In this article, you'll discover whether Revolut works in the Philippines, explore some potential drawbacks if it is available, and consider the possibilities for its future use in the region.
Does Revolut Work In Philippines?
Revolut is not explicitly available for residents in the Philippines. However, it offers functionalities that can be utilized by travelers from other countries, such as the UK, when visiting the Philippines. These functionalities include international money transfers, spending in different currencies, and earning rewards.
For those traveling to the Philippines, Revolut provides a multi-currency card that allows spending in Philippine Pesos without additional fees. The card can be managed through the Revolut app, making it convenient for users to handle their finances while abroad. Despite these features, Revolut's services are primarily targeted at users from other regions rather than local residents in the Philippines.
Fees and Charges for Using Revolut in Philippines
When using Revolut in the Philippines, there are several fees and charges to be aware of:
- Currency Exchange Fees: Currency exchange fees are subject to fair-usage limits and weekend markups.
- ATM Withdrawal Fees: Fee-free ATM withdrawals are available up to certain limits based on the user's plan. After hitting these limits, a fee of 2% of the withdrawal amount or a minimum of £1 applies.
- Transaction Fees: No specific transaction fees are mentioned for spending in PHP, but currency exchange fees may apply if the user exceeds their free conversion limits.
- Currency Conversion Fees: Exchange fees above free conversion limits will apply, and weekend markups may also be charged.
- Additional ATM Fees: Some ATMs may charge an additional access fee that Revolut cannot prevent. Users are advised to select 'No' when an ATM asks to convert money to avoid unfavorable exchange rates.
Is Revolut the Best Option in Philippines?
Even if Revolut is available in the Philippines, it might not be the best option for users due to certain limitations and restrictions that could affect the overall user experience.
- Limited Local Support: Revolut primarily targets travelers, not local residents, limiting local customer support.
- Currency Exchange Fees: Fair-usage limits and weekend markups can increase costs for frequent users.
- ATM Withdrawal Limits: Fee-free withdrawals are capped based on the user's plan, with fees thereafter.
- Additional ATM Fees: Some ATMs may charge extra fees that Revolut cannot control or prevent.
- Regulatory Challenges: Potential regulatory issues may affect the seamless use of Revolut services locally.
Alternative Payment Solutions in Philippines
1) OneSafe
OneSafe stands out as a leading alternative payment solution in the Philippines, offering a seamless user experience with simple onboarding, lower fees, and robust customer support. Key features include multi-currency support, global payments, and corporate cards, making it an ideal choice for both traditional and Web3 financial services.
OneSafe Reviews
OneSafe has received positive feedback from users who appreciate its seamless onboarding process and robust customer support. Users have rated OneSafe 3.2 out of 5, highlighting its multi-currency support and global payment capabilities as standout features. Check out more of our reviews here!
2) Wise
Wise is a reliable alternative payment solution in the Philippines, offering international money transfers with low fees and real exchange rates. Key features include multi-currency accounts, guaranteed exchange rates for 24 hours, and fast transfer times. Users benefit from cost savings, transparency, and robust security measures, making Wise a practical choice.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 from 23 reviews, with a recent rating of 4.5 out of 5 from 2 reviews. Users generally mention ease of setup and use, but some have faced issues with failed transactions and document approvals. Check out more Wise reviews here.
3) Paypal
PayPal is a viable alternative payment solution in the Philippines, offering secure payments, global money transfers, and 24/7 fraud monitoring. Key features include linking multiple cards, Buyer Protection on eligible purchases, and customizable digital payment options. These benefits make PayPal a practical choice for both personal and business transactions.
Paypal Reviews
PayPal has an overall rating of 4.4 out of 5 from 2,112 reviews. Users generally mention high transaction fees and a lengthy dispute resolution process. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Philippines
Can I open a Revolut account if I live in the Philippines?
No, Revolut accounts are not available for residents of the Philippines.
Can I use my Revolut card in the Philippines?
Yes, you can use your Revolut card for transactions in the Philippines.
Are there any fees for using Revolut in the Philippines?
Yes, fees may include currency exchange fees, ATM withdrawal fees, and additional ATM fees.
Does Revolut offer customer support in the Philippines?
Revolut primarily targets travelers, so local customer support in the Philippines is limited.
Can I withdraw cash from ATMs in the Philippines using Revolut?
Yes, but fee-free withdrawals are limited based on your plan, with fees thereafter.
Conclusion
Choosing the right payment solution in the Philippines is crucial for managing finances effectively. While Revolut offers some benefits, alternatives like OneSafe provide better local support and lower fees. Explore OneSafe for a seamless financial experience. Ready to make the switch? Sign up today!
