Last Updated on December, 2024
Are you looking to transfer money abroad or manage your finances internationally? You might have heard about Revolut and Wise accounts. Have you?
These two services help you move money across borders or handle multiple currencies. But the question is – which one is right for you?
Let’s find out (don’t be lazy to read everything I’ve covered here.)
Deal? Cool, keep reading.
Quick Summary
Revolut offers a more comprehensive financial platform with features like budgeting tools, cryptocurrency trading, and travel insurance, making it ideal for those who need a full-service digital bank. In contrast, Wise specializes in international money transfers with lower fees and transparent exchange rates, making it better for cost-effective, cross-border money management.
Wise uses real-time exchange rates with clear and minimal fees, whereas Revolut offers interbank rates but charges fees depending on the account type, region, and time of transaction, particularly on weekends and for certain currencies.
Both platforms are easy to use via their mobile apps, but Wise is available in more countries and offers a more transparent fee structure. Revolut provides 24/7 customer support, but Wise supports more languages, and Revolut prioritizes paid customers for service assistance.
Feature | Revolut | Wise |
Account Types | Multiple tiers: Standard (Free), Plus, Premium, Metal, Ultra | Single account with no monthly fees and business account with one-time payment |
Currency Support | Holds and exchanges 36 currencies | Supports 50+ currencies, with local account details in 9 currencies |
Fees | No monthly fee for Standard, up to £12.99/month for Premium plans | No monthly fees |
£7 one-time fee for card | ||
Exchange Rate | Mid-market rate during business hours; 0.5%-1% markup on weekends | Mid-market rate with low conversion fees starting from 0.43% |
Transfer Fees | Free transfers to other Revolut users in the same currency | Free transfers to other Wise users in the same currency |
Low, transparent fees for others | ||
Transfer Speed | Instant to 3-5 business days depending on method and destination | Instant to 1-5 business days depending on method and destination |
Additional Features | Budgeting tools, crypto trading, cashback, insurance options, travel perks, and multi-user access | Dedicated international transfer platform, simple user interface, and low-cost international transfers |
About | Wise Platform | Revolut Platform |
Contents
- Wise Vs Revolut
- Key Difference Between Wise and Revolut
- Wise Vs Revolut: Fees & Exchange Rates
- Wise Vs Revolut: Ease of Use
- Revolut Vs. Wise: Customer Support & Available Countries
- Revolut Vs Wise: Trust & Transparency
- Revolut Vs Wise: Money Transfers
- Revolut Vs Wise: Local & International Payments
- Wise Vs Revolut: Cards
- Revolut Vs. Wise: Business Benefits
- Wise Vs Revolut: Pros & Cons
- Conclusion
- FAQs
Wise Vs Revolut
How Does Wise Work?
Wise is different from your typical bank account. It’s an electronic money account that makes sending money abroad easier and cheaper than traditional banks.
Yes, The Wise debit card is accepted in more than 200 countries, enabling you to withdraw funds and make purchases. It utilizes the real exchange rate for currency conversion, and there are no charges for holding multiple currencies.
GUESS WHAT? It’s incredibly easy to get started with Wise.
Just follow these simple steps:
That’s all there is to it!
Read More about How does Wise Works here.
How Does Revolut Work?
Revolut is also a digital banking app that allows you to manage your money easily from your smartphone. To start, you download the app and sign up, which creates an account for you in minutes.
Once your account is set up, you can add money to it using a bank transfer or a debit/credit card.
With Revolut, you can hold and exchange multiple currencies at real-time exchange rates, which is handy if you travel often or make international purchases.
TRUST ME. The app provides a physical or virtual card to spend your money worldwide without high fees, and you can withdraw cash from ATMs with no fees up to a certain limit based on your plan.
Revolut also offers features like budgeting tools, savings “Vaults” for setting aside money, and even cryptocurrency trading. You can easily send money to friends or pay bills through the app, and for premium users, there are additional benefits like travel insurance and discounted airport lounge access.
Understood? Next, I will talk a bit about the key differences.
Key Difference Between Wise and Revolut
Wise specializes in international money transfers. Its primary focus is on making it easy and cost-effective to transfer money across borders.
Whether you’re sending cash abroad for family and friends or paying bills in another country, Wise offers an easy platform for these transactions. One of its key advantages is its transparent fee structure, which tends to be lower than what traditional banks charge for international transfers.
With Wise, you can also convert money into different currencies at the real exchange rate, which means you’re getting a fair deal without hidden markups.
Understood?
On the other hand, Revolut provides a more comprehensive suite of financial services beyond just money transfers. While it does offer international transfers like Wise, its scope extends far beyond that.
Revolut functions as a digital bank, allowing users to manage their money, make card payments, and even invest, all from within the app. It offers features such as budgeting tools, cryptocurrency trading, and travel insurance, catering to a wide range of financial needs.
However, it’s important to note that while Revolut aims to keep fees low, the availability of certain features may come with associated costs or usage limits, depending on your subscription tier.
In short, the key difference between Wise and Revolut lies in their focus and range of services. Wise excels in international money transfer(s), offering low fees and fair exchange rates.
It’s IDEAL for those who primarily need to send cash across borders. On the other hand, Revolut offers a broader spectrum of financial tools and services, functioning as a digital banking alternative with features like budgeting, investing, and more.
If you’re looking for simplicity and cost-effectiveness for international transfers, Wise is a solid choice. If you desire a more comprehensive financial platform with additional features, Revolut might better suit your needs.
Wise Vs Revolut: Fees & Exchange Rates
When comparing Wise and Revolut for exchanging currencies, it’s essential to understand each service’s fee structures and exchange rate policies.
Wise
Revolut
So, while Wise offers transparent fees and a real-time exchange rate for international transfers, Revolut provides interbank rates for transactions but has varying costs depending on the account type, region, and transaction type.
Users should carefully check their needs and usage patterns to determine which service best suits their requirements.
Wise Vs Revolut: Ease of Use
Wise
TRUST ME. Creating an account with Wise is quick and easy. The Wise app is simple and easy to use, and it is considered one of the best-designed apps among international money transfer companies.
Revolut
GUESS WHAT? Signing up for a Revolut account is easy with the Revolut app.
Revolut Vs. Wise: Customer Support & Available Countries
Revolut and Wise offer their services across various countries, but they differ in terms of their availability. Wise allows you to send money from 170+ countries, including the European SEPA countries.
On the other hand, Revolut enables you to send money in 30+ different currencies. So, if you need to transfer money internationally, consider which service operates in the countries you need to send money from and to.
When it comes to customer support, Revolut stands out with its local phone support in different countries and 24/7 chat support. This means you can get help whenever you need it, no matter where you are.
Having access to customer support in your local language can make a big difference when dealing with any queries about your account or transactions. However, Wise provides customer support in 13 languages, and Revolut in 24 languages including English.
However, one area where Revolut could improve is in the countries where you can sign up for their services. Currently, Revolut primarily focuses on registration in European countries.
Expanding their registration availability to more countries outside of Europe would make their services more accessible to a wider audience. That said, one downside of Revolut is that it prioritizes paid customers when it comes to support.
Revolut Vs Wise: Trust & Transparency
Listen, the FCA fully regulates Wise, ensuring customer funds are kept separate from the company’s finances. On Trustpilot, Wise has an Excellent rating. However, some customers have complained about sudden account closures without explanation.
Revolut, on the other hand, is licensed to operate in multiple countries, including the U.S., U.K., E.U., Australia, and Singapore. It also has fingerprint identification technology and holds an Excellent rating on Trustpilot.
Despite these positives, there are reports of accounts being locked and funds disappearing, with customers expressing frustration at slow resolutions.
Both companies are heavily funded by private equity, raising concerns about future service costs. While this may not be an immediate issue, it’s something to watch.
The repeated negative feedback about sudden account closures from Wise customers indicates a need for clearer communication and transparency from both companies regarding their actions and policies.
Revolut Vs Wise: Money Transfers
Yes, I can understand. Making international money transfers used to be a stress, requiring hefty fees through traditional banks. Revolut and Wise stepped in to solve this problem, offering convenient alternatives to regular bank accounts.
Revolut and Wise allow users worldwide to send and receive money in various currencies at any time without the constraints of traditional banking hours.
Revolut provides different account types with varying features. The Standard, Premium, and Metal accounts all provide FREE transfer between users, but there are slight differences in currency exchange rates and fees.
For exchange within regular hours, Revolut applies the mid-market rate but adds a 1.0% fee for transactions involving Russian Rubles (RUB), Thai Baht (THB), or Ukrainian Hryvnia (UAH). Outside of regular hours, an additional fee ranging from 0.5% to 2.0% is charged.
On the other hand, Wise always uses the mid-market exchange rates and applies a small, transparent fee, regardless of the currency or time of transaction.
The distinction between Revolut and Wise might be crucial for those who prefer an easy and transparent fee structure, without any extra charges for specific currencies or time constraints.
Revolut Vs Wise: Local & International Payments
Local Payments
With Revolut, local payments are initially FREE until you reach your plan’s limit. After that, each transaction costs $0.2. However, transfers between two Revolut accounts are ALWAYS free.
On the other hand, Wise calculates the cost of local transfers based on the amount sent, payment methods, and competitive exchange rates. But transfers between two Wise accounts incur no charges.
International Payments
Revolut provides free international payments until you hit your plan’s limit, after which each transaction costs $3. Plus, transfers outside of SEPA may incur a fee ranging from £0.30 to £5.00, depending on the transfer size.
Wise’s fees for international payments are fixed depending on the currency and payment method. However, the platform displays the fees and exchange rates upfront before you make any payments.
Wise charges a percentage fee based on the amount sent, which decreases for larger transfers. There’s also a minimum fee for smaller transfers. The costs become more economical for transfers exceeding £100,000 (or equivalent), whether it’s a single large transfer or multiple transfers in a month.
There’s no clear winner in the comparison between Revolut and Wise for international payments, as both platforms offer distinct fee structures and advantages depending on the user’s preferences and transaction needs.
Are you clear?
Wise Vs Revolut: Cards
Revolut
Revolut provides a debit card with several features, including no foreign transaction fees and the ability to hold and exchange multiple currencies.
The card comes with various plans: Standard (free), Plus, Premium, and Metal, each offering different benefits. Higher-tier plans include perks like travel insurance and higher ATM withdrawal limits.
Wise
Wise provides the first card on the account for FREE, with no subscription fees. Additional cards incur a one-time fee of £7, as does replacing a lost card. Standard delivery for all cards is free.
(For an express delivery, there’s a $19.99 delivery cost.)
For businesses, the Wise card allows two FREE withdrawals of up to $100 each per month. Beyond that, there’s a $1.50 fee per withdrawal. Withdrawals above $100 incur a 2% fee.
In terms of cards, Revolut edges out Wise due to its various card OPTIONS and the cashback feature, making it the preferred choice for many users.
Understood? (Keep reading to know about business benefits, too.)
Revolut Vs. Wise: Business Benefits
GUESS WHAT? Both Wise and Revolut provide benefits for businesses, but they have their UNIQUE features.
Wise Business Accounts
Wise offers some exclusive features for businesses, such as easy foreign currency transactions. However, since Wise operates solely online, it doesn’t provide support for managing currency fluctuations and trends.
Nevertheless, businesses can enjoy convenient transactional foreign currency receipts and payments.
Do you know? A recently introduced feature is scheduled transfers, which can streamline administrative tasks for regular payments to suppliers and staff. However, it’s essential to maintain a sufficient balance in the Business Borderless account.
While Wise reminds account owners to ensure adequate funds, it doesn’t support standing orders from a business bank account, which may require adjustments to business operations.
Wise Offer For Businesses:
Wise Doesn’t Offer For Businesses:
Here’s our comprehensive Wise business account review.
Revolut Business Accounts
Businesses using Revolut can enjoy various advantages designed to their needs.
Here is what Revolut Offers Businesses:
What Revolut Doesn’t Do:
Both companies offer similar features, including SaaS account integration, international money transfers, and business debit cards. For global businesses, leveraging Wise’s borderless free account may be preferable for receiving funds.
However, Revolut holds a banking license, which could be more appealing to certain business customers. Neither company provides business account managers.
Here’s our comprehensive Revolut business account review.
Wise Vs Revolut: Pros & Cons
Yes, even though Revolut and Wise are famous money transfer services, they, too, have both pros and cons based on the services they provide and for your needs. To make smart decisions, have a quick analysis on which would suit you the most.
Wise
Pros
Cons
Revolut
Pros
Cons
Conclusion
So, if you’re ready to take control of your international finances, whether you’re transferring money to family overseas or managing business transactions globally, choose the service that suits your needs best.
Check out Revolut or Wise today and start simplifying your financial world. Make the right choice for stress-free money management.
FAQs
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