Cash App Vs. Revolut (A Complete Comparison)

cash app vs revolut

If like me, you have nephews in college or any that graduated within the last few years, you’ll know about Cash App. That’s the main means by which they’d send constant requests for more money! Meanwhile, for those of us who do transactions in multiple currencies, it’s hard to not be familiar with Revolut, which simplifies these transactions globally.

For anyone who routinely transfers money between countries or if you work as a freelancer and require payment in various currencies, online payment applications are a terrific option. 

Revolut has had success in Europe, while Cash App has taken off in the United States. For Revolut, it’s thanks to competitive exchange rates, rapid foreign transfers, and a user-friendly interface. Meanwhile, Cash App, which has a US incorporation, is the App Store’s fastest-growing financial app.

Because of this, we decided to compare both entities and see which one came out on top. Comparing Revolut and CashApp, we take a close look at their interest rates and charges as well as their usability, security, and reputation. Our goal is to provide you with as much information as possible so you can make an educated decision.

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Cash App Vs. Revolut

cash app vs revolut mobile banking

People who needed to exchange and send money in various currencies were Revolut’s primary focus when it was founded. It was ideal for the European market, where financial standards might differ greatly from those in the United States and often be far more convoluted.

Exchange fees, rapid foreign payments, and the ability to share bills with pals via WhatsApp were all priorities for the company. Because of their efforts in these areas, they currently have the world’s fastest-growing fintech firm.

Meanwhile, Jack Dorsey, the co-founder of Twitter and Square, founded CashApp to make transferring and receiving money as simple as possible. As a result, this is the primary use for everyone around the world, especially in the United States.

Even though Cash App is a much younger product, the two are bound to collide shortly.

What is CashApp?

cash app

Using Cash App, you can perform a few simple operations, but they’re done well. At first, they aimed to simplify the process of transferring and receiving money. 

Their goal is to make investing as simple and accessible as possible, now that they’ve arguably done it better than anybody else. More than 70 million people use Cash App every day, and the company boasts yearly gains of $1.8B.

What is Revolut?

revolut logo for widget

As a banking app, Revolut is geared toward people who need to move money between different currencies and countries. Fast and affordable international transfers make it easy to keep different currencies on hand. 

They’ve just gotten into the bitcoin and investment business as well. More than 15 million people use Revolut. The company earned $170M or £123M in gross profits in 2020.

Core features of Cash App

  • Sending and receiving money is as simple as that.
  • You can put as little as $1 into any stock you like.
  • Bitcoin investment possibilities

Core features of Revolut

  • Transfers across international borders are quick and easy.
  • Investing in Bitcoin is one of Revolut’s most important features.
  • Access to Ethereum and Litecoin investment options

What distinguishes CashApp from its competitors?

It’s refreshing that Cash App doesn’t feel like any other financial product. There is nothing else like it, and it’s dead simple. They’ve reimagined what it means to send and receive money and to invest in a way that everybody can understand.

What distinguishes Revolut from the rest?

With quick foreign transfers, real-time currency conversion, and quick chat assistance, Revolut is redefining what it means to be a bank. Since then, new business models have emerged as a result of this.

Is Cash App secure?

To put it simply, Cash App makes it easier to transfer and receive money. They don’t hold the money in their own hands. Also, Square, the corporation that founded them, is a supporter.

Is Revolut a safe bet?

Revolut, on the other hand, stores and transfers its money through third-party banks. In the United Kingdom, they’re strictly regulated by the letter of the law.

Cash App Vs. Revolut: Ranks

cash app vs revolut ranks

While Cash App is number one in the United States under the App Store finance category, Revolut ranks 11th in the United Kingdom.

Cash App is great in that it allows users across all 50 US states to purchase and sell bitcoin. Bitcoin may be purchased and sold directly through the Cash App. As we’ll discuss more in this piece, several other payment services enable this type of exchange by working with a third-party liquidity provider. 

Since each Cash App account already contains a bitcoin wallet, users can save their bitcoin there, send it to a friend using CashApp, or send it to an external wallet. 

In terms of features, CashApp and Revolut are two very different products. When it comes to cross-border money transfers, Revolut is more focused on international payments than CashApp.

They both provide crypto-trading within their apps as a feature. There are, however, some notable differences.

In the United Kingdom and Europe, Revolut makes it simple to purchase five different cryptocurrencies using over two dozen different fiat currencies. You can buy and sell five cryptos using Bitstamp as well as Coinbase. 

Cash App Vs. Revolut: Limitations

limits

Users are unable to deposit or transfer cryptocurrency to or from another wallet. 

You can, however, purchase Cryptocurrencies and transfer them between users, but only internally. To move cryptos within the company, you have to get them converted to fiat. As you can see, Revolut members have limited options when it comes to using their cryptos. 

As for Cash App Users, Bitcoin deposits are not currently supported. You’re only able to save it in your wallet or send it to an external wallet. Also, the Cash App isn’t accessible in Europe yet.

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Cash App Vs. Revolut: Compliance

cash app vs revolut compliance

In terms of compliance, since Square is based in the United States and provides virtual currency assistance, they are also registered with FinCEN. Square is the mother company for Cash App and is registered as a prepaid access facilitator and Money Service Business Money transmitter. 

In June 2018, Square obtained a BitLicense from the New York Department of Financial Services (NYDFS). It is necessary for virtual money transmission for economic purposes or trade services, both about New York or someone from the state.

Cryptocurrencies are not controlled in the United Kingdom, so Revolut only adheres to the usual financial regulations for e-banking. This means that Revolut can release digital payment (e-money) offering payment services throughout the European Economic Areas (EEA), which covers 30 member nations, after receiving an e-money permit through FCA.

Cash App Vs. Revolut: Fees

cash app vs revolut fees

Revolut

Depending on the level of Revolut membership (Metal, Premium, Plus, and Standard), minimal fees are imposed on all foreign currency transactions.

  • Each month, Premium clients can make one free global transfer; Metal users can make as many as they want.
  • A fee of 0.3 percent of the transfer amount, with a baseline of £0.30 and a ceiling of £9.00, will apply to all normal foreign money transfers (or comparable).
  • Delivery charges of £5.00 will be imposed on transfers of CHF, EUR, GBP, and USD, made through the SWIFT method.
  • The cost is £9.00 for all other recognized currencies.

Other charges include:

  • Depending on the size of the transfer, a global purchase beyond the SEPA can cost up to £0.30.
  • Based on the quantity of the payment, currency conversion rates range from 0.5 percent to 1 percent.
  • There is a 1% fee for transfers made on weekends or bank holidays in the United Kingdom.
  • Those who pay more than £1,000 each month may get charged a “0.5 percent fair usage fee.”

Cash App

  • Using a credit card to transfer funds is charged a 3% fee, while using a debit card or checking account is completely free.
  • Domestic transfers on Cash App are free, but there may be additional costs along the road. 
  • Quick transfers to your bank account, as well as costs while using a Cash App card plus drawing cash from an ATM, are included in this.

The Bottom Line

As with most things, it is dependent on you need. Cash App is a great choice if you don’t want to open another bank account but still want a quick and easy way to send and receive money.

A quick onboarding, UI, and the option to buy and store Bitcoin with a single click make this favorite finance software for many.

The ideal option for foreign transfers, currency conversions, and having a physical bank account is Revolut.

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Current: The Future of Banking

As a Current mobile banking app affiliate, I earn from qualifying purchases.