In this article, you'll discover whether Revolut works in the Philippines, explore some potential drawbacks if it is available, and consider the possibilities it offers for managing your finances while traveling or living there.
Does Revolut Work In Philippines?
Revolut does not operate in the Philippines for residents. The service is primarily targeted at users traveling from the UK to the Philippines, offering a multi-currency card that includes Philippine Pesos. This card allows travelers to manage their finances, make fee-free ATM withdrawals, and hold multiple currencies through the Revolut app.
While Revolut provides various financial services such as spending, saving, and international money transfers, these functionalities are not available to residents of the Philippines. The focus remains on facilitating financial transactions for travelers visiting the country, rather than offering services to local residents.
Fees and Charges for Using Revolut in Philippines
Here are some general costs that users might encounter when using Revolut in the Philippines:
- Currency exchange fees: Subject to fair-usage limits and weekend markups.
- ATM withdrawal fees: A maximum of 5 ATM withdrawals a month and up to £200 per rolling month are free. Anything over these limits is charged at 2% of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater).
- Transaction fees: No specific transaction fees for spending in Philippine Pesos, but currency exchange fees may apply if the transaction involves a currency conversion.
- Currency conversion fees: Exchange fees above your free conversion limits will apply for currency conversions.
- Withdrawal limits: Fee-free ATM withdrawals up to £200 per month for Standard and Plus plans, up to £400 per month for Premium plan, and up to £800 per month for Metal plan. After hitting these limits, a fee of 2% of the withdrawal amount or a minimum of £1 (whichever is greater) applies.
- Additional ATM fees: Some ATMs may charge an additional access fee that Revolut cannot prevent. Users are advised to always select 'No' if an ATM asks to convert money to avoid additional fees.
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 several limitations and restrictions.
- Limited local support: Revolut primarily targets travelers, not local residents.
- Currency exchange fees: Subject to fair-usage limits and weekend markups.
- ATM withdrawal limits: Fee-free withdrawals are capped based on your plan.
- Additional ATM fees: Some ATMs may charge extra fees that Revolut cannot prevent.
- Service availability: Not all Revolut services are accessible to Philippine residents.
Alternatives to Revolut in Philippines
1) OneSafe
OneSafe is a leading alternative payment solution in the Philippines, offering ease of use, lower fees, and superior customer support. Key features include simple onboarding, global payments, corporate cards, and multi-currency support. These benefits make OneSafe a superior option for managing finances efficiently and securely.
OneSafe Reviews
OneSafe has garnered positive feedback from users who appreciate its comprehensive range of financial services, including ACH, Crypto, Wire deposits, and Virtual cards. The company is also recognized as a "VERIFIED COMPANY" on Trustpilot, which adds to its credibility. Users frequently mention the ease of use and the support for a wide variety of businesses as standout features.
2) Wise
Wise offers a robust alternative payment solution in the Philippines, featuring a multi-currency account, low-fee international money transfers, and an international debit card. Users benefit from cost-effective, transparent, and fast transactions, along with strong security measures and a user-friendly platform for managing finances across multiple currencies.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 86 reviews. Users have reported issues with money transfers being returned without notification and challenges with document approval processes. Check out more Wise reviews here.
3) Paypal
PayPal offers a secure and convenient payment solution in the Philippines, allowing users to send and receive money globally. Key features include 24/7 fraud monitoring, Buyer Protection, and the ability to link multiple cards. These benefits make PayPal a reliable option for managing finances and shopping online.
Paypal Reviews
PayPal has an overall rating of 4.4 out of 5. Users frequently mention high transaction fees, lengthy dispute resolution processes, and delays in fund transfers. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Philippines
Can Philippine residents open a Revolut account?
No, Revolut is not available for residents of the Philippines. It primarily serves travelers.
Are there any fees for using Revolut in the Philippines?
Yes, fees include currency exchange fees, ATM withdrawal fees, and potential additional ATM charges.
Can I use Revolut to withdraw cash in the Philippines?
Yes, but fee-free withdrawals are limited to a certain amount based on your plan.
Does Revolut support Philippine Pesos?
Yes, Revolut supports Philippine Pesos for currency exchange and transactions for travelers.
Is Revolut customer support available in the Philippines?
Revolut's customer support is limited for Philippine residents, focusing mainly on travelers.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in the Philippines is crucial for managing your finances effectively. While Revolut has limitations, OneSafe offers a comprehensive alternative with lower fees and superior support. Explore OneSafe for a seamless financial experience. Sign up to OneSafe today!
