Author, Andrew Gibson
Last Updated on August 27th, 2024
In our digitally driven world, managing our finances through platforms like Revolut has become second nature for many.
There is no doubt that Revolut is one of the market leaders in the world of online banking apps.
However, no platform suits everyone.
In this article, we will take an inside look into why you may need to seek an alternative to Revolut for your money transfers, and what your options are.
Why Seek an Alternative to Revolut?
Despite its many benefits, certain situations may lead customers to look for alternatives that would better suit their specific needs.
You may be looking for enhanced customer service, lower fees, or higher transfer limits, and in some cases this may require different services, directly tailored to complex financial situations.
Personal Service
A lot of customers would rather speak to someone before sending their money abroad, particularly for larger sums. Revolut does not offer this.
Wayne Sampson, trader at Key Currency, gives us a deeper insight into how currency brokers offer a higher service than Revolut:
“The real game-changer for clients, when it comes down to the final amount they get, it is all about timing the exchange just right.
I always let my clients know, that, unlike Revolut and Wise, they won’t get a heads-up from those platforms when the market swings to their advantage.
But if they’re not in a hurry to transfer their funds, they can leave it with us, and I’ll be on the lookout. I’ll give them a shout when the exchange looks good for them.
They can even set benchmarks with me – like wanting an alert for movements of half a cent, full cent, or even 1.5 cents.
In real terms, those shifts could mean extra gains of £500, £1000, or even £1500 for them.
This is a pretty big deal compared to just settling for the rate they happen to catch when they have a moment to check in with various apps and providers.
We’re not in the business of guessing where the market’s headed but we do make it our job to keep our clients in the loop when the market moves to their advantage.”
Looking for Better Exchange Rates and Lower Fees
Another major reason for seeking alternatives to Revolut involves the financial aspects of service, specifically exchange rates and fees.
Customers who need to make frequent international transfers or large currency exchanges often find that even slight differences in exchange rates and fees can impact the amount received at the other end.
As a result, they look for services that offer more competitive rates and lower fees, aiming to maximise the value of their transactions.
This search is particularly relevant for individuals and businesses dealing with substantial sums, where optimising financial outcomes is paramount.
Currency brokers have more flexible pricing than platforms like Revolut, so it’s always worth getting an alternative quote before sending your money.
Top Alternatives to Revolut for Domestic Money Transfers
I am all for giving Revolut a nod for what it does well, but it’s important to define other options that bring a bit more to the table when it comes to domestic money transfers.
When looking beyond Revolut for domestic money transfers, a whole array of alternatives present themselves, each catering to different needs and preferences.
Banks
For starters, traditional banks have stepped up their game, offering mobile apps that integrate seamlessly with daily financial activities.
These include direct deposits and bill payments, often without the fees associated with third-party services.
Online Payment Apps
Peer-to-peer (P2P) payment apps are another popular alternative to Revolut, allowing users to send money directly to each other without needing a middleman.
These platforms specialist in instant transfers, often with lower fees than traditional banks, and user-friendly interfaces that make managing finances a breeze.
Our Top Alternatives to Revolut include:
These companies are leading the charge in changing the game for how the younger generation handles their money. They’re using tech to make financial services easier to get, cheaper, and way more attractive.
This makes them ideal for those who prioritise speed and convenience in their financial transactions.
All of these apps are perfect for paying back friends or sending money to family members quickly and easily.
In essence, while Revolut offers a comprehensive suite of services, there’s a rich landscape of alternatives to Revolut for domestic money transfers, each with its unique advantages when making small, domestic transfers.
Going Global: Top International Money Transfer Alternatives to Revolut
When we start talking about moving money across borders, things get a bit more complicated.
It’s not just about how fast or cheap the transfer is, but also about getting a good deal on the exchange rates and making sure the company handling your funds is solid as a rock.
For the smaller, everyday kind of international transfers, those cool digital wallets and fintech apps are usually just what you need.
They’re easy to use and save you some money on fees, compared to a high-street bank.
Our top fintech alternatives to Revolut for small international transfers include:
When you’re looking for alternatives to Revolut when sending bigger amounts abroad or more complex transfers, things get a bit trickier.
Currency brokers in these situations become your best ally, they are absolute experts in international money transfers, whereas Revolut is not.
Brokers offer tailor-made help that can guide you through the sometimes daunting world of big international money moves.
They can assist you in securing the best exchange rates, giving you the lowdown on currency market trends to time your transfer just right.
Currency brokers are also there to make the whole process feel more personal, at the end of the day, they appreciate the importance of giving you and your business an edge when you’re dealing with international transactions.
Pros and Cons of Revolut International Transfers
Let’s take a more in-depth look at Revolut’s service offerings to help clarify why you as a customer may look for an alternative when making an international money transfer.
Pros
Innovative Financial Management
Revolut’s app is designed to make finance straightforward for those who are into their tech, offering a user-friendly experience for anyone wanting to keep on top of their money matters with ease.
Versatile Currency Options
The platform makes handling different currencies easier, making it a seemingly simple go-to choice for people who need to manage multiple currencies and transactions.
Range of services
Beyond transfers, Revolut’s suite of services, including cryptocurrency trading and budgeting tools, positions it as a versatile financial companion.
Cons
Customer support hurdles
Getting help when you need it can sometimes feel like you’re running an obstacle course.
When it comes to tackling the more complicated issues, reaching out to customer support might not be as smooth as you’d hope.
Whether it’s waiting longer than expected for a response or navigating through a maze to find the right kind of help, it’s clear that this area could use a bit of a boost.
After all, if you are making a substantial transfer and there is an issue – you want to speak to a real person, not a chatbot, right?
Sadly this feature doesn’t currently exist with Revolut.
Transfer Limits: A Sneaky Barrier
If you’re the type to make big moves or transfer money frequently, you might hit a ceiling with what Revolut lets you do on their basic plan.
To free up your financial options, you’ll need to upgrade to one of their premium subscriptions, which, of course, comes with an extra price tag.
Non-transparent Fees
At first glance, Revolut’s services seem like a bargain
And they can be, especially if you are only using them now and then.
But here’s the catch: If you’re a power user, tapping into various features regularly, those supposedly small fees start gathering steam.
Before you know it, you’re looking at a hill of costs that weren’t in your original budget.
Currency Brokers: An Alternative to Revolut for Large International Transfers
Choosing to go with a currency broker for moving money internationally often boils down to wanting a service that’s got your back financially and strategy-wise.
Here’s the scoop on why getting on board with a currency broker, like Key Currency, could be a game-changer for your significant international money moves and a good alternative to Revolut.
One of our traders, Harry Dyer, explained to me some of the differences that set currency brokers apart from Revolut:
- Revolut is a completely different service offering an interbank rate of exchange, not available to customers, a strictly online platform with a reputation for poor customer service.
- Their accounts are based in Lithuania which leads to a lot of lawyers/notaries not accepting payments from them due to this.
- There are many issues with the platform once a client tries to transfer above a certain amount.
- Revolut has been rejected for a banking license and is still struggling to obtain one.
Getting Advice that Fits You
Digital platforms like Revolut have their perks, but when it comes to getting expert help and guidance tailored for you, currency brokers take it to the next level.
Getting to know your situation, they will figure out exactly what you need, and then guide you through your options.
Making Your Money Go Further
One of the best things about currency brokers is their ability to ensure you get the very best deals on exchange rates and cut down on those fees.
This means more money stays in your pocket, making your international transfers a lot less painful on your wallet.
Expert Insights on the Market
Currency brokers come armed with all the market smarts, offering advice that helps you dodge the rough waves of market ups and downs.
Their tips can help you lock in better rates and make your money transfer journey smoother and more predictable.
Key Currency Can Help You Save on International Money Transfers
All of the traders at Key Currency are experts at navigating the vast and varied needs of our clients when it comes to saving on fees and securing the best exchange rates for their client’s international transfers.
Every day, I see firsthand how we tailor our solutions to fit the unique financial scenarios of each individual we work with.
Here at Key Currency, our clients are never just numbers to us.
Their financial goals and requirements are what drive us, steering us through the intricate maze of global money movement.
It’s not just about providing personalised advice; our Trustpilot rating is a testament to our unwavering commitment to customer satisfaction.
Plus, being regulated by the Financial Conduct Authority not only adds a layer of trust but also reassures our clients that they’re in the safest of hands.
For anyone looking to enhance their approach to managing finances, especially across borders, partnering with Key Currency is a solid choice.
We stand out for our expert guidance, reliability, and bespoke services, making us leaders in the currency exchange and transfer industry.
Get a Money Transfer Quote Today
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