What Are The alternatives to Revolut?
Revolut has become the focus of several money laundering scandals as the enterprise hit the spotlight in 2019 of the Financial Conduct Authority (FCA), the UK's organization which regulates financial relations, and received negative attention as it stopped using a software securing anti-money laundering. According to The Telegraph, Revolut did this deliberately, although the real consequences of this decision were not reported, but user data was leaked.
In connection with this situation, many of the company's clients are thinking about looking for new options for digital banking for their needs. Of course, Revolut is not the only digital banking option, although the company offered quite favorable terms for its customers compared to most banks. Perhaps this was the reason for the problems that fell on it, since its clients saved on their daily payings, currency exchange, which could not please the large banking conglomerates that the enterprise was competing with.
However, do not think that this is the only variant and cannot be replaced. Let's take a look further at the options that will help you find convenient and profitable options to meet your daily financial needs.
What You Should Consider When Choosing a Banking Service
We suggest that you first figure out what you should consider when choosing a digital banking provider.
Ensure Your Safety
Today, globally people prefer the enterprises that will provide their a financial everyday service, the organization they have chosen as reliable, and this is exactly what the company should be that will act as such a service provider, must ensure the highest level of cybersecurity in any product, since today this area is the first to be under attack. The entire structure and applications must comply with all global and local safety requirements, complying with all safety regulations.
Contactless Payments
In a world plagued by a pandemic, it is best to leverage the power of modern technology, which offers contactless payment options that protect you and your loved ones from invisible dangers. NFC technology allows you to pay for your purchases using a mobile application.
Mobile Applications
A mobile application today is the basis of a mobile bank, which allows you not only to additionally use your mobile device in banking, but even more, is your main personal access to your finances. Today it can no longer be just something additional, a high-quality full-featured application is the basis of modern banking.
Cash withdrawal at ATMs
Whichever Revolut alternative you choose, in any case, each provider has a certain limit on cash withdrawals, so you should not only pay attention to this, but also specifically calculate your monthly cash needs. When choosing a banking provider, you should pay attention to a company that offers you accounts in several currencies. In general, today this is not a problem or a rarity, since most companies will be able to offer you a multicurrency account. The demand for such services creates an offer, you just have to choose the most suitable one for your needs. This can save you significant amounts of money by eliminating the need to buy or sell different currencies, especially if you regularly travel abroad.
Various Currency Accounts
In case you select a banking service, you should pay attention to a company that offers you accounts in several currencies. In general, today this is not a problem or a rarity, since most companies will be able to offer you a multicurrency account. The demand for such services creates an offer, you just have to choose the most suitable one for your needs. This can save you significant amounts of money by eliminating the need to buy or sell different currencies, especially if you regularly travel to other countries.
Choose from Best Revolut Alternatives
1. Transferwise
This British company already has wide global admission, although it is not yet a banking institution. Its financial activities, Transferwise, are regulated by the FCA and is already the world's leading digital finance sevices source.
Advantages
- The company's services are available in most countries of the world;
- Multi-currency accounts, the number of currencies in one account can reach 40;
- Ability to create several different accounts.
Disadvantages
There is a fee for transferring funds.
2. Monzo
British company that obtain a license as a bank institution in 2017. Initially offering the simplest banking product, the debit card, the company now propose a lot of financial products as a digital provider. While the company's services are available only in Britain, the number of its clients has already reached almost 4 million people. Monzo works closely with MasterCard, so its exchange rates match those of the partner.
Advantages
- There are no daily maintenance fees,
- Possibility to get additional opportunities, for example, such as travel insurance or increasing the withdrawal limit.
Disadvantages
Today Monzo offers solely accounts for Pounds Sterling and only for UK residents.
3. N26
The N26 is one of the best choices for Europeans. Of course, each country of the European Union has its own peculiarities of legislation and other nuances that can, but this young German company, which until recently was a startup, today offers the entire range of available digital banking services, having received a banking license. You will get a mobile app that will not disappoint you, and also you can use of three bank card options. However, unfortunately, after Brexit occurred, the company's services became unavailable for British citizens.
Advantages
- Wide accessibility for citizens of the European Union;
- Permanent geographic expansion;
- Transferwise currency exchange.
Disadvantages
The only drawback is the inability to create a business account if you already have a personal one.
4. Bunq
Bunq is a Dutch startup that has been operating since 2015, but has managed to gain international recognition. Bunq can provide banking services in most countries of the European Union, and almost any citizen can open an account with this company free of charge. Bunq is a partner of Transferwise and therefore it is convenient to exchange currency between the two companies.
Advantages
- Bunq can be used almost everywhere in the European Union;
- The company is constantly working on updates.
Disadvantages
Depending on the type of account, a deposit fee may be charged.
5. Monese
Monese is also a relatively recent UK based company recognized for quality digital banking. You can use its services in most countries of the European Union, as well as the European Economic Area.
Advantages
It is ideal for those people who travel a lot or move without a permanent place of registration, since even people without a permanent address can open an account with this company.
Disadvantages
Transfers to accounts with other banks and companies need to pay a fee.
So, Are There Any Decent Alternatives to Revolut?
For those looking for alternatives to digital banking that Revolut previously provided, there are more than one option to choose from. Each of them has advantages and disadvantages, but even this list is not definitive. Here we have selected the best alternatives in our opinion that may suit different people. These companies have already established themselves well in the digital banking industry.
In addition, remember that fintech is one of the fastest growing markets today, and the higher the competition, the better the quality of services provided, since competition does not allow you to relax and does not give a chance to survive for those who do not perform well enough.
Source FCA
