Wise and Revolut are UK-based fintech companies that offer multicurrency accounts, non-resident accounts, virtual cards, international money transfers, and more. However, the two also have some differences, as you will find out in our Revolut vs Wise comparison.
What is Wise?
Wise (formerly TransferWise) is a UK-based financial technology company that provides digital banking services, including money transfers, multi-currency accounts, and business tools. Wise prioritizes low fees, often charging a small percentage of the transfer amount. You can hold balances in over 50 currencies and receive payments in 10 of them. A multi-currency account with Wise enables you to receive payments in 10 local currencies. Wise also provides you with your own European IBAN and bank details for the UK, US, Australia, New Zealand, and more.
What is Revolut?
Revolut is a financial services provider that offers a range of personal and business accounts with support for multiple currencies. It also enables users to buy, sell, and hold cryptocurrencies, obtain a debit card and a virtual card, and make money transfers and currency exchanges. Revolut provides an IBAN number and supports SEPA transfers, facilitating convenient cross-border transactions. Revolut allows you to open local accounts in the UK, US, EU/EEA, Australia, Singapore, Switzerland, and Japan and start transacting like a local.
Wise vs Revolut: Features
Both Wise and Revolut offer distinct services to their customers. They include:
You can open a personal or business account with Wise and enjoy the following features:
- Hold and convert over 40 currencies
- Get multi-currency accounts
- Get real mid-market rates when exchanging currencies
- Get 9 different sets of account details
- Get IBANs to receive EUR and USD
You can open a personal or business account with Revolut and enjoy the following features:
- IBAN numbers and SEPA transfers
- Supports cryptocurrency and stock trading
- Virtual and physical debit cards (MasterCard and Visa)
- Hold and exchange multiple currencies such as USD, EUR, GBP, CAD and many more
Wise vs Revolut: Account and Card
You can sign up on either Wise or Revolut and get access to a current account and debit card you can use to spend and withdraw money from ATMs. Both Wise and Revolut debit cards work almost the same way. Their cards also support contactless payments using Apple Pay and Google Pay payments. While both offer virtual cards, Revolut offers disposable virtual cards.
Wise offers a free account and doesn’t charge commissions on card transactions in foreign countries. You pay a one-time fee of $5 to get a Wise prepaid card, and the same amount for a replacement. Wise business card allows you to make 2 withdrawals of up to $100 per month for free, after that, a $1.50 fee per withdrawal. You will be charged a 2% fee on the amount you withdraw above $100. On the other hand, Revolut offers free and paid plans and a card free of charge. To replace the card, you will be charged a €6 (or equivalents) fee and a delivery fee.
Starting 17th August 2023, Revolut is offering custom design cards. You can design your card in the Revolut App, and then it will be shipped to you. You can design other special Edition cards, whose fees vary depending on the Edition. Furthermore, you can also order a Revolut Pro card if you have a Revolut Pro Account.
Wise Travel Card vs Revolut Travel Card
Wise offers a travel money card that helps you spend money abroad. You can use the card to top up the app using mid-market rates. In case you lose your card, you can freeze it using your app. The card helps you save up to 87% when you spend money abroad, and you can transact in over 40 currencies. You can use Wise Money travel card in over 160 countries.
Revolut offers a money travel card, but you can also use their debit card as a travel card. With this card, you can pay like a local using favorable exchange rates and spend in over 200 countries. Currency conversion is straightforward within the card, supporting AUD/GBP, AUD/USD, AUD/EUR, and many more. Additionally, you can load the travel money card with funds while in other countries. Contactless payments can be made using Apple Pay or Google Pay, and you can easily split costs with others. The card also offers lounge access and cashback rewards for your travel expenses.
How to Add Money Into Your Account
Wise and Revolut offer several convenient methods for adding funds to your account. With Revolut, you can add money through transfers, card payments, Apple Pay or Google Pay, direct from other Revolut users, linked accounts, and even early salary deposits. While Wise doesn’t allow direct cash deposits, you can fund your Wise payments using bank transfers, card payments, or Apple Pay and Google Pay. his means you can easily top up your Wise and Revolut account using various methods, even if you can’t directly deposit cash.
Revolut supports a wide range of currencies, enabling you to hold and exchange multiple currencies seamlessly. The currently supported currencies include: AED, AUD, BGN, CAD, CHF, CLP, COP, CZK, DKK, EGP, EUR, GBP, HKD, HUF, ILS, INR, ISK, JPY, KRW, KZT, MAD, MXN, NOK, NZD, PHP, PLN, QAR, RON, RSD, SAR, SEK, SGD, THB, TRY, USD, and ZAR.
Wise, on the other hand, offers an even broader selection of currencies, allowing you to hold over 50 currencies for conversion and transfers. Additionally, Wise provides local account details in these currencies: GBP, EUR, USD, NZD, AUD, SGD, RON, CAD, HUF, and TRY. This feature simplifies receiving payments from individuals and businesses in those specific regions.
Wise vs Revolut: Fees
When it comes to fees, Wise generally offers lower charges compared to Revolut. Wise doesn’t have monthly subscriptions and only charges fees for specific services you use. For currency conversions, Wise charges a small percentage of the amount you’re transferring, typically around 0.4%, while Revolut charges a 0.5% currency exchange fee over your plan’s allowance. For international money transfers, Wise’s fees are typically lower than Revolut’s, especially for larger amounts.
For example, sending $1,000 from the United States to the United Kingdom would cost $4.34 with Wise, but $5.99 with Revolut on the Standard plan. For larger transfers, the difference in fees becomes even more significant. Sending $10,000 from the United States to the United Kingdom would cost $43.40 with Wise, but $106.69 with Revolut on the Standard plan.
With Wise, you will get two free ATM withdrawals per calendar month. After that, you will be charged a fixed fee for each withdrawal, regardless of the amount you withdraw. The fee will vary depending on your region. For example, if you are from the United States, the fee will be $2. For most countries, the fee will be no more than 2% of the amount you withdraw. Revolut provides a complimentary ATM withdrawal allowance of up to five withdrawals or £200 per rolling month, whichever limit is reached first. Exceeding this limit incurs a fee of 2% of the withdrawal amount, with a minimum fee of £1.
Revolut Plans (Fees)
As we stated earlier, Wise has no monthly or subscription fees. On the other hand, Revolut has monthly plans, which are as follows:
- Revolut Standard. No monthly frees. Comes with free €200 ATM withdrawals per month.
- Revolut Plus. It costs €2.99 per month and comes with a euro IBAN account and no charges for ATM withdrawals below €200 per month.
- Revolut Premium. It costs €6.99 per month and comes with free ATM withdrawals of up to €400 per month.
- Revolut Metal. It costs €12.99 per month and comes with free ATM withdrawals of up to €800 per month. You also get a 0.8% cashback.
- Revolut Ultra. It costs €45 per month and comes with free ATM withdrawals of up to €2,000 per month. It also offers a 1.2% cashback.
Wise is generally the more cost-effective option for international money transfers and currency conversions, while Revolut offers a wider range of banking services and additional perks for its premium plans. If you primarily need a service for international money transfers and currency conversions, Wise is the more economical choice. However, if you’re looking for a more versatile banking solution with additional features like budgeting tools, stock trading, and cryptocurrency trading, Revolut’s premium plans may be worth considering.
Revolut vs Wise: Supported Countries
You can open a Revolut account if you are a resident of the following countries; EEA countries, Australia, New Zealand, Singapore, Switzerland, Japan, Brazil, the United Kingdom, and the United States. Wise also supports many countries in the world apart from the following; Afghanistan, Belarus, Burundi, the Central African Republic, Chad, Congo, the Democratic Republic of the Congo, the Republic of South Sudan, Russia, Sudan, Iran, Iraq, North Korea, Libya, Cuba, Region of Crimea, Eritrea, Myanmar, Somalia, Syria, Yemen, Venezuela.
Which is Better, Wise or Revolut?
Revolut and Wise are excellent virtual accounts offering multicurrency accounts, IBAN, SEPA transfers, virtual cards, personal and business accounts. Each of them works best in different scenarios. For instance, Wise supports a broader range of currencies compared to Revolut, with over 50 currencies available versus Revolut’s 36.
Wise works best as a money transfer service, offering fast transfers, low fees, and exchange rates at real mid-market rates. Whether you are making domestic or international money transfers, Wise is the best option. Also, Wise works best if you are a frequent traveler. Wise has an excellent money travel card that allows you to spend money abroad. In addition, Wise offers accounts for ecommerce businesses and offers virtual accounts for Amazon sellers. On the other hand, Revolut is a better option for cryptocurrency enthusiasts and stock traders by providing integrated platforms for buying, selling, and holding cryptocurrencies and stocks.
While Wise operates as an electronic money institution (EMI) in all jurisdictions, Revolut’s regulatory status varies depending on the region. In the European Economic Area (EEA), Revolut holds a full banking license, granting it the authority to conduct a wide range of financial activities, including deposit-taking and lending. However, in the United Kingdom, Revolut operates as an EMI, and in the United States, it partners with licensed banks, such as Metropolitan Commercial Bank and Sutton Bank, to provide financial services. This regulatory distinction is important to consider, as it may impact the types of services available and the level of consumer protection afforded in each jurisdiction.