Top 10 Revolut alternatives for international money transfers

Revolut, a fintech company known for its innovative approach to banking and money transfers, has attracted millions of users worldwide. 

This platform offers a wide range of services, including international money transfers with competitive exchange rates and low fees. However, there are numerous alternatives to Revolut that might better suit your needs, depending on what you’re looking for in an international money transfer service.

This article breaks down the top ten Revolut alternatives, highlighting their strengths and weaknesses to help you make an informed choice.

Whether you’re after lower fees, a broader global reach, or unique service features, this guide covers all the best options in the market.

What is Revolut?

Revolut is a leading fintech company with a user base exceeding 30 million worldwide. 

It offers a wide range of financial services, including multi-currency accounts that support over 28 currencies and several card options. 

Revolut’s banking operations are licensed in both the EU and the UK, ensuring high regulatory standards and reliability for its users.

Key features of Revolut

Revolut provides flexible financial solutions through its multi-currency accounts, allowing users to make international money transfers across 28 currencies. 

It offers a range of account types, from a basic standard account to tailored packages for larger business clients. The platform also includes cashback on transactions, enhancing the value for users.

Pros and cons of Revolut

Pros:

• Currency options: Revolut supports transactions across 28 currencies, providing flexibility for international transfers.
• Customisable account packages: Users can choose from a range of account types, tailored to meet different needs.
• Cashback rewards: Users benefit from cashback on transactions, increasing the value of their expenditures.
• Regulatory assurance: Licensed operations in the EU and UK ensure a high level of trust and security.

Cons:

• Subscription fees: Accessing the full range of features requires a monthly subscription.
• Usage limits: Additional charges apply when usage exceeds certain thresholds.

When to consider using Revolut

Revolut is ideal for individuals and businesses needing comprehensive international financial services. 

It’s particularly beneficial for those based in Australia, France, Ireland, Lithuania, Romania, the UK and the US, thanks to its specialised accounts that aid in managing international sales and collections in multiple currencies.

When Revolut may not be the best option

Revolut may not be suitable for those who prefer not to pay monthly subscription fees or who require extensive face-to-face customer support. 

Users needing physical branch services or who frequently exceed usage limits might want to consider other options.

Top 10 alternatives to Revolut

1. TransferGo

What is TransferGo?

TransferGo began operations in 2012 and has quickly grown to become a significant player in the online money transfer space. 

Serving over six million customers worldwide and processing approximately £1.4 billion annually, TransferGo stands out with its low-cost transfers from more than 30 countries to over 150 destinations.

Key features

TransferGo offers a distinct advantage over Revolut with its competitive pricing model. 

Consistently offering attractive rates for international transfers, it supports a variety of payment methods, including bank transfers, debit/credit card transactions and mobile wallets. 

Customers can select from standard, expedited, or even fee-free transfer options based on their needs and urgency.

Pros:

• Highly competitive rates for international money transfers.
• A trusted and licensed company managing billions in transactions each year.
• The mobile app enhances user convenience for on-the-go transactions.
• Customer support is quick and accessible via chat, email and phone.
• Transparent fee structure, providing all necessary details upfront for informed decision-making.

Cons:

• No physical branches or local agents, which might be inconvenient for some users.

Who should use TransferGo?

TransferGo is an ideal alternative to Revolut if you’re looking for a fast, secure and affordable way to send money internationally. 

Accessible either through its website or app, it offers flexible transfer choices with transparent pricing. Whether it’s paying bills, transferring emergency funds, or handling business payments, TransferGo provides a reliable financial solution.

2. MoneyGram

Key features

MoneyGram stands out for its extensive network, operating in over 200 countries with more than 350,000 agent locations and kiosks. 

Rapid transaction processing is another highlight, with funds typically ready for cash pickup within minutes, and same-day bank transfers available in select regions. 

Several delivery options are offered, including bank deposits, debit cards, mobile wallets and physical cash pickups. In select areas, home delivery is also available. Additionally, users can set up automatic, recurring transfers on a weekly or monthly basis.

Pros:

• Extensive global network.
• Fast delivery times.
• Flexible delivery options.

Cons:

• Higher costs: Generally, MoneyGram’s fees are higher than many of its competitors, with costs fluctuating based on the selected funding and delivery methods.
• Transfer limits: For certain countries, the transfer ceiling is $15,000 from the US, but most countries face a limit of $10,000 per transfer per month online, which might be restrictive compared to other services.
• Restricted customer support: While MoneyGram provides customer assistance via live chat and a website contact form, it does not offer phone support, which could be a limitation for some users.

Who should use MoneyGram?

MoneyGram is particularly fitting for individuals who value quick access, extensive reach and a variety of transfer methods. 

However, you should carefully weigh the associated costs and transfer limits to determine if it aligns with your specific needs for international money transfers.

3. OFX

Key features

OFX is a long-standing provider of international money transfers, servicing over 190 countries and handling more than 55 different currencies, making it a strong alternative to Revolut. 

One of its unique features is the 24/7 personal broker service, which provides dedicated assistance to those needing support with their transactions.

While OFX offers competitive rates, they include a markup which can result in slightly higher costs.

Pros:

• Extensive experience: OFX is one of the most experienced money transfer services, known for its reliability and professionalism.
• Constant support: OFX provides 24/7 phone support, ensuring help is available whenever needed.

Cons:

• Exchange rate markup: Although OFX provides competitive rates, the exchange rates include a markup, which can lead to slightly higher costs compared to other providers.
• Limited payment options: The service only accepts bank transfers, which may not be suitable for everyone, particularly those who prefer using cash, credit cards, or other payment methods.

Who should use OFX?

OFX is particularly well-suited for individuals or businesses involved in large-scale transactions who benefit from personalised support. The availability of 24/7 phone support makes it a dependable choice for users who might require assistance at any time. 

However, it’s important to note that OFX limits its payment methods to bank transfers only, which could be a significant constraint for some users.

4. Payoneer

Key features

Payoneer offers specialised business accounts designed for international transactions, allowing users to send and receive payments in multiple currencies. 

This Revout alternative also provides additional financial tools such as payment cards and working capital loans to enhance business operations.

Pros:

• Efficient payment processes: Payoneer makes it easy to send payments to contractors and employees, improving business efficiency.
• Comprehensive financial tools: The platform offers access to payment cards and additional services like working capital loans, expanding financial capabilities.

Cons:

• Transaction and inactivity fees: Payoneer accounts come with transaction and inactivity fees.
• Currency conversion costs: The exchange rates used by Payoneer include a 0.5% markup, which can result in slightly higher currency conversion costs compared to other providers.

Who should use Payoneer?

Payoneer is ideal for businesses with international clients or operations, especially those in the US, Japan, Australia, the European Union, Hong Kong, Singapore, Canada, the UK and the UAE. 

For example, this may be a viable alternative to Revolut for e-commerce businesses that require robust fund management and integration with major online marketplaces like Amazon, eBay, Shopify and WooCommerce.

5. PayPal

Key features

PayPal is a prominent global digital payments platform, boasting a user base of over 400 million worldwide. 

It supports balances in more than 25 currencies, making it a practical option for both personal and business financial needs.

Pros:

• Global accessibility: PayPal’s widespread use facilitates easy connections across international networks.
• Variety of payment options: The platform provides a diverse range of cards for international transactions, enhancing payment flexibility.

Cons:

• High international transfer fees: PayPal charges a 5% fee on international transfers, which can add up quickly.
• Currency conversion costs: The platform adds fairly high currency conversion costs to international transfers, typically ranging from 3% to 4%.

Who should use PayPal?

PayPal is an excellent alternative to Revolut for small businesses that need a reliable digital wallet and fast access to funds. 

Its extensive integration with leading e-commerce platforms and marketplaces makes it ideal for businesses aiming to expand into global markets. 

If you’d like to find out more about Paypal, make sure you check out our Wise vs Paypal comparison. 

6. Remitly

Key features

Remitly is an ideal option for transferring smaller amounts to countries in South America, Asia and Africa. 

Its user-friendly platform and transparent fee structures make it an appealing alternative to Revolut for those needing straightforward international money transfer services.

Just like TransferGo, Remitly ensures 24/7 customer support via online channels or phone, making help accessible at all times.

Pros:

• User-friendly interface: Remitly simplifies the money transfer process, making it easy for users to send funds.
• Payout options: The service offers various payout methods, including cash pickup, and deposits to bank and mobile money accounts.
• Continuous customer support: Remitly provides 24/7 customer support, ensuring assistance is always available.

Cons:

• Service coverage limitations: While Remitly covers major remittance corridors, its services might be limited or unavailable in certain regions.
• Transfer restrictions: The platform imposes limits on the maximum amount that can be sent, which might be restrictive for users needing to transfer large sums.

Who should use Remitly?

Remitly is a good choice for individuals who value ease and transparency in their money transfer services. It’s also ideal for those needing flexible payout options and continuous customer support. 

However, for users with requirements to send larger amounts regularly, it may be necessary to consider other providers that can accommodate bigger transfers without restrictions.

7. Western Union

Key features

Western Union is well-known for its extensive global network, featuring over 550,000 agent locations in 200 countries and territories. 

This wide reach makes it a preferred choice for those seeking easy international cash transfers, particularly in areas with limited digital banking infrastructure. 

Despite its strengths in cash transfers, Western Union’s exchange rates often fall short compared to other online money transfer services, with additional hidden costs related to currency conversion.

Pros:

• Cash transfers: Utilising its extensive network, Western Union facilitates easy and convenient cash transfers.
• Transfer delivery options: Users can select from multiple transfer options, with cash pickups and mobile wallet transfers typically processed within minutes, while bank deposits may take up to two days.
• Trusted reputation: With a customer base exceeding 150 million worldwide, Western Union has built a strong reputation for reliability and trust.

Cons:

• Exchange rate margin may incur additional costs for users compared to other providers.
• Transfer fees vary based on factors such as transfer amount, destination and payment method, with extra charges for currency exchange and different delivery options.
• Lack of transparency in fee disclosure may lead to uncertainty regarding total transfer costs.

Who should use Western Union?

Western Union is an excellent option if you prioritise the convenience of cash transfers, especially in regions where digital banking infrastructure is inadequate. 

This Revolut alternative is also suitable for those needing instant access to funds through cash pickups or mobile wallet transfers.

To find out how Western Union compares to other providers, have a look at Top 10 Western Union alternatives for international money transfers.

8. Wise

Wise key features

Wise specialises in currency conversion and cross-border transfers, supporting over 13 million customers globally. 

It offers transparent pricing and uses the mid-market rate for currency exchange, making it a popular choice for international money transfers.

Wise also offers comprehensive international account services for both personal and business clients, allowing users to manage multiple currencies within a single account.

Pros:

• Extensive global coverage: Wise supports transactions to over 80 countries and exchanges among more than 50 currencies.
• Transparent pricing: The platform uses the mid-market exchange rate, ensuring fair and cost-effective currency conversions.
• Versatile service range: Wise caters to both individual and business clients, providing a wide array of financial services.

Cons:

• No physical branches: Wise operates exclusively online, which might not be ideal for users who prefer in-person services.
• Service fees: While Wise offers competitive rates, transaction fees do apply and can vary based on the amount and destination.
• Limited cash services: The platform provides fewer options for cash-based transactions, focusing mainly on digital transfers.

Who should use Wise?

Wise may be a viable alternative to Revolut for those who need quick and efficient online payments internationally, for managing multi-currency accounts, or regularly receiving foreign currencies. It’s especially advantageous for users who prioritise transparent pricing and low fees in their currency exchanges. 

Businesses and individuals conducting frequent international transactions will find Wise to be a reliable and cost-effective solution.

Need to compare Wise against other international money transfer providers? We’ve got you covered:

• Wise VS Paypal
• Wise VS Remitly
• Wise VS Xoom

9. WorldRemit

Key features

WorldRemit is a convenient choice for those needing to send money to regions with less developed banking infrastructure as the platform supports money transfers to over 130 countries in more than 70 currencies. 

This Revolut alternative offers multiple payout options, including bank deposits, mobile money accounts, cash collection, delivery and airtime top-ups. 

WorldRemit provides instant quotes for fees and exchange rates online and through its app, ensuring transparency. 

Pros

• Wide global reach: WorldRemit covers over 130 countries and supports a broad range of currencies.
• Payout methods: The platform offers several payout options, including bank deposits, mobile wallets, cash collection and more.
• Transparent pricing: Users receive real-time quotes for fees and exchange rates, ensuring clear and upfront costs.

Cons:

• Exchange rate markups: The exchange rates include a markup, which can result in higher costs compared to other providers.
• Limited to personal transfers: WorldRemit primarily supports personal transfers and lacks business services.
• Variable availability: Not all payout methods are available in every country, which can limit options for certain destinations.

Who should use WorldRemit?

WorldRemit is a good choice for individuals needing versatile and straightforward methods to send money internationally. Its various payout options and the ability to quickly set up transactions make it a convenient service, especially in regions with limited banking infrastructure. 

However, those needing business services or lower exchange rate costs might need to consider other options.

10. Xe Money Transfer

Key features

Xe Money Transfer provides a wide array of currency tools and data, including live and historical exchange rates. It offers extensive support for 139 currencies and facilitates payments to more than 170 countries. 

The platform showcases the mid-market exchange rate within its currency data, although the rates applied for sending payments include a margin. 

Xe is known for its high volume capability, processing significant amounts annually, and offers user-friendly online account setup and phone support.

Pros:

• Extensive currency support: Xe allows transactions in 139 currencies to more than 220 countries and territories.
• High volume capability: The platform processes large sums annually, demonstrating its operational capacity and reliability.
• Ease of access: Xe offers convenient online account creation and phone support, ensuring accessibility and customer assistance.

Cons:

• Exchange rate margins: Xe applies a margin over the mid-market rate, which can affect cost efficiency.
• Variable fees and times: The charges and delivery times can vary depending on the destination country.
• No cash transactions: Xe does not support cash payments, which limits some types of transactions.

Who should use Xe?

Xe is particularly useful for individuals and businesses needing flexible, widespread options for international payments. 

This Revolut alternative is beneficial for those who require a platform with broad currency and country coverage. However, users looking for cash transaction services might need to consider alternative providers.

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Looking to send money at high speeds and low fees? Sign up to TransferGo today for easy online money transfers.