Revolut vs Remitly: Which is Better?
Revolut vs Remitly: Which is Better?
Revolut and Remitly are two financial services that cater to different needs. Revolut is a digital banking app offering multi-currency accounts, stock/crypto trading, and low-cost international transfers. Remitly, on the other hand, is a dedicated remittance service specializing in sending money internationally to friends and family.
1. Key Differences: Revolut vs Remitly
| Feature | Revolut | Remitly |
|---|---|---|
| Best for | Digital banking & international transfers | Sending money abroad to family & friends |
| Banking License | No (E-money license) | No (Money transfer service) |
| FSCS Protection | No | No |
| Multi-Currency Accounts | Yes (30+ currencies) | No |
| Money Transfer Type | Peer-to-peer & bank transfers | Remittances (cash pickup, mobile wallets, bank transfers) |
| Cash Pickup Option | No | Yes (Thousands of locations) |
| Mobile Wallet Transfers | No | Yes (M-Pesa, GCash, etc.) |
| Speed of Transfer | Instant for Revolut users, 1-2 days for banks | Instant (Express) or 3-5 days (Economy) |
| Transfer Fees | Low fees (based on exchange rate) | Varies by country & speed |
| Exchange Rate Markup | 0% (on weekdays, some markup on weekends) | 1-3% markup |
| Debit/Credit Card Availability | Yes (Visa/Mastercard) | No |
| Stock & Crypto Trading | Yes | No |
2. Features Breakdown
🔹 International Money Transfers
- Revolut offers international transfers at real exchange rates, making it cost-effective for bank transfers.
- Remitly specializes in remittances and supports cash pickup and mobile wallets, which Revolut does not.
🏆 Winner: Remitly (for cash pickups & remittances), Revolut (for direct bank transfers).
🔹 Multi-Currency Support
- Revolut offers multi-currency accounts and allows you to hold, exchange, and spend in over 30+ currencies.
- Remitly does not support multi-currency accounts; it only facilitates sending money in different currencies.
🏆 Winner: Revolut (for holding & managing multiple currencies).
🔹 Cash Pickup & Mobile Wallet Transfers
- Remitly supports cash pickups at partner locations, mobile wallets like M-Pesa, GCash, PayMaya, and home delivery in some countries.
- Revolut does not offer cash pickup or mobile wallet transfers.
🏆 Winner: Remitly (for remittances & cash pickup).
🔹 Transfer Fees & Exchange Rates
- Revolut offers real exchange rates on weekdays but adds a small markup on weekends.
- Remitly has higher fees (which vary by country and transfer speed) and adds a 1-3% markup on exchange rates.
🏆 Winner: Revolut (for cheaper transfers & better exchange rates).
🔹 Speed of Transfers
- Revolut offers instant transfers between Revolut users and same-day or next-day bank transfers.
- Remitly offers an “Express” option for instant transfers, while “Economy” takes 3-5 days.
🏆 Winner: Both (depends on transfer method and urgency).
3. Which One Should You Choose?
| Choose Revolut if… | Choose Remitly if… |
|---|---|
| You need a multi-currency account. | You are sending remittances to family & friends. |
| You want cheap international transfers. | The recipient needs cash pickup or mobile wallet transfers. |
| You need a debit card for spending abroad. | You want fast transfers to remote locations. |
4. Conclusion: Which is Better?
✔ For multi-currency banking & cheap international bank transfers → Revolut is better.
✔ For sending remittances with cash pickup & mobile wallets → Remitly is better.
Overall Winner? ✅ Revolut for personal banking, ✅ Remitly for remittances.