Wise vs Revolut: Full Comparison 2023
Wise – which used to be called TransferWise – offers international payments and multi-currency accounts for personal and business users. Revolut is an online banking service with a range of account products for businesses, individuals and even kids.
If you’re in the market for a new way to send, spend or receive a range of foreign currencies, you might be wondering about the respective benefits of Wise vs Revolut. This guide has you covered, with all you need to know when choosing between Wise or Revolut.
Wise (formerly TransferWise) vs Revolut – side by side
| Feature | Wise | Revolut |
|---|---|---|
| Send payments to | 160+ countries, 40+ currencies | 155+ countries, 25+ currencies |
| International payment fees | From 0.43% | Up to 5% depending on account type and transaction value |
| Multi-currency accounts | Available for 40+ currencies | Available for 25+ currencies |
| Debit card available | Y – Wise debit card | Y |
| Local account details | Available for 10 currencies | N |
| No-fee international ATM withdrawals | To monthly limit | Limits based on account plan |
| Fully licensed and regulated | Y | Y |
| Open a business account | Yes, Revolut Business Account | Yes, Wise Business Account |
So, to summarize:
- Revolut and Wise support a similar number of countries for international transfers – Wise supports more currencies
- Wise international payment fees are based on currency, destination and payment value, from 0.43%; Revolut fees are flat across destinations, with the fee up to 5%, based on transfer value
- Revolut and Wise both offer multi-currency accounts and cards – Wise accounts support more currencies
- Wise has local account details for 10 currencies to receive payments, Revolut does not
- Revolut has varied no-fee overseas ATM withdrawals based on account plan, Wise uses a flat fee free amount
- Both Revolut and Wise are fully licensed and offer personal and business services
Wise vs Revolut – The Important Bits
| Wise | Revolut | |
|---|---|---|
| Safety | Based in the UK, LSE listed, licensed and regulated globally | Based in UK, fully licensed |
| Rates | Mid-market rate | Mid-market rate to 1,000 USD/month (standard plan) |
| Fees | Percentage based fee | Fees vary based on value of transfer |
| Speed | Over 50% of payments arrive instantly | Depends on the currency, country and payment method |
| Currency conversion | Instant | Instant |
| Trustpilot rating | 193,000+ reviews. Score 4.3/5 – Excellent | 138,000+ reviews. Score 4.3/5 – Excellent |
Wise (TransferWise) vs Revolut: Pros and Cons
| Wise (TransferWise) | Revolut | |
|---|---|---|
| Pros | ✅ Accounts and cards support 40+ currencies ✅ Mid-market foreign exchange rate when you send or spend ✅ Local account details to get paid to Wise in 10 currencies ✅ Opt in to earn interest on your USD ✅ Free to open a personal account with no monthly fees | ✅ Some no-fee transactions available – details vary according to account plan ✅ No-fee in network ATM withdrawals ✅ Earn interest on savings ✅ Revolut <18 accounts for kids ✅ Discounts on transaction fees offered to customer holding higher account tiers |
| Cons | ❌ Online and mobile service only ❌ Transfer fees vary by destination and payment method ❌ International transfers can’t be made in cash, or for cash collection | ❌ Might be more expensive to convert currencies out of hours and during weekends ❌ To get the full range of features you’ll need to pay a monthly fee, up to 16.99 USD ❌ Accounts can hold and manage around 25 currencies – check if the ones you need are available |
Wise vs Revolut: the verdict
Wise and Revolut have both disrupted the financial market, offering accounts and debit cards you can use internationally and at home, with low fees and access to the mid-market exchange rate.
The biggest difference is thatRevolut accounts have a broader range of features including savings, investments and budgeting tools. While Wise international accounts offer features which are based more exclusively around international payments and spending.
Which is best for you depends on the transactions you need to make. Revolut can be a strong pick for customers who want to access extensive account features, and can stay within their account plan transaction limits. Wise accounts are a strong choice for customers looking for an account with no monthly fees, broader currency options and low, transparent transaction charges.
About Wise and Revolut
Revolut was founded in 2015, and has over 30 million customers. Revolut accounts allow customers to hold and exchange 25+ currencies, and spend with a linked debit card in 150 currencies. Revolut offers several different personal and business account options which come with varied fees and features to suit different customer needs.
Wise was launched as TransferWise back in 2011 as a low-cost international payment provider. These days, Wise has upwards of 16 million customers, and also offers personal and business accounts to hold and manage currencies, accept payments and spend using a linked debit card.
There’s also a full Wise review here, or a full Revolut review here if you’re looking for more detail on them.
How do they work?
To use Wise you’ll first need to create an account online or in app, and provide some ID for verification. There’s no fee to open a personal account, you just pay for the services you use.
To use Wise you’ll need to open a Wise account, and depending on the type of payment you want to make you might need to provide some ID for verification.
Once your Wise account is up and running make payments online and in the Wise app:
- Log into your account
- Type in how much you want to transfer, or how much you need the recipient to get
- Enter the recipient’s details – bank account number or email
- Check over the details
- Fund your payment using a card or bank transfer
- Confirm and your money will be on the move
Wise money transfers are made through Wise’s network of local bank accounts, so they arrive faster and don’t incur intermediary fees. When you want to pay for your transfer in USD you’ll send the money to Wise’s local US account. Then Wise will make a payment of the equivalent amount in your preferred currency, from their account in the destination country. No money actually moves across borders, so it’s faster and cheaper than traditional international payments. Learn more about how Wise works.
To use Revolut you’ll also need to set up an account online or in the app, including getting verified. There’s no monthly fee to get a standard account, or you can upgrade to an account tier with monthly charges for more features.
Once you have an account you can make an international payment with Revolut by taking the following steps:
- Log into your account or open the Revolut app
- Tap Payments, then Transfers
- Tap Send, New, and Add a bank recipient
- Enter the bank transfer details for your recipient
- Tap on the beneficiary, choose the currency you want to send and add the amount
- Add a payment reference
- Tap Continue to review your transfer details and estimated arrival time
Wise vs Revolut: account and card fees
Wise personal accounts are free to open. There’s a one time fee of 31 USD to open a Wise business account.
Revolut customers can choose personal or business accounts with no monthly fee. Personal customers can also upgrade to a monthly fee of up to 16.99 USD to unlock more features, and businesses have the option of a 149.99 USD/month premium product – or even customized accounts for the biggest corporate customers.
Wise vs Revolut – transfer fees
When it comes to international transfers, the way Wise and Revolut are priced is quite different.
Wise has low transaction costs for the services you use, including international transfer charges vary by destination and currency.
| Account | International transfer fees |
|---|---|
| Revolut Personal | Payments under 200 USD in value – up to 10 USD fee Payments over 200 USD in value – 5% |
| Revolut Business | 3 USD each – some account tiers offer a set number of no-fee transfers monthly |
| Wise Personal and Wise Business Accounts | Low and transparent fees from 0.43%. Transfer fees might be varied by destination country and payment method. 4 different payment options are offered: ACH, wire transfer, debit card and credit card. ACH and wire transfer options are generally cheaper. Transfer fees and exchange rate are shown transparently while you are setting up your transfer. |
Wise vs Revolut – exchange rates
Exchange rates also matter when you’re transacting internationally.
Here again, Wise and Revolut vary slightly. With Revolut, depending on your account plan you may get some no-fee currency exchange that uses the mid-market exchange rate. After that, fair usage fees apply. There are also some additional transaction costs for specific services like out of hours currency exchange.
| Revolut account type | Currency exchange rate | Other fees to consider |
|---|---|---|
| Revolut Personal | Standard plan: 1,000 USD/month exchanged at the mid-market exchange rate, 0.5% fee after that Premium plan: 10,000 USD/month exchanged at the mid-market exchange rate, 0.5% fee after that Metal plans get unlimited mid-market rate currency exchange | Out of hours fee (applies for any exchange outside of market hours): 1% Exotic currency fee (applies to a couple of unusual currencies only): 1% |
| Revolut Business | Standart plan: 0.4% markup on mid-market exchange Grow plan: 10,000 USD/month exchanged at the mid-market exchange rate, 0.4% fee after that Scale plan: 50,000 USD/month exchanged at the mid-market exchange rate, 0.4% fee after that Enterprise plan: Custom | Out of hours fee (applies for any exchange outside of market hours): 1% Exotic currency fee (applies to a couple of unusual currencies only): 1% |
| Wise Personal and Business | Mid-market exchange rate + currency exchange fee from 0.43% Learn more here: Wise exchange rate | –
|
Revolut Vs Wise: which is cheaper?
Whether Revolut or Wise works out cheaper for your international transfer will depend on the value of the payment and where you’re sending to. It’s helpful to know that both Wise and Revolut structure their fees for international payments differently. While both offer very clear and transparent information you can check before you confirm, Wise deducts their transfer fee from the amount you put in to send, while Revolut adds the fee to the amount you need to pay.
This means that if you want to send 1,000 USD with Wise, your fees will be deducted from the 1,000 USD before conversion – the total amount you pay is 1,000 USD and you’ll see the amount your recipient will get when you model your payment. With Revolut, as an example, if you enter into the fee calculator that you want to send 1,000 USD, and there’s a 3 USD fee for your transfer, the total amount you pay will actually be 1,003 USD, and the full 1,000 USD will be converted and sent to the recipient.
Neither approach is right or wrong – but it’s handy to note the differences when you compare costs.
NB usually we would have a table here. However as rev add their fee to the amount you send, you’re not comparing like with like (see screenshots). This always makes Wise look less good, but it;s because the Wise fee is deducted. I’ve explained this here rather than add a table which included incorrect or confusing info. If you want something different let me know
Revolut Vs Wise: which is faster for international transfers?
How long an international payment with Revolut will take depends on how you structure your payment. Transfers to cards usually take under 30 minutes. Transfers to bank accounts can take 3 to 5 days.
Wise is a specialist in international transfers – which means they’re usually fast. 50%+ of Wise payments get to their destination instantly, and 90% arrive in 24 hours. However, the exact delivery time will depend on where you’re sending money to, and how you want to pay. You’ll see an estimated arrival time when you set up your payment.
Wise vs Revolut: international transfer limits
Wise account holders can send payments to limits set according to the currencies involved; Revolut transfers may have third party limits, but usually don;t have any Revolut limits to worry about. Here’s a summary:
| Revolut limits | Wise limits |
|---|---|
| Usually unlimited Limits may apply which are set by Revolut partners – if this is the case you’ll be notified in the app | For most currencies, Wise payments are either unlimited, or the limit is set high, in the region of 1 million GBP or the currency equivalent In some cases, additional limits may apply based on the payment method, or the specific currency in question |
Wise vs Revolut: payment methods
To fund a payment, you can usually use either a bank transfer or card with both Wise and Revolut. Fees may vary according to the payment method you select.
Wise card vs Revolut card
Here we’ll look at each providers debit cards more in detail:
| Wise Card | Revolut Card |
|---|---|
| Up to 2 withdrawals, to the value or 100 USD/month fee free – then 1.5 USD + 2% Spend in any of 40+ supported currencies Mid market exchange rates with low conversion fees from 0.43% No ongoing account or card fees for either personal or business customers Auto-convert features switches to the currency you need with the lowest available fee | 400 USD/month no-fee ATM withdrawals for standard customers 800 USD/month no-fee ATM withdrawals for Premium customers 1,200 USD/month no-fee ATM withdrawals for Metal customers Fair usage fees of 2% apply after that All plans have a linked card, you only need to pay a delivery fee Virtual cards available – although some fees may apply depending on your account plan |
Wise card vs Revolut card comparison
Wondering about getting a Wise card or a Revolut card? The good news is that both providers offer great card options for both personal and business customers. Here’s how they measure up:
| Feature | Wise card | Revolut card |
|---|---|---|
| Cost to get a card | 9 USD for personal customers 5 USD for business customers | Depending on your account tier, cards may be no-fee, but delivery fees may apply |
| Ongoing cost | No ongoing cost | No ongoing cost for managing your card, but you’ll pay any monthly fee associated with your account tier |
| Card transaction fees | Free to spend any currency you hold Currency exchange from 0.43% | No-fees applied to spend any currency you hold Currency exchange is with no-fees applied to your plan limit – after that, 0.5% fair usage fees apply 1% fee for out of hours exchange 1% fee for exotic currencies |
| Virtual cards | Currently not available for US residents | Available First virtual card: Without fees to create Additional Virtual Cards: $4.99 No-fees applied with Premium or Metal Plan |
| Card replacement fee | No fee to replace an expiring card 5 USD to replace a lost or damaged card | Varies based on plan and card type |
| Card availability | Available for both personal and business customers | Available for both personal and business customers |
Wise Card vs Revolut Card: where can you use them?
Both Wise travel card and Revolut cards offer good value if you’re looking for a travel card. Here’s a more detailed look at how each card compares on some important travel features, so you can decide which may suit your needs.
| Feature | Wise card | Revolut card |
|---|---|---|
| International ATM withdrawal fee | 2 withdrawals, to the value of 100 USD/month fee free 1.5 USD + 2% withdrawal fee applies after this | 400 USD/month no-fee ATM withdrawals for standard customers 800 USD/month no-fee ATM withdrawals for Premium customers 1,200 USD/month no-fee ATM withdrawals for Metal customers 2% withdrawal fee applies after this |
| Currency exchange rate | Mid-market rate, with exchange from 0.43% | Mid-market rate to plan limit, with 0.5% fair usage fee after that 1% out of hours fee applies to exchange on weekends and after banking hours |
| Available currencies | 40+ currencies | 25+ currencies |
| International transactions | Free to spend any currency you hold. If you don’t hold the currency required, the card will automatically convert your balance with the lowest available fee | No-fees applied to spend any currency you hold |
| Security | Get instant transaction notifications in the app Freeze and unfreeze card Virtual cards available for extra protection | Get instant transaction notifications in the app Freeze and unfreeze card Virtual cards available for extra protection |
Both providers offer cards with excellent international features. The Revolut card offers a higher no-fee ATM withdrawal limits for personal customers, but doesn’t support as many currencies as Wise. You may also need to pay out of hours or fair usage fees for currency exchange which can push up the costs of exchanging your funds versus Wise.
Which card is best for you may depend on your personal preferences. Compare both options to see which presents the best value for your specific needs.
Wise vs Revolut: Business accounts
Both Wise and Revolut providers have services for business holders. They both offer international business payments, as well as international debit cards linked to the multi-currency accounts.
| Wise Business | Revolut Business |
|---|---|
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Both Revolut and Wise Business accounts and cards offer all you’ll need to transact internationally on behalf of your business. Which is best for you will likely come down to the type of transactions you make and how often you use your account.
Wise Business accounts have a one time opening fee and then no ongoing costs – you just pay service fees when you need to transact. Revolut also has an account with no monthly fee, but to get all the features available you’ll need to pay ongoing charges. If you use your account up to plan limits and not beyond this can be a good option – but fair usage fees do apply if you exceed your account plan limits, which push up costs.
Ease of use
| Wise | Revolut | |
|---|---|---|
| Creating an Account | Create and account online or in-app | Create and account online or in-app |
| Making a transfer | Pay with Wise account balance, bank transfer, card or Apple Pay | Pay with Revolut account balance, top up account with bank transfer or card |
| Sending money | Send payments directly to recipient’s bank accounts | Send payments directly to recipient’s bank accounts |
| Supported languages | Website in 15 languages, multilingual customer support | 20 languages supported |
| Minimum and Maximum Amounts | Sending limits vary by destination country | Sending limits vary by destination country |
Supported currencies
Revolut account holders can hold and exchange 25+ currencies, and send payments to 200 countries.
Wise accounts can handle 40+ currencies, and customers can send payments to over 80 countries.
Both companies are constantly working on expanding their routes and improving services, for up-to-date information on supported currencies, you can check their official websites.
Availability
Wise services are available to users in most countries around the world. There’s a handy tool on the Wise website which lets you select the country you’re in and check exactly what types of accounts and transfers are available there.
Revolut accounts are currently available for users in countries and regions including the US, the EEA, the UK, Switzerland, Australia, Japan and Singapore.
Which service is the safest – Wise or Revolut?
On safety, there’s really nothing to choose between then 2 providers. Both Revolut and Wise are fully licensed and regulated, and use both smart technology and dedicated service teams to keep customer money safe. They also both have advanced anti-fraud measures in place and use protections like 2-factor authentication to help you keep your money safe.
Learn more about Wise safety and about Revolut safety in these full guides.
Wise vs Revolut customer service
Both Revolut and Wise offer comprehensive self-help options online including detailed FAQs.
The best way to get in touch if you need help will depend on the type of question you have. You can log into your account with either service, and open an in-app chat which will get you a quick and personalized response.
If you have a Revolut card and need to block it you can do so in the app or on +18447443512.
Conclusion: Comparing Wise and Revolut
Both Revolut and Wise have some interesting features which will suit different customer needs.
Revolut accounts have a bigger range of features like savings, investments and budgeting tools. If you go with Revolut you’ll need to be careful to choose the best account tier for your transaction volumes. Stick within your allocation of no-fee transactions to avoid excess use fees.
Wise international accounts offer features which are more heavily focused around international payments and spending. Accounts are free to open, with transparent costs for currency exchange and fee-paid transactions. Because there are no monthly fees you’ll only ever pay for the services you use and value.
FAQs on Revolut vs Wise
Is Wise or Revolut cheaper?
Both Wise and Revolut offer some accounts which are free to open, with transaction fees applying depending on the services you need.
What is the difference between Wise and Revolut?
Wise and Revolut both offer multi-currency accounts with a range of connected features and services, like debit cards for spending and withdrawal and international payments. Wise personal accounts are free to open, while with Revolut you can choose to pay a monthly fee to get a broader range of services and more no-fee transactions.
Is Wise or Revolut faster?
Both Wise and Revolut offer international payments which can arrive quickly, depending on the currency and destination involved. You’ll be able to see an estimated delivery time when you set up your transfer.
How many currencies do Wise and Revolut support?
Wise accounts can hold 40+ currencies and receive convenient payments from 30+ countries. You can check our guide on How to receive money internationally with Wise.
Revolut accounts can hold and exchange 25+ currencies.
Which card is better between Revolut or Wise?
The best card for you will depend on your personal preferences and how you want to use your card.
Revolut supports 25+ holding currencies, and you can spend in 150+ currencies with some no-feeATM withdrawals to plan limits. However, currency exchange may be subject to fair usage or out of hours fees.
Wise supports 40+ holding currencies, with mid-market exchange rates and low conversion fees from 0.43%. You’ll pay a low one time fee to get your card, but there are no monthly or annual fees after that. Compare both cards to see which suits your needs best.
