Revolut and PayPal provide extremely distinct services and address very different client issues. Both services support international money transfers.
Overview of Revolut
Revolut is a one-stop shop for all things financial, offering everything you need to save, send, invest, and spend wisely. You’ll also have the ability to spend and transfer money overseas without hassle or exorbitant costs.
This mobile app promises comprehensive account management for both personal and business accounts.
Revolut is one of several international payment platforms. Nonetheless, it has several distinguishing characteristics, making it one of the market’s fastest-growing banking applications.
Overview of Paypal
Using PayPal credit card processing, you may accept all major payment methods from your customers straight on your website. Scalable solutions for enterprises of any size are enabled by simple checkout buttons or completely customized online checkouts.
Almost everyone is familiar with and has used PayPal as a tool for online purchases, but its mobile payment software works just as well for paying pals.
PayPal owns Venmo, and its mobile app is nearly identical to the younger service’s. Although Apple Pay and Google Pay continue to dominate POS transactions, you may still use the PayPal mobile app to pay and request payments from friends (even if they don’t have the app), pay sites, and—in certain cases—pay retailers.
Revolut vs PayPal: Personal Features
Revolut Personal Features
What revolut does?
- Revolut offers personal consumers from many nations’ digital banking and international money transfer services.
- Revolut specializes on international money transfers.
- Debit cards are accepted.
- Accounts with several currencies.
- Debit cards.
- Take the money.
- Budgeting instruments
- Create Vaults to save money more quickly.
- Cryptocurrency access.
- Splitting the bill.
What Revolut doesn’t do
- Account managers for individuals.
- Hedging instruments
- Pickup of cash
PayPal Personal Features
PayPal offers a variety of services to personal clients from a variety of nations. However, the services available differ from area to region. PayPal’s consumer product is a digital wallet that uses the customer’s email address and phone number as their ID.
PayPal users may quickly and simply send money to one other’s digital wallets. PayPal’s digital wallet may be linked to a bank account as well as debit or credit cards.
Customers can use this feature to withdraw cash from their bank accounts. Customers who connect their bank cards can purchase products and services from e-commerce shops that use PayPal as a payment option.
What PayPal does
- Transferring money internationally.
- Prepaid and debit cards
- PayPal Credit is available.
- To purchase online, connect numerous payment methods to your account.
- A digital wallet that can store funds in several currencies.
What PayPal doesn’t do
- Account managers who are dedicated.
- Tools for risk management
- Pickup of cash
Revolut vs PayPal: Business Benefits
What Revolut business offers?
- Transferring money internationally.
- Accounts with several currencies.
- Debit cards for businesses.
- Accounting automation with Xero, Freeagent, and QuickBooks
- Zapier with Slack integration
What Revolut for business doesn’t do?
- Account executives.
- Online vendors’ solutions
- Hedging instruments
- Payments in bulk.
PayPal Business Benefits
PayPal for Business offers a variety of specialized services to businesses from across the world. PayPal may be used by businesses to make, send, and receive invoices.
PayPal’s merchant solution enables online retailers to accept PayPal payments. Customers can utilize the PayPal payment gateway to purchase products or services using their PayPal account or credit or debit cards.
PayPal provides various business solutions for taking micropayments, which may be quite handy for selling low-cost items.
What PayPal for business offers?
- International payments can be made and accepted.
- Online vendors’ solutions
- A digital wallet that allows you to store money and transact in several currencies.
- Accepting card payments using a payment gateway.
- Accepts payments in-store using a card reader and a smartphone or tablet.
- Accounting integration is made simple with APIs, SDKs, code examples, and pre-integrated solutions.
- Fraud and seller protection are two methods of risk management.
- Payments in bulk.
What PayPal for business doesn’t do?
- Account executives.
- Currency hedging instruments
Summary on the business of Revolut vs Paypal
Both global business payments and cash receipts are matched in terms of business services.
PayPal provides a merchant banking system, which allows users to pay for products and services throughout the world using their PayPal account, as explained in the Individual features area.
Foreign currency payments can be received by online merchants and held in the PayPal digital wallet for withdrawal to their company bank account.
Revolut provides corporate banking, foreign exchange-optimized travel debit cards, and accounting integration. Each firm serves a distinct purpose for a company.
Fees & Exchange Rates: Revolut vs Paypal
Revolut Fees & Exchange Rates
When you use your Revolut card for overseas transactions, you may profit from current interbank rates. The fees charged by Revolut vary depending on the type of account you open and where you live.
As you shall see, in order to get the most out of Revolut for international transactions, you must select a monthly subscription package that corresponds to your projected monthly foreign money transaction volume, and most importantly, do not use Revolut for currency conversions on weekends.
Paypal Fees & Exchange Rates
PayPal fees vary depending on where you reside and the services available. PayPal Cash, PayPal Cash Plus, or a connected bank account are all options. $0 Credit, debit, or PayPal Credit 2.9 percent of the amount transferred, plus a set charge.
Both Revolut and PayPal charge fees for overseas payments and revenue repatriation. Revolut has a no-fee threshold over which the exchange rate margins grow. You can increase your fee-free monthly thresholds by paying greater monthly account fees.
PayPal has very bad exchange rates and charges exorbitant payment gateway fees.
Conclusion
In conclusion, Revolut outperforms PayPal for international money transfers and travel money. Revolut is a wonderful option as long as you stay below the account’s tier fee free level.
PayPal’s merchant solution allows internet merchants to easily charge for their services. The benefits of PayPal to individuals include the ability to keep payment data secret and protected against online fraud.
Revolut is a digital bank that specializes in foreign exchange. PayPal isn’t one of them.
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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.