Curve Vs. Revolut: Which Is Better?

 

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Many new startups are vying for customer mindshare in the financial technology (fintech) space. Many of these challenger banks and 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. They want to attract individual and business customers who travel frequently, live abroad, freelance, and sell products globally. Let’s review a couple of innovative fintechs and banking apps that regularly make headlines.

Revolut Overview

Launched 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. Revolut offers free and premium products and services for affordable monthly fees.

Revolut focuses on today’s hyper-connected world, which requires 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 a Trustpilot score of 4.5. Revolut is available on Apple and Google Play app stores.

Curve Overview

Launched in 2015, Curve is on a mission to change the way people spend, send, see, and save money. It simplifies your financial life by connecting your accounts to one smart card and an even more intelligent app. You can link your debit and credit cards to Curve’s app and spend from any of your accounts using its Curve Mastercard.

Curve focuses on a couple of market trends, including the fragmentation of financial services and convergence layers for the customer experience. It believes the endgame will be a connected world of money, tailored individually for each customer.

Curve has thousands of customers and a Trustpilot score of 4.4. Curve is available on Apple and Google Play app stores.

Revenue Models

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 money transfers and withdrawals above its fair usage limits. Weekend transactions and currency conversion fees may apply. It makes money from replacement card and delivery fees. Click here for Revolut’s fees.

Curve makes money through plan subscriptions. It shares revenues or collects fees through third-party product and service arrangements; for example, customers can earn cashback through purchases at select partners (Curve Cash). It charges fees on withdrawals above its fair usage limits. Weekend transactions and currency conversion fees may apply. It makes money from replacement cards and Amex Wallet top-ups. Click here for Curve’s fees.

Products & Services

Revolut offers many financial products and services, including:

  • Commission-free stock trading
  • Commission-free cryptocurrency trading
  • Insurance
  • Money transfer services
  • UK and Euro current accounts

Features (depending on the card/plan):

  • Get instant push notifications on all transactions.
  • View, export, and automatically categorize all your purchases.
  • Pay zero forex fees when spending abroad or in a foreign currency.
  • Set monthly budgets for spending on things like groceries and entertainment.
  • Round up payments and save the difference automatically.
  • Round up payments and donate to charities.
  • Withdraw up to £600 each month for free (a 2 percent charge applies after that).
  • Use “vaults” for your saving goals.
  • Set up and manage recurring payments.
  • Buy, sell, and hold cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and XRP.
  • Get 100 commission-free stock trades per month.
  • Get 0.1 percent cashback within Europe and 1 percent outside Europe on all card payments with Revolut Perks.
  • Get delayed baggage and flight insurance.
  • Gain access to 1,000+ airport lounges worldwide with LoungeKey.
  • Connect to Apple Pay to make fast and secure payments.
  • Lock/unlock your card if lost or stolen.

Curve

Curve offers a few financial products and services, including:

  • Card consolidation via single card use (Curve Mastercard)
  • Insurance

Features (depending on the card/plan):

  • Get instant push notifications on all transactions.
  • View, export, and automatically categorize all your purchases.
  • Pay zero forex fees when spending abroad or in a foreign currency.
  • Withdraw up to £400 each month for free (a 2 percent charge applies after that).
  • “Go Back in Time” to switch payment sources retroactively.
  • Get 1 percent cash back from selected retailers with Curve Cash.
  • Get lost luggage and rental car collision insurance.
  • Gain access to 1,000+ airport lounges worldwide with LoungeKey.
  • Lock/unlock your card if lost or stolen.
Pricing

Revolut and Curve have three subscription plans, and costs are reduced for annual payments made in advance.

Plan APlan BPlan C
RevolutFree£6.99£12.99
CurveFree£9.99£14.99
Comparison
RevolutCurve
UK current accountYesNo
Euro current accountYesNo
Streamlined cardNoYes
Savings accountNoNo
Joint accountNoNo
Personal loansNoNo
OverdraftNoNo
Money transferYesNo
InsuranceYesYes
InvestingYesNo
CryptocurrenciesYesNo
Monthly feeFree to £12.99/mo.Free to £14.99/mo.
Final Word

Curve’s single card solution is innovative but slightly gimmicky. It seeks to replace the use of multiple credit and debit cards with one card. Alternatively, if you like Revolut–or another financial company–you would probably default to using its card and no others (or its card most of the time). Secondly, financially savvy individuals know that card reward optimization calls for using one or two cards. Using up to two cards is the best way to accumulate rewards quickly. Lastly, one study showed that people with excellent credit cards had an average of three open/active cards. Thus, Curve’s one card solution likely wouldn’t appeal to individuals with robust credit histories.

Almost everything that Curve can do Revolut can do as well, but the opposite isn’t the case. Curve’s primary value proposition is single card use. Aside from its retroactive payment source feature (which is a byproduct of using one card), it doesn’t offer much to help people with their financial lives. Its interbank exchange rates, rewards, push notifications, and so on are standard among challenger banks, including Revolut, N26, and Monzo. N26 and Monzo use TransferWise to process their international money transfers, and Curve should consider doing the same to expand its services.

Revolut outshines Curve and is comparable to many established banks. In 2018, Revolut received a European bank license. With a license, it will continue to build upon its already impressive line of products. It has emerged as one of the top European/global challenger banks and fintechs alongside N26 and TransferWise. Revolut is one of a few companies to offer free global money transfers (TransferGo is another) at the best exchange rates possible.

Perhaps Curve will offer more in the future and become more competitive. Currently, Revolut costs less than Curve but offers much more. That reason alone is justification for choosing Revolut over Curve.

 

Chad Tennant

Chad is an online marketer, consultant, and publisher. He helps businesses and individuals achieve growth and financial success. Learn more at digitalfodder.com/about

 
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