Both Wittix and Revolut are popular European challenger banks that offer a wide range of features and services. However, there are some key differences between the two platforms that may make one a better fit for you than the other.
Wittix specializes in providing both personal and business borderless, multi-currency European IBAN accounts. With the added convenience of virtual and physical debit cards, Wittix facilitates incoming and outgoing SEPA payments. Additionally, Wittix allows you to open a European non-resident bank account online.
On the other hand, Revolut distinguishes itself as a crypto-friendly bank. It offers a wide range of services, including personal and business multi-currency accounts, cryptocurrency support, investment options, and more. Revolut is also a leading provider of non-resident accounts in Europe.
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Main Similarities and Differences Between Revolut and Wittix
When comparing Wittix and Revolut, one key difference is in their currency support. Wittix only supports multi-currency transfers in over 75 currencies including EUR, JPY, GBP, ZAR, CAD, and HKD, but the funds are exchanged from euros or to euros at the moment of the transfer and every client has multi-currency IBANS. All funds in the accounts are stored in euros only. In contrast, Revolut’s multi-currency account allows you to hold, receive, and exchange 28 currencies, and spend in over 150 currencies including EUR, GBP, USD, HKD, and ZAR.
It should be noted that Revolut’s services can be accessed via its website and mobile app for Android and iOS. Unfortunately, Wittix has no mobile app at the moment.
While both offer personal and business accounts, Revolut also offers Junior Accounts and Junior Accounts. The Junior Account is a free account for everyone aged 6-17 with their own app and spending card, while the Joint Account is for two people who reside in the same country. Revolut also offers health and mobile phone insurance to its customers in the UK.
Another distinction is in investment options, where Revolut allows investments in stocks, cryptocurrencies, and virtual gold or silver (backed by real physical metals), while Wittix focuses solely on essential financial services without investment accounts.
While Revolut provides investment options in stocks, cryptocurrencies, and virtual precious metals, it’s important to note that they profit from each transaction. This exposes users to market volatility, causing additional stress during price drops. Furthermore, Revolut charges higher fees compared to other platforms. For a simpler and more cost-effective investment experience, consider exploring alternative options.
In terms of business accounts, Revolut offers Corporate and Freelancer accounts with additional features, like API, a Payment Gateway and integration with accounting software like Xero, QuickBooks and Sage and productivity tools such as Zapier and Slack. The Revolut Business freelancer account is designed for people who work under their own name, such as sole traders, freelancers, and self-employed professionals. Wittix, on the other hand, specializes in international business accounts, featuring currency conversion in over 75 currencies, mass payments, along with SEPA and SWIFT payments, and business debit cards.
Despite these differences, both Wittix and Revolut share common features. They provide user-friendly web applications for convenient financial management, support multicurrency, issue physical and virtual debit cards, and offer business accounts tailored to entrepreneurs’ needs. In summary, while Wittix primarily operates in euros, its multicurrency transfer capability sets it apart, while Revolut’s strength lies in its broader multicurrency account options and diverse investment opportunities.
Wittix and Revolut don’t charge to open an account. While Revolut has monthly fees, except for its free Standard account, Wittix doesn’t have monthly fees for personal accounts for EU/EEA citizens and residents. Non-EEA citizens and residents need to pay monthly fees. Note that Revolut’s Standard account has limited features compared to its premium accounts.
Revolut vs Wittix Money Transfer
When it comes to transferring money, Wittix allows businesses to make SEPA, SWIFT payments and mass payments. Meanwhile, Revolut supports SWIFT and SEPA transfers, offering a budget-friendly choice for sending money internationally. Revolut uses interbank exchange rate for money transfer in over 29 currencies.Sending money to other countries using Revolut is ten times cheaper compared to banks. One of the features of Revolut is to send money abroad. Revolut is a fast and secure way of sending money abroad. You can send money in over 130 countries using the real exchange rate.
Wittix provides businesses and individuals with a platform to facilitatte both incoming and outgoing SEPA payments with all EU banks supporting SEPA transfers. The mass payment solution offered by Wittix allows businesses to make mass payments to vendors, employees, or any other recipients with ease.
How Wittix Card Compares with Revolut Card
Wittix offers both personal and business debit cards. The personal debit card is a Visa debit card that can be used to make purchases online and in stores, withdraw cash from ATMs, and pay bills. It also offers features like 3D Secure for secure online payments and Google Pay for contactless payments. It only supports integration with Google Pay at the moment.
The Wittix business debit card is also a Visa debit card, but it has some additional features that are designed for businesses. For example, it allows businesses to create virtual cards for employees, so that they can track and manage their expenses. It also offers features like cashback rewards and fraud protection.
Revolut offers virtual cards as well as physical debit cards (MasterCard and Visa) for online/offline purchases and withdrawals. The Revolut business prepaid debit cards are expense cards for your team members, and they can be used to make card payments and withdraw cash for a 2% fee. You can use Revolut card with Google Pay and Apple Pay.
Revolut Supported Countries
Revolut’s services are available in European Economic Area (EEA), including Austria, Belgium, France, Germany, Greece, Ireland, Italy, Portugal, Spain, and Sweden. and Australia, New Zealand, Singapore, United Kingdom, and United States.
Revolut also serves residents in Australia, New Zealand, Singapore, the United Kingdom, and the United States.
Wittix Supported Countries
Wittix accepts individuals and businesses for a wide range of countries worldwide, including those within the European Economic Area (EEA) and beyond. Unsupported countries include the following: Afghanistan, Burundi, Cambodia, Central African Republic, Democratic Republic of the Congo, Cuba, Egypt, Guinea, Guinea-Bissau, Iran, Iraq, Kazakhstan, North Korea, Kyrgzstan, Laos, Lebanon, Libya. Mauritania, Moldova, Myanmar, Nicaragua, Palestinian Territory, Somalia, South Sudan, Sudan, Syria, Tunisia, Venezuela, Yemen and Zimbabwe.
Revolut Fees vs Wittix Fees
Wittix offers free virtual account and charges fees for business accounts. Revolut has free online bank account opening and free virtual bank account for personal or business accounts. Apart from Revolut’s free Standard Plans, other plans attract monthly fees.
| Wittix Accounts | Monthly Fee (Personal) | Monthly Fee (Business) |
|---|---|---|
| Application processing | Free (EEA citizens/residents), €15 (non-EEA citizens/residents), €50 (citizens/ residents in high risk countries) | Application processing: €250 (EU/EEA), €850 (Non EU/EEA) |
| Account Monthly | Free | Account Monthly: €99 (EU/EEA), €99 (Non EU/EEA) |
| Revolut Accounts | Monthly Fee (Personal) (Europe) | Monthly Fee (Business) (Europe) | Monthly Fee (Personal) (US) | Monthly Fee (Business) (US) |
|---|---|---|---|---|
| Standard | Free | Revolut Basic: £0/month | Standard $0.00/month | Basic $0/month |
| Plus | €3.99 | Revolut Grow: €25/month | Plus $3.99/month | Grow $30/month |
| Premium | €9.99 | Revolut Scale: €100/month | Premium $9.99/month | Scale $119/month |
| Metal | €15.99 | Revolut Enterprise: Custom | Metal $16.99/month | Enterprise: Custom |
| Ultra | €45.00 | – | – | – |
| Joint Account | Free | Free | – | – |
| Junior Account | Free | – | – | – |
Is Wittix Safe to Use? Is Revolut Safe?
Both are legitimate financial instutions. Wittix Bank is authorized and regulated by the Central Bank of Lithuania to issue, distribute and redeem electronic money. It operates under Electronic Money Institutions (EMI). All online payments are 3D secured to ensure that your data and money are safe. It carries out all financial transactions in line with the laws of Lithuania.
In some countries, Revolut is a licensed e-money institution and a bank, depending on the country you are opening your account from. In the US, Revolut is a financial technology company. Its banking services provided by Metropolitan Commercial Bank (Member FDIC) and are subject applicable terms. Investment products such as stocks are not FDIC insured, not bank guaranteed, and may lose value.
Revolut Bank UAB is licensed by the European Central Bank and regulated by the Bank of Lithuania. It is also authorized by the Financial Conduct Authority (FCA) in the UK. In January 2022, Revolut launched Revolut Bank in 10 European markets. Therefore, customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain, Sweden who upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme.
Which is Better, Wittix or Revolut
Wittix has a broader coverage. You can open Wittix account if you live within the European Economic Area (EEA) and beyond. On the other hand, Revolut’s services are only available in the European Economic Area (EEA), Australia, New Zealand, Singapore, the United Kingdom, and the United States.
In terms of customer support, both Wittix and Revolut offer assistance, though Revolut’s customer support has faced criticism for being slow and unresponsive. Regarding security, both platforms are secure, but Revolut has experienced cyberattacks in the past. When it comes to ease of use, both Wittix and Revolut provide user-friendly platforms, with Revolut’s app being generally considered more intuitive. Although Wittix has no mobile app, its web version is fully optimized for mobile use.
Wittix does not charge a monthly fee for personal accounts if you are a citizen or resident in the EEA, while Revolut’s Standard plan is also free. Therefore, for personal accounts, Revolut’s Standard plan is a budget-friendly for EEA residents as well as Australia, New Zealand, Singapore, the United Kingdom, and the United States.
In terms of Wittix Business Accounts, there is an application processing fee of €250 for EU/EEA and €850 for non EU/EEA, and the monthly account fee is €99 for both EU/EEA and non-EU/EEA customers. In contrast, Revolut’s business plans, such as Revolut Basic and Revolut Grow, have monthly fees of €0 and €25, respectively. Revolut Enterprise is custom-priced, potentially being costlier based on specific business needs. This means Revolut has competitive pricing for business accounts regardeless or your residency or citizenship.
For personal accounts, if you are EU/EEA citizen/residents, Wittix stands out as the more budget-friendly option due to its absence of a monthly fee for personal accounts. If you intend to open a joint account or teen account, Revolut is your only options because Wittix does not offer these two plans.
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