.³ These offer an increasing number of extras the more you pay, including higher limits, lower fees and perks like travel insurance.

Revolut also offers dedicated services for businesses, as well as for under 18s.

Take a look at how Revolut and Wise compare here.

Pros and cons of Revolut

Pros:

• Account and card available alongside money transfer services
• Good for spending abroad (although fees may apply)
• Transparent fees and pricing
• User-friendly Revolut app
• Wide range of features available, including on the free Standard plan.

Cons:

• You’ll need to upgrade to a paid plan to get discounted international transfer fees
• Revolut charges a 1% fee for currency exchange on weekends¹
• There’s a monthly exchange allowance, and fees if you exceed it¹
• Revolut uses its own exchange rate for currency conversions, which may include a fee or a markup.⁴

📚 Read more: How to close your Revolut account?

Quick comparison of Revolut and alternatives

If Revolut isn’t for you, or you just want to check out other options, read on.

Here’s an at-a-glance look at Revolut alternatives, focusing on fees, exchange rates and coverage.

Provider name	Transfer fees	Exchange rate	Coverage
Revolut	Varies	Mid-market rate + likely markup⁴	29 currencies¹
Wise	From 0.43%	Mid-market rate	160 countries 40+ currencies
Skrill	- None (bank-to-bank) - 1% - 2.99% for other payment methods⁶	Mid-market rate + up to 4.99% markup⁶	40+ countries⁵
Monzo	From 0.43% + partner fees⁸	Mid-market rate, powered by Wise	35+ currencies⁸
Starling Bank	£0.30 to £5.50, depending on delivery method + speed¹⁰	Mid-market rate + 0.4% fee¹⁰	35 countries 19 currencies¹⁰
Western Union	Varies	Mid-market rate + markup³¹	200 countries 130 currencies¹¹
Remitly	Varies	Mid-market rate + markup¹⁵	170 countries 100+ currencies¹³
Ria Money Transfer	Varies	Mid-market rate + likely markup¹⁷	165+ countries¹⁶
Xoom (a PayPal service)	Varies	Mid-market rate + markup²¹	160+ countries¹⁸
MoneyGram	Varies	Mid-market rate + markup²⁴	200+ countries²²
WorldRemit	Varies	Mid-market rate + markup²⁷	130+ countries 70+ currencies²⁵
TorFX	None	Mid-market rate + markup²⁸	40+ currencies²⁸
Xe	Varies (can include third-party fees)	Mid-market rate + markup³⁰	200 countries 100 currencies²⁹

12 best alternatives to Revolut for sending money abroad

1: Wise

Wise is a UK-based international money transfer specialist, which works a little differently to other providers.

By keeping local bank accounts in countries around the world, Wise cuts out all the expensive international fees that come with sending money across borders.

You can send money in 40+ currencies all over the world, using your Wise multi-currency account. You can do it online or via the handy Wise app. There’s even a Wise card for spending like a local in 150+ countries.

Pros:

• Mid-market exchange rates - with no markups
• Offers a multi-currency account and a card alongside money transfers
• Free account sign-up
• Fast and secure payments
• Wise app for managing your money on the go

Cons:

• Wise does charge transfer fees, but these are always low and transparent
• No cash pickup

2: Skrill

Skrill is a digital wallet owned by global payments platform Paysafe Limited. It’s been around for a while, as it first launched all the way back in 2001.

With the Skrill app on your phone, you can send money within the UK and to 40+ countries worldwide.⁵ It’s also useful for paying for things online (including betting and gaming).

And like Revolut, you can also use it to trade cryptocurrency. There’s even a Skrill Prepaid Mastercard for real-world spending.

Pros:

• Offers both personal and business accounts
• Safe and secure transfers
• Optional prepaid card available
• User-friendly Skrill mobile app
• No fees for bank-to-bank international transfers⁶

Cons:

• No options for cash payment or pickup
• Up to 4.99% markup on the exchange rate for international transfers⁶

3: Monzo

Monzo is another popular alternative to Revolut. It’s a fully licenced bank in the UK, and its accounts come with FSCS protection of up to £85,000 per person.⁷

It offers accounts for personal and business customers. Like Revolut, there are free and paid account plans available - the latter offering more features and extras. And it’s all focused on managing your account and money via a smartphone app.

Monzo also offers savings accounts, loans, overdrafts and investment products.

When it comes to making international transfers, Monzo has teamed up with Wise. This means you can send money in 35+ currencies, taking advantage of Wise’s low fees (which do include a partner fee and a margin for Monzo) and mid-market exchange rates.⁸ And you can do it all right from within the Monzo app.

Pros:

• Monzo offers a full range of accounts and financial services
• You’ll get the mid-market exchange rate on international transfers, thanks to the Monzo partnership with Wise⁸
• Access to the user-friendly Monzo app

Cons:

• Extra partner fees may apply to international transfers, compared to using Wise directly⁸
• No options for cash pickup on transfers

4: Starling Bank

Starling Bank is similar to Monzo, in that it’s a fully regulated UK bank with FSCS protection.⁹ It offers app-managed current accounts for personal and business customers, with features such as fixed-rate savings, virtual cards and bills management tools. Starling also offers overdrafts and loans.

Unlike with Revolut and Monzo, Starling Bank accounts are all free to open.⁹

You can also make international transfers using the Starling Bank app, sending to 35 countries in 19 currencies.¹⁰

Pros:

• Free accounts, offering a full range of features and services
• Low, transparent pricing, with option to send via local partners from just £0.30 - although it does take a little longer¹⁰

Cons:

• You’ll pay more (a fee of £5.50) for priority delivery with SWIFT¹⁰
• Starling Bank adds a 0.4% fee to the mid-market exchange rate¹⁰
• No cash pickup available

📚 Read more: Best digital banks in the UK

5: Western Union

You’ll have heard of Western Union, as it’s one of the big names in money transfer. Launched all the way back in 1861, the US-based company now operates in 200+ countries and territories.¹¹

With Western Union, you can send money online or via the mobile app, delivering to bank accounts and mobile wallets worldwide. But you can also make and receive transfers in person and in cash, at one of thousands of Western Union agent locations.

Pros:

• A huge global network
• A wide choice of delivery and collection methods, including cash payment and pickup
• Easy tracking with the Western Union app
• Fully regulated around the world

Cons:

• Western Union is likely to add a markup to the mid-market exchange rate¹²
• Some transfer fees do apply
• You may pay more for faster services, as well as for payment in cash¹²
• Not all delivery/collection methods are available for all destinations¹²

6: Remitly

The US-based money transfer service Remitly offers fast, convenient online payments worldwide. It doesn’t have any physical locations, but instead delivers money through partners, such as banks and other money transfer services.

Remitly lets you send to 170+ countries in 100+ currencies.¹³ And you can choose from a range of payment and receiving methods, including cash delivery in some destinations.

Pros:

• Promotional offers available for new customers¹³
• Send online or via the Remitly app
• Global network

Cons:

• Transfer fees apply for some transactions, and you’ll pay more for faster services¹⁴
• Adds a markup to the mid-market exchange rate¹⁵

7: Ria Money Transfer

Ria Money Transfer is a popular choice for international transfers, with an extensive worldwide reach covering 165 countries.¹⁶

It offers a choice of methods to set up a payment, including online, from its own mobile app and in person from one of 500,000+ worldwide locations.¹⁶

Pros:

• Promotional offers for new customers¹⁶
• Choice of delivery methods, including cash pickup (depending on destination)
• User-friendly Ria Money Transfer mobile app available

Cons:

• Likely to add a markup to mid-market exchange rate¹⁷
• Transfer fees apply, and may not be the most competitive¹⁶

8: Xoom

PayPal service Xoom is specially designed for money transfers funded with your PayPal account (along with other payment methods). With Xoom, you can make online transfers to bank accounts, mobile wallets and debit cards in over 160 countries.¹⁸ And in some locations, you can even request cash collection and even delivery right to your recipient’s door.

It’s all set up for transfers funded with your PayPal account, although you can also use other payment methods.

Pros:

• Money-back guarantee if anything goes wrong¹⁹
• Transfer fees available upfront
• Xoom app available
• Backed by PayPal and all of its customer protections

Cons:

• Transfer fees can be quite high for some transactions, such as those involving cash pickup²⁰
• Exchange rates include a margin on the mid-market rate²¹

📚 Read more: Revolut vs PayPal - how do they compare?

9: MoneyGram

MoneyGram is one of the world’s largest money transfer providers, alongside Western Union. It offers a wide range of options for sending, funding and collecting transfers, and has an extensive global network. Payments are fast, secure and easy to set up online.

With MoneyGram, you can send to 200+ countries and territories worldwide.²²

Pros:

• Promotional offers for new customers²³
• Fast and secure payments - many arriving within minutes²⁴
• MoneyGram app available
• Cash pickup available

Cons:

• Must register/sign in to see fees and exchange rates
• Fees can be high with MoneyGram, depending how you fund the payment and your chosen collection method²⁴
• Exchange rates include a margin on the mid-market rate²⁴

10: WorldRemit

Money transfer provider WorldRemit offers fast, secure online transfers all over the world. You can send to 130+ countries in 70+ currencies²⁵, taking your pick from a range of flexible payment and delivery options. Depending on the destination, you can send to mobile money accounts, mobile airtime top-ups or arrange cash pickup.

Pros:

• Promotional offers for new customers²⁶
• Track payments via the WorldRemit mobile app
• Wide choice of payment and delivery methods, including cash pickup
• WorldRemit mobile app

Cons:

• Exchange rates include a margin on the mid-market rate²⁷

📚 Read more: The best UK banks for sending money abroad

11: TorFX

Based in the UK, transfer specialist TorFX offers 24/7 online transfers in 40 currencies for no upfront fees.²⁸

Pros:

• No transfer fees²⁸
• TorFX mobile app available
• Free account registration
• Fast, secure transfers

Cons:

• Fees and rates aren’t available upfront - you need to register to get quotes for your transfer
• Exchange rates include a margin on the mid-market rate²⁸
• No cash pickup available

12: Xe

Currency specialist Xe is another trusted name in the international transfer market.

And like other alternatives to Revolut, it has a range of funding and collection methods to choose from. This includes cash pickup and mobile wallets, although it depends which destination you’re sending to.

With Xe, you can send money to 200 countries in 100 currencies.²⁹

Pros:

• XE mobile app
• Cash pickup available (depending on destination)
• Fully secure transfers
• Live tracking and notifications
• Free sign-up

Cons:

• Exchange rates include a margin on the mid-market rate³⁰
• Need to register/sign-in to see the full range of fees - only estimated fees for certain transfer types are available on the Xe website

Wise – Money for here, there and everywhere

Want low fees, great rates and an easy way to send money worldwide? Open a Wise account online in just a few clicks, and you can start managing your money in 40+ currencies (including in British pounds).

You can send payments worldwide for low fees and mid-market exchange rates. There’s even a Wise card for spending in over 150 countries, where your pounds are automatically converted to the local currency at a great rate.

There aren’t any monthly fees with Wise, and you can open an account for free.

Sign up with Wise today 🚀

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees. Eligibility is subject to verification of customers' identity.

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And there you have it - a list of the best Revolut alternatives available in the UK right now, especially if you’re interested in making international transfers. You should be all set to compare fees, exchange rates and features carefully, and find the right transfer provider for you.

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Sources used:

1. Revolut - International Money Transfers
2. Revolut - Home
3. Revolut - Our Pricing Plans
4. Revolut - Standard Fees
5. Skrill - International Money Transfers
6. Skrill - Fees
7. Monzo - Home
8. Wise - Blog - Monzo International Payments
9. Starling Bank - Home
10. Starling Bank - Send money abroad
11. Western Union Corporate - About Us
12. Western Union - Send Money
13. Remitly - Home
14. Remitly - Vietnam - Pricing
15. Remitly - User Agreement
16. Ria Money Transfer - Home
17. Ria Money Transfer - FAQs on fees and exchange rates
18. Xoom - About
19. Xoom - Austria - Send Money
20. Xoom - Australia - Send Money
21. Xoom Help - How much does it cost to send with Xoom?
22. MoneyGram - Sending money
23. MoneyGram - Home
24. MoneyGram - How to send money online
25. WorldRemit - About Us
26. WorldRemit - International Money Transfer
27. WorldRemit - FAQ
28. TorFX - FAQs
29. Xe - Send money
30. Xe - Home
31. Western Union - Terms and Conditions

Sources last checked on date: 22-Sep-2023