Revolut vs Wise (2024 Upd.) Which Should You Choose?

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
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
Transfer Fees	Free transfers to other Revolut 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

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.

Sending Money: Businesses can transfer money at the real exchange rate without hidden fees or debits. They can also receive payments like locals in 9 different currencies.
Receiving Money: Wise assigns you a US routing number, UK account number, Euro IBAN, and more, making it convenient to accept payments from various countries.

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:

Sign up at Wise.com and download the app.
Enter the amount you want to transfer.
Choose the type of money transfer you’re making.
Fill in the requested bank details.
Add the recipient’s name and data.
Review the money transfer details.
Choose how to pay.
Hit send.

That’s all there is to it!

Read More about How does Wise Works here.

GO TO WISE

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.

GO TO REVOLUT

Key Difference Between Wise and Revolut

wise and revolut for other banking options

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

Wise offers real-time exchange rates for your money transfer. This means you’ll know exactly how much you’re paying in fees on top of the transfer amount.
Fees with Wise can be complex, varying based on the currencies you’re sending from and to, as well as the type of Borderless account transaction.
For simple international money transfers, Wise charges a fee ranging from 0.4% to 2%, depending on the currency transfers and payment type.
Adding funds to a Wise Borderless account incurs a fee of 0.4% to 0.5% while converting between Borderless account currencies ranges from 0.3% to 0.6%.
Sending money out of a Borderless account typically costs less than 0.1% in most cases.
Plus, fees may apply to the use of the Wise Borderless debit card, including no fee for card issuance, a fee-free cash withdrawal limit of $250 followed by a 2% fee after that, and zero cost on spending from an existing currency balance, with fees ranging from 0.24% to 3.69% if there’s no existing balance.

Revolut

Revolut offers existing interbank rates when using your Revolut card for international transactions, which can be beneficial.
However, Revolut fees depend on the type of account you have and where you live.
To get the most out of Revolut for international transactions, it’s recommended that you choose a monthly fee subscription plan that matches your forecasted monthly fees or international money transaction volume.
Subscription fees for Revolut vary by region and account type, ranging from $0 to $24.99 per month.
Other fees for U.S. Revolut customers include ATM withdrawal fees, depending on the account type, and fees for international money transfers based on a percentage exchange rate margin.
Revolut also charges fees for same-currency international money transfers: 0.3% of the transfer funds, a minimum charge of $0.30, and a maximum charge of $8.
Exchange rates with Revolut may include markups for transfers involving THB (Thailand) and UAH (Ukraine), as well as for cryptocurrency exchanges, depending on the account type.
Using Revolut on weekends incurs higher exchange rate fees of 1%, which can come as a surprise to users.
You can receive money into your Revolut multi-currency accounts without fees, but the sender might need to pay intermediary bank fees.

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.

Instant ID verification is available in some countries.
Transfer speeds can be very fast, sometimes even instant, depending on the country. However, faster payments with Wise might cost extra.
You can transfer as little as $1 with Wise.
App available for both Android and iOS
Wise offers various payment options, including local and international bank transfer(s), debit/credit cards, and specific solutions like POLi.

Revolut

GUESS WHAT? Signing up for a Revolut account is easy with the Revolut app.

Revolut provides various payment OPTIONS, including bank account transfers, debit cards, and credit cards.
You can link your Revolut account to Apple Pay or Google Pay for easy and instant payments.
Both iOS and Android users can use Revolut mobile app to make transactions.
However, one area where Revolut could improve is that its personal customers can’t access their accounts or send money through the Revolut website; they have to use the Revolut app instead.

Revolut Vs. Wise: Customer Support & Available Countries

Illustration image of flags of countries on a globe background

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.

So, Wise emerges as the winner in terms of availability. Compared to Revolut, it offers its products and services in more countries and languages. So, if you’re looking for a service that operates in many countries and languages, Wise might be the better option for you.

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

Illustrative image of Revolut vs Wise money transfer

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

A screenshot of Wise business account home page

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:

Batch Payments
FX optimized business debit card
Integration with Xero, PayPal, Zapier, and QuickBooks
Multi-user account access
Regular and scheduled transfers

Wise Doesn’t Offer For Businesses:

Business account management
Risk management tools

Here’s our comprehensive Wise business account review.

Revolut Business Accounts

A screenshot of revolut business home page

Businesses using Revolut can enjoy various advantages designed to their needs.

Here is what Revolut Offers Businesses:

International money transfers
Unique multi-currency accounts
Business debit cards
Automated accounting integration with Xero, FreeAgent, and QuickBooks
Integration with Zapier and Slack

What Revolut Doesn’t Do:

Offer solutions for online sellers
Provide hedging tools
Facilitate mass payments
Provide account managers

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

You can use your fingerprint instead of typing a password every time you use the app

The dashboard is easy to use, and you can quickly find what you need with search feature for all currencies

Provides excellent exchange rates and allows you to hold a bank account in different countries

Low transaction fees

Cons

Some features may be challenging to understand, and the brand could benefit from providing more help and training materials

Integrating Wise and implementing its features can be difficult, requiring a lot of coordination during setup

At times, customer support may be slow to respond, and improvements are needed in this area

Revolut

Pros

You can easily hold and exchange multiple currencies, and receive instant notifications for transactions

Revolut provides real-time exchange rates without adding surcharges to each transaction

Customer service is quick to reply via chat and can efficiently resolve any issues

Cons

Security measures can be sometimes too strict, leading to frozen accounts with no access

The interface can be cumbersome to navigate, and it may lack an intuitive design in some area

Revolut needs better integration with promotion partners through its app to enhance user experience

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

Revolut is a licensed bank since 2018, making it safer for banking. Wise, however, offers lower fees for international transfers and debit card spending, especially beyond Revolut’s fee-free limits.

Yes, Revolut and Wise have different fee structures. Revolut may charge fees for certain transactions, while Wise typically charges a small percentage for currency conversion.

Yes, both Revolut and Wise offer physical debit cards for purchases and ATM withdrawals. These cards are linked to your Wise account and can be used globally wherever Mastercard or Visa is accepted.