Sending money overseas has simplified significantly over the last couple of decades. You no longer have to visit a bank or an office of a forex broker, and you can transfer funds overseas while on the move, from practically anywhere. If you wish to carry out an international money transfer easily and in a cost-effective manner, you may choose either TransferGo or Revolut. However, is one better than the other?
Side by Side
|Offices in the UK, Germany, and Lithuania||Offices in the UK, the U.S., Canada, Germany, France, Spain, Australia, India, and other countries|
|No agent network for cash transfers||No agent network for cash transfers|
|Transfer speed may affect exchange rates||Uses interbank rates to carry out transfers|
|Offers Standard, Next Day and Fastest Delivery transfers||Fee-free monthly threshold of €5,000/£5,000 per month for Standard customers, after which a 0.5% fee applies|
|No ongoing account keeping fees||Different types of accounts come with varied account keeping fees|
|No multicurrency or receiving accounts||Receiving accounts in EUR and GBP; lets you hold money and transact in around 30 more currencies||Supports transfers in more than 50 currencies||Transfer funds in more than 130 currencies|
|Serves individuals and businesses||Serves individuals and businesses|
|Does not let you schedule transfers||Lets you carry out spot and recurring transfers|
If you take the Revolut vs. TransferGo comparison to Trustpilot, you get an indication of how customers of both companies rate their services. On this platform, while TransferGo averages of 9.6 out of 10, Revolut averages at 8.8 out of 10.
Since both companies, receive largely positive reviews, selecting Revolut or TransferGo requires that you take different aspects into account. Besides, your individual requirements might play a role too. The different facets that this comparison delves into include:
- Exchange Rates
- Multi-Currency Bank Accounts
- Debit/Travel Cards
- Ease of Use
- Regular Overseas Payments
FeesNo matter whether you select TransferGo or Revolut, you might be able to carry out fee-free transfers.
- Depending on the destination country, TransferGo provides Standard, Next Day, and Fastest Delivery transfers
- Fastest Delivery transfers come with the highest fees
- A commission of 0% to 2.2% in addition to a fixed fee might apply depending on where you live
- The fixed fee for carrying out Next Day transfers from the UK stands at £0.99, and the margin can be as low as 0.70%
- You may get additional details about its fee structure online
- You may transfer up to £5,000/€5,000 each month without paying any fees
- Once you exceed the limit, you pay 0.5% in the form of fair usage fees
- As a Premium or Metal user, you get unlimited free transfers
- For the Premium membership, you need to pay €7.99 per month
- Metal membership comes at a cost of €13.99 per month
- As a standard member, you need to pay added fees to carry out turbo transfers
- You may get more information about how much your transfer might cost online
Debit/Travel CardsWhether or not you need a linked debit or travel card has a bearing on if you should select Revolut or TransferGo.
TransferGo does not provide a debit or travel card yet
- The number of free ATM withdrawals you get depends on the type of account you hold
- As a Premium or Metal account holder, you may access up to five cryptocurrencies through your card
- An annual maximum spending limit of £30,000 applies on Metal account holders
- A £5,000 96-hour period spending limit also applies on Metal account holders
- You may withdraw up to £2,000 from ATMs per day
- You get access to different insurance covers as a Premium or Metal account holder
Ease of UseBoth companies score well in this section of the TransferGo vs. Revolut comparison.
- You may transfer funds using the TransferGo website or app
- The company operates a multilingual website
- It accepts payments via bank account transfers
- You may pay using Visa or Mastercard debit and credit cards in GBP, EUR, NOK, DKK, SEK, and PLN
- Same day transfers give you a quick way to send money overseas
- You need to use the Revolut app to carry out a transfer
- You may use the app in different languages
- You may pay using a bank account transfer, a debit card, a credit card, Apple Pay, or Google Pay
- Turbo transfers come with quick processing times
- Revolut provides receiving accounts in EUR and GBP
- You may hold funds and transact in around 30 currencies
- Use the prepaid Metal card in over 150 currencies and benefit by getting interbank rates
- Buy, exchange, and hold different cryptocurrencies such as Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash
Regular Overseas Payments
This section of the TransferGo vs. Revolut comparison has a clear winner. While Revolut lets you schedule transfers with ease, TransferGo does not provide this functionality yet.
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