In this article, you'll discover whether Revolut works in Germany, explore some potential drawbacks if it is available, and consider the possibilities it offers for managing your finances.
Does Revolut Work In Germany?
Revolut is available in Germany, offering a range of financial services to its users. These services include spending in different currencies, earning rewards through RevPoints, and accessing various card options. Users can also benefit from savings accounts with competitive interest rates and easy money transfers.
Additionally, Revolut provides investment opportunities in stocks and commodities, along with strong security measures to protect users' money. However, it is important to note that Revolut does not have a banking license, meaning the money is not insured if the company goes under. Despite this, many users in Germany find the app easy to use for daily transactions and spending.
Fees and Charges for Using Revolut in Germany
Here are some general costs that users might encounter:
- Monthly Subscription Fees: Revolut offers different plans, including a free plan and premium plans with additional features.
- ATM Withdrawal Fees: Free withdrawals up to a certain limit per month, after which a fee is charged.
- Currency Conversion Fees: Free currency conversion up to a certain limit per month, with a small fee for conversions beyond that limit.
- International Money Transfer Fees: Free transfers up to a certain limit, with fees applied for higher amounts or specific currencies.
- Card Replacement Fees: A fee may be charged for replacing lost or stolen cards.
- Inactivity Fees: A fee may be charged if the account remains inactive for a prolonged period.
Is Revolut the Best Option in Germany?
Even though Revolut is available in Germany, it might not be the best option for users due to certain limitations and restrictions that could impact its usability and reliability.
- Lack of a banking license: Money is not insured if Revolut goes under.
- No "Kundenreferenz" option: Essential for identifying payees in Germany.
- Limited customer support: Users report slow response times and unresolved issues.
- ATM withdrawal limits: Free withdrawals are capped, with fees for exceeding limits.
- Currency conversion fees: Charges apply after exceeding the free monthly limit.
Alternatives to Revolut in Germany
1) OneSafe
OneSafe is a leading alternative payment solution in Germany, offering a seamless blend of traditional and Web3 financial services. With features like simple onboarding, global payments, and corporate cards, OneSafe stands out for its ease of use, lower fees, and superior customer support, making it a superior option for businesses.
OneSafe Reviews
Users have praised OneSafe for its comprehensive banking features, including ACH, Crypto, Wire deposits, and Virtual cards. They appreciate the support for a wide range of businesses, making it the best bank they have used so far. The company is recognized for its ease of use and superior customer support.
2) Wise
Wise is a viable alternative payment solution in Germany, offering a multi-currency account, international money transfers, and an international debit card. Users benefit from competitive exchange rates, low fees, and fast transactions. Additionally, Wise ensures transparency with no hidden charges and robust security measures, making it a reliable choice for managing finances globally.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 from 86 reviews. Users generally find Wise easy to set up and use, with a user-friendly interface and good customer service. Some users have faced issues with government regulations preventing them from using Wise. There are occasional complaints about transaction failures and lack of notifications for failed transfers. Check out more Wise reviews here.
3) Paypal
PayPal is a reliable alternative payment solution in Germany, offering secure payments, global money transfers, and support for online shops. Key features include 24/7 fraud monitoring, Buyer and Seller Protection, and the ability to link multiple cards for easy checkout, making it a versatile option for managing finances.
Paypal Reviews
PayPal has a rating of 4.4 out of 5 stars. Users generally mention high transaction fees and a lengthy dispute resolution process. Some users experience delays in fund transfers. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Germany
Is Revolut available for residents of Germany?
Yes, Revolut is available for residents of Germany, offering various financial services.
Can I use Revolut for international money transfers in Germany?
Yes, Revolut allows international money transfers with competitive exchange rates and low fees.
Are there any fees for using Revolut in Germany?
Revolut has various fees, including subscription, ATM withdrawal, and currency conversion fees.
Does Revolut offer customer support in Germany?
Revolut provides customer support, but users report slow response times and unresolved issues.
Is my money insured with Revolut in Germany?
No, Revolut does not have a banking license, so your money is not insured.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Germany is crucial for managing your finances effectively. While Revolut offers various services, its limitations may not suit everyone. Consider exploring OneSafe for its comprehensive features and superior customer support. Start your journey with OneSafe today and sign up now!
