Top alternative banks and apps to Revolut
In Singapore, the main alternatives to Revolut are YouTrip, Wirex and Wise. BigPay and Canvas are a bit smaller, but they should fill that gap in the market.
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In Singapore, the main alternatives to Revolut are YouTrip, Wirex and Wise. BigPay and Canvas are a bit smaller, but they should fill that gap in the market.
Launched as a prepaid, multi-currency card back in 2015, Revolut now offers a current account with a wide range of features and the banking challenger has more than 12 million customers worldwide. However, in Singapore there are a bunch of companies offering similar services and competition in the market is heating up – which is obviously great news for consumers.
While you can also read Finder’s individual reviews of YouTrip, Wirex, Wise and BigPay, this guide looks at them all together, to help you figure out which is best for what.
Revolut | YouTrip | Wirex | Wise | BigPay | |
---|---|---|---|---|---|
Subscription fees | Three account tiers available, starting at $0/month | No annual or subscription fees | Three account tiers available, starting at $0/month | No fees | No fees |
Overseas payments | Yes. Spend in over 150+ currencies | Yes. Spend in over 150+ currencies | Yes. Spend in over 150+ currencies | Yes. Spend in over 150+ currencies | Yes. Spend in over 150+ currencies |
Contactless payments | Yes | Yes | Yes | Yes | Yes |
Interbank exchange rates | Yes | Yes | Yes | Yes | Yes |
Foreign currency exchange | Exchange in 28+ fiat currencies | Up to 10 currencies | Up to 12 currencies | 50+ currencies | No |
Cryptocurrency support | No | No | Yes. Up to 8 digital currencies | No | No |
Interest | No | No | No | No | No |
Saving goals | Yes | No | No | No | No |
Spend analytics | Yes | No | No | No | Yes |
Bill splitting | Yes | No | No | No | No |
Live notifications | Yes | Yes | Yes | Yes | Yes |
Overseas ATM withdrawals | Yes, fee-free limit depends on account tier | Yes. S$5 per withdrawal | Yes. Fee-free limits capped at S$400/month | Yes. 2 free withdrawals (up to S$350) per month | Yes |
Spend rewards | 1% cashback on all card payments (Metal plan only) | No | Up to 2% in WXT on all in-store purchases | No | 1 BIG point for every S$5 spent |
Mobile payments compatibility | Apple Pay and Google Pay | No | Apple Pay and Google Pay | Apple Pay and Google Pay | Apple Pay and Google Pay |
Travel coverage | Yes (Premium and Metal plans only) | No | No | No | No |
Travel perks | Yes (Premium and Metal plans only) | No | No | No | Yes |
Exclusive deals and privileges | Yes | Yes | Yes | No | Yes |
Find out more | Full review | Full review | Full review | Full review | Full review |
*Information provided in the table is accurate as of 20 July 2021.
The Payment Services Act (PSA) is a licensing framework for payment systems and payment service providers in Singapore, which came into force on 28 January 2020. According to the Monetary Authority of Singapore (MAS), the PSA is intended to provide regulatory certainty, consumer safeguards and promote confidence in the use of e-payments, without stifling fintech innovation.
Under the PSA, fintech firms can only allow their users to hold up to a maximum of S$5,000 (or its foreign currency equivalent) in their accounts at any point in time. In addition, users can only transact up to S$30,000 (or its foreign currency equivalent) during a 12-month period.
With such limitations currently in place, e-wallet companies in Singapore can only serve as an alternative payment service provider. If you’re looking for a savings account in Singapore, take a look at some of the best options in our guide.
If you’re looking for a challenger to manage your finances, Revolut is probably your best shot since the rest of its competitors are still missing a couple of key features that most users would consider important:
If you’re looking to track your expenses and better manage your finances on the go, Revolut certainly offers the broadest set of features. Of all the other providers we’ve listed in this review, the closest alternative to Revolut in this aspect would be BigPay – although it still falls short in comparison.
While most traditional banks charge a fee for using their debit card abroad, challenger banks pride themselves on being different.
Revolut wins the league with its zero cost money transfers and high fee-free ATM withdrawal limits – if you like avoiding the most touristic areas and are going somewhere where cash is still king, then you’re going to need them. For money transfers, you could check out Wise, a peer-to-peer money transfer service with really competitive rates.
Compared to the regular debit cards issued by banks, prepaid cards from these challenger banks offer a lot more perks and cashback.
Don’t expect a wide choice of accounts or competitive interest rates here – if that’s what you’re in for, you may want to look at our main savings account page. However:
Challengers are still building up their account offers, so watch this space. For now, Revolut wins on the rewards category – with 1% cashback on all purchases.
As you will have read in this guide, the three main alternatives to Revolut are BigPay, Wirex and YouTrip, so we summarise the free accounts available with each of these three challengers below.
BigPay is a useful account with zero monthly subscription fees and a wide suite of features. You can use it here and overseas easily thanks to its low-cost currency transfers, plus manage your account and money easily with tools like spending analytics and card locks. The reward benefits with AirAsia are also a nice bonus.
However, there are a few limitations for this account, such as which countries you can transfer money to and the lack of fee-free overseas ATM withdrawals. Consider these limitations and account fees to see if the account would still be useful to you before signing up.
Like Revolut’s Standard account, Wirex’s Standard account tier is free, and you can open and manage it all through a mobile app. You can link up to 12 traditional currencies and eight digital currencies, plus exchange currencies in-app and more. You’ll get a physical card to make purchases in-store or online and to withdraw money from overseas ATMs without any fees for up to S$400 per month (which is S$50 more than Revolut Standard’s fee-free withdrawal limit).
One of Wirex’s biggest draws is its reward programme known as Cryptoback, which generates up to 2% back in WXT (Wirex Token) on all in-store and online purchases you make on the card.
However, if you are looking for a digital bank account with spending analytics and savings functions, you may want to consider Revolut or BigPay instead.
YouTrip is a multi-currency mobile wallet that comes with a free prepaid Mastercard. This card can be used to make contactless payments on POS (point-of-sale) terminals worldwide at anywhere that accepts Mastercard, offline transactions, as well as on EZ-Link readers on public transport in Singapore.
The app also comes with a host of convenient payment features, such as the conversion and storage of 10 different currencies, 24/7 in-app exchange rate monitor and locking in preferred rates. But compared to Revolut, the YouTrip app certainly falls short with the lack of financial management tools.
If you’re looking for a free, no-frills travel card, then YouTrip is definitely worth considering.
The short answer is yes – all of the payment service providers we’ve mentioned are registered with the Monetary Authority of Singapore (MAS) and are fully authorised to do what they do.
Revolut is one of the leading digital banks worldwide and its mobile app has many useful features, particularly when it comes to foreign currency and money transfers. But if it’s not the right digital wallet for you, then as our guide above and our comparison table below shows, there are several great alternatives out there in the local market.
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