Disclaimer: This is not a promotional post. Revolut or any other party has not approached me to give feedback. These are all totally my personal experiences and comments.
We all like Revolut for their idea, features and options. I don’t disagree that there is still room for further improvements.
I tried all other neo banks including Monzo, N26, Chime, Varo, etc. Though each has its own strengths, they seem to be targeting different customers.
Monzo - tries to capitalize its popularity in UK. Their customer service is more pleasant and quicker. But their app development in US painfully slow.
N26 - they put some attractive features to US customers - early direct deposit, unlimited free ATM withdrawals through Allpoint networks and 2 additional free withdrawals for outside the network as icing on the cake. But funds transfer in and out of the app are not easy and longer. Their app is not as slick as Revolut’s.
Chime - just mimics main street banks with app based banking. No bells and whistles. They also seem be to having a lot of bad publicity.
Varo - new kid on the block. Long way to go .
I never felt switching from my old main street bank to any other neo bank until I came across Revolut. After switching to Revolut never regretted much except when my payments got stuck under review. As a personal opinion, I continue with Revolut because of the following benefits:
- Instant notifications - I know other banks offer it. But most of them send you a just a text notifications.
- Real time balance - this is an important feature that helps me to know how much I can safely spend anytime
- Top up - I was thrilled to use this feature when I started my banking with Revolut. Monzo restricts this feature with only one debit card. Now with the option introduction by Revolut, any topping up through ApplePay opens a multiple options to top up.
- Virtual card - I used to fear that if my debit card was hacked, I would be losing all my funds in my bank account. This forced me to use credit card. But now I don’t need to worry about it as I can use disposable virtual debit cards from Revolut.
- International Transfers - This comes very convenient to send money outside US within a day. I know Transferwise is good at it. But they charge a small fee and exchange rate is slightly lower in comparison to Revolut.
- Regular updates to app - I am amazed to see how frequently the app is getting updated- not just back end but also front end with added features. I look forward to pockets, subscriptions, saving vaults and metal subscription.
- Early credit to salary deposit - I know other banks offer it as well. This was the first motivating factor to change my banking to Revolut initially one year back. I use to have regular issues of my salary deposit getting blocked from few hours to 2 days. Then I lodged a formal complaint. It took a couple of months to resolve this matter. Now Revolut is my main bank where I receive my salary and spend for all my expenses.
- Faster direct debit transactions - most of the US bank take 3 days to complete a direct debit transfer. This may lead to a false balance amount. I incurred an overdraft fee a couple of times when I set up auto payment with my service providers. But with Revolut, the money is deducted the very next day after I set up direct debit with my service provider. On the third day, Revolut confirms that the money has been credit to the service provider. This way, I know how much money is left to spend.
If Revolut can focus more on their app stability and customer service, there is no competitor that comes close to Revolut.