Wise Business vs Revolut Business 2024
If you need a business account which you can operate easily online or on the move, and want to be able to transact internationally conveniently and with low fees, you may be considering Wise Business and Revolut Business.
This guide to Wise Business vs Revolut Business contains all you need to know to pick between them, including a comparison of fees and features side by side. We’ll dive right into how to send and receive international payments, account and card features and more – read on for all you need to know.
Summary: Wise Business accounts can hold and exchange 40+ currencies and receive payments in 10 currencies with local account details. There are no ongoing fees and currency exchange uses the mid-market rate. Revolut Business has several different account plans which support 25+ currencies, with some no fee weekday currency conversion included for all customers. Which is best for you will depend on how you need to transact.
Side by side: Differences between Wise Business and Revolut Business
Let’s start with an overview of some of the key features of Wise Business vs Revolut Business to give an idea of the services available from each.
| Feature | Wise Business | Revolut Business |
|---|---|---|
| Account types | Wise Business account | 4 different Revolut business account tiers available, including one with no ongoing fees |
| Multi-currency account features | Hold USD and 40+ other currencies Local bank account details available for 10 currencies, including USD, GBP, EUR and more | Hold and exchange 25+ currencies Receive USD with local account details Receive payments in foreign currencies to their Revolut accounts with SWIFT |
| Debit cards available | Yes – the Wise Business international debit card | Yes – all accounts have cards, although the specific card you get depends on the account tier |
| Send payments to | 160+ countries, 40+ currencies | 100+ countries, 25+ currencies |
| Integrations | Yes | Yes – some limitations on Basic account |
| Bulk payments | Yes | Available for accounts with monthly fees – not available with Basic account |
| Fully licensed and regulated | Yes | Yes |
So, to summarize:
- Revolut has different account tiers for US customers, Wise offers the same account features to all Business customers
- Wise has a multi-currency account to support 40+ currencies – Revolut accounts support 25+ currencies
- Both providers offer payment cards which can be used globally
- Wise offers international transfers to 160+ countries, Revolut US customers can send to 100+ countries
- Wise offers integrations and bulk payments for all accounts, Revolut business customers with higher tier accounts can access all services, Basic account plan holders may face limitations
- Both providers are fully regulated and safe to use in the countries where they offer services
The important bits: Which is better for international businesses?
When you’re choosing between Wise vs Revolut you’ll need to consider costs, features and reliability. Let’s walk through a head to head comparison for Wise Business vs Revolut Business in the US.
| Wise | Revolut | |
|---|---|---|
| Rates | Wise exchange rate: Mid-market exchange rate with no markup Conversion from 0.43% | All accounts have some weekday no fee currency exchange – out of hours fees apply when exchanging on weekends Once you exceed your plan’s no fee limit you pay a 0.6% foreign exchange markup |
| Fees | No fee to open an account, no ongoing fees No fee to spend a currency you hold Transfer fees vary by destination – from 0.43% | US account plans offered with monthly fees from 0 USD – 119 USD No fee to spend a currency you hold Transfer fees of 5 USD for overseas payments |
| Speed for international transfer | More than 50% of payments are instant, 90% arrive in 24 hours | Variable transfer times up to 5 business days |
| Service | Online, in app and by phone | Online, in app and by phone |
| Safety | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (Trustpilot) | 4.3 stars, Excellent rating, from 214,000+ reviews | 4.2 stars, Great rating, from 150,000+ reviews |
Rates: Wise uses the mid-market rate for all conversion with fees from 0.43%, Revolut accounts have some no fee weekday conversion, with FX markups of 0.6% applied after that
Fees: Wise has no ongoing or account opening fee, but does have transaction fees based on your account use. Revolut fees vary depending on the account you pick
Speed: Wise payments can be instant, with 90% arriving in 24 hours. Revolut transfers have varying delivery times up to 5 business days
Service: Both providers offer service online, in-app and by phone
Safety: Both providers are fully licensed and regulated.
Reviews: Wise gets a 4.3 star, Excellent rating, from 214,000+ reviews on Trustpilot; Revolut gets 4.2 stars, for a Great rating, from 150,000+ reviews
Pros and cons: Wise Business vs Revolut Business?
| Wise Business | Revolut Business |
|---|---|
| ✅Accounts support 40+ currencies ✅ Mid-market exchange rates and no monthly fee | ✅Hold and exchange 25+ currencies ✅Pick different account types depending on business need |
| ❌ Transaction fees apply to some services ❌ Variable currency conversion fees from 0.43% | ❌ Monthly fees of up to 119 USD ❌ Out of hours conversion fees, FX fees and other costs may apply depending on how you transact |
The verdict: Which is better for business Wise or Revolut?
Neither Wise nor Revolut is best for all businesses – which works for you will depend on the way you need to transact and the features that really matter to you.
Wise covers a greater range of currencies compared to Revolut, and also has local account details to get paid conveniently and with low or no fees in 10 currencies. There are no ongoing fees with accounts, and you’ll be able to get debit and expense cards, multi-user access and integrations to make life that little bit easier.
Revout supports 25+ currencies, and has a selection of account plans including one with no monthly fee to pay. All accounts have some weekday no fee currency conversion, and come with linked payment cards for convenient use.
Compare both Wise Business and Revolut Business using this guide to decide which is best for you.
Methodology: This guide compares Wise Business and Revolut Business based on account features, services and fees. We’ve looked at the factors which will be important to many business owners, such as international payment features, ways to receive money, transaction fees and ways to cut admin time through integrations. Ultimately, which account is best for your business will depend on your own unique situation and business needs.
About Wise for business
Wise was founded as TransferWise in 2011, and offers personal and business accounts to hold and manage 40+ currencies. You can use your Wise Business account to accept payments in 10 currencies, send money to 160+ countries, and spend using a linked Wise debit card. Learn more: Wise Business Review
About Revolut for business
Revolut is a financial technology company which launched in 2015 and is now available in countries and regions including the US, UK, and EEA. Revolut has different account tiers for personal and business use, with multi-currency functions to hold and exchange 25+ currencies. Business customers get local account details to receive USD, and SWIFT details to get paid in other currencies.
Wise Business vs Revolut Business fees
Let’s examine Wise vs Revolut fees for business customers.
| Service | Wise | Revolut US |
|---|---|---|
| Open an account | 31 USD one time fee for business customers | Monthly fees for business plans from from 0 USD – 199 USD/month |
| Order a card | 5 USD | No fee |
| Spend with your card | No fee to spend currencies you hold Currency conversion from 0.43% when you don’t hold the right balance | No fee to spend currencies you hold Conversion fees may apply based on account type |
| ATM withdrawals | 2 withdrawals a month, to the value of 100 USD free – 1.5 USD + 2% after that | No fee for in network withdrawals Accounts have some no fee out of network withdrawals before a 2% fee begins |
| Receive a payment | Free to receive payments in 10 currencies using local bank details 10 CAD fee to receive payments via SWIFT in CAD 4.14 USD to receive a USD wire (ACH payments are free) | Get USD local details to receive money SWIFT details available for incoming foreign currency payments |
| Send a payment | From 0.43% | 5 USD – some transfers may be included in your account plan for no extra fee |
| Currency conversion | Mid-market exchange rate | All accounts have some no fee weekday currency conversion, 0.6% fee once plan limit is exhausted 1% out of hours conversion fee if exchanging currencies on the weekend |
*Information correct at time of writing – 4th April 2024
Wise Business vs Revolut Business exchange rates
How Wise Business and Revolut Business approach currency exchange is a little bit different. Wise uses the mid-market rate for all currency conversion, and charges a variable fee based on currency, from 0.43%. Revolut accounts all include some no fee currency conversion which uses the mid-market conversion rate, with variable limits based on the account tier. 0.6% fees are added once the account limit is exhausted, and there’s a 1% out of hours fee if you wonder when markets are closed. Here’s a summary:
Wise conversion rates: mid-market rate + a variable fee based on currency, from 0.43%
Revolut conversion rates: weekday no fee conversion available to plan limit. 0.6% fee after that, plus 1% out of hours fee where applicable
Wise vs Revolut for international business payments
Wise and Revolut have different international transfer options and fees. Wise charges a fee from 0.43% for every international transfer, while Revolut has a flat fee for payments, but includes some no fee transfers into some account plans. Let’s take a closer look.
Which is cheaper for international payments?
Wise has variable international transfer fees based on the currency and value of the payment, from 0.43%.
Revolut Basic account plan holders pay 5 USD for every transfer, plus any applicable conversion fees. If you have a Grow account with Revolut you can make up to 5 international transfers with no Revolut transfer fee, and if you have a Scale account, up to 25 transfers are included in your account fee monthly. 5 USD fees begin once you exhaust your plan limits – and any relevant currency conversion of out of hours fees will still apply, even for payments which are included in your account plan.
Because both Wise Business and Revolut Business have quite different approaches to charging for international payments it’s not possible to directly compare them. Which is best for you is likely to depend on how often you send money, and the value of the transfers made.
Which is faster for international payments?
Speed is another important factor when sending money overseas for your business. Here’s how Wise Business and Revolut Business measure up:
- Wise Business transfer speed: 50% of payments are instant, 90% arrive in 24 hours
- Revolut Business transfer speed: up to 5 days, based on destination and currencies
Wise Business vs Revolut Business for receiving money
Wise Business multi-currency accounts come with local account details you can use for receiving payments in 10 currencies. Revolut Business offers account details for USD payments, and SWIFT details for other currencies.
Wise Business vs Revolut Business for local account details
Here are your options to receive money with Wise Business vs Revolut Business:
Wise Business accounts let you receive with local account details: 🇦🇺 Australian dollars (AUD), 🇨🇦 Canadian dollars (CAD), 🇪🇺 Euros (EUR), 🇬🇧 British pounds (GBP), 🇭🇺 Hungarian forint (HUF), 🇳🇿 New Zealand dollars (NZD), 🇷🇴 Romanian Lei (RON), 🇸🇬 Singapore dollars (SGD), 🇹🇷 Turkish lira (TRY), 🇺🇸 US dollars (USD)
Revolut Business accounts let you receive with local account details: 🇺🇸 US dollars (USD), and 🇬🇧 British pounds (GBP). Other currencies may be supported with SWIFT details – information is available within the Revolut app.
Wise Business vs Revolut Business cards
Both Wise and Revolut offer business debit or expense cards for account holders and their teams. Exactly which card you can get may depend on the account type. Here’s a summary:
| Wise Business card | Revolut Business card |
|---|---|
|
|
Wise Business vs Revolut Business card: Where can you use them?
Both Wise and Revolut offer debit and expense cards which are issued on major global networks with Visa and Mastercard. You can use your card to spend and make ATM withdrawals around the world wherever you see the card network – usually in 150+ countries globally.
Wise Business vs Revolut Business limits
As you may expect, there are some limits with Wise Business and Revolut Business, which are usually imposed for security reasons. Limits can vary a lot depending on which specific account you choose, and how you use your account. Important limits for business customers include:
| Wise Business | Revolut Business | |
|---|---|---|
| Outgoing international payment | Varied by currency, usually about the equivalent of 1 million GBP | 200,000 USD |
| ATM withdrawal limit | Daily limits apply which can be viewed and adjusted in the Wise app | 3,750 USD/day |
How do they work?
As we’ve seen, Wise accounts have a one time set up fee for business customers, and then operate on a pay as you go basis, with no ongoing fees. Revolut accounts can work a little differently. You can choose a basic Revolut account which has no monthly fees – but if you transact regularly you may also cdecide to upgrade to an account with a monthly charge which offers more features and higher no-fee transaction limits. Here are another few important points about how Wise and Revolut work:
Wise Business vs Revolut Business: Payment methods
If you need to add money to your business account you may have different options depending on the service you select:
Wise Business payment methods: add money by bank transfer, with card, using Apple Pay or similar services, or with foreign currency account details
Revolut Business payment methods: add money by bank transfer
Integrations
Wise Business customers can get account integrations and an API, while Revolut offers variable integration options depending on the account tier you pick.
- Wise Business: options include accounting integrations and access to the Wise API
- Revolut Business: depending on account tier you may be able to integrate Xero, QuickBooks, Sage, Zapier, Slack
Safety and security
Both Wise and Revolut are trusted, licensed and regulated services operating globally.
Wise Business is regulated by FinCEN in the US and also holds state licenses in many locations. Elsewhere, services are offered through partnership with Community Federal Savings Bank
Revolut Business operates through partnerships with various large US banks and providers, including Mastercard, Metropolitan Commercial Bank and Sutton Bank
In the US, neither Wise nor Revolut operate as banks. They’re financial technology services and money service businesses, which still need to follow stringent rules on how to protect customer accounts, funds and data. If you keep money in your business account it is safeguarded, which means it’s deposited in a top tier banking institution separate from the operating finances of the provider.
Wise Business vs Revolut Business for customer service
Both Wise and Revolut have a self service model which means that most of the information you need to transact is available in the app, through prompts and on screen messages. If you ever have a question you can get individual support from both providers by starting an in app chat.
Conclusion: Comparing Wise Business and Revolut Business
Both Wise Business and Revolut Business are great options for US business owners and freelancers.
- Wise Business accounts support 40+ currencies with the mid-market rate, no foreign transaction fee and low currency conversion costs from 0.43%.
- Revolut has a selection of account plans so you can pick the one that meets your transacting needs, with fees from 0 USD – 119 USD a month.
The right one for you depends on the way you want to transact and the features you are particularly looking out for.
FAQs: Wise vs Revolut for international businesses
What is the difference between Wise Business vs Revolut Business?
Wise Business and Revolut Business both have multi-currency accounts and cards for international spending and withdrawals. Wise supports 40+ currencies with no ongoing fees. Revolut has 25+ supported currencies, and a selection of plans including some with no monthly charge, and some which cost up to 119 USD a month.
Which is better: Wise Business vs Revolut Business?
Whether Wise or Revolut is better for you will depend on your preferences and individual business needs. Wise has no monthly fee and supports 40+ currencies with easy ways to get paid in 10 currencies for low or no fee. Revolut has different account plans which all offer some no fee weekday currency conversion – monthly charges apply for the most feature packed accounts.
Is Wise Business or Revolut Business cheaper?
Wise and Revolut have slightly different charging approaches which means you can’t directly compare their services on cost. Wise has no ongoing fees, and splits out transaction fees for the services you need. Revolut includes some no fee services in account packages, but may charge a monthly fee. Weigh up both to see which is best for your business.
Is Wise Business or Revolut Business faster?
For international payments, Wise Business transfer speeds can be faster compared to Revolut. 50% of Wise payments are instant, and 90% arrive in 24 hours. The Revolut Business transfer speed is variable but can be up to 5 days.
How many currencies do Wise Business and Revolut Business support?
Wise supports 40+ currencies for holding and exchange. Revolut has 25+ supported currencies for holding and exchange. Wise also offers local account details for 10 currencies to get paid conveniently. Both providers have debit cards which can be used globally.
