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 South Africa, as well as provide alternative solutions.
Is Revolut available in South Africa?
Unfortunately, Revolut is not yet available in South Africa 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, South African 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 South Africa.
This article explores the best Revolut alternatives accessible to South Africans 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 South Africa 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 South Africa
In this section, we will be discussing 3 alternatives that share comparable features with Revolut in South Africa:
- TymeBank
- SOLmate
- eZaga
TymeBank
TymeBank is a South African digital bank founded in 2015, aimed at providing accessible and affordable financial services to individuals and businesses. Headquartered in South Africa, TymeBank operates without physical branches, offering its services entirely through digital platforms.
Moreover, TymeBank’s core offerings include a fee-free, paperless account opening process that takes minutes, a savings account with competitive interest rates, and tools designed to help customers manage their money better. One of its standout features is the GoalSave account, which rewards customers with higher interest rates the longer they keep their money saved.
Likewise, the bank focuses on financial inclusion, targeting unbanked and underbanked populations in South Africa, and offers services with no monthly fees, making it easier for users from all income levels to access banking services. TymeBank partners with retailers such as Pick n Pay and Boxer, where customers can easily deposit or withdraw cash.
Overall, with millions of users already on board, TymeBank is positioning itself as a pioneer in the South African fintech space, aiming to bring modern, simple, and transparent banking to a wide audience.
However, if you still have doubts about TymeBank being the right fit for you, just click here and find out more!
SOLmate
Sol Mate is a South African neobank that provides digital financial solutions primarily through a mobile-first approach.
It offers services like a prepaid debit card that users can manage directly from a mobile app, making it easy for customers to track their spending, make payments, and handle everyday financial transactions.
Overall, catering to individuals who prefer a digital-first banking experience without the need for traditional bank branches. Its focus is on providing a seamless and inclusive banking experience, especially for young and tech-savvy users looking for modern financial tools.
However, if you still have doubts about SOLmate being the right fit for you, just click here and find out more!
eZaga
eZaga is a South African digital banking platform that aims to redefine the banking experience by providing accessible, user-friendly financial services through mobile and online channels.
Established to cater to the evolving needs of South African consumers, eZaga focuses on offering a range of products designed to enhance financial inclusion and empowerment, particularly for those who may be underserved by traditional banks.
Moreover, with a commitment to simplicity and convenience, eZaga allows users to open accounts quickly and manage their finances entirely through its mobile app. Users can perform various transactions, including money transfers, bill payments, and purchases, all while benefiting from real-time notifications and transaction tracking.
Overall, by targeting individuals, eZaga is positioned as a modern banking solution that meets the demands of a digitally-savvy population. By combining technology with customer-centric services, eZaga seeks to empower its users to take control of their financial futures and navigate their banking needs with ease.
However, if you still have doubts about eZaga being the right fit for you, just click here and find out more!
Final Thoughts
Although Revolut is not accessible in South Africa, 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 South Africa.
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.
