In today's digital age, fully digital services are essential for freelancers, especially when it comes to financial solutions. This leads us to a comparison between two promising platforms aimed at improving your financial management: DolarApp and Revolut.

In this post, we will help you determine which of these tools is better suited to your needs. We will analyze each aspect impartially and straightforwardly. Ultimately, the decision will be yours.

DolarApp vs. Revolut: Comparison of Services and Benefits

What is DolarApp?

DolarApp is a company that offers a digital dollar account for Latin America. It currently operates in Mexico, Argentina, and Colombia.  

This allows you to buy and sell digital dollars without commissions and at the best exchange rate of the day. Everything is managed via the app, and you receive your balance in minutes.

Of course, you can also send and receive payments internationally, obtain a physical and digital card, among other features that we will explain later.

Where is DolarApp from?

This fintech was founded in the USA, with a subsidiary in Mexico. However, its mission is to allow all Latin Americans to have a digital dollar account in their name in the USA.

In addition to offering an international debit card, you can send, receive, and exchange dollars or pesos.

What is Revolut?

Revolut is a financial entity that provides electronic bank accounts in multiple currencies. Founded in 2015 in the UK, it has rapidly expanded globally.

Its services are now available in over 100 countries, especially those in the Eurozone.

Additionally, it offers debit cards, supports international transfers, manages investments, and supports cryptocurrencies. In Mexico, it has been authorized to operate since April this year, but the service has not yet been launched.

DolarApp vs. Revolut: Which Should You Use?

From here, we'll compare DolarApp vs. Revolut, covering aspects such as their cards, apps, and costs for international transfers, as well as their functionalities and services.

Fees for receiving money from the United States

DolarApp's fees are low compared to traditional banks. Additionally, the exchange rate it uses is close to the mid-market rate.

However, the app charges a fixed fee for each transaction you make from your account, whether you're sending money to the United States or need to receive payments from international companies with remote work.

With Revolut, you pay a commission for making the transfer and another for currency conversion, depending on the type of plan you have.

It also depends on the type of plan you have.

• DolarApp Fees: 3 USDc for sending to the United States from your US account, and the same fee for receiving money from the US.

• Revolut Fees: For the standard plan, there's a 0.5% fee if you exceed the monthly limit of 1,000 USD (approximately $17,940 MXN), plus a 1% commission if you send money on weekends or overnight. Additionally, there's a bank fee of 57.50 USD, or if the app considers it an international transfer, it charges 5% of the total amount.

Exchange rate as at 08/07/2024:

Key Points to Consider When Sending Money: DolarApp vs. Revolut

• Both platforms charge a fee, but DolarApp's fee is fixed at only 3 USDc. This means that if you send 5,000 USDc, you'll only deduct that fee, so in your account in Mexico, you would receive $89,995.97 MXN.

• However, Revolut has additional fees that result in the recipient receiving less money. To start, international transfers (from the USA to an account in Mexico) exceeding 200 USD have a charge of 5%. Additionally, there is a currency exchange usage fee of 0.05% once you exceed 1,000 USD.

Moreover, the fee increases to 1% when you make a currency exchange after the market closes.

So, if you send 5,000 USD from the United States to an account in Mexico with Revolut, you would end up losing more than 250 USD in fees.

But let's assume you make a simple transfer from the USA to Mexico. Even then, the bank commission is 57.50 USD and 1% for exceeding the conversion limit. The person in Mexico would receive $87,771.45. It's still significantly less.

On the other hand, if you use DolarApp, you only have to pay a flat fee of 3 USDc. Simple and straightforward.

How Do They Work, and What Do They Offer?

Both are financial services that operate through their mobile app, requiring registration and identity verification by uploading valid documents. This allows you to obtain a bank account entirely online.

These platforms offer:

• Account management: You can add funds to the account via bank transfers or credit/debit card.

• International shipments: They allow money transfers abroad using competitive exchange rates.

• International debit card: Users can request virtual cards for online purchases and physical cards for in-store payments.

• Transparency in fees: The costs associated with each transaction can be found on their respective websites.

Table of DolarApp vs. Revolut Services:

Pros and Cons of DolarApp vs. Revolut

Both apps facilitate international transfers, allowing you to save more than with conventional methods. Additionally, you can send money or change currencies online.

The main advantage of DolarApp is its fixed commission for overseas transfers. Meanwhile, Revolut's fee structure can be somewhat confusing, with fees that vary based on amounts, account type, and days of the week.

However, Revolut offers more plan options, including Standard, Plus, Premium, Metal, and Ultra. In contrast, DolarApp only offers DolarApp Premium, a membership with rewards and benefits like 4% annual profit on the digital balance.

Revolut allows cryptocurrency investments, offers business services, and you can create an account as a freelancer with Revolut Pro. But subscription prices and conditions vary for each of their accounts, and additional fees may apply for certain transactions.

Which Has Better Security: DolarApp or Revolut?

DolarApp uses two-factor authentication to protect users' accounts, employing encryption to secure information during any transaction, and payments are safeguarded using 3DS technology.

On the other hand, Revolut implements advanced encryption and biometric security options. It also features 24/7 monitoring to prevent fraud and insurance schemes to protect deposits in some countries.

As you can see, both have advanced security measures, ensuring that your money is always protected, in compliance with multiple global regulations.

Comparing Their Cards

Both DolarApp and Revolut offer cards that allow you to make payments and manage your finances, but there are differences in their features.

DolarApp offers a DolarCard in its virtual version, suitable for shopping at top online stores in the USA. Revolut provides a card for each plan:

Card Comparison:

Mobile App Comparison: DolarApp vs. Revolut

DolarApp's interface is user-friendly and easy to use, offering detailed information about each transaction and catering to the specific needs of its clients.

Its functions include transferring dollars to pesos and vice versa, where you can see the available exchange rate at the moment. You can also check your balance in both currencies, view movements, split card payments, and create groups for travel.

With over 100,000 downloads on Google Play and a 4.6/5 rating, as well as on the App Store, DolarApp reviews are very positive, with some messages responded to.

Revolut's app also offers the same, but with additional features, such as various subscription plans with their costs and the ability to invest in cryptocurrencies.

With over 10 million downloads on Google Play and a rating of 4.4/5, and on the App Store, 4.7/5, Revolut is praised for its speed and simplicity in user reviews.

Which is the Winner?

Both DolarApp and Revolut are two good options to receive money from the United States.

The problem is that Revolut MX is available, but you can't enjoy all its benefits yet. In addition, as we have already seen, the commissions are higher, and you end up receiving fewer pesos. 

DolarApp, on the other hand, works in Mexico as well as in Argentina and Colombia, offering a complete service. You can receive money from the United States, but also send and all for only 3 USDc commission. 

So, if you're looking for a simple solution for your transactions, DolarApp is your best bet. It will also help you pay for services and better manage your freelance accounting.

If you're interested in an app for operating with cryptocurrencies, Revolut would be more suitable. However, as it focuses on European clients, in Mexico, you can only use it to receive money from abroad for now.

The choice is yours. Consider what you need and which company better solves that need.

• Note: The exchange rate used for this article is as of 8/07/2024. The image taken from Revolut on 09/07/2024.