Revolut is a great app with a wide range of features that make managing your finances much easier, especially if you need a modern all-in-one solution. The app includes digital payments, share trading, group accounts, hotel booking, insurance, cryptocurrency trading and much more.
It is extremely difficult to find worthy competitors to Revolut in Europe that offer all these features. Nevertheless, most users usually have enough of one or two of these features.
Alternatives to the Revolut card
If you use Revolut for banking or payments (both local and international), you have plenty of alternatives as many companies offer similar services.
WISE - Online money transfers
When choosing an alternative to Revolut Bank, you should look at the most popular features offered by this app. It is also important to consider Revolut's most popular competitors in Europe that may offer similar services. One of the closest direct competitors in the money transfer industry is Wise (formerly TransferWise).
Wise (formerly TransferWise) is recognised as one of the best alternatives to Revolut, offering competitive rates for international payments. Wise's services are used by over 11 million customers, it is regulated by the Financial Conduct Authority (FCA) and is available in most countries.
Benefits of Wise
- Transparent and low fees: Wise offers transparent and low fees for international money transfers, making them more accessible and cost-effective for users.
- Real exchange rates: Wise uses real currency exchange rates, which means users receive a fair and up-to-date value for their transactions without hidden markups.
- Fast transfers: The platform provides fast international money transfers, making it an ideal choice for situations that require a quick transfer of funds.
- Wide range of currencies: Wise supports multiple currencies and allows users to transfer between different countries and regions without the need to open additional accounts.
- Convenience and ease of use: The platform offers an intuitive interface and user-friendly tools for managing accounts and transactions, making the process of transferring money fast, simple and secure.
N26 - For personal and business use
If you're looking for a reliable alternative to Revolut for banking, check out N26. This German app offers most of Revolut's features, plus a few extras. For example, N26 has a built-in ATM locator, making it easy to find the nearest ATM when you need cash. The app also features a handy currency converter that helps you keep track of your funds in different currencies.
N26 provides features that Revolut doesn't, such as overdraft protection and interest-bearing accounts. However, N26 charges a monthly fee for some premium features.
Keep in mind that N26 is not yet available in all European countries. Before trying to open an account, check the list of countries where N26 works: Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland.
Benefits of N26
- Free account maintenance: N26 offers free account maintenance with no monthly or annual fees, making it accessible to all categories of users.
- User-friendly mobile app: Users can easily manage their account through a user-friendly and intuitive mobile app that offers a wide range of features and functionalities.
- Fast and convenient transfers: N26 provides fast and convenient international money transfers through its platform, making it a great choice for international payments and transfers.
- Security and data protection: The platform provides a high level of security and data protection, including biometric authentication technologies and many other security measures.
- Flexibility and personalised approach: N26 offers flexible terms of service, as well as a personalised approach to each client, taking into account their needs and preferences.
Revolut Crypto Alternatives
Today, most people are already familiar with cryptocurrencies, and many have begun to delve into learning more about them. However, only a few dare to take advantage of the growing market by investing in cryptocurrencies.
Revolut introduced the ability to trade cryptocurrencies a few years ago, but the feature hasn't changed much and there are still many restrictions that can be uncomfortable for crypto traders. Therefore, many traders prefer to trade cryptocurrencies on other platforms.
The eToro cryptocurrency platform
eToro is a fast-growing company, which is noticeable in the field of cryptocurrency trading. The platform regularly adds new tokens and features, offering a stable environment with an element of social trading where traders can discuss their ideas with other users.
If you want to buy cryptocurrencies, eToro offers more favourable terms compared to Revolut. For example, if you buy bitcoin worth €2,000, you can save around €35 on commissions compared to Revolut, and the same amount more when selling, depending on the price of the cryptocurrency.
Investing in crypto assets is associated with high volatility and is not regulated in some EU countries. There may be no consumer protection. Income tax may have to be paid.
Stock traders also often choose between eToro and Revolut to trade stocks.
Advantages of eToro
- The world's leading social trading platform with a user base of 20 million traders.
- Regulated platform in the UK, Europe, Australia and Gibraltar.
- Diversified asset classes for investors.
- Significant growth in user base over the past few years.
- Patented technology that protects businesses from being copied.
- Excellent functionality and user-friendly interface suitable even for beginners.
- Low entry threshold for beginning traders.
Reasons for switching to another platform
Revolut Trading Limited is registered and regulated in the UK. Because of this, many non-UK traders are looking for an alternative to Revolut to ensure their funds are protected under the EEA deposit protection scheme. This does not mean that it is not worth trading on Revolut, but there are additional risks that can be avoided by choosing an EU regulated broker. Revolut cannot currently advertise its trading services or provide trading support in the EU. If you decide to continue investing through this app, all liability will be on you. This is not a problem for UK citizens, but there are other reasons why traders and investors may consider switching to another trading platform:
- Changes to the commission structure.
- Occasional disruptions to the stock trading service, which can prevent you from buying or selling shares at the right time and at the desired price.
- Limits on day trading.
- Changes in limits for free day trading.
- Stock trading limits (up to $10,000 dollars or 500 shares per order).
- Revolut Trading does not own your shares, but acts as a broker buying and selling shares on your behalf.
- Limited list of stocks available for trading on the Revolut platform.
To replace Revolut Trading with a safer platform regulated in the European Union, you can try Trading 212 and PayPal.
Trading 212
Trading 212 is a well-known online platform for trading stocks, currencies and other financial instruments. Its features include a simple and intuitive interface for investing, as well as access to tutorials and market analyses.
PayPal
PayPal is an old-timer in the financial services market, offering competitive pricing and easy payment system integration. Most platforms have created widgets and tech solutions to integrate with PayPal, due to its widespread popularity.
Why do we need Revolut competitors in Europe?
The reasons for looking for alternatives to Revolut can be different:
- Account closure or limitations of Revolut's capabilities.
- Problems with automated or slow customer support.
- Access restrictions in some countries.
- Changes in the commission structure.
- Instability of the application and periodic service outages.
- Limited choice of cryptocurrencies for traders.
- Limits on cryptocurrency transfers.
- And much more.
Revolut is a feature-rich financial application available for users from different countries. However, many users prefer to look for alternatives due to the aforementioned issues. By categorising them by usage, you can find the best Revolut alternative for your needs.
FAQ
Q: Is Revolut better than Wise (Transferwise)?
A: There is not one specific answer to this question. It all comes down to the features you use most often. Revolut offers a wider range of features, but Wise (Transferwise) does a better job with international payments. Compare these apps to Revolut alternatives to learn more.
Q: Which platforms are better than Revolut?
A: Revolut offers many in-app services. Since there are not many apps that can offer the same set of features, you can find the best app depending on your specific goals. That is, look at Revolut alternatives by category and choose the one that suits your requirements.
Q: Should I use Revolut?
A: If you don't have a Revolut account, you can create one for free and test the app to see if it's right for you.
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