TransferWise Debit Card Vs Revolut
When it comes to currency, travel cards and transfers there is a lot of choice. We're going to compare TransferWise and Revolut because these two companies are changing the way that you can spend money internationally easily and affordably.
TransferWise and Revolut side by side
| Fee | TransferWise | Revolut |
|---|---|---|
| Set up fee | Free | Free |
| International Money Transfers | Interbank rate at the time of the transfer, with a percentage fee depending on the currency. You can find their fees here. | £5000 each month, at near interbank rates. 0.5% charged after that. |
| Transfer Time | 1-2 business days. | 2 business days. You have the option to pay an additional Turbo Fee of £5, which cuts this time in half. |
| Personal Membership | N/A | Standard account access – Free, Premium account access – £6.99 per month. |
| Business Membership | N/A | Start membership – £25 per month. Standard membership – £100 per month. Professional membership – £1000 per month. |
| International ATM Withdrawals | £200 per month for free, 2% charge after. | £200 per month for free, 2% charge after. |
| Currency Exchange | Interbank rate at the time of the transfer, with a percentage fee depending on the currency. You can find their fees here. | £5000 per month, 0.5% after. |
| Currency Exchange Rates | Interbank rate at the time of the transfer, with a percentage fee depending on the currency. You can find their fees here. | Revolut offers almost interbank rates but it is still important to compare the rates they are offering. , Their exchange rates can also change if you're using your card over the over the weekend. |
| Currencies available | GBP, EUR, USD, AUD, BRL, BGN, CAD, HRK, CZK, DKK, HKD, HUF, JPY, NZD, NOK, PLN, RON, SGD, SEK, CHF, BDT, CLP, CNY, COP, GEL, IDR, INR, ILS, MYR, MXN, MAD, PKR, PEN, PHP, RUB, ZAR, KRW, LKR, THB, TRY, AED, UAH, VND. | ZWD, CKD, KID, PND, TVD, AMD, FOK, ERN, BTN, EHP, CUC, SHP, GGP, JEP, IMP, SDG, SYP, IRR, PRB, SOS, KPW. |
| Foreign Bank Account Details | Eurozone, United Kingdom, United States, Australia | United Kingdom, Eurozone |
| Australian Availability | Borderless Account is available for Australian customers, but the debit card is not yet. | Revolut is yet to launch in Australia. |
The verdict
Who should you choose?
Whenever you're looking at financial products, it's important to consider rates, fees and charges. Not one product is right for everyone. Having said that, there are things we like about each of these companies.
The Currency Shop says:
- Currently, the Borderless Account is still available in more places, while we wait for Revolut to launch in Australia.
- TransferWise offer slightly better rates which don't change depending on the day of the week.
- Revolut have a wider range of products though, with support for Cryptocurrency and insurance products.
Our Pick?
The TransferWise Borderless Account and Debit Card.
From a purely Forex point of view, we think it's hard to look past TransferWise because of their rates and transparency. While Revolut offer more product versatility, what TransferWise does, they do well. Just make sure they have support for the currencies you need and that the account is available where you need it.
Learn more about TransferWise
Learn more about Revolut
Learn more about TransferWise
Learn more about Revolut
By
Ky-Lynn Tan
Updated February 28th, 2020