Bunq Vs. Revolut: Which Is Better?

 

Updated

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Many start-ups are vying for customer mindshare in the financial technology (fintech) space. Challenger banks and newer money transfer providers seek to supplant legacy banks and corporations that have been around for decades. They attempt to do this by offering efficient, low-fee, and transparent mobile-first applications. Fintechs typically market to individual and business customers who travel frequently, live abroad, freelance, and sell products globally.

How to Choose a Financial App/Company

Choosing a financial app depends on three factors, including your needs, financial goals, and budget. Understanding those aspects will make it easier to select the right partner and company.

Assess your needs first. Before evaluating financial companies, consider your requirements. For example, you plan to travel a lot and want insurance coverage. Or, perhaps you request payments often and want to use a customizable link to make the process more efficient.

Understand your financial goals. For everyday financial transactions, mobile-first banks are excellent. However, suppose you want to start investing or seek a tax-exempt account. Most challenger banks don’t offer robust investing platforms. Moreover, tax-free accounts are rare. Thus, you might have to look around or stick with the status quo to achieve your goals.

Consider your budget. While free accounts/plans are standard with neobanks, users must pay to access more features and benefits. It’s the classic freemium model that thousands of tech companies use. They offer free plans with the goal of converting users to premium accounts. Secondly, monthly plan/subscription fees can add up to over a hundred euros, pounds, or dollars annually. However, for some people, paying monthly fees might not be financially prudent or practical for their budget/saving objectives or debt obligations.

Standard Features

Fintechs and neobanks will continue to add products, services, and features to compete with their rivals and traditional banks. What one company doesn’t have today, it will likely offer in a few months to a year. Therefore, you needn’t worry about missing out on the long term. Challenger mobile bank apps typically have these features:

  • Virtual and physical bank cards
  • Instant push notifications on all transactions
  • Multiple accounts for saving and budgeting goals
  • No foreign exchange fees when spending abroad
  • Free money transfers to other users
  • Make recurring payments
  • Download and print account activity
  • Connectivity to third-party apps, for example, Apple Pay and Google Pay
  • Card lock/unlock at your discretion, for example, if your card gets lost or stolen

Let’s review a couple of innovative fintechs and banking apps that regularly make headlines.

Bunq Overview

Founded in 2015, Bunq (stylized as “bunq”) is a fully licensed Dutch mobile bank operating across the European Union. It gives you the freedom to spend, save, move, transfer, and invest your money. It’s on a mission to break free from the status quo and create a bank with customers in mind.

Bunq values progress, transparency, and freedom of choice. It claims to be “the only bank in the world where you decide what happens with your money. What’s yours always stays yours. And we’ll never sell out your private information.”

Bunq has thousands of customers and an “average” rating on Trustpilot. It’s available on Apple and Google Play app stores. It also offers a web application.

Revolut Overview

Founded in 2015, Revolut is on a mission to facilitate global spending and transfers at the best exchange rates. Individual or business, Revolut is the only banking alternative designed for a worldwide lifestyle. It offers free and premium products and services at affordable monthly rates.

Revolut focuses on today’s hyper-connected world by being a progressive financial partner. It wants to adapt to your needs, give you control, and continuously push you into new and exciting spaces. It welcomes customers to a world of better money management.

Revolut has millions of customers and an “excellent” rating on Trustpilot. It’s available on Apple and Google Play app stores.

Revenue Models

Bunq makes money through plan subscription fees. It shares revenues or collects fees through third-party product and service arrangements, for instance, a partnership with TransferWise to offer money transfer services. It makes money from card top-ups, deposits, withdrawals, additional accounts, safekeeping, and card issuance. It charges business customers various fees that may not apply to consumers. Click here for Bunq’s fees.

Revolut makes money through plan subscriptions and insurance premiums. It shares revenues or collects fees through third-party product and service arrangements; for example, customers can earn cash rewards through purchases at select partners (Revolut Perks). It charges fees on withdrawals above its fair usage limits. Weekend transactions and currency conversion fees may apply. It collects custodial and commissions fees from investment accounts. It makes money from replacement cards and delivery fees. Click here for Revolut’s fees.

Products & Services

Bunq

Bunq’s products and services include:

  • Euro current account
  • Interest-bearing account
  • Joint account
  • Money transfer
  • Business account

Unique features (depending on the card/plan):

  • Get a one-month premium plan free trial.
  • Get up to three cards for the price of one, including a Mastercard, Maestro card, and travel card.
  • For every €100 that you spend with your Green metal card, Bunq will plant a tree.
  • Round up payments and save the difference automatically.
  • Automatically set aside VAT on a dedicated bank account.
  • Add notes to receipts and payments and categorize your spending.
  • Predict future balances to support purchase decisions.
  • Use a personal link to collect payments.
  • Track and split your group and social expenses automatically.
  • Use voice commands with Siri to manage your accounts.
  • Choose how Bunq will invest the funds sitting idle in your account.

Revolut

Revolut’s products and services include :

  • EU and UK current accounts
  • Commission-free stock trading
  • Commission-free cryptocurrency trading
  • Insurance
  • Interest-bearing account
  • Money transfer
  • Business account

Unique features (depending on the card/plan and country):

  • New: Earn interest on your money with Savings Vaults.
  • Round up payments and save the difference automatically.
  • Round up payments and donate the difference to charities.
  • Withdraw up to £600 each month for free (a 2 percent charge applies after that).
  • Get 100 commission-free stock trades per month.
  • Buy, sell, and hold cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Ripple.
  • Get 0.1 percent cashback within Europe and 1 percent outside Europe on all card payments.
  • Get delayed baggage and flight insurance.
  • Get exclusive partner perks.
  • Gain access to 1,000+ airport lounges worldwide with LoungeKey.
  • Use a concierge service to help manage your lifestyle.
Product Comparison
Bunq Revolut
Euro current account Yes Yes
UK current account No Yes
Money transfer Yes Yes
Insurance No Yes
Investing No Yes
Cryptocurrencies No Yes
Savings account Yes Yes
Joint account Yes No
Personal loans No No
Overdraft No No
Pricing

Bunq and Revolut have three subscription plans, and costs may be reduced for annual payments made in advance.

Plan A Plan B Plan C
Bunq Free € 7.99 € 9.99
Revolut Free € 7.99 € 13.99
Final Word

Bunq and Revolut are both excellent options for mobile banking. However, Revolut outpaces Bunq because of its broad product portfolio and global footprint. For instance, Revolut offers commission-free stock and cryptocurrency trading, travel and medical insurance, and many perks and rewards. Also, it’s quickly expanding worldwide, which makes for a robust financial partner no matter where you go. Bunq has joint accounts, interest on savings, and multiple cards, including an earth-friendly green card.

Bunq and Revolut are priced the same except for their most expensive plans. You’ll save a few dollars monthly with Bunq, but you’ll get less. I recommend trying both apps, but if I had to select one, I would choose Revolut.

 

Chad Tennant

Chad is an online marketer, publisher, and consultant. At Digital Fodder, he offers insights and strategies regarding affiliate and online marketing, ecommerce, YouTube, and more. At Partnercade, he helps companies grow their affiliate programs. Connect, follow, or start a conversation with Chad on LinkedIn.

 
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