The fintech revolution has changed the traditional financial industry’s environment, giving rise to startup banks known as “challenger banks.” Challenger banks have upset established high-street banks by offering fast and personalized banking experiences.
Notably, the rise of these challenger banks has generated worldwide upheaval since they cross borders and are not constrained by the limits of old business models and core infrastructure.
Furthermore, this new generation of digital banks is providing reinvented goods and insight-driven experiences that today’s digitally aware clients desire.
Some of the most well-known challenger banks are based in the United Kingdom, including Revolut, Monzo, Starling Bank, and Curve. The battle has recently heated up as they develop novel services that leverage cutting-edge technology.
In this post, we analyzed two new fintech startups based on their features and membership packages: Revolut and Curve.
What is Revolut?
Revolut is a London-based financial services firm that specializes in mobile banking, card payments, money remittance, and foreign exchange.
Aim: The company’s purpose is to assist clients improve their financial health, offer them more power, and effortlessly connect individuals all over the world.
Revolut is currently one of the world’s largest Fintech communities, with over 15 million clients and over 2,000 employees spread across 23 offices. It is accessible on both Google Play and Apple’s App Store.
What is Curve?
Curve is an over-the-top banking platform founded by Anna Mostyn-Williams, Shachar Bialick, and Tom Foster-Carter that consolidates several cards and accounts into one smart card and app.
The company’s goal is to make it easier for consumers to spend, send, see, and save money.
The London-based fintech startup provides a slew of incentives to its clients, ranging from spending categorization to receiving fast 1% cashback. The app, like Revolute, is available on both Android and iOS devices.
Revolut vs Curve – quick overview
Revolut is similar to a standard current account, but it comes with additional perks such as favorable foreign exchange rates when spending abroad, cashback, and the ability to trade stocks and shares.
Although the Curve card provides good rates on overseas spending and rewards, its biggest benefit is the ability to consolidate all of your debit and credit cards into one.
UK challenger banks frequently provide significantly superior customer service to established banks, as well as a far superior mobile banking experience.
Although both Revolut and curve have certain similarities, they also have some distinct differences.
Revolut vs Curve: Spending and travel
One of the key advantages that both cards have in common is their excellent foreign currency worth. To be more specific, you will not be duped when it comes to money exchange. If you’ve ever used your bank’s debit card while on vacation, you know how expensive it can be.
When you use this payment card in another country, Revolut utilizes the interbank rate to calculate how much you pay, which means there are no costs.
You may also spend as much as you like, with no restrictions. Furthermore, every 30 days, you can withdraw up to £200 fee-free from overseas ATMs (as long as there are no fees charged by the ATM). This can cost up to £600 each year.
Curve also exchanges money using the interbank rate, therefore there is no pricing difference between the cards. And, while, like Revolut, you may withdraw £200 fee-free every 30 days, you can only spend £1,000 with your card.
After the first £1,000, you must pay an extra 2% charge. The only way around these restrictions is to upgrade to Curve Black or Metal.
So, if you’re searching for a free card to use while on vacation, Revolut provides significantly more flexibility.
Cashback and rewards
Revolut: Cashback and rewards
Revolut Rewards allows you to earn rewards when you use your Revolut card at specified stores. The cashback is generally about 20%. There are just around 20 places where you may spend your money, although they do have some great wine deals and takeaway pizza.
You may also get cashback when traveling overseas if you upgrade to Revolut Metal. This is gained on whatever you buy, but it isn’t a large sum and will only pay you 0.1 percent when
you spend with your card in Europe and 1 percent when you spend outside of Europe. That has no bearing on spending in the United Kingdom. It’s also worth noting that earnings are capped at £12.99 each month.
Curve: Cashback and rewards
Curve Rewards works in the same way as Revolut, but with somewhat different offers. Curve will either refund a flat charge (typically £5) or a portion of your money. Curve’s app does include more merchants.
On a trial basis, all new Curve users will earn 1% cashback on purchases. You must choose three shops from a list provided by Curve, and each time you buy at one of them, money will be deposited into your Curve Cash balance. This may then be utilized when shopping.
Unless you upgrade to Curve Black, the trial period expires after 90 days. If you do, you will always get 1% from these merchants.
Revolut vs Curve: Safety and security
The Financial Conduct Authority regulates both of these businesses (FCA). Both, however, are not protected by the Financial Services Compensation Scheme (FSCS).
This implies that if something happens to these accounts, you will not immediately be eligible for a reimbursement from the government. This doesn’t really matter in the case of Curve because it’s simply an underlying card and the money comes from your bank account or credit card.
Revolut claims that, while your money is not directly secured by FSCS, it is safeguarded in another account that is.
Revolut vs Curve: Unique features
Revolut features
Set up numerous currency wallets in your Revolut account so you can easily conduct international money transfers.
Create an account for your child, and they will obtain their own card. You can follow and control their spending with the Revolut app. To add more children, upgrade to a premium subscription.
Buy cryptocurrency: commission-free purchases of a variety of cryptocurrencies.
Trade stocks: purchase and sell specific stocks without paying a fee.
Create your own vaults, where you may save money in different accounts and even earn interest.
Curve features
All your cards in one – the key feature of Curve is the ability to link all of your other debit and credit cards to one single card. Before making a purchase, you may choose which of your regular cards to use for payment via the app. However, if you choose the incorrect card, you may alter it even after you’ve purchased your item (up to 90 days).
Curve Flex enables you to choose any payment on your Curve account from the previous year and choose an installment choice of 3, 6, 9, or 12 months.
You will then be reimbursed the amount, which you will repay over the specified time period. The interest rate will be 13%. Phone insurance is included if you purchase it.
Curve vs Revolut. Which is best?
Yes, Revolut has many more functionality than Curve. And, because there are no spending limitations, the free version of Revolut is handier while buying overseas.
But it doesn’t mean you should disregard Curve entirely. The ability to integrate all of your cards into one is a fantastic feature that you won’t find anywhere else.
And when it comes to cashback, Curve takes the prize. Their reward options are superior, and payback is not confined to trips outside of the UK. There’s even a potential that the cashback offer may cover a significant portion of your monthly payments.
Finally, consider which features are most important to you and choose your account accordingly. There is no reason why you couldn’t open both.
Read also:
- Transferwise Vs Revolut
- Payoneer Vs Revolut
- Payoneer Vs Western Union: Which One Is Right For You?
- Payoneer vs Transferwise: Which One Is Right For You?
- Revolut vs Monzo
- Revolut vs n26
- Revolut vs Starling
- Revolut vs Youtrip
- Revolut vs PayPal
Idris Yau is an entrepreneur and a seasoned finance and marketing content writer. He brings you unbiased reviews about products and answers to your finance questions.