In this article, you'll discover whether Revolut works in the UK, explore some potential drawbacks if it is available, and consider the possibilities it offers for managing your finances.
Does Revolut Work In Uk?
Revolut operates in the United Kingdom, offering a range of financial services tailored to both personal and business users. UK residents can access various functionalities, including personal and business accounts, joint accounts, and savings accounts with competitive interest rates. Additionally, Revolut provides multiple card options, some of which are available through subscription plans.
Users in the UK can also benefit from Revolut's investment services, which include options to invest in stocks and commodities. The app supports international money transfers, making it easy to send and receive money across borders. Furthermore, Revolut offers a rewards program called RevPoints, where users can earn points for spending and redeem them for various rewards.
Fees and Charges for Using Revolut in United Kingdom
Here are some general costs that users might encounter when using Revolut in the United Kingdom:
- Currency exchange transactions above £1,000: 1%
- Currency exchanges on weekends: 1%
- ATM withdrawals over £200 (or more than 5 withdrawals): 2%
- Additional merchant surcharge fees (for paying by card): Set by the merchant (if applicable)
Is Revolut the Best Option in United Kingdom?
Even though Revolut is available in the United Kingdom, it might not be the best option for all users due to certain limitations and restrictions that could impact its overall utility.
- High fees for currency exchange: Transactions above £1,000 incur a 1% fee.
- Weekend currency exchange surcharge: An additional 1% fee applies on weekends.
- ATM withdrawal limits: Withdrawals over £200 or more than 5 times incur a 2% fee.
- Merchant surcharge fees: Additional fees may be set by the merchant.
- Exchange rate differences: Revolut uses its own rates, which may differ from mid-market rates.
Alternatives to Revolut in United Kingdom
1) OneSafe
OneSafe is a leading alternative payment solution in the United Kingdom, offering a seamless blend of traditional and Web3 financial services. Key features include simple onboarding, global payments, and multi-currency support. With lower fees and superior customer support, OneSafe stands out as a superior option for modern businesses.
OneSafe Reviews
Users have praised OneSafe for its comprehensive features, including ACH, Crypto, Wire deposits, and Virtual cards, with one user calling it the best bank they have used. The support for most businesses is also highly appreciated. Notably, OneSafe has been recognized for its seamless blend of traditional and Web3 financial services, making it a standout choice for modern businesses.
2) Wise
Wise offers a robust alternative payment solution in the United Kingdom, featuring multi-currency accounts, international money transfers, and a Wise debit card. Users benefit from competitive exchange rates, low fees, and secure transactions. Additionally, Wise provides business accounts and high customer satisfaction ratings, making it a reliable choice 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 offers a secure and convenient payment solution in the United Kingdom, featuring quick global money transfers, customizable checkout options, and 24/7 fraud monitoring. Users benefit from linking multiple cards, enjoying buyer and seller protection, and accessing a wide range of digital payment options, making it a reliable choice for online transactions.
Paypal Reviews
PayPal has a rating of 4.4 out of 5 stars. Users generally mention high transaction fees and issues with the dispute resolution process and fund holding times. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in United Kingdom
Is Revolut available for both personal and business accounts in the UK?
Yes, Revolut offers both personal and business accounts for UK residents.
What are the fees for ATM withdrawals with Revolut in the UK?
ATM withdrawals over £200 or more than 5 times incur a 2% fee.
Can I invest in stocks using Revolut in the UK?
Yes, Revolut provides options to invest in stocks and commodities for UK users.
Does Revolut offer joint accounts in the UK?
Yes, Revolut offers joint accounts for users in the United Kingdom.
Are there any fees for currency exchange transactions with Revolut?
Currency exchange transactions above £1,000 and on weekends incur a 1% fee.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in the United Kingdom is crucial for managing your finances effectively. While Revolut offers various services, alternatives like OneSafe provide lower fees and superior customer support. Explore OneSafe's comprehensive features and make an informed decision. Sign up to OneSafe today!
