When searching online for money transfer services, two of the first companies you’ll find are Wise and Revolut.
Both providers offer similar services and make exchanging currency, receiving international payments, accessing cash abroad, and sending money overseas all a piece of cake.
Both Wise and Revolut have much better exchange rates compared to traditional banks and charge lower fees too.
However, both virtual banks have strengths and weaknesses and offer unique services that the other does not.
Therefore, when deciding between Wise or Revolut, you should do your homework to ensure you choose the best provider for your needs.
To help you make the right choice, we’ve created a comprehensive Wise vs Revolut comparison guide.
We’ll highlight the main differences between Revolut and Wise.
Note that you may opt to pick both Wise and Revolut to fulfill different needs.
❔ What Is Wise?
Wise is an electronic money transfer service that has been operating since 2011.
It was founded in the United Kingdom and was known as Transferwise until it changed its name in 2021.
Wise allows you to send money to 80 countries and hold over 40 currencies in your virtual wallet.
You can instantly exchange one currency for another using actual exchange rates and transfer to and from your bank account in less than a minute.
You can also receive payments in multiple currencies as you’ll have personal bank account details in the UK, USA, Canada, Australia, Europe, and more.
Learn more by reading information on the Wise multi-currency account.
Wise users also get a debit card that can be used worldwide to withdraw cash in local currency from ATMs.
You can also use the Wise MasterCard to pay for goods in local businesses and make payments online.
❔ What Is Revolut?
Revolut is a relatively new virtual bank founded in 2015. Just like Wise, Revolut is a private company based in the UK.
With Revolut, you can send money to other Revolut users and bank accounts. You can also receive money in over 30 currencies with no hidden fees.
Plus, you get a unique QR code and payment link to share with people to get paid quickly, even if they do not have a Revolut account.
Revolut customers receive a multi-currency debit card to withdraw money at an ATM or pay for goods abroad.
With your Revolut MasterCard, you can withdraw up to 120 currencies, and with the app, you can transfer money in 26 currencies.
Revolut has some additional features like budgeting tools and spending analytics.
You can also link your bank account to your Revolut account so you can see all your money in one place.
Moreover, as Revolut has a banking license, they can offer loans to UK residents.
Revolut is one of the best banks for digital nomads, so I highly recommend it if you’re a digital nomad or a long-term traveler.
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⚖️ Wise Vs Revolut: Full Comparison
As you can see, at first glance, both Wise and Revolut look pretty impressive.
But how do they stack up against each other?
| Information | Wise | Revolut |
| Price to open an account | Free | No fee for the standard account |
| Countries you can open an account from | 230 | Great Britain and the EU.
Australia, Singapore, Switzerland, Japan, UK, and the United States. |
| Amount of currencies you can convert and hold | 53 | 30 |
| ATM fee | Free up to 200 GBP (or equivalent), then 1.75%. Rates can differ from country to country. | No fee up to 200 GBP (or equivalent), then 2%. It might differ depending on the plan you have. |
| Daily cash withdrawal limit | 1000 GBP (or equivalent), but it is possible to increase. | 3,000 GBP (or equivalent) |
| Card contactless payment | Yes | Yes |
| Virtual card | Yes | Yes |
| Direct debits | Yes | Yes |
| Loans available | No | Yes, for UK residents only |
| Support options | Email, live chat, phone | Live chat, phone |
Wise Vs Revolut: Exchange Rate
Both Wise and Revolut use FX rates based on real-time data from third parties such as Reuters.
Wise offers customers the best competitive rate on all currencies without adding a markup and allows customers to lock in a rate for 24 to 96 hours to avoid any fluctuations.
They also let you know if another provider currently offers a better rate.
Revolut operates slightly differently.
They match the mid-market rate during the week (when the market is open) with no markup, then apply a markup of 1% to all currencies for exchanges made during the weekend.
Verdict: When it comes to FX rates, Wise is the most transparent and matches the mid-market rate at all times with no markups. Therefore, they generally offer better exchange rates than Revolut.
Wise Vs Revolut: Fees
You can open a bank account on Wise and Revolut with no fee.
Let’s look at the fees you can expect to pay – because even if an account is free, it doesn’t mean it really is.
Wise Fees:
- Opening a bank account: free
- Sending money: fee varies by currency – you see the amount when sending money
- Withdrawing (up to 200 GBP per month within 2 or less withdrawals): free
- Withdrawing (after the free transaction above): 1.75%
- Getting the Wise debit card: 5 GBP
- Converting money into different currencies: from 0.41%
Revolut Fees:
- Opening a bank account: no fee for the standard plan (between GBP 2.99 and 12.99 per month for the Plus, Premium, or Metal plans)
- Sending money: no fee*
- Withdrawing (up to 200 GBP per month): no fee*
- Withdrawing (after the no fee transaction above): 2%
- Getting the Revolut debit card: GBP 4.99 / No fee for the Plus, Premium, and Metal plans
- Converting money into different currencies depends on the chosen plan
* Here’s more information about sending money overseas:
- Standard Accounts: 1 no fee International Transfer per month
- Premium Accounts: 3 no fee International Transfers per month
- Metal Accounts: 5 no fee International Transfers per month
* The Plus, Premium, and Metal plans have a higher no-fee withdrawal amount.
Verdict: Fees can depend on your usage, location, and currency. I love how cheap international Wise transfers are, so I use them a lot, but daily, I use Revolut to buy things or to withdraw money. I have the Revolut Metal plan.
Wise Vs Revolut: Transfer Fees
Both platforms have much lower fees for sending money abroad than any traditional bank.
The main difference between the two is that Revolut offers zero fees on transfers to Europe, whereas Wise charges a 0.35% variable fee.
So, for example, if you convert 1000 GBP to EUR, you will pay a fee of £3.69 with Wise and nothing with Revolut.
Both platforms charge fees to convert and send money outside of Europe, but Revolut is still the cheapest.
They have a fixed 0.3% transfer fee on most currencies, meaning you’ll pay a fee of £3 when you transfer 1000 GBP to anywhere outside the EEA.
Wise has fixed costs and variable fees that differ between each currency. Their variable fees range from 0.35% to 0.45%.
Verdict: Revolut has the cheapest fees, no matter where you send money. If you’re mainly transferring to Europe, you’ll save a lot of money with Revolut.
Wise Vs Revolut: Locations And Currencies
One area where Wise stands out is availability. For example, wise is available in 230 countries.
In contrast, Revolut is only available for residents of the European Economic Area (EEA) and Australia, Singapore, Switzerland, Japan, and the USA.
The countries Wise doesn’t operate in include Cuba, Hong Kong, India, Malaysia, and the United Arab Emirates.
Wise allows you to hold and exchange 56 currencies, whereas Revolut only allows 31.
However, the speed of sending money is similar between the two providers, both offering lightning-fast transfers in most cases.
Verdict: Wise’s availability is much greater than Revolut. For travelers, digital nomads, and expats who spend time in Asia, Central America, and South America, Wise is a far better choice.
Wise Vs Revolut: Additional features
Revolut may not operate in as many countries as Wise, but it offers many innovative features.
One key difference you should know when deciding between Wise or Revolut is that Revolut has a banking license, whereas Wise doesn’t.
This means Revolut can offer loans and insurance to UK customers, but Wise cannot.
Revolut also offers virtual cards. Plus, they allow you to link your bank account to the app to see all your money in one place, a feature that Wise does not have.
Moreover, Revolut has various budgeting and analytical features on its app.
Wise has recently launched Wise Interest. In short, it’s a new way for Wise customers to protect their money and put it to work at the same time.
The money is put in a fund that follows central bank interest rates, which means when their rates change, yours do too. That also means returns aren’t guaranteed.
However, this new feature could be interesting for many.
Verdict: It’s clear to see that Revolut is constantly looking for ways to grow and evolve into a one-stop shop for all your money needs. These features may be exciting and valuable for those looking to do more than just send and receive money internationally.
Wise Vs Revolut: Reputation
Wise has over 113,000 reviews on Trustpilot with an overall rating of 4.7 out of 5, qualifying them as an “excellent” provider.
Revolut has over 75,000 Trustpilot reviews with an overall rating of 4.3 out of 5.
Although lower than Wise, it still puts them in the Trustpilot “excellent” category.
Wise’s most positive things are their transparency, reliable exchange rates, customer service, and lower prices than competitors.
Negative reviews mention slow processing speeds for some currencies, price increases over the years, and, most worryingly, holding funds or blocking/deactivating accounts without any explanation.
Happy Revolut customers commented on the variety of features, easy-to-use app, and speed of transfers.
Negative comments included their higher rates on weekends, poor customer service, and having their account locked or under review for no reason given.
Verdict: From customer reviews, it seems both providers have pros and cons, but as Wise has more reviews and a higher overview rating, they have the best reputation.
Wise Vs Revolut For Travel
Regarding traveling, it’s helpful to have both a Wise travel card and a Revolut travel card.
While I use Revolut during my travels, I also have my Wise travel card with me in case of emergency.
I believe the fees and conversion on Revolut are brilliant, and I don’t need to use the Wise travel card.
In fact, I usually transfer money from my Wise account into my Revolut for withdrawals.
Verdict: If you’re traveling long-term, I recommend getting both Wise and Revolut during your travels. Having both options is great in case of an emergency abroad.
💳 Wise And Revolut Alternatives
Now, if you already have both Wise and Revolut and are looking for something a little different, there are plenty of other options.
Here are two of the most interesting alternatives:
✨ Our Verdict: Which Is Better, Wise Or Revolut?
Both Wise and Revolut are highly rated, popular money transfer companies.
However, after comparing Revolut vs Wise, you can see that both providers excel in certain areas and lack elsewhere.
Therefore, the best choice will depend on your specific needs.
Wise has more authority as a money transfer service and operates almost globally.
Therefore, it’s the best option for frequent travelers looking for cheaper access to money abroad.
It’s also ideal for remote workers receiving payments from clients worldwide.
You can learn how does Wise work.
However, Revolut is undoubtedly the best option for anyone who predominantly travels in Europe, thanks to their no fee transfers within the EEA.
PSSST! You can always use both! This is what I do.
Want to use Paypal instead? Read our blog post about Wise vs Paypal to learn more about both companies.
