Revolut vs Wise: A Comprehensive Comparison of Fintech Services

In the rapidly evolving world of digital finance, consumers are often faced with the task of choosing the right platform for their international money transfer and multi-currency account needs. Two stand-out options in this competitive space are Revolut and Wise, both of which have carved out significant market shares by offering user-friendly services tailored to a global audience. Revolut, a UK-based fintech company, provides an array of financial services including a multi-currency account, currency exchange, and commission-free stock trading. Wise, formerly known as TransferWise, also headquartered in the UK, focuses on transparent and low-cost international money transfers, offering multi-currency accounts with local bank details in various jurisdictions.

Revolut and Wise cater to a similar demographic of consumers who require efficient and cost-effective solutions for managing multiple currencies and transferring funds across borders. Each platform has its own advantages: Revolut is known for its comprehensive financial services app that includes budgeting and cryptocurrency exchange, while Wise is praised for its simplicity, cost-effectiveness, and mid-market exchange rates. Users tend to compare the two based on factors such as fees, exchange rates, ease of use, and speed of transfers.

When evaluating Revolut and Wise, one must consider the specifics such as the fees for different services, the number of currencies available for holding and exchanging, the transfer limits, and the overall user experience. Both platforms have undergone significant growth and development, adapting to the changing demands of international finance while ensuring safety and trust for their customers. Consumers are increasingly looking to independent reviews and head-to-head comparisons to make informed decisions about which service might best suit their personal or business financial needs.

Overview of Revolut and Wise

Revolut and Wise are financial technology companies that offer a range of services for both personal and business use, with a focus on international currency exchange and payment options. They cater to customers requiring quick, accessible, and often lower-cost banking solutions compared to traditional banking.

Services and Features

Revolut provides customers with a variety of options including multi-currency accounts, cryptocurrency exchange, and stock trading. Notably, Revolut has a tiered account system that starts with a free account option and scales up with paid premium memberships. These offer additional perks such as higher withdrawal limits and travel insurance.

Wise, formerly known as TransferWise, focuses on transparent and low-cost international money transfers. Users can hold over 50 different currencies in their Wise account and receive payments in multiple currencies. Unlike Revolut, Wise does not offer a cryptocurrency exchange or stock trading.

  • Revolut’s Features:

    • Multi-currency accounts
    • Cryptocurrency exchange
    • Stock trading
    • Tiered account system
  • Wise’s Features:

    • Multi-currency accounts
    • Low-cost transfers
    • Debit card with free transactions abroad (with conditions)

Both providers offer debit cards linked to their accounts, although the cost and benefits of these can differ.

Global Reach

Wise operates with a wide global reach, allowing customers to send and receive money from over 80 countries and provides a broader coverage with over 50 currencies available for exchange.

Revolut allows transactions in 29 different currencies for its account holders and provides international payment options. Revolut’s services are designed with a strong focus on the European market, but they are expanding their footprint globally.

  • Wise’s Global Reach:

    • Operates in over 80 countries
    • Offers over 50 currencies
  • Revolut’s Global Reach:

    • Services available in EEA, Australia, Singapore, Japan, Switzerland, and the United States
    • Supports 29 currencies

Target Customers

Both Wise and Revolut have offerings tailored to personal and business customers. They aim to serve those who require low-cost, efficient, and easily accessible international banking transactions.

  • Wise appeals to customers looking for straightforward money transfer services and who frequently make cross-border transactions.
  • Revolut attracts a broader spectrum of users, from casual travellers to serious investors with its diverse range of services, including personal finance management and investment options.

For business customers, each provider has particular tools and account features designed to facilitate international trading, payroll, and payments, with an emphasis on simplicity and cost efficiency.

Account Types and Currencies Supported

When comparing Revolut and Wise, one should note the extensive multi-currency account options and a broad range of supported currencies. These features are central to users who require financial flexibility across borders.

Multi-Currency Account Support

Wise offers users a multi-currency account that supports over 40 currencies. This account enables users to hold, manage, and exchange currencies like EUR, GBP, USD, AUD, and TRY, among others. Additionally, customers can receive local bank details for EUR, GBP, CAD, AUD, USD, NZD, SGD, HUF, and TRY, allowing the ease of receiving money like a local in these regions.

Revolut, on the other hand, provides the facility to hold and exchange 28 currencies, including the likes of EUR, GBP, ILS, MAD, and KES. Although less extensive than Wise, Revolut’s offering remains considerable for those needing to handle multiple currencies.

Account Plan Options

Revolut presents its users with a variety of account plans, ranging from Revolut Standard—a no monthly fee option—to Revolut Premium and Revolut Metal, which come with a monthly fee. These premium options offer added benefits such as higher withdrawal limits, exclusive card designs, and better exchange rates.

The Wise account, synonymous with a standard account model, positions itself as a transparent alternative with no monthly fees. It differentiates itself by providing the real exchange rate, thereby minimising unexpected costs during currency exchange.

Both services are tailored to suit the needs of international travellers, freelancers, and expatriates who benefit from holding and managing multiple currencies and engaging in currency exchange without hefty fees.

Money Transfer Services

When sending money abroad, consumers primarily concern themselves with costs, exchange rates, and transfer speeds. Both Revolut and Wise provide services that address these aspects through their international money transfer offerings.

Costs of Sending Money Abroad

Wise typically charges a small, transparent fee, which is a percentage of the transfer amount, with fees clearly detailed on its platform.

  • Transfer Fee: Varies based on the currency and amount.
  • Additional Costs: No markup on the exchange rate; some cross-border or swift transfer may incur extra costs.

In contrast, Revolut advertises “free transfers,” with monthly limits dependent on the user’s plan. Beyond the limit, fees are applied.

  • Standard Plan: Offers free transfers up to a certain limit monthly.
  • Premium Plans: Higher or no limits, but with a membership fee.

Exchange Rate Comparison

Both Wise and Revolut pledge to use the real, mid-market exchange rate for currency conversion.

  • Wise: Promises the mid-market rate, and users can compare rates on the website.
  • Revolut: Also uses the mid-market rate; however, rates can vary on weekends or for certain currencies.

Users should note that the rate consistency can differ between the two services:

  • Wise: Consistency in providing the mid-market rate during forex market hours.
  • Revolut: Potentially less advantageous rates during weekends or for less common currencies.

Transfer Speed

Transfer speed is of essence in international money transfers, and both companies cater to this need:

  • Wise: Known for speedy transfers, often within the same day for popular routes.
  • Revolut: Transfer times vary and can be less predictable, with some transfers taking several days.
ServiceEstimated Transfer Speed
WiseOften within 24 hours for major currencies
RevolutDiffers; from 1 day to several days, depending on currency and destination

Transfer limits might affect the time frames mentioned, as larger amounts might require additional security checks, potentially slowing down the process.

Fees and Charges

When comparing Revolut and Wise, it’s essential to consider the cost implications associated with each service. Both companies are known for their competitive fee structures, especially in relation to traditional banking services. This section will discuss the fees and charges users can expect for their financial activities, specifically looking at general costs and ATM withdrawals.

Understanding Fees and Charges

Revolut and Wise both offer low-fee services, but the specific charges can vary depending on the transaction. Wise is renowned for its transparent pricing model, where fees are often a small percentage of the transaction amount. For currency conversion, Wise applies a fee that usually comprises a proportion of the transfer amount plus a fixed charge.

CurrencyWise Fee
GeneralPercentage of transfer amount + fixed fee
RUB, THB, UAHAdditional 1.0% fee by Revolut outside Wise’s scope

Revolut, on the other hand, may apply extra fees dependent on the currency or when transactions occur outside exchange hours, with this surcharge ranging between 0.5% to 2.0%. Moreover, there is no monthly fee for basic Revolut account services, but users might face charges for premium features.

ServiceRevolut Fee
Currency exchange (standard hours)No fee
Currency exchange (outside hours)0.5% – 2.0%
Monthly fee£0 for Standard, various for premium plans

ATM Withdrawals and Charges

Both Wise and Revolut offer their clients debit cards which can be used for ATM withdrawals during travel. Wise allows for low-cost withdrawals up to a certain limit, after which a fee is imposed.

ATM Withdrawal LimitWise Fee After Limit
£200 per 30 daysFixed fee + 2% of amount over limit

Revolut similarly offers free ATM withdrawals up to a specific threshold every month. However, once that limit is exceeded, they charge a fee on the withdrawn amount.

ATM Withdrawal LimitRevolut Fee After Limit
£200 per month2% of amount over limit

It’s integral for users to be aware of these limits to avoid incurring additional charges. Both services offer competitive ATM withdrawal terms, yet users should plan their withdrawals to minimise fees when travelling.

Whether users choose Wise or Revolut, they benefit from notable savings on fees and charges compared to traditional banks, particularly when it concerns international transactions. It is crucial for individuals to consider their personal usage patterns to determine which provider will be more cost-effective for their specific needs.

Convenience and Accessibility

When choosing between Revolut and Wise, convenience and accessibility play a significant role for users who are seeking efficient and user-friendly financial services.

Card and Payment Options

Both Revolut and Wise provide customers with a range of card and payment options. Revolut offers a physical debit card that can be used internationally, along with virtual cards that add an extra layer of security for online transactions. In terms of digital wallet compatibility, Revolut supports Apple Pay and Google Pay, making it quite flexible for contactless payments on the go.

Wise, on the other hand, issues a debit card that allows users to spend in multiple currencies at the real exchange rate. Although Wise does not issue virtual cards, it also supports Apple Pay and Google Pay for contactless payments. List of features:

  • Debit Card: Both offer a physical debit card
  • Virtual Cards: Available from Revolut
  • Apple Pay: Supported by both
  • Google Pay: Supported by both

Mobile App Integration and Usability

Mobile app integration is a crucial aspect for managing finances smoothly. Revolut’s app provides an intuitive platform enabling customers to manage their money, make bank transfers, and access budgeting tools. The app’s design is straightforward, combining payment functionalities with comprehensive account management.

Wise also offers a user-friendly mobile app experience with a clear focus on transparency and low-cost international bank transfers. Customers can easily navigate through the app to make card payments and manage their multi-currency accounts. Both companies have invested in ensuring their apps are reliable and provide a seamless user experience.

In summarising the mobile app integration and usability:

  • Mobile App: Both Revolut and Wise offer feature-rich and user-friendly apps.
  • Bank Transfers: Supported easily by both apps.
  • Card Payments: Facilitated directly within both apps.

Additional Financial Services

Wise and Revolut offer a broad range of financial services beyond traditional money transfer. These services, designed to enhance the financial management capabilities of their users, include currency conversion, investment opportunities and budgeting tools that cater to various financial needs.

Currency Conversion and Trades

Wise uses the mid-market rate for currency conversions, ensuring users have access to real, fair exchange rates usually provided during weekdays. They allow trades in numerous currencies, which benefits people involved in regular international transactions.

In contrast, Revolut offers currency conversion at the interbank exchange rate. However, it’s important to note that during the weekend or UK bank holidays, a 1% markup applies to trades. Revolut also supports cryptocurrency exchanges, allowing users to convert fiat currencies to cryptocurrencies like Bitcoin and Ethereum with ease.

Investment and Insurance Options

Revolut broadens its appeal by providing investment opportunities directly from its app. Users can invest in stocks without commission fees, up to a number of trades per month, after which a fee is charged. Furthermore, Revolut extends its services to include different types of insurance options, such as travel and device insurance, dependent on the chosen account plan.

Wise, on the other hand, focuses on its role as a money transfer service and does not offer investment tools or insurance products within its portfolio of services, staying close to its core offerings.

Budgeting and Cashback Features

Both Wise and Revolut provide tools to help with budgeting. These tools are geared towards giving users better control over their finances and spending habits. Revolut presents an array of features in its premium plans, including spending analytics, disposable virtual cards, and higher cashback percentages on purchases.

Wise offers less in terms of cashback incentives but stands out with its instant cross-border payments feature, which might appeal to users frequently engaging in international transactions, although it does not specifically offer spending analytics or cashback features.

Customer Experience and Support

When it comes to customer experience and support, both Wise and Revolut provide a range of channels for assistance and place emphasis on security and trust, integral to user satisfaction.

Customer Support Channels

Wise offers an extensive array of customer service options, including:

  • Live Chat: Available for immediate assistance.
  • Call Centre: For those preferring to speak with a representative.
  • Email Support: For detailed enquiries which may not require instant feedback.
  • Social Media Engagement: Responses through platforms like Facebook Messenger and Twitter.
  • WhatsApp Support: A convenient option for on-the-go queries.

On the other hand, Revolut’s support avenues encompass:

  • Live Chat: Accessible to all customers for quick interactions.
  • Priority Support: An exclusive feature for users with premium plans.
  • It is noted that both companies have earned praise for their customer service on review platforms like Trustpilot.

Safety and Trust

Regarding safety and trust:

  • Security Measures: Both organisations prioritise the security of their customer’s funds and personal information through advanced security protocols.
  • Trust Ratings: The assessment of customer trust can be partially gauged by their Trustpilot scores and reviews.
  • App Store Presence: The reliability of their services is also mirrored in the users’ feedback on mobile platforms, including the Google Play Store for Android users.

Users should consider the service that matches their support preference and trust requirements when choosing between Wise and Revolut.

Subscription Plans and Benefits

When comparing subscription plans between Revolut and Wise, it’s essential for consumers to consider the costs and benefits involved in each tier. One should pay attention to monthly fees and whether certain subscriptions can offer savings through loyalty discounts or other offers.

Comparing Subscription Tiers

  • Revolut offers multiple tiers, starting with the Standard plan which incurs no monthly fee. However, for additional benefits, such as overseas medical insurance and higher free ATM withdrawal limits, users may choose to upgrade to premium subscription plans which do come with a monthly fee.

    Plan Monthly Fee Additional Benefits
    Standard £0 Basic card services, free bank transfers
    Premium £6.99 Overseas insurance, higher withdrawal limit
    Metal £12.99 Cashback on card payments, concierge service
  • Wise, formerly TransferWise, operates slightly differently, focusing on a multi-currency account with no signup or monthly subscription costs for its standard offering. Wise aims to provide low-cost currency conversion and transfer services. For businesses, there’s a modest fee for the business account which offers additional features like multiple user access.

    Account Type Monthly Fee Features
    Personal £0 Hold 50+ currencies, real exchange rate
    Business Small fee Multiple user access, invoicing capabilities

Loyalty Discounts and Offers

  • Revolut sometimes extends loyalty discounts and promotional offers to its users, particularly to encourage the uptake of its higher-tier subscription plans. These may come in the form of reduced fees for the first few months or additional benefits at no extra cost.

  • Wise usually does not provide discounts on subscriptions, as it does not charge a monthly fee for its standard account. However, they may occasionally offer promotional rates on currency transfers or for inviting friends to use the service.

The Verdict

When deciding between Wise and Revolut for handling multiple currencies and international spending, consumers should consider specific features such as speed, interest, and pricing to ascertain which service suits their financial needs best.

Speed: Wise offers real-time transfers in many corridors, making it a solid choice for time-sensitive transactions. Revolut’s transfer speed is also commendable, though it may vary slightly depending on the currency routes and whether it’s a weekday or weekend.

Interest: For those looking to earn on their savings, Revolut’s paid account tiers provide an annual percentage yield (APY), which Wise does not currently advertise as part of their service offerings.

Pricing: A critical aspect is the cost-efficiency of transactions and card usage. Wise operates on the mid-market rate for currency conversions consistently and charges a transparent, low fee, whereas Revolut offers interbank exchange rates primarily on weekdays, with potential additional fees during weekends and for certain currencies.

FeatureWiseRevolut
SpeedFast, often real-timeFast but can differ by currency & day
InterestNo APY offeringAPY available on premium account tiers
PricingMid-market rate, low & transparent feesInterbank rate with possible weekend fees

Each service presents a compelling offer, with Wise emphasising simplicity and low costs, while Revolut provides versatile account functions with the potential for earning interest. Users must weigh these considerations against their personal financial behaviour to determine which provider offers the best fit for their international banking needs.

Frequently Asked Questions

When considering Revolut and Wise for international money transfers, one may encounter several common inquiries. These questions revolve around the differences in fees, rates, user experience for travellers, business account features, and speed of transfers.

What are the primary differences between Revolut and Wise when it comes to international money transfers?

Revolut and Wise both provide international money transfer services. Revolut offers a suite of banking services including budgeting and insurance, while Wise is focused on currency exchange and cross-border payments. Wise typically promotes transparency in fees and the real exchange rate.

How do Revolut and Wise compare in terms of fees and exchange rates for global transactions?

Wise is known for utilising the mid-market exchange rate without mark-up and charging a transparent fee. Revolut often provides exchange rates close to the mid-market rate, with fee structures that vary depending on the type of account and timing of the transaction.

Which platform offers a better experience for travellers, Revolut or Wise?

Revolut tends to cater more directly to travellers with features such as travel insurance options and free international ATM withdrawals up to a certain limit. Wise offers a debit card linked to its multi-currency account, suitable for spending in various currencies.

For business accounts, how does Wise stand up against Revolut in managing multiple currencies?

Wise’s business account allows users to hold, manage and send money in multiple currencies with the real exchange rate. Revolut for Business provides similar multi-currency accounts with added features like expense management and corporate cards.

How do the transfer times compare when sending money from Revolut to Wise?

Transfer times may vary for international payments. Wise aims for majority of transfers to be instant or occur within the same day, whereas Revolut’s transfer times can vary and may take longer depending on the destination and currency route.

Which service provides a more advantageous solution for users, Revolut or Wise, when weighed against competitors like PayPal and Remitly?

When compared to PayPal and Remitly, both Revolut and Wise offer competitive exchange rates and lower fees. The choice between them depends on individual needs such as transfer speed, additional banking features, and travel benefits. Wise often stands out for its straightforward fee structure and the use of the real exchange rate for transfers.

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