Top Alternatives to Revolut for Money Transfers Abroad

Let's Look at the Alternatives to Revolut for International Money Transfers!

Revolut is often a popular choice for international money transfers due to its seemingly competitive exchange rates, ease of use, and broad feature set.

However, other international money transfer providers are available, including EasyFX, offering similar services that can provide unique advantages depending on individual needs and preferences.

Here's a closer look at some of the top alternatives to Revolut for international money transfers, we have a look at their key features and why they could be a better fit for you.

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What are the Best Alternatives to Revolut?

What are the Best Alternatives to Revolut?

It is important to remember that depending on your requirements, certain international money transfer providers might be better suited than others.

So, although Revolut is a popular choice, it isn't always the most suitable.

Here is our list of the top alternatives to Revolut and why, hopefully making your decision easier...

1) EasyFX

The team at EasyFX offer bespoke international money transfer and currency exchange services for all needs and requirements.

Unlike predominantly self-service apps, like Revolut, EasyFX offers customers the best of both worlds. EasyFX customers can make international money transfers through an app or, for a personal experience, have a dedicated currency expert to help them through the transfer process, ensuring it is smooth, efficient, safe and has the potential to get more value.

If you're looking to make a large money transfer overseas potentially for a relocation or to buy a holiday home, EasyFX could be a better alternative with the expertise and committed support, from the same currency expert, giving customers peace of mind throughout larger transactions.

Key Features of EasyFX:

Competitive Exchange Rates: EasyFX offer exchange rates that are much more competitive (closer to mid-market) than traditional banks, this allows customers to avoid high, unnecessary charges, and with large money transfers, potentially save thousands.

The team of EasyFX currency experts can talk to you whilst finding you a suitable exchange rate, unlike Revolut, and other self-service providers, where the exchange rate you see is the only exchange rate you can get.
Prepaid multi-currency card: The EasyFX prepaid Travel Money Card allows customers to hold, spend, and withdraw money in multiple currencies around the world without ATM withdrawal fees or transaction fees. Providing holidaymakers peace of mind when spending abroad.
Real-time communication: As mentioned above, the EasyFX team are always available to help and support customers with their currency exchange requirements. Providing real-time guidance and a real person to talk to.
No transaction fees: You may find with other services that they place a 'fixed fee' or 'variable fee' on international money transfers. At EasyFX, we do not add a transfer fee for simply sending money internationally for customers.
Fast and secure payments: EasyFX can send money internationally to customers quickly and securely. We can offer same day money transfers, or cater when to send the money to suit customer needs. We are also regulated and authorised by the FCA and FINTRAC, so customer funds are always secure.

Send money abroad in 3 easy steps with EasyFX.

If you would like to learn more about EasyFX, view our competitive exchange rates, or discuss your foreign exchange needs, then sign up for a free account today and our team will be in touch!

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2) Wise

Known for transparency and low fixed and variable transfer fees, another alternative to Revolut is Wise.

It's a common choice for those looking to send small payments internationally quickly, to a family member or friends who live overseas.

Key Features of Wise

Competitive exchange rates: usually similar if not better than Revolut for small transfers overseas.
Different currencies: Offers multi-currency accounts and cards for those looking to travel.
Quick and secure transfers.
App available: For customers to make transfers themselves and do not require expert support.

The main negative associated with Wise is the transfer fees that apply to all international money transfers.

There are fixed fees and the variable 'Wise' fee.

The fixed fee is usually dependent on the way you want to pay to send money abroad via bank transfer or debit/credit card, the latter options are more expensive.

The variable fee will change depending on the amount you're looking to send and the currency pairs you are exchanging.

3) PayPal

PayPal is a globally recognised platform that many people already use for online purchases, as many people do have a PayPal account, this can lead to the provider being a convenient alternative to Revolut for international money transfers.

Key Features of PayPal:

Widely used: With a significant user base worldwide, PayPal is trusted by many and is widely accepted in many countries.
Easy integration: Ideal for users who already use PayPal consistently for shopping.
Instant transfers: Money transfers between PayPal accounts can be instant, this will depend on the currencies and type of transaction.

Where PayPal is known to let itself down regarding international money transfers is the overall cost.

PayPal, similar to traditional banks, applies high currency conversion fees, (at times 3-4% mark-up on top of the mid-market rate).

Transfer fees are also applied to international transfers by PayPal.

With this in mind, those who already have a PayPal account and are looking to send a small one-off transfer may consider this a better alternative solution, than signing up with Revolut.

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4) Remitly

Another alternative for small money transfers abroad is Remitly.

Similar to Wise but with a much bigger focus on international remittances compared to other transactions. Remitly generally targets customers who want to send money back to family or friends in another country.

Key Features of Remitly

Fast transfers: Remitly offers an 'Express' option for immediate transfers at a slightly higher cost compared to their 'Economy' option, with lower fees but longer transfer time.
Delivery options: Remitly customers can choose how their recipients receive the money. This can be via their bank, cash pick-up or mobile wallet.

As we've alluded to earlier in this section, Remitly is a good alternative to Revolut if you're looking to send small amounts of money quickly overseas and provide your recipient with various ways to collect it.

For larger transactions, it may not be suitable.

The Pros and Cons of Revolut

We've suggested good alternatives, but, it wouldn't be right to not go into further detail about Revolut's offering for international money transfers and the pros and cons. As you never know, it may still be the choice for certain requirements and needs.

The Pros of Revolut

Competitive exchange rates: Though at times not as competitive as alternatives, Revolut is certainly providing better value than a traditional bank for sending money overseas.
Multi-currency accounts: Revolut users can hold, exchange and send money in various currencies, ideal for travellers.
Instant transfers to Revolut users: For those sending money to and from other Revolut accounts, these transfers are usually instant.

The Cons of Revolut

Higher charges on weekends: Revolut will add a higher markup on the mid-market rate (around 0.5-2%) on any money transfers made over the weekend. This can be a drawback for those needing to send money outside of weekday hours.
Limited customer support: Standard and basic plan users of Revolut experience slower and limited customer support. A lot of the time an automated chat system is used.

Those who pay for premium subscriptions may experience faster responses.
Monthly limits on free withdrawals: For those looking to use their Revolut card abroad and are only on a standard subscription, cash withdrawal limits are in place, with fees applied once the limit has been reached.
Account freezing risks: Some users have reported that Revolut occasionally freezes accounts for routine 'security checks' which end up being disruptive if funds need to be sent urgently. Even more frustrating when help and support are difficult to find.

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Are Traditional Banks a Good Option for International Money Transfers?

Traditional banks can be a convenient option for international money transfers but only if you're sending a one-off small amount and don't mind the higher fees and charges. Generally, traditional banks are much slower than fintech alternatives and often offer less competitive exchange rates, which can increase the overall cost of an international money transfer.

It's also worth noting that banks will typically impose 'per-transfer fees' for sending money abroad, and enforce daily transfer limits, preventing customers from transferring large amounts internationally all in one go.

While traditional banks are still seen as a familiar, secure and reliable option, they tend not to be the most efficient or cost-effective choice, especially for higher-value money transfers.

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Alternatives to Revolut for International Money Transfers: A Summary

While Revolut remains a popular choice for international money transfers with multi-currency features, there are several strong alternatives worth considering.

Other providers, like ourselves at EasyFX, Wise, PayPal, and Remitly, all offer unique experiences that can cater to specific requirements.

Ultimately, the best choice depends on customers' transfer frequency, destination, and desired level of service. For example, those looking to discuss their needs and find reassurance with a service before transferring money abroad will want to avoid self-service apps like Revolut, Wise & Remitly, where those conversations are hard to come by (not with us at EasyFX!).

However, for quick, do-it-yourself transfers, the options above will be suitable.

It all comes down to preference and research!

Send Small or Large Money Transfers Abroad, with EasyFX

At EasyFX, we've helped customers with their international money transfer needs since 2008 and our team of expert brokers are always available to guide and speak to you about each step of the transfer process.

With an Excellent Trustpilot rating and regulated and authorised by the FCA, we're an international money transfer service that you can trust.

Whether you need to send money quickly to a loved one in another country or manage international payments for a property purchase overseas, we can help.

To view our competitive exchange rates or discuss your requirements further with a currency exchange expert, sign up for a free account, or get a free transfer quote!

Sources used for this article:

Need to Send Money to Abroad? We Can Help!

At EasyFX, our goal is to make international money transfers affordable, smooth, and easy, for everyone. Whether a small transfer or large transaction, we can cater to all types through our money transfer app, or our expert brokers, who are ready to find you the best rate available, saving you money.

If you'd like to receive a free transfer quote, please contact our team today!

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