Lili vs Revolut
Side-by-side comparison — pricing, features, ratings, use cases. Find which Neobanks fits you best.
🔍 Independently researched ·
📊 Data-driven
38/100
Free tier
Individual freelancers, independent contractors, and self-employed solo business owners in the US who want a fee-free, t
💰 Pricing
🆓 Free tier available
Limited to 50 expense categories; no custom categories; standard support
Fee notes:
- No monthly account fees on either tier
- No ATM fees for withdrawals at in-network ATMs (over 30,000 fee-free ATMs)
- Out-of-network ATM fees: $2.50 per transaction
- International ATM withdrawal: 1% conversion fee plus out-of-network fee
- International purchases: 1% foreign transaction fee
⚠ Watch for:
- Foreign transaction fee of 1% on non-USD purchases
- ATM fees for out-of-network and international withdrawals
- Wire transfer fees for domestic and international wires
- Potential fee for expedited card delivery
🔧 Features
✓ Free Tier✓ Tax Bucket✓ Freelancer Focus✓ Expense Tracking✓ Us Only
📋 Assessment
💪 Strengths
- The Smart Save feature is a standout. You can automate a percentage of every deposit to be set aside for taxes. This removes the mental load of estimating quarterly tax payments and ensures you're not caught short when tax season arrives. The funds are held separately from your spending, which helps avoid accidental spending of money that should go to the IRS.
- Expense categorization is tailored for freelancers. It offers categories like Meals & Entertainment, Transportation, Travel, and Equipment, which are relevant to self-employed filers. You can also create custom categories. This makes it easy to organize expenses for tax time, and you can export your expense report to your accountant.
- Real-time cash flow insights provide a snapshot of your current income and expenses. The app shows your net cash flow for the month and predicts upcoming cash flow based on pending transactions. This is particularly useful for those with irregular income streams, as it helps with budgeting and planning.
- Receipt management is simple and efficient. You can take a photo of a receipt and attach it to a transaction with a date stamp. This reduces paper clutter and makes it easier to substantiate deductions. The app also captures the merchant and amount automatically, saving you time.
- There are no monthly account fees and no minimum balance requirements. This is ideal for freelancers who may not maintain a high balance. You're not penalized for variable income, and the free tier includes virtual and physical debit cards, along with free ATM access at a vast network of ATMs.
⚠ Watch out for
- There is no interest on your deposits. If you often keep a large balance, your money will not grow. This makes Lili less suitable for those looking to park funds long-term or who want to earn a return on their cash.
- The account is US-only. You cannot use the card internationally, nor can you send or receive foreign currency. That makes it unsuitable for freelancers who travel overseas or work with international clients.
- Lili does not offer payroll services or business lending. As your business grows, you may outgrow Lili and need to switch to a full-service bank or more advanced neobank that offers lines of credit, business credit cards, or invoicing integration with payroll.
- The free plan is quite basic. You get one sub-account for tax savings, but to truly organize your finances (e.g., separate savings for emergences or specific expenses), you will need to upgrade to Lili Pro ($9/month). This may frustrate budget-conscious users.
- Customer support on the free plan is limited to email and in-app chat. Some users report slow response times, and there's no phone support unless you're on the Pro plan. If you're not a Pro, you may feel the lack of reliable support.
🎯 Best for
Individual freelancers, independent contractors, and self-employed solo business owners in the US who want a fee-free, tax-aware business bank account.
🚫 Who should skip
Businesses with more complex needs like payroll, multi-member LLCs, international operations, or those wanting to earn interest on their business cash should skip Lili.
📚 Learning curve
Minimal — setting up the tax bucket and expense categories takes minutes, and the app is intuitive for freelancers who already manage their own finances.
🧑⚖️ Verdict
Lili is an excellent choice for US-based freelancers who want a simple, no-fee business account with automatic tax savings and expense tracking. However, if you need international capabilities, interest on your balance, or more advanced banking features like loans or payroll, you'd be better served
76/100
Free tier
Revolut is ideal for travelers, freelancers, and digital nomads who need a cheap, flexible, multi-currency spending card
★ Best
💰 Pricing
🆓 Free tier available
Standard plan is free, but limited to $1,000/month ATM withdrawals (2% fee after), 3 free currency exchanges per month, and 0.5% FX fee after limit. Crypto and stock trading have fees.
Fee notes:
- FX markup: 0% on weekdays within free exchange allowance (Standard: 3 free per month, then 0.5% markup; Premium and Metal: unlimited, but weekend markup of 0.15% for Premium/Metal, 0.5% for Standard).
- ATM fee: 2% of withdrawal amount after exceeding monthly free limit (Standard: $1,000; Premium: $2,000; Metal: $3,000; Ultra: unlimited).
- International transfer fee: Standard: 0.5% (min $0.50, max $50?) ; Premium: free up to $10,000/month, then 0.5%; Metal: free up to $20,000/month, then 0.5%; Ultra: free unlimited.
- Card replacement fee: Standard: $10 (or local equivalent) if lost or stolen; Premium: free (one per year) then $10; Metal: free (one per year) then $10; Ultra: free.
- Crypto trading fee: variable, typically 1.5% per trade (standard) or lower (0.75% for metal/ultra?)
⚠ Watch for:
- Weekend FX markup: Revolut applies a 0.5% markup on weekend currency exchange for Standard, and 0.15% for Premium/Metal (Ultra: 0%) – even if you have exceeded your free exchange allowance.
- ATM fee after limit: 2% after free monthly limit; some ATMs may charge their own fee, which Revolut does not reimburse.
- Card delivery fee: Standard may charge for delivery (e.g., $10) unless you upgrade or order during promotional period.
- Inactivity fee: Not charged monthly, but if you don't use the card for 12 months, card might be deactivated (with reactivation fee?).
🔧 Features
✓ Free Tier✓ Mobile App✓ Multi Currency✓ Crypto Support✓ Stock Trading✓ Virtual Cards✓ Insurance
📋 Assessment
💪 Strengths
- Revolut's multi-currency accounts with local IBANs are a massive advantage. You can open a EUR account with a Lithuanian IBAN, a GBP account with a UK IBAN, and a USD account with a US account number (in some regions). This makes it seamless to receive salary or payments in different currencies without paying high conversion fees. For freelancers and remote workers, this is a killer feature.
- The interbank exchange rate on weekdays is a huge cost saver. Unlike traditional banks that add a 2-3% margin, Revolut uses the actual market rate. On the free plan, you can exchange up to £1,000 per month without extra fees, which is plenty for most travelers. The app also shows you the exact rate before you confirm, so there are no surprises.
- The budgeting tools are surprisingly robust for a digital bank. You can categorize transactions (groceries, transport, entertainment) automatically or manually, set monthly budgets, and get spending insights. This is on par with dedicated budgeting apps like YNAB, and it's built-in for free.
- Virtual cards are a standout security feature. You can create a virtual card for online shopping, and even disposable virtual cards that generate a new card number each time. This protects you from fraud if a merchant's database is compromised, and it's a feature that traditional banks rarely offer for free.
- The crypto and stock trading features are convenient for beginners. You can buy Bitcoin, Ethereum, and dozens of other coins directly in the app, and trade US stocks with fractional shares. However, spreads are wider than on dedicated exchanges like Coinbase or Degiro, so serious investors should look elsewhere.
⚠ Watch out for
- Customer support is a major pain point. In-app chat is the primary channel, and response times can be hours or even days for anything beyond basic questions. There's no phone support on most plans, and the chatbot often fails to handle complex issues like account freezes or disputed charges. This has led to numerous complaints on Trustpilot and social media.
- Account freezes for compliance checks are a real risk. Revolut's automated anti-fraud algorithms can flag unusual activity (like large transfers or new login devices) and freeze your account for weeks while they investigate. While this is a legal requirement in some cases, the lack of proactive communication and slow resolution times is frustrating for users who rely on the account for daily spending.
- Hidden fees can sneak up on you. The free plan has a £200/month ATM withdrawal limit, after which you'll pay 2% (or more on weekends). If you exchange on weekends, there's a 1% fee. Crypto trades have spreads that are 1-2% above the market rate, which is higher than dedicated exchanges. You need to read the fee schedule carefully to avoid surprises.
- Revolut is not a full replacement for a traditional bank. Deposits are not covered by the UK's Financial Services Compensation Scheme (FSCS) in the same way — only up to £85,000 for money in your e-money account under certain conditions (actually, Revolut is a licensed bank in Lithuania, but the protections differ in other countries). You also can't get a mortgage or overdraft from Revolut, and there's no option for physical cash deposits beyond loading with cash at certain partner stores.
🎯 Best for
Revolut is ideal for travelers, freelancers, and digital nomads who need a cheap, flexible, multi-currency spending card with manageable FX and global payments.
🚫 Who should skip
People looking for a full-fledged primary bank with reliable customer support, complete deposit protection, and comprehensive financial products (mortgages, large loans) should skip Revolut. Also, active traders are better off with dedicated stock/crypto brokerages.
📚 Learning curve
Minimal — the app has a modern, intuitive interface and you can start using core features within minutes. Understanding the exact pricing structure and country-specific features may take some digging.
🧑⚖️ Verdict
Revolut is an excellent choice for travelers, freelancers, and digital nomads who need flexible multi-currency capabilities and low FX fees. However, if you require reliable human support, robust deposit insurance, or the stability of a traditional bank for all your banking needs, you should keep a
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
Use CaseLiliRevolut
Freelancer Tax Preparation95—
The automatic tax bucket lets you set aside a percentage of income consistently,
Expense Tracking for Self-Employed90—
Automatic expense categorization and receipt matching are built for freelancers
Real-Time Cash Flow Monitoring88—
Lili provides real-time insights into income and spending, helping freelancers s
Separating Business and Personal Finances85—
The account is dedicated to business use, and the spending and tax buckets make
Quarterly Tax Payment Savings92—
The Smart Save bucket isolates tax funds, reducing the risk of accidentally spen
Travel & Foreign Currency Spending—95
With multi-currency accounts, competitive interbank-ish exchange rates, and no h
Freelancer Multi-Currency Invoicing & Receiving Payments—88
Freelancers can receive payments in multiple currencies with local IBANs, hold b
Budgeting & Expense Tracking—80
Built-in budgeting tools, spending categorization, and real-time notifications h
🧭 Which One Should You Pick?
Choose Lili if...
- You are: Individual freelancers, independent contractors, and self-employed solo business owners in the US who want a fee-free, t
- 👍 No monthly account fees or minimum balance requirements, making it accessible for freelancers with v
- 👍 Automatic tax savings bucket that lets you set aside a percentage of every deposit for quarterly tax
- 👍 Built-in expense categorization and receipt management tailored to self-employed users.
- 💰 Free tier available
- ⚠ Trade-off: US-only account; no support for international transactions, multi-currency, or n
Choose Revolut if...
- You are: Revolut is ideal for travelers, freelancers, and digital nomads who need a cheap, flexible, multi-currency spending card
- 👍 Real multi-currency accounts with local IBANs in many countries, making international transfers and
- 👍 Competitive FX rates (interbank rate on weekdays) with a user-friendly app that shows real-time conv
- 👍 Extensive feature set even on the free plan: virtual cards, budgeting, crypto, stocks, and peer-to-p
- 💰 Free tier available
- ⚠ Trade-off: Customer support is notoriously slow in many regions, with in-app chat often bei
❓ Frequently Asked Questions
Is Lili really free, or are there hidden fees?
Lili has no monthly account fees and no minimum balance requirement. However, you may still incur out-of-network ATM fees, wire transfer fees, or charges for replacement cards, so check the fee schedule before using those services.
Can I use Lili for an LLC or S-Corp, or is it just for freelancers?
Lili is open to sole proprietors, LLCs, and independent contractors. However, it is heavily designed around the needs of freelancers and self-employed individuals, so if you have more complex corporate banking needs, you might outgrow it.
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