5 Best Revolut alternatives: Which is the best for you?

Adam Rozsa

Revolut¹ describes itself as a financial super app, offering digital banking with a range of account products and lower fees than many traditional banks.

Opening an account is easy using the Revolut mobile app, and customers can choose between 3 different account plans depending on the services they need to use.

Revolut may not be the right choice for everyone. If you’re not keen on a Revolut account, this guide is for you. We’ll cover Revolut alternatives like Wise, which let you manage your money online and on the go, with lower fees than your regular bank. Read on for more on top apps like Revolut - or get a full review of Revolut here.

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📝 Here are the 5 best Revolut alternatives

revolut alternative

Skrill

Skrill² is a mobile wallet which has been available since 2001. You can receive payments to your Skrill account, shop online, send money to other Skrill accounts or regular bank accounts around the world, and get a linked Visa card for in person payments.

Skrill also has a loyalty program which lets customers earn when they spend and use their Skrill account. Get points for all transactions, and trade them for cash vouchers.

Skrill can be a handy way to manage your funds, receive and send payments, and shop in person and online. However, there are fees which can be on the high side for some international transactions - and if you don’t use your account at least once a year, you’ll get to pay a 5 USD inactivity fee³.

Skrill Pros & Cons

Here are some pros and cons to help you decide if Skrill is the one for you.

ProsCons
  • Spend online, in apps or using your linked Skrill card
  • Free to send money to another Skrill account
  • No fee to add funds
  • Loyalty program to earn points and unlock vouchers
  • Business accounts available
  • You’ll need to upgrade your account to True Skriller to avoid some fees
  • 5 USD inactivity fee if you don’t use your account in 12 months³
  • 3.99% currency conversion fee³
💡 Learn more about Skrill in this full review. If you’re trying to decide between Skrill and PayPal, you can also get a Skrill Vs PayPal side by side comparison here.

revolut alternative

Wise

If you’re looking for an alternative to Revolut which offers low cost, fast and easy international payments, the Wise account may be right for you. Wise payments may be cheaper than your bank.

In your Wise account, you can hold 40+ currencies, and get a linked card to spend around the world. You’ll also be able to access local account details to get paid from 30 countries fee-free.

Wise works a little differently to Revolut when it comes to fees. Revolut's customers who choose a free standard account get a set amount of free currency conversion and transactions, but fees apply if you use your account frequently. All Wise accounts are free, with low, transparent fees for currency exchange and transactions - no matter how often you use your account.

Wise Pros & Cons

Not sure where you stand on the Revolut vs Wise debate? Check out these Wise pros and cons to help you choose.

ProsCons
  • Send payments to 80 countries with low and transparent fees
  • No extra fees when doing currency exchange on the weekends
  • Live chat support on phone or chat
  • You have to pay a small fee when you transfer money – though Wise is committed to further reduce them.
  • Not available in all countries

Sign up for a Wise account today

💡 Did you know that Wise also offers a business account?

Some key features of Wise Business include:
  • Better visibility and organization of business finances. This is helpful for account reconciliations and audits
  • Major local account details for a simple one-off fee to receive international payments with ease
  • No monthly account fees or minimum balance requirements
  • Receive payments from e-commerce platforms such as Amazon or via Stripe
  • Create invoices using the free Wise invoice generator or invoice templates
  • Accounting integrations, including a QuickBooks Bill Pay connection
  • Batch payment options. Fast payment of up to 1,000 people

Discover the difference between
Wise Business vs Personal

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.

revolut alternative

Chime

Chime⁴ offers accounts for day to day use and savings, which come with a linked debit card for easy spending and free in network withdrawals at 60,000 ATMs. Chime doesn’t have its own banking license, but instead offers services through top tier banking partners to keep customers’ money safe.

Chime might be the perfect Revolut alternative for you if you’re looking for a way to save money or build your credit score. Chime’s high yield accounts offer 0.5% APY at the time of research - which is 8x the national average. Chime also has specialist services to help people manage their money and build credit, including a secured credit card and fee-free overdrafts to cover small value payments.

Chime Pros & Cons

Still on the fence about Chime? Check out these Chime pros and cons to help you decide if it’s right for you. You can also learn more about Chime in this Chime review.

ProsCons
  • No monthly fees and fee-free in network ATM withdrawals
  • Early payments through direct deposit
  • Secure credit card to improve credit score
  • Market beating interest on high yield account
  • 2.50 USD out of network ATM withdrawal fee⁵
  • Third party fees may apply for some services⁴
  • No international transfer service

revolut alternative

PayPal

As Revolut competitors go, PayPal is a pretty big one. If you ever shop online, the chances are you’ve already got a PayPal account. But did you know you can also access a broad range of account services including direct deposits, savings tools, credit and cash back on spending?

As well as their account services, PayPal offers the option to buy now, pay later - splitting the costs of eligible payments into 4. There’s no interest as long as you pay according to the payment schedule, and no impact on your credit score. You can also get a PayPal debit, prepaid or credit card.

Like Revolut, you can send convenient transfers with PayPal, but its main disadvantage may probably be the fees. Although you can send a personal payment domestically within the US for free from your PayPal balance or linked bank account, there’s a 2.9% fee for most card transfers. International payments come with an even higher 5% fee, plus currency conversion costs⁶.

PayPal Pros & Cons

New to PayPal? Check out these pros and cons and read more about what PayPal is and how it works, here.

ProsCons
  • Send, receive and hold payments
  • Shop online, in app, and in person with a linked card
  • Get PayPal credit
  • Arrange direct deposits to your account
  • Savings tools
  • 2.9% fee to send a domestic payment using credit card⁶
  • 5% international transfer fee⁶
  • 3% - 4% currency conversion fee⁶

revolut alternative

N26

Berlin based N26⁷ previously offered US residents a free online and mobile account with a linked debit card, free in network ATM withdrawals, and no foreign transaction fees. N26 was a popular provider, especially because of their low fee approach and convenient services.

However, the bad news for N26 fans is that N26 closed their US service on January 18, 2022 to focus on growing their European business.

N26 is no longer a Revolut alternative option if you’re in the US. However, if you’re in mainland Europe they may be a good pick if you’re looking for a provider with a local banking license which operates on a low fee model.

N26 Pros & Cons

Let's have a look at the pros and potential cons of using N26 as your provider.

ProsCons
  • Online and mobile account services
  • No monthly charges
  • Early payday with direct deposit
  • No foreign transaction fees
  • No minimum balance
  • ATM withdrawals outside Allpoint’s network come with a fee of $2 + 2%⁷
  • Credit cards not available⁷
💡 Learn more about how N26 and Revolut compare in this review. You can also get a full N26 review here.

Bottom line

While Revolut offers an interesting range of account options, they’re not right for everyone. The good news is that there are a few strong Revolut alternatives out there if you’re looking for an easy and low-cost way to manage your money online and through mobile apps.

Which Revolut competitor is best for you will depend on how you want to use your account. The providers we’ve listed out here have their own strengths and weaknesses, pros and cons. To pick one, you’ll need to think about the transactions you want to make frequently and look for a provider which offers these services conveniently and with low or no fees.

Frequently asked questions

Is there a better alternative to Revolut?

There are a few key Revolut competitors you might want to consider - but which is right for you may depend on the sort of services you’ll need to use. If you’re looking for a low-cost way to manage your money across currencies, and send and receive international payments, check out the Wise account as a great Revolut alternative.

Learn more about Wise

What's better, N26 or Revolut?

Unfortunately, N26 is no longer available for customers in the US. However, if you’re in mainland Europe, you might still want to compare the services, features and fees available for European residents. Whether N26 or Revolut is better for you will likely come down to how you want to use your account. Get a full N26 vs Revolut review here.


Sources:

1]Revolut home
2]Skrill homepage
3]Skrill fees
4]Chime bank homepage
5]Chime ATMs - help
6]PayPal fees
7]N26 US home page

All sources checked on 28 January 2022


Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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