Best Neobanks Similar to Revolut
Revolut entered the banking industry with a determination to challenge the status quo, and it has been doing just that since its launch in 2015. Revolut is now more than just a neobank; it is a financial super app whose business model is being imitated by competitors such as challenger banks and fintech startups.
This article contains our top picks and reviews of the best neobanks and financial super apps like Revolut. We hope you'll find a great app to meet your banking and payment needs here.
Why Use Revolut?
Due to its rich variety of features and benefits, Revolut has become one of the most used neobanks in Europe and other parts of the world. It is a financial super app based in London that has more than 25 million users.
Why do digital nomads, freelancers, e-commerce merchants, refugees, and so many other categories of people use Revolut? The reason is that Revolut provides a single platform that comes with a variety of revolutionary solutions for digital banking and financial management. It focuses on offering innovative products and services that meet the diverse needs of contemporary consumers.
Revolut has become the first choice in many areas of consumer need. They include online banking, accepting payments securely, currency exchange, international money transfers, payment card usage and management, open banking, budgeting and analytics, crypto trading, stocks and commodities investments, savings accounts, pet insurance, cashback rewards, kid's account, and many more. For these reasons, millions of individuals and hundreds of thousands of businesses have chosen Revolut as their all-in-one platform for everything that has to do with banking and payments.
Should You Consider Using an Alternative to Revolut?
Revolut is a financial super app and a great online banking platform. However, mostly because of its cons, which include monthly fees for access to all its features and a lack of worldwide availability, some consumers are looking for better alternatives to Revolut.
If you cannot access Revolut in your location or you are tired of coping with its weaknesses, you should consider using another platform. Ensure that your new choice can provide the level of service you desire. We will show you the best Revolut alternatives later in this article.
What to Look for in a Revolut Alternative
Now we will take a look at the crucial aspects that you need to consider when selecting an alternative banking application to Revolut. These factors can help you find the best neobank or financial super app. They basically include the following:
An intuitive and user-friendly mobile app
Since Revolut is a neobank, an ideal alternative to it would be another neobank or a mobile-only bank. The service provider should have an app that can run smoothly on smartphones and similar digital devices. You should be able to easily use it for bank account registration, balance enquiry, funds transfer, short- or long-term investment, and many other functions without having to visit a physical office.
Multicurrency digital accounts
The ability to set up digital accounts in several currencies (multicurrency) would be a feature of an ideal Revolut substitute. With such an app, you can quickly save money in EUR, GBP, USD, or any other preferred currencies in your account and make easy and free conversions whenever the exchange rate is favourable.
Bank-level security
When searching for an alternative to Revolut, you should look for a digital service that is not just safe and secure but also one that operates at the same international standards used by top banks. This applies to its online banking platform and mobile app. There should be online payment security options such as the use of a strong password, two-factor authentication, biometric verification, 3D Secure, data encryption, and tokenization. The company should be PCI DSS Level 1 compliant.
Modern payment options
Your choice of a replacement app for Revolut should be one that supports contemporary methods of making payments at physical stores and e-commerce sites. Its debit or credit card should be contactless, allowing you to make faster and safer payments at checkout. Also, it would be a plus if the service allowed you to make payments using pay by link, QR code, voice command, facial recognition, digital currency, and/or cryptocurrency.
Support for investment
Revolut is a digital service that can be used to conveniently invest in stocks, cryptocurrencies, precious commodities (such as gold), and high-yield savings vaults, starting with just US$1. In the same vein, it will be of greater benefit to you if your choice of an alternative to Revolut supports investment in such assets or financial instruments as the aforementioned.
Top Revolut Alternatives You Can Choose From
Super apps like Revolut are rare, which is why it is arguably the only one of its kind in Europe at present. Nevertheless, if you are more interested in having certain features of a neobank or super app than all of what Revolut offers, we are sure you will find a better alternative here.
Below is our list of the best Revolut alternatives to choose from. They are presented in no particular order.
1. N26
N26 is the best alternative for mobile banking in and outside Europe. Based in Berlin, this neobank is defining the future of banking through its innovative mobile-only operations in more than 20 countries. This fintech company is serving more than 8 million digital banking consumers and meeting their needs through its various accounts and online tools for money management.
From virtual cards to crypto payments, N26 has proven itself to be one of the best banks in the world. It is no surprise that it was voted number one (#1) among the world's best banks in 2021 by 43,000 people from across the globe.
N26 gives you a personal or business bank account that enables you to seamlessly manage your finances. The services it offers include sending money, getting paid, keeping track of all changes in your account, and buying and selling more than 200 cryptocurrencies at low fees.
N26 is on its way to becoming a financial super app. If you want a Revolut alternative that can provide all that you need for easy and convenient all-in-one mobile banking regardless of your device, then choose N26.
2. Lydia
Lydia is the best choice if you're looking for an alternative for joint accounts and micro fundraising. Lydia is a neobank based in Paris that provides revolutionary banking and payment solutions. Through them, it has won the attention of more than 7 million people who trust its mobile-banking platform daily for their financial needs.
There are a variety of accounts you can open on Lydia. They are joint, current (or checking), savings, and investment accounts. Through its innovative money pots, this platform also supports online donations, which are also known as micro-crowdfunding, towards social events and group purchases.
Roommates, friends, and couples who would like to have joint accounts can use Lydia as their alternative to Revolut. It offers a free joint mobile account that can be used to manage payments for in-store groceries, online shopping, regular subscriptions, rent, or any other expenses.
Lydia also provides opportunities to send and receive payments in several ways. They include mobile payments, physical and virtual cards, and contactless payments. You can also get cashback for using its Visa cards for in-person and online shopping.
3. Chime
If you live in the United States, you can choose Chime as your best alternative to Revolut. Chime is a California-based neobank that has contributed significantly to the positive experience of online banking in America. This service is one of Zelle's competitors. Chime is the best alternative for online banking and high-yield savings in the USA.
With Chime, you can make online fund transfers, sending and receiving money with ease. Its products include a credit builder, overdraft with no fees, free debit cards, checking and savings accounts (with high yields), as well as access to more than 60,000 ATMs without fees. Also, you can use the Chime card wherever Visa is accepted. However, the app is not available for use outside the USA.
4. Wise
Those who like to use Revolut for international money transfers can opt for Wise as an alternative when they need something quite different or relatively better. The Wise cross-border payment platform is great for making transfers without paying high fees. It offers a variety of funds transfer methods, which include “Fast Transfer” via debit or credit cards, “Low Transfer” via a bank account, and “Easy Transfer” via an online payment service.
Wise is a payment service and fintech company that offers a multi-currency account you can use to receive payments from abroad. It supports UK account numbers, US routing numbers, and Euro IBAN. Also, it offers a card for international shopping at a real exchange rate. The Wise Card can be used in over 175 countries.
5. Monese
Anyone more interested in open banking or personal budgeting can make Monese their choice of a substitute for Revolut. This London-based fintech company provides specialised services to expats, refugees, and other individuals and businesses at competitive fees.
Through the Monese open banking service, which allows multiple accounts linking, you get a single platform for managing all your UK bank accounts. It also allows you to top up your account via instant bank transfers.
Monese is also helpful for sticking to your budget. It provides nice tools for staying on track with your goals regarding the amount you spend and on what it is spent. You can create and customise up to 10 money pots on Monese for separate savings, with each having its own purpose. This Revolut alternative can take care of your personal budgeting needs.
6. ZEN
Zen is an international fintech firm that can provide you with up to 15% cashback on your expenses. If you are a frequent shopper and you want to have an app and a Mastercard card that enable you to have a happy shopping experience, ZEN is one of the best you can get on the market.
You can create a personal or business account with ZEN to enjoy its attractive features. For example, online shopping is free of all kinds of fees when you use the ZEN card, and your digital account on this platform can hold up to 29 different currencies for cheap and convenient payments.
7. Vivid
Looking for the best alternative for checking accounts and multi-asset investments? Choose Vivid, also known as Vivid.Money! It's a German neobank that helps people grow their money while effortlessly managing their everyday spending with cashback rewards. It provides banking and investment services to individuals and businesses, just like Revolut.
Opening a Vivid account will enable you to meet all your financial needs on a single platform that lives on your mobile phone. In partnership with Solarisbank AG, Vivid offers a checking account that comes with up to 15 multi-currency pockets with unique IBANs for users to hold their money.
In terms of investment, Vivid is a digital banking platform that also grants its users access to more than 3,000 EU and US stocks, exchange-traded funds (ETFs), and over 300 popular cryptocurrencies (which include Ethereum, Bitcoin, Cardano, Solana, Litecoin, and Dogecoin). It is a single app and Revolut alternative for those interested in both online banking and multi-asset investing.
8. SoFi
SoFi is the closest to Revolut among its competitors that operate as neobanks or financial super apps and provide digital accounts for individuals and businesses. It was initially known as Social Finance Inc.; hence, the current name was coined from the first two letters of the previous name. SoFi is the best super app and neobank outside Europe.
SoFi is a fintech company founded in 2011 by students at Stanford Business School in California, USA. The purpose was to connect recent graduates with the alumni community, which would provide them with funding through student loan refinancing. Three years later, SoFi added mortgages, and in 2015, it started to provide personal loans.
Over the years, with a mission to help millions of people attain independence in their finances, SoFi has grown into a neobank for everything money and an investment platform. It is now a leading financial super app in the United States, Australia, China, Hong Kong, Singapore, and Japan, where its services are available. But SoFi’s debit and credit cards can be used internationally in places where Mastercard is accepted.
SoFi considers its customers as “members” of the company. It currently has more than 5 million members across the world and has provided more than US$50 billion in funded loans.
SoFi has other notable products for people from different walks of life and businesses of various sizes. They include credit card consolidation loans, medical profession refinancing, home improvement loans, initial public offering (IPO) investing, fractional shares, ETFs, automated investing, retirement accounts, crypto trading and investing, credit cards with up to 3% cashback, online checking and savings accounts with no fees and up to 3.75% APY, various insurance policies from auto to cyber, and financial insights for everything about your account with budgeting and credit score monitoring included.
Indeed, SoFi is the best alternative to Revolut for banking and investment enthusiasts outside of Europe. Go to SoFi now to create an account and start to enjoy all its benefits.
FAQ
Revolut is called a super app because it is a single platform that can perform many financial functions. In that way, it saves its customers from the stress of installing and using several apps for special functions. With Revolut, they can conveniently manage all their banking, payments, and investment needs on one mobile app.
Before you make any exchange or foreign transaction on the Revolut digital service, the fees you will be charged will be shown on the screen. If you are not okay with the cost, you can decide not to continue with the transaction. In that way, you will not have to pay the fees.
Nonetheless, the smartest way to avoid paying Revolut fees is to upgrade your account to Revolut Premium or Revolut Metal. For example, for a fee of 6.99 GBP per month, Revolut Premium removes the limits and fees on your foreign exchange, gives you up to 5% cashback on your expenses, allows you to make free international money transfers, and lets you withdraw up to 400 GBP for free every month.
Revolut is a great financial app for everyone, but it is not perfect. In terms of cons, Revolut does not accept cash or check deposits; there are complaints about the quality of services provided by its customer support; the super app does not provide overdraft; and there are various low limits on your account, depending on the type you have.
The main competitors of Revolut are SoFi, Wise, Chime, Vivid, ZEN, Monese, N26, and Lydia, to mention only the best among them.
No, Revolut can be used outside the European Union. It is available in the United States, Australia, Switzerland, Singapore, and Japan.
The bank behind Revolut is Revolut Bank UAB. It is licensed by the European Central Bank and under the regulation of the Bank of Lithuania. The current account, demand deposit account, payment, and credit services of Revolut are provided by this bank.
Yes, Revolut has an IBAN. Eligible and verified customers can see it in the Revolut app. For example, the IBAN of a customer of Revolut in Europe begins with “LT,” showing that it was issued by Revolut Payments UAB, which is an electronic money institution (EMI) in Lithuanian.
Conclusion
There are many Revolut alternatives if you want to pick them by their functions. We have listed the best among them above. However, keep in mind that while these apps are similar to Revolut in either online banking or digital investing, only SoFi can be considered a worthy alternative financial super app in terms of its diverse composition of products and services.
But since SoFi is not yet available in Europe, we recommend that you choose any of N26, Lydia, Wise, Monese, ZEN, or Vivid for a more satisfying financial experience. Let your choice be guided by your most desired services.
