When deciding between Revolut and Openbank, it’s important to evaluate which features best align with your financial needs.
This comparison will highlight key differences, from mobile banking capabilities to specific benefits, helping you make an informed choice.
Revolut
Openbank
How do Revolut and Openbank compare?
Revolut and Openbank are two digital banks that provide a variety of financial services to their customers, but they differ in their offerings, target audiences, and pricing models.
Revolut, a UK-based digital banking platform, is known for its international services and innovative features. It offers multi-currency accounts, foreign currency exchange, international money transfers, and cryptocurrency trading. The app is designed to help users manage their finances conveniently on the go. Revolut’s free account comes with basic features, but it also offers premium accounts with added benefits such as free international money transfers, higher withdrawal limits, and access to cryptocurrency trading. Revolut’s focus is on global financial services, making it a great choice for people who travel frequently or need services in multiple currencies.
Openbank, a Spanish online bank, provides a more traditional banking experience with a strong focus on savings and investment services. It offers a range of products, including current accounts, credit cards, savings accounts, and investment options. Openbank’s mobile app also allows users to manage their finances, but it places a greater emphasis on personalized banking and investment services. Openbank offers a variety of low-fee or no-fee services, making it attractive for users who want a more comprehensive set of banking products, including investment opportunities.
When it comes to fees, Openbank is generally more affordable, offering many services with low or no fees. Revolut, on the other hand, charges for certain services, particularly in the case of international money transfers and higher-tier accounts. Openbank’s focus on savings and investment options might appeal to customers looking for long-term wealth management, while Revolut is more focused on providing everyday financial tools and global banking features.
In conclusion, Revolut is a better fit for those who need a versatile banking solution that includes international money transfers, foreign currency exchange, and cryptocurrency trading. On the other hand, Openbank is ideal for individuals seeking a broader range of banking and investment services, particularly if they are looking for personalized advice and long-term financial planning.
Founded: 2015
Headquarters: London, UK
Users: +45 million
Countries available: 35
Account plans: 5 plan options
Go to Revolut
Founded: 1995
Headquarters: Madrid, Spain
Users: +2 million
Countries available: 6
Account plans: checking and savings accounts
Go to Openbank
Other comparisons about Revolut and Openbank
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
Neobanks offer highly accessible, user-friendly mobile apps designed for a smooth, modern banking experience. Unlike traditional banks, which rely on complex processes and paperwork, neobanks provide a streamlined interface where users can manage finances, track transactions in real-time, and set up alerts with ease. This straightforward, app-based experience appeals to tech-savvy users and businesses alike, offering a practical solution for efficient financial management.
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.