Revolut is an e-money institution platform that provides a wide range of banking and financial services through its mobile app and web platform. Launched in 2015, Revolut initially started as a service for managing multiple currencies but has since grown into a comprehensive financial platform used by millions of people globally.
Moreover, one of Revolut’s main features is its multi-currency accounts, which allow users to hold, exchange, and spend in various currencies at competitive exchange rates. This service is particularly popular among frequent travelers and those who need to manage money across different countries.
Beyond traditional banking services, Revolut also enables users to engage in cryptocurrency trading, stocks and comodities directly within the app.
In this article, we will uncover Revolut’ availability and expansion plans in China, as well as provide alternative solutions.
Is Revolut available in China?
Unfortunately, Revolut is not yet available in China and it’s currently available in 35 countries. According to their website, Revolut “You can open a Revolut account if you live in a country or overseas territory listed below: Australia, Brazil, European Economic Area (EEA), Japan, New Zealand, Singapore, Switzerland, United Kingdom and United States”.
As the world of digital banking evolves, Chinese residents looking for sophisticated and user-friendly banking platforms have a variety of options. Revolut has gained popularity in over 35 countries for its innovative features, transparent operations, and a strong commitment to social and environmental responsibility. However, Revolut is not available in China.
This article explores the best Revolut alternatives accessible to Chinese who wish to benefit from innovative digital banking services. We will look at the best neobanks and fintech platforms that cater to the unique needs and preferences of Chinese users, offering features such as low fees, seamless transactions, and comprehensive mobile banking solutions.
Whether you are a seasoned user or just getting started, keep reading to learn about the best options for managing your finances efficiently.
If you would like to read our full review of Revolut just click here!
Revolut Alternatives in China
In this section, we will be discussing 3 alternatives that share comparable features with Revolut in China:
- WeBank
- DBS digibank
- MYbank
WeBank
WeBank, founded in 2014, is a pioneering neobank in China, recognized as the country’s first digital-only bank. Operating under the auspices of Tencent, WeBank leverages advanced technologies, including artificial intelligence and big data, to provide a wide range of financial services exclusively through digital platforms.
Moreover, the bank specializes in products such as personal loans, small business financing, and wealth management, all accessible via its mobile app. WeBank has differentiated itself by focusing on providing services that are tailored to user needs, utilizing data-driven insights to assess creditworthiness and optimize lending processes.
Overall, by prioritizing digital innovation and customer-centric solutions, WeBank has positioned itself as a key player in China’s rapidly evolving fintech landscape, reflecting the broader trend of banking moving toward digital-first models.
However, if you still have doubts about WeBank being the right fit for you, just click here and find out more!
DBS digibank
DBS digibank is the digital banking arm of DBS Bank, one of the leading financial institutions in Asia, designed to offer a comprehensive suite of banking services through a fully digital platform.
Launched as part of DBS’s broader strategy to embrace digital transformation, digibank provides customers with a seamless, mobile-first banking experience that eliminates the need for physical branches.
Overall, by combining advanced technology with DBS’s trusted financial expertise, digibank has become a leading player in the digital banking space across Asia, offering a reliable, secure, and innovative banking solution that meets the demands of the modern consumer.
However, if you still have doubts about DBS digibank being the right fit for you, just click here and find out more!
MYbank
MYbank is a Chinese neobank founded in 2015 by Ant Group, a financial affiliate of Alibaba. Headquartered in Hangzhou, MYbank operates entirely online, without any physical branches, it aims to serve small and medium-sized enterprises (SMEs) who may not have access to traditional banking services.
Moreover, the bank leverages advanced technologies, including artificial intelligence and big data, to offer efficient, low-cost banking solutions tailored to the needs of its users.
Overall, with over 40 million customers, MYbank has quickly established itself as a significant player in China’s fintech landscape. Its focus on digitization and accessibility allows it to provide seamless financial experiences, making banking easier for millions of users across the country.
However, if you still have doubts about MYbank being the right fit for you, just click here and find out more!
Final Thoughts
Although Revolut is not accessible in China, there are still plenty of other options available to assist people in achieving their financial objectives. There are local and global solutions available, each catering to a different desire and set of financial goals.
Having said so, always remember that choosing the best digital bank depends on your personal goals and financial situation, so it’s essential to stay informed about the latest developments and explore the ever-expanding range of financial tools available.
We hope we helped you in your search for the Best Alternatives for Revolut in China.
Why use a digital bank?
Affordable fees and attractive pricing
With their digital-first approach and reduced operating costs, neobanks often offer highly competitive fees compared to traditional banks. Many neobanks minimize or eliminate fees for services like account maintenance and transactions, and some even provide enhanced interest rates on savings and loans. This cost-efficiency appeals to individuals and businesses focused on maximizing financial value without the typical expenses of traditional banking.
Quick account setup and hassle-free onboarding
Opening an account with a traditional bank is often a slow, paperwork-heavy process. Neobanks streamline this experience by using technology to offer a quick, fully online onboarding. Some even provide instant approval, allowing users to start banking within minutes. This efficiency and ease make neobanks an attractive option for people who want fast, paperless access to financial services.
Intuitive design for easy navigation
Advanced budgeting and financial tracking tools
Neobanks often come equipped with advanced financial tools built right into their apps, giving users insights into spending patterns, budgeting help, and real-time transaction categorization. For businesses, this translates into improved financial control and clear visibility over cash flow. With features like expense tracking and financial analysis, neobanks empower individuals and businesses to make informed, data-driven financial decisions, setting them apart with their strong focus on financial management.
Responsive support and community involvement
Neobanks focus on customer satisfaction with quick, accessible support through multiple channels like in-app chat, email, and even social media. Traditional banks can sometimes have slower, more bureaucratic service, but neobanks use technology to deliver faster, more tailored responses. Many also build a sense of community through online forums and events where users can exchange tips and insights, fostering a collaborative approach to banking.
