TransferWise Logo

TransferWise

TransferWise is a UK-based international money transfer company. It is the closest Revolut alternative. While TransferWise provides services to individuals and businesses, it is among the few alternatives to Revolut that also offer a free debit card.

The TransferWise Borderless Account is available to individuals and businesses comes with fee-free receiving accounts in USD, GBP, EUR, AUD, NZD and SGD. The TransferWise Mastercard debit card gives you easy access to money in your Borderless Account. With Revolut you can have multi-currency receiving accounts, they are all located in the UK. This means if you are living abroad, receiving funds in to one of your multi-currency accounts costs may be incurred by the sender due to international transfer fees.

While TransferWise does not have a banking license, it also provides a savings bucket where you can segregate your digital wallet money from your Borderless debit card. Very handy indeed. 

TransferWise is also a cheaper alternative to Revolut. No monthly fees, no debit card issuance fee. Same low currency conversion rates on the weekend, where Revolut costs a lot more to spend on their debit card in foreign countries on the weekend. If you spend more than $500 a month when overseas, TransferWise would be the cheaper alternative. Revolut's currency conversion fees are increased to 2% after your monthly fee free spending threshold.

Pros

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Sign up as an individual or a business
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Free foreign currency optimized debit card
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Use the TransferWise Mastercard to access funds in your Borderless Account globally
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The Borderless Account gives you access to receiving accounts in USD, GBP, EUR, AUD, NZD and SGD with unique local banking details.
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Use the Borderless Account to hold funds and make transactions in more than 40 currencies
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Multilingual websites for the UK, France, Italy, Germany, the U.S., Canada, Australia, New Zealand, Japan and Singapore
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Depending on where you live, you may pay using a credit card to send money overseas

Cons

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Not all foreign currency corridors supported by its peer-to-peer network
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Does not provide currency risk management tools for businesses
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Transfer fees may vary depending on the currencies involved, the payment method and the transfer method
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No banking license

WorldFirst Logo

WorldFirst

This UK-based Revolut competitor also has offices in the Netherlands, Japan and Hong Kong. It provides services to individuals, businesses and online sellers. If you sign up for the World Account, you get access to free receiving accounts in USD, CAD, GBP, EUR, AUD, NZD and JPY. World First operates multilingual region-specific websites. A debit card is not provided with their WorldFirst World Account. That may be make or break for some individuals or businesses. However, for large money transfers or receiving larger sums of money in foreign currencies, WorldFirst is the better choice. Their extremely low and transparent currency exchange structure can save individuals and businesses money moving larger sums of money internationally. 

Pros

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Register as an individual, a business or an online seller
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Sign up for the World Account as a business or an online seller
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The World Account comes with receiving accounts in USD, GBP, EUR, AUD, NZD, JPY and CAD – you may use these accounts to save on currency conversion fees
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Multilingual websites for the UK, the Netherlands, France, Singapore and Japan
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Charges a transparent margin over existing interbank/mid-market currency exchange rates, which varies depending on your expected annual transfer amount
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Currency risk management tools available for businesses. For example, set up forward contracts and scheduled transfers
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You can connect your World Account with Xero
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Personal / business account managers available over the phone

Cons

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No debit card available for WorldFirst World Account customers
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Does not accept customers from the U.S.

Payoneer Logo

Payoneer

Depending on where you live, you may use the services of this U.S.-based Revolut alternative to make and/or receive payments. Payoneer customers get access to receiving accounts through the company’s Global Payment Service. This gives them the ability to receive payments in the form of local transfers from the U.S., the UK, the Eurozone, Australia, Canada, Japan and China. Online sellers may use the company’s services to receive payments from different e-commerce marketplaces.

Pros

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Payoneer offers receiving accounts in USD, CAD, GBP, EUR, AUD, JPY and CNY
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Lets you hold funds and transact in multiple currencies
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Use the Payoneer Mastercard to access funds in your account globally
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Make payments using bank account transfers, debit cards or credit cards

Cons

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Money can only be sent to other Payoneer users
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Country limitations
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The Payoneer Mastercard comes with an annual fee

OFX Logo

OFX

OFX is an Australia-based Revolut competitor that also has offices in New Zealand, the UK, the U.S., Canada and Singapore. You may sign up as an individual, a business or an online seller. The OFX Global Currency Account offers free receiving accounts in USD, CAD, GBP, EUR, AUD and HKD. It is also compatible with most popular e-commerce marketplaces. Businesses may use the Global Currency Account to make payments in the same currency and to pay suppliers directly. The company operates dedicated region-specific websites, which are available only in English.

Pros

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Serves individuals, businesses and online sellers
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Offices in Australia, New Zealand, the UK, the U.S., Canada and Singapore
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No fees for personal transfers
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Lets you set up market orders, forward contracts and scheduled transfers
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Sign up for the OFX Global Currency Account and get free receiving accounts in USD, CAD, GBP, EUR, AUD and HKD
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Initiate transfers online or over the phone
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Get local phone support in various countries

Cons

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Can not access funds in the OFX Global Currency Account by using a card
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No multilingual websites
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Allows transfers of some currencies only over the phone