The Revolut alternative you need: a CurrencyFair vs Revolut comparison
If you are looking for a Revolut alternative for your FX needs, CurrencyFair specialises in low-cost international money transfers up to 8x cheaper than a typical bank. CurrencyFair and Revolut offer different products, features and currencies. While both CurrencyFair and Revolut allow you to exchange at lower-margin FX rates, in this article we look at the key ways they differ, such as account features, and how their reward programs work. One main difference between CurrencyFair and Revolut is how CurrencyFair offers consumers and businesses a unique level of control over their exchange rate and specialises in money transfers with a feature that lets you potentially beat the rate you see online. For a more detailed look at sending money abroad, check out our guide: Sending money abroad: a guide to international money transfers.
CurrencyFair vs Revolut
Ways to Exchange
Both companies have a number of features and benefits - doing a straight CurrencyFair vs Revolut comparison should be specific to what a business or consumer needs from their money transfer provider. Both allow customers to exchange money via their website or mobile apps at bank-beating rates. One key difference between these platforms is that for the majority of currencies supported by CurrencyFair, customers are offered two ways to exchange and save on their money transfers: right away at near real-time rates or by choosing their own rate on CurrencyFair’s FX marketplace (where our customers could even beat the rate you see on Google!). As well as allowing you to exchange straight away, Revolut allows you to set up an ‘auto-exchange’ that exchanges money once the market rate reaches a set target. However, as a Revolut alternative, only CurrencyFair allows you the opportunity to try and beat the currency market rate that you see on Google.
The Benefits of a CurrencyFair Account
Set Your Own Rate
CurrencyFair’s unique peer-to-peer FX marketplace brings buyers and sellers of currencies together online. It empowers both personal and business customers to set their own rate and wait for it to be matched with other customers also looking to get the best available rates, and not what is available to them in the currency market at that time. Find out more.
Another big difference between the two platforms are the fees charged by each provider.
Most money transfer companies operate with a mark-up on their exchange rates. With CurrencyFair this mark-up is generally around 0.4%, though if you choose to exchange on the FX Marketplace it is even less. Revolut operates at a slightly larger mark-up of 0.5% on exchanges over £1,000.
Revolut has also increased their rates over the weekends from 0.5% to 1%.
Another way that Revolut differs is that it operates as a monthly subscription, so while they do offer a free subscription option, this plan limits the features that your account offers.
For personal account holders Revolut has a pricing plan for three types of accounts. With the Standard account, Revolut limits customers to only €6,000 a month in exchanges. If you want to exchange more, you can choose one of their paid plans that cost either €7.99 a month or €13.99 a month.
For business customers, Revolut’s pricing plans differ. They have a free option which charges €3 per international transfer. Otherwise you can choose their Grow or Scale plans, which cost €25 a month or €100 a month respectively. These plans only provide a limited number of free international transfers and then charge €3 for any over this allowance.
In contrast, CurrencyFair offers the same level of service to all customers. Whether you are a business or a personal account holder, CurrencyFair has no limit on the amount you can exchange each month - you are simply charged a flat fee of €3 per transfer (or the currency equivalent).
Being a financially regulated money transfer provider means customers receive bank-level security without the hassle of a bank and peace of mind that their money is in safe hands.
CurrencyFair is fully regulated in Australia by the Australian Securities and Investments Commission and in Europe by the Central Bank of Ireland. CurrencyFair is also fully regulated in Singapore by the Monetary Authority of Singapore (MAS) under the Money-Changing and Remittance Businesses Act (Cap. 187) and is a licensed Money Service Operator in Hong Kong.
Revolut, in contrast, is authorised by the Financial Conduct Authority (FCA) in the UK (at the time of publication).
Safety & Security
Both platforms use two-factor authentication to provide an additional layer of security and prevent unauthorised access. CurrencyFair supports two-factor authentication in two ways: by using your registered phone number to send a code by text or automated call and by Google Authenticator. Currently Revolut only supports two-factor authentication via text sent to your phone number or email, though they have plans to introduce Google Authenticator in the future.
CurrencyFair prides itself on its convenient and quick service with many transfers taking place within just 24 hours. The trust and convenience provided to customers has led to a 4.7-Star Rating on Trustpilot and many glowing reviews. Revolut also has a good reputation but a lower rating of 4.6 stars.
CurrencyFair was awarded the Canstar 5-Star Rating for Outstanding Value in International Money Transfers in 2019.
For business customers, both CurrencyFair and Revolut accounts offer features that make money transfers for SMEs easier and cash flow management smarter.
CurrencyFair’s business accounts offer a Multi-User Access feature that allows you to add team members to your account, set custom roles and allocate specific tasks. Revolut offers a similar feature but rather than calling them custom roles they’re called permissions. Both companies also offer a dual approval option which allows you to approve or decline outgoing payments.
The CurrencyFair business account makes it easy to pay overseas invoices or suppliers. Find out how it can help your business.
How Do CurrencyFair and Revolut Reward Programs Differ?
Both referral programs often give customers the opportunity to earn money - even when they, themselves, are not exchanging money. With CurrencyFair, customers can receive a €30 reward (or the currency equivalent) for inviting friends to sign up. When any friend signs up with your unique referral code, then trades and transfers out a minimum of €2,000, you both get €30. We also often run promotions that increase this reward, so keep an eye on your emails and our social platforms for the latest offers!
Find out more about the CurrencyFair reward program here.
With Revolut only selected users are eligible for referral rewards and only those users will receive an email informing them of the offer.* Their most common reward for these users offers the referrer €5 (or £5) and new users invited by them a free Revolut card once they’ve topped up their account by €10 (or the currency equivalent).**
When you are looking for the best Revolut alternative, whether it’s for your personal exchange needs or your business’, CurrencyFair offers unique benefits that save you not only time but money. CurrencyFair lets you control how you want to exchange. And, by charging a standard flat rate fee of €3 (or the currency equivalent) you can better manage cash flow and how much you need to transfer in to send to your recipient. CurrencyFair gives you the opportunity to exchange up to 21 different currencies and facilitates transfers to over 150 countries globally. Providing fast, secure money transfers, often within 24 hours, that can be up to 8x cheaper than the banks.
*Revolut rewards program: https://www.revolut.com/help/exploring-revolut/referring/earning-a-referral-reward
** Details of this offer https://blog.revolut.com/give-free-card-get-5-referral/
All data and information correct as of 20th May 2020. This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from CurrencyFair Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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