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 accounts.
There’s also a full Wise review here, or a full Revolut review here if you’re looking for more detail on them.
Wise (formerly TransferWise) vs Revolut - The Important Bits
Wise
Safety: Based in the UK, LSE listed, licensed and regulated globally
Rates: Mid-market rate (real exchange rate)
Fees: Percentage based fee
Speed: Over 50% of payments arrive instantly
Currency conversion: Instant
Trustpilot rating: 169,000+ reviews. Score 4.5/5 - Excellent
Revolut
Safety: Based in UK, fully licensed
Rates: Mid-market rate to 1,000 USD/month (standard plan)
Fees: Fees may vary based on account plan, destination and currency
Speed: Depends on the currency, country and payment method
Currency conversion: Instant
Trustpilot rating: 115,000+ reviews. Score 4.4/5 - Excellent
Learn more about Wise
Learn more about Revolut
Wise vs Revolut in three important ways:
Revolut offers free and fee-paid account options, all Wise personal accounts are free, but business customers may pay a one of charge when they set up their accounts
Wise supports more currencies for holding and exchange, but Revolut offers payments to more countries
Revolut offers other account features like saving and budgeting tools, investments and accounts for kids - Wise does not
Wise and Revolut features in more detail
| Feature | Revolut | Wise |
|---|---|---|
| Send payments to | Globally - excluding a handful of unsupported destinations | 80+ countries, 50+ currencies |
| Currencies available for holding and exchange | Available for 28+ currencies | Available for 50+ currencies |
| Debit card available | Yes | Yes, Wise International Debit Card |
| Spend with your card in | 140 currencies | 200 countries |
| Budgeting features | Yes | No |
| Investments | Yes | Yes |
| Junior accounts | Yes | No |
| Save and earn interest | Yes | No |
| Fully licensed and regulated | Yes | Yes |
| Open a business account | Yes, Revolut Business Account | Yes, Wise Business Account |
Wise (TransferWise)
Pros
- It’s really easy to open an account, and you can get one in minutes
- Great range of digital services
- You get a linked debit card, for easier spending
- Money transfers are normally fast, simple, and cheap
- They provide the “Interbank” mid-market foreign exchange rate, which is the best you can get
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
- Accounts are not interest bearing
- No cryptocurrency services
Revolut
Pros
- Cryptocurrency trading available
- Some free transactions available - details vary according to account plan
- Earn interest on savings
- Revolut Junior accounts for kids
Cons
- More expensive to convert currencies out of hours and during weekends
- Accounts are not available globally
- To get the full range of features you’ll need to pay a monthly fee of 16.99 USD
- Accounts can hold and manage only around 28 currencies - check the ones you need are available
About Wise and Revolut
Revolut was founded in 2015, and has over 15 million customers. Revolut accounts allow customers to hold and exchange 28+ 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 13 million customers, and also offers personal and business accounts to hold and manage currencies, accept payments and spend using a linked debit card.
Overall: Both Revolut and Wise offer free personal account options which let you hold and exchange foreign currencies, and spend with a linked debit card.
Revolut accounts have a broader range of features including savings, investments and budgeting tools. That makes them great for customers who want to access extensive account features, and can stay within their account plan transaction limits.
On the other hand, Wise international accounts offer features which are based more exclusively around international payments and spending. Wise accounts are a strong choice for customers looking for a fee free account with broader currency options and low, transparent transaction charges. The Wise account is more flexible when it comes to currencies, too - with 50+ currencies available.
Wise vs Revolut: fees and exchange rates
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 fee free personal or business accounts. 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.
When it comes to transacting, the way Wise and Revolut are priced is quite different. With Revolut, for example, you’ll get some free transactions every month, depending on your account plan. However, once you hit that limit, fair usage charges are applied. There are also some additional transaction costs for specific services like out of hours currency exchange.
Wise has low transaction costs for the services you use - currency exchange is from 0.41%, and international transfer charges vary by destination and currency.
Revolut Vs Wise: which is cheaper?
Let’s look at whether Revolut or Wise works out cheaper for international transfers. Here are the costs if you’re sending USD to a friend in the UK, to be received in British pounds.
| Sending amount | Revolut | Wise | Winner |
|---|---|---|---|
| 1,000 USD | No fee | 7.40 USD fee | Revolut |
| 5,000 USD | 20 USD fee | 34.05 USD fee | Revolut |
Can I open a business account with Wise or Revolut?
Yes, 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 features
- Hold 50+ currencies and send payments around the world
- 31 USD one time set up fee for full account access, then no monthly charge
- Payments can be 6x cheaper than regular banks and 19x cheaper than PayPal
- 50% of payments are instant or arrive in an hour
- Invoice to local receiving accounts in 10 currencies to get paid easily from around the world
- Cut admin time with batch payments
- Integrate with QuickBooks or Xero accounting software
- Give team members access
Revolut business features
- Hold and manage 28 currencies
- Local receiving accounts in USD and GBP
- Get linked physical and virtual cards for your team, to spend in 150 currencies
- Choose from 4 tiers of account from a free standard plan to a custom made Enterprise plan - monthly fees apply for all but the standard option
- Account funds are FDIC insured to 250,000 USD
- Integrate with QuickBooks, Free Agent or Xero accounting software
- Give team members access and manage permissions centrally
Revolut Vs Wise: which is faster for international payments?
How long an international payment with Revolut will take depends on where you’re sending money to:
- GBP payments can take from a few seconds to 3 days
- EUR payments can take from a few seconds to 2 working days
- IDR, INR and MYR payments usually take 1 business day
- Other payment destinations can take up to 5 business days
Wise is a specialist in international transfers - which means they’re usually fast. 50%+ of Wise payments get to their destination instantly, and 80% 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.
Learn more about Wise
Learn more about Revolut
Supported currencies
Revolut account holders can hold and exchange 28 currencies, and send payments to 200 countries.
Wise accounts can handle 50+ 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.
How each provider works
Revolut
To use Revolut you’ll need to set up an account online or in the app. It’s free to get a standard account, or you can upgrade to a paid account tier 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
To use Wise you’ll need to create an account, and depending on the type of payment you want to make you might need to provide some ID for verification.
Once your 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 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.
Open Wise Account
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 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.
Ease of use
- Creating an account: Create your account online or in app with both Revolut and Wise
- Making a transfer: Both providers allow customers to add funds to their account with a bank transfer, credit or debit card. Revolut also allows payments from other Revolut accounts, while Wise allows Apple Pay payments
- Ways to send money: Send payments to your recipient’s bank account directly with both Revolut and Wise
- Languages: Revolut services are available in 20 languages, with multilingual customer support. Wise offers 15 languages, plus multilingual support services
- Minimum & maximum amounts: Sending limits can vary by destination country, and based on your account type
Conclusion
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 free transactions to avoid excess use fees.
Wise international accounts offer features which are more heavily focused around international payments and spending. Accounts are free, 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.
Learn more about Wise
Learn more about Revolut
FAQ
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 fee free 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 50+ currencies and receive fee free payments from 30+ countries. Revolut accounts can hold and exchange 28+ currencies.
By
Ileana Ionescu
Updated March 16th, 2023