Revolut alternatives for local bank details

Ideas & Feedback
1

Revolut currently offers local bank accounts only for GBP and EUR.
This made me wondering if there are any alternatives which can be used as an alternative in the meantime until Revolut gets around to implementing local details for more currencies.

I’m mostly interested in the smaller EU/EEA currencies (not Euros, there are already plenty of banks supporting those)

What I’ve found so far is:
• Wise (aka TransferWise) - http://wise.com/
Supported currencies: EUR, RON, HUF, GBP, USD, AUD, NZD, SGD, CAD, TRN
Available via waiting list: SEK, NOK, DKK
Closed for new customers: PLN
Planned: CHF, MYR
Limitation: Only few currencies support Swift payments
Additional currencies are supported as send-only currencies

• LeoPay – https://leopay.eu/
Supported currencies: EUR, BGN
Accounts can also be opened in USD, GBP, CHF, RON, HRK, JPY, PLN and CZK; However it looks like those currencies come with a Bulgarian Iban, i. e. you can only do Swift but no local payments.
Interesting for people who need a BGN account for the next 17 months because BGN will likely go away on 2022-12-31 so no credit institution will bother to roll out BGN accounts.

• Paysera – https://www.paysera.com/
Looks a bit difficult to figure out and fee structure is a bit complex.
Customers can hold USD, GBP, PLN, NOK, SEK, DKK, BGN, RON, CZK, GEL, HRK, HUF, AUD, JPY, CAD, CHF, HKD, INR, MXN and SGD.
Incoming transfers are through pooled accounts which impacts usability.
Limited Swift support.

• CurrencyFair - https://www.currencyfair.com/
Currency exchange service only, not intended for normal same-currency payments. Receiving of third-party payments into pooled accounts is allowed. Funds must be converted into another currency before withdrawal. Pooled accounts for EU/EEA currencies are local accounts except for HUF.

1 Like
2

Am I correct to understand that one cannot send money to local bank accounts, only to IBANs on Revolut?

3

No, that’s not the case.

There’s a chapter “SENDING MONEY TO A BANK ACCOUNT” in the FAQs.

4

I’m not sure I understand your question correctly.

Generally speaking, there are two ways to make a bank transfer - domestic and SWIFT.

As far as I know, Revolut supports SWIFT for all currencies whereas domestic transfers are only fully supported for EUR and GBP. A few other currencies have limited support.

1 Like
5

It also depends on where you’re registered. Customers in the US have support for local US account details. The same is true for other regions like Asia.

6

Right, I heard about that but only for Poland and Norway. Local accounts for US and part of Asia are new to me (Sorry, should have done more research before posting). However, the use case I’m interested in is local accounts for non-residents.

7

Just took a closer look at Revolut’s FAQ. It looks like outgoing payments are generally supported as local payments (i. e. Revolut has local pooled accounts everywhere). This is good to hear because it means that I can always move funds from Revolut to TransferWise which makes things a lot easier.

8

I am not 100% sure about technical details, but at least for fees they make this distinction where transfers are considered „local“ when a specific currency is used in its region. But it didn’t seem always coherent how transfers were actually paid out. Currencycloud used to be their main partner for this. Might still be.