Revolut alternatives for sending money abroad - 2024
Wise | TorFX | OFX | Remitly | WorldRemit
Sending money overseas? You may be trying to decide which service will work best for your international transfer, based on costs, speed and convenience. While you might have heard of Revolut as an option for overseas payments, it’s not the right choice every time - but the good news is that there are plenty of other sites like Revolut which can help.
Every payment is unique - so it’s well worth looking at a few similar companies to Revolut to see if an alternative might suit you better for your specific transaction needs. In this article, we will show you 5 alternatives to Revolut, how they compare and why they might be better than Revolut.
In our comparison we picked out the following Revolut alternatives you may want to consider:
Wise - Mid-market exchange rates and fast - or even instant - transfers
OFX - No transfer fee and 24/7 phone support if you need it
TorFX - Known for great customer service and personal account management
Remitly - Good choice for cash collection or home delivery
WorldRemit - Popular option with different pay out methods including cash collection and airtime top up
Alternatives to Revolut comparison
To get started let’s look at some Revolut alternatives which may suit your specific needs. To compare, we've taken into account their speed, transparency, ease of use and price when transferring money abroad. We’ll look at each of these money transfer services like Revolut in more detail next.
|Mid-market exchange rate
|50%+ of payments are instant, 90% arrive in 24 hours
|Exchange rate includes a markup
|Most transfers are received within 24 hours
|Exchange rate includes a markup
|1 - 2 working days
|Exchange rate includes a markup
|Varies by destination and payment type
|Exchange rate includes a markup
|Cash collection payments can be more or less instant, bank deposits may take a little longer
As you can see, there’s a good range of Revolut alternatives - the one that’s best for you will depend on the type of payment you want to make, and the destination country.
Wise offers fast payments with the mid-market exchange rate and low fees from 0.43%
OFX has a 24/7 phone service which lets you talk to a broker to understand your payment options
TorFX supports payments for personal and business customers in 40+ currencies, and has a reputation for great customer service
Remitly has payments to banks and for cash collection, on popular remittance routes
WorldRemit can help if you want to get your money to someone without easy access to a bank account or ATM
Wise offers UK personal and business customers easy ways to make cheap, fast international payments as well as the Wise multi-currency account to hold and exchange 40+ currencies in one place. Set up your transfer online or in the Wise app, for deposit to your recipient’s bank account quickly - or even instantly.
Best Wise features
Wise payments can be sent to 160+ countries, with the mid-market exchange rate and low, transparent fees. Wise stands out on price and speed of transfers - 50% or more payments arrive instantly, and 90% are in the recipient’s account in 24 hours.
If you’re looking for a way to receive, exchange or easily spend in foreign currencies, you can also get a Wise account to hold 40+ currencies, receive payments in up to 10 currencies, and spend in 150+ countries with a Wise international debit card.
Why you should use Wise as an Revolut alternative
Wise is a strong Revolut alternative, with some overlapping features and services including mid-market exchange rates, fast payments and international accounts. Wise has low, transparent fees for all transfers - and if you decide to open a Wise account there are no monthly charges to worry about. Hold and exchange 40+ currencies and only pay for the services you use.
OFX serves UK businesses and individuals with international transfers as well as currency risk management services. Online sellers and business customers can also get a multi-currency account to receive, hold and send international payments conveniently. There’s no OFX transfer fee, although a small exchange rate markup will apply for currency conversion - and you can talk to a broker 24/7 by phone.
Best OFX features
OFX is well known because you can call a broker 24/7 to talk through your options. This can just be handy for times you need a bit of reassurance or an explanation of your options - or it may be mandatory if you’re looking at more complex products like a currency risk management solution.
Why you should use OFX as an Revolut alternative
OFX is a Revolut alternative to consider if you prefer to talk to someone about your transfers and transactions, rather than managing your money online or in an app. OFX has a 24/7 phone service which can be reassuring if you’re making a high value payment or if you need to understand your options for currency risk management tools.
TorFX is a currency specialist which offers international payments for personal and business customers in 40+ currencies. While it’s UK based, TorFX has offices around the world - plus it holds the highest possible credit rating and is known for offering good personal customer service. There are no transfer fees when you send a payment with TorFX. Instead, a charge will be added to the exchange rate used to convert your funds.
Best TorFX features
TorFX is a specialist provider which has built a reputation for great customer service. You can send one off or recurring payments, or get more complex currency services like forward contracts and market orders. Set up a payment online, in app or by phone, depending on your personal preference.
Why you should use TorFX as an Revolut alternative
TorFX may be an attractive Revolut alternative if you want solutions to reduce currency risk, or make high value transfers around the world. TorFX is known for its great customer service, too, resulting in a loyal customer base.
Remitly lets UK customers send money to around 170 different countries around the world, in 100+ currencies. There’s a very good range of pay out options including cash collection or delivery, and deposits to mobile money accounts. This can make it a convenient service if you need to get cash to someone in a more remote area who can't get to a bank easily.
Best Remitly features
Remitly payments offer great options for pay outs - including depositing the funds to bank accounts, mobile money accounts or debit cards, and cash collection or home delivery. Choose to pay with a bank transfer, for an economy payment - or with a card for an Express transfer. Express payments may arrive in minutes, while the cheaper Economy option can take 3 to 5 business days to arrive.
Why you should use Remitly as an Revolut alternative
Remitly may be a good Revolut alternative if you need to send money to be collected in cash locally, or even sent out for home delivery in some destinations. These options make it a handy choice if you need to get money quickly to someone who can’t get to a bank or ATM easily.
WorldRemit lets you send money online or in-app, to 130+ countries, with a range of different payout options depending on what suits your recipient. You could send money to a bank or mobile money account, or for airtime top up for example. There’s also the option to have your money collected by the recipient in cash which is handy for people who don’t have easy access to a bank account.
Best WorldRemit features
WorldRemit really stands out because of the range of pay out options. You can send money to 130+ countries, and have it collected in cash - often in just a few minutes. Plus you can send to mobile money accounts and as airtime top up. That makes WorldRemit a good Revolut alternative if you need to get cash to someone who doesn’t have access to a bank account or ATM.
Why you should use WorldRemit as an Revolut alternative
WorldRemit is another Revolut alternative to consider if you want your money to be sent for cash collection or even as an airtime top up. These services aren’t available from Revolut right now, which might mean WorldRemit has the edge if that’s what you’re after.
Still looking for providers? Compare all international money transfer services
Why you should consider a Revolut alternative
Revolut is a super popular provider with 35+ million customers globally. You can send payments to 160+ countries, in 70+ currencies once you have a Revolut account, for deposit to your recipient’s bank account.
Revolut’s services and fees are based on the specific account tier you choose - from 5 different options for UK personal customers. The lower tier accounts have low or no monthly fees, but the charges for services like international transfers are higher compared to the account tiers with a monthly fee. That may mean that there are cheaper options out there - particularly if you hold a Standard or Plus Revolut account and don’t benefit from any discount on the transfer charge.
The other reason to consider a Revolut alternative would be if you want your money to be received as cash rather than as a bank deposit. If this is what you’re looking for, we have some great companies like Revolut you might want to take a look at. Read on for more.
Pros of Revolut
Choice of different account types including some which have no ongoing fees
No fee to send a SEPA payment in euros
You’ll always see the fees you pay before you confirm a transfer
Higher tier account holders get discounts on transfer fees
Cons of Revolut
There’s a transfer fee to pay on non-SEPA transfers for all but the top tier accounts, which come with pretty high monthly fees
No cash pay out options available, transfers to bank accounts only
Are the alternatives safe?
Yes. All the sites like Revolut we have picked out are safe to use, and registered and regulated by the FCA in the UK. They’ll also have their own internal safety measures, such as fraud detection protocols and ways to track your transfers, for reassurance.
Revolut alternatives conclusion
There are quite a lot of sites like Revolut out on the UK market, which means it’s worth shopping around before you set up your next international payment. Depending on what you need you might find a Revolut alternative which can help you send your transfer cheaper, faster or more conveniently. Use this guide to kickstart your research and make sure you get the best available deal for your needs.
What is the cheapest way to send money internationally?
Sending money internationally with a specialist online or digital service is often cheaper than using a bank. However, different services have their own rates and fees - so to find the cheapest way to send money internationally in your specific case, you’ll want to compare a few options based on both the transfer fees and the exchange rate markups applied.
Which is the safest mode of money transfer?
Sending your payment with a properly regulated and trusted provider is essential. Check the money transfer service you pick is reputable - starting with our Revolut alternatives guide is a good plan, as we’ve included services similar to Revolut in this article that are FCA regulated and safe to use.
What is the best company to transfer money with?
There’s no single best company to transfer money with. Comparing a few is the best way to get a good deal. At Exiap we only review and compare trusted providers - so you can use our top picks as a starting point to find the best one for you.