Sending money, making purchases and running an online business is getting easier. As newer payment processors and online banking services enter the market, services are getting better and more affordable.
Two well-known companies contributing to this are Stripe and Revolut.
As a relatively new entrant to the market Revolut, a UK company offers money transfer and exchange services.
Compared to Stripe, which offers similar services, how does Revolut measure up? Let’s find out below.
Stripe vs Revolut Compared:
Here is a quick comparison of some essential features both services have.
If the bank you’re sending cash to doesn’t use the Faster Payments service, your transfer may take longer, often up to three working days.
To send money to a US bank account, the transfer will take at least five working days to clear.
Since these are SWIFT transfers, you’ll only need your beneficiary’s BIC code and routing number.
As Revolut works to expand their business product within the US, you may soon use your local USD details to transact.
In this regard, Stripe is much easier to use, as they have faster transfer times.
For your first transaction as a Stripe user, you’ll wait for up to 14 days before you receive your payout.
If you’re outside the US, it may take longer sometimes. Thereafter, Stripe will settle your account automatically every two days.
While you can receive instant payouts from Stripe to your bank account, you must meet Stripe’s eligibility requirements and pay a 1% fee of the total amount you choose to withdraw.
At first glance, Revolut appears to pay out faster than Stripe. That’s true, but only if you’re in the UK.
Making transfers to a US bank account will take an excruciating five days, especially if you need your payouts faster.
Stripe’s our easy winner here. Whether you’re across the pond or in the US, Stripe’s standard payouts take a couple of days. You can still access instant payouts in both locations, provided you pay Stripe’s 1% fee.
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Revolut invests in protecting you and your money from loss and theft while using their services.
Under FCA regulation and the law, Revolut secures your money using only regulated banks.
Here, they store your money safely until you need to pay it out.
Other features Revolut uses to secure your account include:
- Single-use cards
- Secure your Private Crypto keys from the internet
- Fingerprint identification on your app
- Disposable virtual cards
- Sherlock anti-fraud systems
- Customizable features that disable e-commerce payments, ATM withdrawals and contactless & swipe payments
Just as invested in your security as Revolut is Stripe. They have a PCI Service Provider Level 1 certification, the most stringent in the payments industry.
Using the best-in-class security tool, Stripe keeps your finances and financial information secure.
Here are some other features Stripe employs:
- HTTPS and HSTS protocols to secure connections
- AES-256 Encryption for sensitive data and communication
There isn’t much to separate Stripe and Revolut in terms of security. Both services are robust in their security systems, and you can be sure your money is secure.
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To attend to customers’ issues, Stripe uses a reliable customer support system. If you need any help, you can reach Stripe through email, chat, and phone 24/7.
If you prefer to get your customer service from their social media pages, you can send them direct messages on Facebook or Twitter.
Revolut isn’t that different, either. Just like Stripe, they deliver quality customer support to their customers via in-app chat 24/7. If you hold a premium and metal subscription, you’ll enjoy priority service.
Their customer support services are almost similar. Though, Revolut customer reviews place it higher than Stripe. They seem to attend to customer needs faster than Stripe.
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Revolut services are available in about 35 countries across the world. As they continue to grow their services, they’ll cover more territories. With over 15 million personal customers and 500,000 business customers subscribed to the platform.
While you can only hold about 31 different currencies in-app, you can transact in over 140 currencies where Visa and Mastercard are acceptable forms of payment
Stripe currently offers their services in about 46 countries. With millions of businesses from over 120 countries already onboard Stripe, there’s reason to believe Stripe will only grow from here.
You can transact in over 135 currencies with Stripe, and you can transact worldwide.
Even though both companies are still expanding their markets, they are relatively smaller compared to payment service providers, such as PayPal. Here stripe wins, it covers a wider region compared to Revolut.
Find out how Stripe measures up against PayPal as a payment processor here.
What is Stripe Used For?
Stripe is an online payment and credit card processing platform that helps you to receive and send payments as you monitor your business.
As part of its offering, Stripe gives you and your business APIs that support eCommerce transactions on websites and mobile apps.
Here are other notable services Stripe offers:
- Fraud prevention
- Virtual and Physical cards
- Business Management Metrics
What is Revolut Used For?
As for Revolut, they’re a banking and currency business which relies on a mobile app and several offerings such as current accounts, money transfer options, and personal and business services.
With Revolut you can:
- Track your money and monitor your daily expenses
- Make payment using over 30 currencies across the world. You can also use Visa or Mastercard.
- Transfer money at affordable exchange rates to over 200 destinations around the world
- Request money from friends and family around the world, payable using Google Pay or Apple.
- Pay bills and subscriptions
Does Revolut work with Stripe?
Revolut works with Stripe. This connection is beneficial, especially if you own a Revolut business account.
Revolut uses a system that connects it to your Stripe account and helps you receive local and international payments directly.
Here’s how to connect your Revolut with Stripe:
- Log into your Stripe account
- Go to ‘Settings’
- Under the balance tab, click on ‘Add bank Account’
- Fill in your Revolut bank account details and you are all set
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What are Revolut Fees?
A Revolut account is free to create and you pay no monthly subscription. However, just like many other service providers, their products come at a fee.
Let’s explore these services and some fees you may pay as a result.
Loading your Revolut account with money is free. However, if you add money with a US-based card or a card issued outside the European Economic Area, Revolut will charge you a small fee to cover the cost of the transfer.
Applying for a card is also free, but Revolut will charge your account a delivery fee. If you’re replacing or customizing your card, Revolut will charge you a $6 (or GBP 5 or EUR 7) fee and a delivery fee. Generating a Virtual Revolut card is free.
Revolut allows you up to five free ATM withdrawals or up to $230 (or EUR 200), whichever limit comes first.
Thereafter, you’ll pay a 2% fee on subsequent withdrawals, with a minimum fee of about $1 or EUR 1 per withdrawal.
You can send money on Revolut for free, though it will depend on your plan. Here are the fees for the Standard plan.
- Instant Transfer to other Revolut users is free, and this applies to Revolut users across the globe.
- Local payments in the same currency sent within the same country incur no charges
- International Payments incur fees. However, once you upgrade to the Premium and Metal plans, you’ll enjoy free payments.
The app calculates your fee in real time and shows it to you before you make a payment. The fees you pay will vary across currencies and countries you’re sending funds to.
Whenever you make a currency exchange, you’ll pay a small fee to Revolut. Once you surpass the exchange limit for your plan, you’ll incur higher charges.
All plans allow you to make at least $1200 (or EUR 1000) worth of currency exchanges per month without a fee. After that, an exchange fee of 0.5% applies for Standard Plus plans. You can avoid this by subscribing to a higher plan.
Who uses Revolut?
Anyone in eligible territories can use this platform. However, people with online businesses, in-person retailers, subscription businesses and individuals who want to send money overseas often use Revolut.
Revolut is an excellent mobile banking app that allows you to store and transact across multiple countries and currencies with ease. Compared to Stripe, they’re younger, and offer fewer features for business.
While it’s easy to conclude that Stripe is better (and it is), don’t write Revolut off. If you have family and friends in the UK and Europe, you can send them funds much easier using it.
If you’re already using both services, why not connect them? While they can compete on some fronts, they’d also work well together in others.