This guide outlines and reviews the best Revolut alternatives for neobank small business functions.
Revolut is a great app with tons of features that can make your finances a lot easier, especially if you want all the modern features in one app. Among the features you’ll find:
- digital payments;
- stock trading;
- group accounts;
- hotel reservations;
- insurance;
- cryptocurrency trading and much more.
In short, it is very hard to find good competitors to Revolut that would completely replace all the available features. However, users often don’t need all these features at once, many users just need one or two of them.
In our Revolut alternatives review, we analyzed the best neobank services according to the popular features the app offers.
Best neobank alternatives
Check out the results below and find the best Revolut alternative for business.
WISE
In 2011, the neobank service was known as TransferWise and was used for international payments. Now you can use it to register an account with support for more than thirty currencies and conversion at the exchange rate directly from the application. You can open an account and receive account details in the required currency based on your location.
Pros of WISE neobank:
- compared to other international payments Wise is one of the cheapest due to low fees;
- physical or virtual card issuance for payment is available;
- many international banks are supported;
- no account opening fees;
- the interface is available in different languages.
Among the disadvantages is the need for repeated verification. Most of the transfers abroad are not executed immediately, creating the need to wait. In addition, unlike most non-banks, Wise does not provide for investing free funds and making cryptocurrency payments.
Nevertheless, the service is characterized by the absence of hidden commissions, and in the case of a business account, the size of the commission will be at most 2%.
Skrill
This UK-based neobank service allows you to make financial transactions using your email address. Registering a Skrill wallet has its advantages:
- the international payment system supports different currencies;
- it is possible to withdraw to the account according to the available details and to the bank card by number;
- verification of information about a new user takes minimum time.
There are some disadvantages. When using the Skrill neobank system, you will have to pay quite high commissions for transactions. There are some difficulties for users from certain countries.
The most convenient way to use Skrill Neobank is to live in the European Economic Area. Living in the European Economic Area entitles you to order a plastic card with a balance equal to your account. It is possible to order a virtual card for online purchases – this option is also available to EEA residents.
Monese
The Monese-branded neobank, founded in 2015, allows you to open a payment account in euros, British pounds, or Romanian lei. The system is available in three dozen countries, often used for payroll and business.
Opportunities and advantages:
- in addition to accepting direct payments, it is possible to issue a physical or virtual card;
- stable operation of the card with Google Pay and Apple Pay;
- it is possible to create an account for a physical person and a business owner, and the two accounts can function separately;
- you do not need to prove your British citizenship and residence permit to obtain payment details.
There are also some disadvantages. For example, to register a business account, it will be necessary to confirm registration with the tax authorities of the state where the company operates.
It should also be borne in mind that technical support is relatively slow, answering clients’ questions for several hours or even days at a time. No neobank service is provided in Russian.
N26
It’s one of the top Revolut alternatives on our list. N26 is a German neobank that offers a free basic current account as well as a debit card. It provides budgeting tools, real-time notifications, and alerts for transactions, international transfers, direct payments, and other financial transactions.
There are benefits like increased ATM withdrawal limits, cashback incentives, insurance coverage, no international transaction fees, and so forth.
Features of N26:
- contactless payments;
- Easy Cash deposits and withdrawals;
- free cash withdrawal from ATMs domestically and abroad;
- travel insurance (trip cancellation, flight insurance, baggage coverage);
- life insurance (mobility insurance, winter sports insurance, car rental insurance, phone insurance);
- premium partner offers.
The drawbacks include no credit cards and $2+2% ATM withdrawal fees for countries other than the US, Puerto Rico, Australia, Mexico, Canada, and the UK.
Tips when choosing a neobank?
Before you start using online neobank services, you need to pay attention to several criteria. Among them:
- terms of account opening, registration, and account maintenance, requirements for new users;
- reputation of the service, ratings, and reviews on independent sites;
- fees for service, withdrawal, currency conversion, and other operations;
- the convenience of payment, the possibility of transfer to the current account, provision of payment card – virtual or physical;
- terms of withdrawal of funds and formation of documents.
Final words
Not all online neobank platforms have global coverage and support all currencies of the planet. You should find out which countries you can send payments to, which countries you are allowed to receive them from, and in which currencies.
