In this article, we would like to introduce you to the advantages of a fintech account and present two outstanding examples: Wise and Revolut. The currency exchange and low fees are particularly noteworthy here.

1. low fees

One of the biggest advantages of fintech accounts is the low fees. Traditional banks often charge high fees for transfers, account management and currency exchange. Fintech companies such as Wise and Revolut have made it their mission to drastically reduce these fees.

Wise: Inexpensive international transfers

Wise, formerly known as TransferWise, is particularly well known for its low fees on international transfers. When you send money abroad, Wise charges a low, transparent fee that is often much lower than that of traditional banks. It also uses the real exchange rate, with no hidden surcharges. This means you know exactly how much you're paying and how much your recipient will receive.

Revolut: No hidden costs

Revolut also offers low fees and has no hidden costs. With a free account, you can make payments and transfers within your country and internationally at very low fees. There are also different account models tailored to different needs, so you can choose the one that suits you best.

Wise: Real exchange rate

Wise accounts are multicurrency accounts. This means you can hold several currencies in your account. Wise uses the real exchange rate that banks use with each other and only charges a small, transparent fee for currency exchange. This means you always get the best possible rate, with no hidden mark-ups. Whether you're sending or receiving money abroad, you can be sure you're getting the best exchange rate.

Revolut: Multicurrency accounts

Revolut also offers you the option of holding multiple currencies in a single account. You can seamlessly switch between different currencies using the interbank exchange rate, which is usually much more favorable than the rates offered by traditional banks. So with Revolut, you can shop and pay in different countries without having to worry about high exchange rate fees.

3. user-friendliness and innovation

In addition to the low fees and favorable currency exchange, fintech accounts such as Wise and Revolut also offer a user-friendly and innovative platform.

You can get a debit card with which you can pay easily and in different currencies, withdraw money from ATMs (at over 3 million ATMs worldwide in 175 countries) and use them digitally for purchases in different currencies as well as for Apple Pay or Google Pay.

Wise: Simple operation

The Wise app and website are designed to be extremely user-friendly. You can make transfers in minutes, track the status of your transactions and view detailed information on fees and exchange rates. Everything is designed to make your life easier.

Revolut: Diverse functions

Revolut goes one step further and offers a variety of functions that go beyond traditional banking. Not only can you transfer money and exchange currencies, but you can also trade cryptocurrencies, buy shares and benefit from personalized budgeting and savings features. The app is intuitive and offers a wealth of ways to manage your finances.

Whether you travel a lot, make international transfers or are simply looking for a cost-effective and innovative alternative to your current bank, Wise and Revolut are definitely worth a look.

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Jutta Burmeister
Jutta has been an entrepreneur for over 34 years and is now a business mentor, author and integral life coach. Her recipe for success is based on the combination of analytical thinking and human compassion. She firmly believes that courage and authentic connections are the key to a fulfilled and successful life. Jutta supports the Daria Project to help people realize their dreams and achieve their goals faster.