In this article, you'll discover if Revolut works in Spain, explore some potential drawbacks if it is available, and consider the possibilities it offers for managing your finances abroad.
Does Revolut Work In Spain?
Revolut is available in Spain, offering a range of financial services to users. These include spending in different currencies, earning RevPoints, and accessing savings accounts with competitive interest rates. Users can also benefit from fast and cost-effective international money transfers, as well as investment options in stocks and commodities.
Spain is one of Revolut's significant European markets, with plans to expand its presence by opening new offices in Madrid and Barcelona. While generally fee-free, users should be aware of potential fees such as merchant surcharge fees, currency exchange fees, and ATM withdrawal fees. Overall, Revolut provides a comprehensive suite of financial services tailored to meet the needs of users in Spain.
Fees and Charges for Using Revolut in Spain
Here are some general costs that users might encounter when using Revolut in Spain:
- Additional merchant surcharge fees: Set by the merchant (if applicable).
- Currency exchange transactions above £1,000: 0.5%.
- Currency exchanges on weekends: 1%.
- ATM withdrawals over £200 (or more than 5 withdrawals): 2%.
Is Revolut the Best Option in Spain?
Even though Revolut is available in Spain, it might not be the best option for users due to certain limitations and restrictions that could impact the overall user experience.
- High currency exchange fees: 0.5% for transactions above £1,000.
- Weekend currency exchange surcharge: 1% fee on weekends.
- ATM withdrawal limits: 2% fee over £200 or more than 5 withdrawals.
- Merchant surcharge fees: Additional fees set by merchants.
- Limited customer support: Potential delays in resolving issues.
Alternatives to Revolut in Spain
1) OneSafe
OneSafe is a leading alternative payment solution in Spain, offering a user-friendly interface, lower fees, and superior customer support. Key features include simple onboarding, global payments, and multi-currency support. OneSafe's efficient processes and robust security measures make it an excellent choice for managing both fiat and cryptocurrency transactions.
OneSafe Reviews
OneSafe has received positive feedback from users who appreciate its comprehensive features, including ACH, Crypto, Wire deposits, and Virtual cards. Users have praised it as the best bank they have used, highlighting its support for most businesses. The company is recognized for its user-friendly interface and efficient processes, making it a preferred choice for many.
2) Wise
Wise offers a multi-currency account, international money transfers, and a debit card, making it a strong alternative payment solution in Spain. Users benefit from lower fees, competitive exchange rates, and robust security measures. Wise's high user satisfaction and regulatory compliance further enhance its appeal for managing finances globally.
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.
Check out more Wise reviews here.
3) Paypal
PayPal is a viable alternative payment solution in Spain, offering secure payments, global reach, and a range of digital payment options. Users benefit from customizable checkout, invoice sending, and 24/7 fraud monitoring. Its ease of use and robust security measures make it a reliable choice for managing online transactions.
Paypal Reviews
PayPal has a rating of 4.4 out of 5 stars. Users have reported high transaction fees and a lengthy dispute resolution process.
Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Spain
Is Revolut available for residents of Spain?
Yes, Revolut is available for residents of Spain, offering various financial services.
What fees are associated with using Revolut in Spain?
Fees include currency exchange fees, ATM withdrawal fees, and potential merchant surcharge fees.
Can I use Revolut for international money transfers in Spain?
Yes, Revolut allows fast and cost-effective international money transfers for users in Spain.
Does Revolut offer customer support in Spain?
Revolut provides customer support, but users may experience potential delays in issue resolution.
Are there any ATM withdrawal limits with Revolut in Spain?
Yes, there is a 2% fee for ATM withdrawals over £200 or more than 5 withdrawals.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Spain is crucial for managing your finances effectively. While Revolut offers various services, alternatives like OneSafe provide lower fees and superior customer support. Explore OneSafe for a seamless financial experience. Sign up to OneSafe today!
