- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Travel Debit Card
- Global Bank Accounts
Long gone are the days when you had to rely on banks and a limited number of high street forex brokers to send money overseas. Using technology to their advantage, a number of companies now let you transfer money from the comfort of your homes and offices, and even when you are on the move. However, while using either Revolut or PayPal gives you a convenient way to transfer money overseas, might you benefit more by using one instead of the other?
Side by Side
|Office only in the UK||Offices in the U.S., Canada, the UK, Germany, France, Italy, Spain, Sweden, Switzerland, Belgium, and the Netherlands|
|Transfer directly to overseas bank accounts||Supports transfers only to other PayPal users|
|Interbank rates apply on all transfers||Adds a markup to existing interbank rates|
|Fee-free transfers of up to GBP 5,000, after which a 0.5% transfer fee applies||No fees to transfer funds to other PayPal users - fees apply when you withdraw funds to a bank account|
|Monthly fee may apply depending on the type of account you choose||No monthly fee for the PayPal account - the PayPal debit card comes with a monthly fee|
|Bank accounts in GBP and EUR - transact and hold funds in over 20 other currencies||Create balances and transact in 20 currencies|
|Transfer funds to more than 130 countries||Transfer funds to most countries the world over|
|Serves individuals and businesses||Serves individuals and businesses|
|Choose from spot and recurring transfers||Offers only spot transfers|
If you wish to look at what customers of both companies feel about their services, consider taking the PayPal vs. Revolut comparison to Trustpilot, a platform that relies on user reviews. Here, while Revolut averages at a healthy 8.1 out of 10, PayPal users do not rate the company particularly well.
Since individual requirements tend to have an effect on the decision making process, selecting PayPal or Revolut requires that you consider these aspects:
- Exchange Rates
- Multi-Currency Bank Accounts
- Debit/Travel Cards
- Ease of Use
- Regular Overseas Payments
This section of the PayPal vs. Revolut comparison tilts the scales in favor of the latter because of its fee-free limits.
- You may transfer up to €5,000/£5,000 every month without paying any fees.
- When you exceed the fee-free monthly limit, a fair usage fee of 0.5% applies.
- You benefit through unlimited free transfers as a Premium or Metal user.
- The cost of Premium and Metal membership is €7.99 per month and €13.99 per month, respectively.
- Turbo transfers for standard members come at an added cost.
- You may get further details about the company’s pricing structure online.
- One factor that affects PayPal fees is your country of residence.
- In some countries, PayPal transfers come with 2% to 2.75% conversion fees.
- Funding a transfer from the U.S. by using a bank account or PayPal balance comes with a fee of up to 2%.
- Expect to pay a higher fee if you fund your transfer via a credit card.
- PayPal charges fees when you withdraw funds into your bank account.
Debit /Travel Cards
Depending on where you live, you may apply for a prepaid or debit card through Revolut or PayPal.
- Revolut membership plans include standard, premium, and metal
- The free ATM withdrawals you qualify for as well as exchange fees depend on the type of account you hold
- If you are a metal cardholder, you may spend a maximum of £30,000 or its equivalent in another currency per year
- Metal cardholders can spend up to £5,000 or its equivalent in another currency in a 96-hour period
- ATM withdrawals limit to £2,000 or its equivalent in another currency per day
- With the premium and metal plans, you get free insurance covers
- You get instant access to up to five cryptocurrencies through premium and metal plans
- You may use the PayPal debit card to receive direct deposits
- Making transfers from your PayPal account to your card account is simple
- You may reload your card at physical locations
- You stand to earn cashback rewards when you use the card at participating merchants
Ease of Use
Using overseas money transfer services of PayPal or Revolut is fairly straightforward. However, both companies provide different features and functionalities, so choosing one may well depend on your individual requirements. Both provide apps for devices that run on iOS and Android.
- Revolut lets you transfer money only through its app.
- You may access the app in various European languages.
- Acceptable modes of payment include debit cards, credit cards, bank account transfers, Apple Pay, and Google Pay.
- Turbo transfers come with quicker turnaround times.
- You may use free receiving accounts in EUR and GBP.
- You may holds funds in up to 25 currencies.
- The Revolut vault is designed for long-term savings.
- The prepaid Metal card gives you access to money in your account in over 150 currencies and you benefit by getting interbank rates.
- Revolut lets is users buy, hold, and exchange cryptocurrencies such as Bitcoin Cash, Bitcoin, XRP, Ethereum, and Litecoin.
- PayPal provides services for individuals, businesses, and online sellers.
- It operates a multilingual website.
- You may transfer money only to other PayPal users.
- Depending on where you live, you may withdraw transferred funds into your local bank account or use the money to shop online.
- It accepts payments via debit cards, credit cards, bank account transfers, and PayPal balances.
Regular Overseas Payments
One company does better than the other in this section of the Revolut vs. PayPal comparison. While Revolut lets you set up scheduled transfers easily, PayPal is yet to start offering this service.