Top 5 Revolut alternatives: compare fees, features & benefits

If you run a growing business, you’ll need a payment platform that will allow you to open local accounts in several currencies, seamlessly accept payments from international customers, and send money across borders without excessive fees.

Whilst Revolut may be one of your options, you may like to consider its alternatives to see which one suits your needs best.

What is Revolut?

Revolut, established in 2015, is a UK-based financial technology company offering digital financial services to consumers and businesses. Revolut has, as of June 2024, amassed over 45 million customers across personal and business accounts.

Revolut can be a handy option for freelancers, gig workers, and micro businesses for domestic payments and simple foreign exchange and global payment needs. The budget pricing plans and debit cards make Revolut an affordable choice for sole traders who need to invoice international clients.

However, Revolut may be less equipped to meet the more complex cross-border financial needs of larger high-growth companies. Revolut charges monthly account fees for some plan allowances, and also charges transaction fees once plan allowances are exceeded.

The top alternatives to Revolut 

Here are the top alternatives for Revolut.

• Airwallex is a global financial technology company that offers a range of financial services, including online payment acceptance and processing (checkouts), international payments, multi-currency accounts, and corporate cards. Founded in Australia, we strive to simplify cross-border transactions for businesses of all sizes.

• Stripe is a financial services and software-as-a-service company that facilitates online payment processing for businesses of all sizes. It provides the infrastructure for accepting payments ‌and managing revenue.

• Payoneer is a financial services company that offers online money transfer and digital payment services. It provides businesses with cross-border payment solutions, enabling them to send and receive payments in multiple currencies through their global payment platform.

• PayPal is a payment gateway that's been established for 20 years. It enables eCommerce brands to facilitate payments from credit cards, debit cards, and bank transfers.

• Wise (formerly TransferWise) is a financial technology company that provides international money transfer services to individuals and businesses. It offers multi-currency accounts to hold, convert funds, and make payments.

Compare the top 5 alternatives to Revolut

The top Revolut alternatives: key features and fees

Airwallex, Stripe, Payoneer, PayPal, and Wise are all alternatives to Revolut, but each have their own strengths. Our platform, Airwallex stands out from the rest with our end-to-end financial operations and global reach. It’s a strong option if you’re looking to scale your financial operations domestically or internationally. 

Below, we summarise the key features and fees of each Revolut alternative. For full product and fee information, including other charges, please visit each provider’s official website. 

Airwallex

Airwallex is a global payment solution that lets you accept payments in more than 160 payment methods across 180 countries. No-code to fully-customisable integration options make it easy to get started quickly, and you can save your business a tonne of fees with like-for-like settlement into multi-currency accounts. In other words, you can settle payments in the same currency that your customers pay in, saving you on costly exchange rates. 

It’s easy to open an account with local bank details in Airwallex, without having to go to a bank or complete any complicated paperwork. The platform also offers FX and transfer solutions, with competitive interbank fees. Uniquely, our investment product, Yield, allows businesses to earn competitive rates on their idle AUD and USD funds. Other features like virtual cards, accounts payable, and expense management, make it ideal for growing businesses. 

Airwallex fees: 

Subscription Fees: Airwallex’s ‘Explore’ bundle starts from $29 per month, which can be waived by holding a minimum of $10,000 or depositing $5,000 per month. 

Domestic transactions: Free

International transactions: Free to 120+ countries

Pros

• An all-in-one platform for business financial operations, combining accounts, payments, corporate cards and more

• Low-cost international transfers 

• Extensive global reach to convert, send, and hold funds

Cons

• No physical branches - digital only platform and service

• New updates and optimisations being released regularly, which may not suit the user habits of all consumers

• Physical POS system coming soon

Stripe 

Stripe is a financial technology company that provides businesses with infrastructure for offline and online payments. It offers a suite of payment processing APIs, letting businesses accept, manage, and reconcile online transactions. For brick-and-mortar stores, they offer a POS system to accept in-person payments. Stripe's tools and services support various payment methods and currencies, providing global reach. However, Stripe does not offer a multi-currency account to hold international funds, or expense management tools to assist with a full suite of financial operations. 

Stripe fees: 

Subscription fees: No account fees

Domestic transactions: 1.7% + $0.30 per transaction

International transactions: 3.5% + $0.30 per transaction. An additional 2% is charged if currency conversion is required. 

Pros

• Extensive analytics and reporting tools

• POS system for physical stores

• Minimal subscription fees may make Stripe an accessible option

Cons

• Primarily a payments product, with no multi-currency accounts or corporate cards

• Users may need another platform to manage other financial operations

• Costly for international transactions, especially where currency conversion is involved

Payoneer 

Payoneer is a popular choice for freelancers and businesses due to its specialised focus on cross-border transactions. The platform offers an intuitive interface, supporting multiple payment methods such as bank transfers and debit/credit cards. Payoneer also provides a prepaid Mastercard at $29.95 annually, which can be used for online and in-store purchases. Whilst they offer payment processing services for marketplaces and platforms, fees are higher for international transfers, which may become costly. 

Payoneer fees: 

Subscription fees: Free account. Prepaid Mastercard costs $29.95 per year.

Domestic transactions: Free for transactions between Payoneer accounts. All other transactions cost 2% or 3% per transaction if paying via credit card

International transactions: 0.5% transfer fee

Pros

• Supports multi-currency accounts and currency conversion 

• Serves both individuals and businesses

• Free transactions between Payoneer accounts

Cons

• Transfer limits of $15,000USD per credit card transaction, which may be limiting for larger businesses 

• Primarily a payments product, with no multi-currency accounts or corporate cards

• Users may likely need another platform to manage other financial operations

PayPal 

PayPal supports a variety of payment methods, including credit and debit cards, bank transfers, and PayPal balances. The platform also offers invoicing, subscription payments, and mobile payments. 

PayPal’s widespread acceptance makes it a convenient choice for both personal and business use. However, PayPal is likely to incur higher fees for business transactions, which in the long-term may affect a business’ bottom line. 

PayPal Fees: 

Subscription fees: Free account

Domestic transactions: 2.6% plus fixed fee 

International transactions: 3.6% plus fixed fee

Pros 

• Wide-spread acceptance and various payment methods

• Suitable for physical and digital stores

• Offers buyer and seller protection

Cons

• Higher fees for international transactions

• Whilst it may be easy to use, there are limited customisations available 

• Doesn’t hold multi-currency funds

Wise 

Wise is a UK-based financial technology company focused on simplifying global money transfers. It offers businesses multi-currency accounts where customers can accept and hold payments in nine currencies and transfer funds to over 70 countries. They also offer virtual debit cards, batch international transfers, and accounting software integrations. Whilst Wise services individuals and micro businesses, it may not be most suitable for growing businesses that require a single unified platform for all financial operations. 

Wise Fees: 

Subscription fees: Free account. But to receive funds from 23 currencies, it costs $22. 

Domestic transactions: From 0.65% when sending money. To withdraw over the $350 limit per month, it costs 1.75% per transaction. Receiving domestic payments is free.

International transactions: International transaction fees start from 0.65% with additional fixed fees transferring via SWIFT network. Currency conversion fees are applied on top of these fees. 

Pros 

• Simple interface for individuals and businesses

• Offers virtual debit cards 

• Integrates with accounting software

Cons

• Relatively high fees per international transaction 

• Not cost-effective for larger number of transactions

• Does not offer advanced analytics or expense management tools

Why choose Airwallex over Revolut?

What questions should I ask when choosing alternative providers to Revolut?

Here are the top 10 most important questions for businesses to consider when choosing an alternative to Revolut. Use these as a handy guide when doing your research.

• What is your fee structure?

• Are there any additional costs for large transactions?

• What are the charges for international transactions and currency conversions?

• What level of payment volumes do you support?

• What is the speed of transaction processing, particularly for large and international transfers?

• Can you facilitate automated payments?

• What security measures do you have in place to protect sensitive financial data?

• What accounting software integrations do you offer?

• Do you provide dedicated account management support?

• Do you offer corporate and employee cards? 

Final thoughts on alternatives to Revolut

While both Airwallex and Revolut offer global payment services and multi-currency business accounts at good rates, there’s a clear distinction between the kind of business each platform works best for.

Revolut offers a good option for solopreneurs and startups moving some money abroad, as well as those dealing in crypto and stock investments. 

If you’re a scaling company expanding into new markets and targeting worldwide customers, Airwallex’s sophisticated multi-currency business account capabilities are designed to help you grow.

From holding balances globally to moving money instantly with real-time oversight, Airwallex’s features were developed to solve multi-currency transaction challenges. 

If you’re a large organisation, you’ll benefit from 0% domestic transaction fees and 0% international transaction fees when sending to 150+ countries where Airwallex has local payment rails. Airwallex also has multiple accounting software integrations and advanced expense management tools, simplifying all businesses’ financial operations.

From the get-go, businesses that use Airwallex receive access to Corporate Cards to manage employee spend and Yield, an investment feature that allows businesses to earn competitive rates on their idle AUD and USD funds. For businesses that are serious about cutting costs and saving on their bottom line, Airwallex is a clear winner. 

Sources & references

1. https://stripe.com/payments/payment-methods

2. https://stripe.com/au/pricing

3. https://www.payoneer.com/manage-currencies

4. https://www.payoneer.com/about/pricing/#pay-your-supplier

5. https://www.paypal.com/au/enterprise/payment-methods

6. https://www.paypal.com/au/webapps/mpp/merchant-fees

7. https://wise.com/au/business/receive-money

8. https://wise.com/au/pricing/business

9. https://www.revolut.com/business/multi-currency-accounts/

10. https://www.revolut.com/business/business-account-plans/

11. https://help.revolut.com/business/help/receiving-payments/transfers-info/international-iban

12. https://www.revolut.com/business/cards/

13. https://www.revolut.com/business/partner-apps/

14. https://www.revolut.com/business/money-transfers/

15. https://www.revolut.com/business/savings/

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]].

The Airwallex Yield Liquidity Fund (Yield) is issued by K2 Asset Management Limited (K2) (ABN 95 085 445 094, AFSL No 244393), a wholly owned subsidiary of K2 Asset Management Holdings Limited. This information doesn’t take into account your objectives, financial situation, or needs. Read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Yield, available at www.airwallex.com.au/terms from Airwallex Capital Pty Ltd (ABN 37 609 653 312, AFSL No. 549026). All investments carry risk.