As businesses and individuals navigate the complex landscape of financial services, many find themselves weighing the pros and cons of Revolut and Remitly. This article aims to provide a comprehensive overview of both platforms, comparing their prices and features to help you determine which option best suits your needs.
A quick overview on Revolut and Remitly
What is Revolut?
Revolut is a digital banking platform that integrates various financial services into a single mobile application. It allows users to perform peer-to-peer payments, manage multi-currency accounts, and execute international transfers at competitive exchange rates.
Unique features include real-time spending notifications and built-in budgeting tools. Common use cases for Revolut include travelers benefiting from multi-currency accounts, freelancers receiving payments in various currencies, and businesses managing expenses and international transactions efficiently.
What is Remitly?
Remitly is a digital remittance service that enables individuals to send money internationally. It supports various payment methods for senders, such as bank accounts, debit cards, and credit cards, while recipients can receive funds through bank deposits, cash pickups, mobile wallets, or home delivery, depending on their location.
Unique features include competitive exchange rates and a transparent fee structure, allowing users to understand costs upfront. Common use cases for Remitly include sending money to family or friends abroad, with options for different transfer speeds, including an express option for near-instant transfers.
Pricing of Revolut and Remitly
Revolut offers a tiered pricing structure with a free Standard plan, a $9.99 per month Premium plan, and a $16.99 per month Metal plan. Each plan provides different benefits, such as higher withdrawal limits and additional services like overseas medical insurance. Users should be aware of potential fees for specific services, such as currency exchanges on weekends or transactions exceeding plan limits.
Remitly charges fees based on the destination country, transfer amount, payment method, and transfer speed. For instance, sending money to India may incur a $3.99 fee for amounts under $1,000, with no fee for larger amounts. Additionally, Remitly applies a 3% fee for some credit card transfers from the U.S. Exchange rate margins vary between 1% and 3.7% above mid-market rates.
Revolut generally offers more predictable pricing, while Remitly's fees can vary significantly based on multiple factors.
Features of Revolut and Remitly
Revolut features
Revolut offers a range of unique features that cater to various consumer needs:
- Real-Time Spending Notifications: Users receive instant alerts for every transaction, helping them stay on top of their finances.
- Built-In Budgeting Tools: The app includes features to set budgets and track spending, making financial management easier.
- Competitive Currency Exchange Rates: Revolut provides favorable exchange rates for international transactions, saving users money.
- Multi-Currency Accounts: Users can hold and exchange multiple currencies seamlessly within the app.
- Cryptocurrency Trading: Unlike many traditional banks, Revolut allows users to buy, sell, and hold cryptocurrencies directly from the app.
Remitly features
Remitly offers a range of unique features that cater to various consumer needs:
- Real-Time Transfer Tracking: Users can monitor their transfers in real-time, providing peace of mind and transparency.
- Multiple Delivery Options: Funds can be received through bank deposits, cash pickups, mobile wallets, or home delivery, depending on the recipient's location.
- Competitive Exchange Rates: Remitly provides favorable exchange rates, ensuring more money reaches the recipient.
- Transparent Fee Structure: Users are informed of all costs upfront, avoiding hidden fees and surprises.
- On-Time Delivery Guarantee: Remitly promises timely delivery or a refund of fees, a feature that sets it apart from many competitors.
Comparing Revolut, Remitly and OneSafe
Why choose one over the other?
- Why Use Revolut Over Remitly: If you need a comprehensive financial platform that goes beyond just money transfers, Revolut is the better choice. It offers a wide range of services, including multi-currency accounts, cryptocurrency trading, and built-in budgeting tools, making it ideal for travelers, freelancers, and businesses. In contrast, Remitly focuses primarily on international money transfers, lacking the broader financial services that Revolut provides.
- Why Use Remitly Over Revolut: For those who need to send money quickly and reliably to family or friends abroad, Remitly is the superior option. It offers multiple delivery methods, including bank deposits, cash pickups, and mobile wallets, along with competitive exchange rates and a transparent fee structure. Revolut, while versatile, does not specialize in remittances and may not offer the same level of service for international money transfers.
Considering OneSafe vs Revolut and Remitly
- Why Use OneSafe Over Revolut and Remitly: For businesses operating in the Web3 and crypto sectors, OneSafe offers unparalleled features like seamless USD to USDC conversion on Polygon, making payroll and expense management effortless for global teams. Unlike Revolut and Remitly, OneSafe provides end-to-end expense and payroll management, ensuring a streamlined and secure banking experience tailored specifically for digital asset companies.
What are the customers saying?
Revolut reviews
Customer reviews of Revolut highlight several recurring issues. Users frequently mention challenges with customer support, particularly in resolving account freezes and other access issues. Additionally, some have expressed concerns about the high postage costs for receiving physical cards. Check out more Revolut reviews here.
Remitly reviews
Customer reviews of Remitly highlight several recurring issues. Users frequently mention delays in transactions, difficulties with ID verification during the initial transfer, and problems with refunds and unresolved transactions. Additionally, some have expressed concerns about account suspensions without clear reasons. Check out more Remitly reviews here.
OneSafe reviews
Customer reviews of OneSafe highlight the platform's exceptional customer support, ease of payroll processing, and its ability to simplify complex banking tasks for Web3 companies. Users consistently praise the seamless USD to USDC conversion on Polygon, which facilitates instant, borderless transactions, and the end-to-end expense and payroll management features.
Notable quotes from satisfied customers include:
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Revolut, Remitly, or OneSafe: Which is the best platform for you?
In conclusion, whether you choose Revolut, Remitly, or OneSafe, each platform offers unique benefits tailored to different financial needs. However, for businesses operating in the Web3 and crypto sectors, OneSafe stands out with its seamless USD to USDC conversion on Polygon and comprehensive expense and payroll management. While all options are solid, we recommend OneSafe for its specialized features and exceptional customer support. Explore more about OneSafe here.
