The deciding line: where you are resident
Revolut opens personal accounts to residents of about forty countries and ten territories: the whole European Economic Area, the United Kingdom, the United States, Switzerland, Australia, Japan, Singapore, Brazil, New Zealand. That list contains no Paraguay, no Panama, no Georgia, no Thailand, no Malaysia, no UAE, which is to say none of the destinations this site's readers actually pick.
Travel is not the issue: the account keeps working on the road, and that is one of the product's strengths. The issue is a change of residence. Once you stop being resident in the country where the account was opened, Revolut's rule is to close it and open a new one in a supported country, if one fits you. In other words, the product does not follow the very move that defines expatriation.
Xapo Bank starts from the opposite constraint. It refuses residents of the United States and the United Kingdom, and serves the rest of the world. Its audience is exactly the one Revolut loses: the person who has just settled outside the comfortable zone.
- ✓ Licensed bank (Gibraltar, GFSC) with the Gibraltar Deposit Guarantee Scheme
- ✓ Open to non-US, non-UK residents, wherever you live
- ✓ USD account with a routing number, worldwide VISA card
- ✓ ~3.35% APY on USD balances
- ✓ Bitcoin in bank-grade custody, full reserve
- ✗ ~$1,000 a year (about $500 net in year one with the referral)
- ✗ Personal account only, no company account
- ✗ Not built around a European IBAN for day-to-day life in the euro zone
- ✓ Free to start, optional paid plans depending on the country
- ✓ Excellent multi-currency FX, best-in-class app
- ✓ European IBAN, instant transfers, budgets, sub-accounts
- ✓ European deposits covered up to 100,000 EUR (Lithuanian scheme, Revolut Bank UAB)
- ✗ Residents of about forty supported countries only
- ✗ Move outside the list and you are asked to close the account
- ✗ Crypto held in the app sits outside deposit protection
- ✗ Freezes and compliance checks are a recurring user complaint
Line by line
| Xapo Bank | Revolut | |
|---|---|---|
| Nature | ✓ Licensed bank (GFSC Gibraltar) | ✓ Licensed bank in Lithuania (Revolut Bank UAB) |
| Deposit protection | ✓ Gibraltar Deposit Guarantee Scheme | ✓ Up to 100,000 EUR (Lithuanian scheme) |
| Who can open | ✓ Anyone except US and UK residents | ✗ Residents of about forty supported countries |
| Moving outside the list | ✓ Not applicable | ✗ You are asked to close the account |
| Cost | ✗ ~$1,000 a year | ✓ Free to start |
| Yield on cash | ✓ ~3.35% APY on USD | Depends on plan and savings product, variable |
| Main currency | USD | ✓ Multi-currency, European IBAN |
| FX | Standard bank conversion | ✓ Excellent, free allowances by plan |
| Bitcoin | ✓ Bank custody, full reserve | Bought in-app, outside deposit protection |
| Card | ✓ Worldwide VISA | ✓ Card, mobile payments, withdrawals |
| Statements for a file | ✓ Yes | ✓ Yes, while the account is open |
| Business account | ✗ No | Revolut Business, separate rules |
| Support | ✓ Dedicated adviser | In-app chat, quality varies by plan |
On its own ground Revolut is hard to beat: the multi-currency FX is excellent, the app is the best in its category, the European IBAN makes daily life in the euro zone frictionless, and joining costs nothing. For someone living in France, Spain or Portugal who travels a lot, there is nothing to complain about, and paying $1,000 a year for Xapo would make no sense.
The problem is not product quality. It is that the product is indexed on a residency that, by definition, you are leaving.
The sequence that actually works
In the files we handle, the split that holds over time looks like this:
- Before you leave, while you are still a European resident: Revolut stays perfect for daily life, and there is no reason to close it early.
- When the new residency becomes real: open the account that accepts your new address before the old one becomes a problem. That is where Xapo earns its place, with deposit protection and a contractual yield on USD.
- For the company: neither of them. A US LLC collects into a dedicated operating account, and the choice is between Wise Business, Relay and Mercury.
The classic mistake is waiting for the block: an address verification lands while you are in the middle of filing a residency application on the other side of the world, and you end up having to prove an address you no longer have, with your funds frozen at the worst possible moment.
Which one, by profile
| Your situation | The right pick |
|---|---|
| You live in Europe and travel often | Revolut, no contest |
| You are leaving within the next few months | Both, in that order |
| You have just settled in Paraguay, Panama or Georgia | Xapo: Revolut is no longer a compliant option |
| You want USD and Bitcoin under a banking licence | Xapo |
| Your balance sits in the low thousands | Revolut: $1,000 a year does not pay for itself |
| You need an account for your LLC | Neither: see the ranking |
| You are a US or UK resident | Not Xapo: see the eligibility rules |
Open a Xapo Bank account
A real USD and Bitcoin bank, worldwide VISA card, around 3.35% yield, Gibraltar deposit guarantee. With code UGD-NEB-JZ, USD 500 in Bitcoin after 33 days of membership, so year one costs about $500 net. Non-US, non-UK residents. (affiliate link: see our disclosure)
Frequently asked questions
Can you keep Revolut when you move abroad?
Only if the destination is supported. The list covers the European Economic Area, the United Kingdom, the United States, Switzerland, Australia, Japan, Singapore, Brazil and New Zealand, roughly forty countries and ten territories. Paraguay, Panama, Georgia, Thailand, Malaysia and the UAE are not on it. In that case the rule is to close the account and open one in a supported country. Travelling changes nothing.
Xapo or Revolut: which one should I pick?
It depends on where you live, not on which you prefer. While you are resident in a supported country, Revolut is excellent and free. Outside that list it is no longer a compliant option and Xapo becomes relevant, for around $1,000 a year.
Does Revolut protect my deposits?
For European customers, yes: deposits sit with Revolut Bank UAB, a Lithuanian institution, covered up to 100,000 EUR by the Lithuanian guarantee scheme. Crypto held in the app is covered by no deposit guarantee, which is the industry norm but worth knowing.
Is Xapo a real bank?
Yes, licensed by the Gibraltar Financial Services Commission and a member of the Gibraltar Deposit Guarantee Scheme. The product, its limits and its real cost are covered in our three-year review.
What about my company account?
Neither. Xapo is strictly personal, and Revolut Business has its own rules tied to the country of incorporation. For a US LLC, see the account ranking and the Xapo vs Wise comparison.
Are there other alternatives?
Yes, aimed at different jobs. See Xapo vs Plasma One for stablecoin-backed cards, and the US banking guide for the American side.