Wise vs Revolut Money Transfer Comparison

This Wise and Revolut comparison focuses on two of the most popular options for sending and receiving money overseas.

Wise is our first provider. They specialize in making it as easy as possible to send money abroad in other currencies. Revolut is a mobile banking service that offers even more. Which one is right for you? Continue reading to learn more…

Wise vs. Revolut: What is Wise?

Wise has its own accounts and offers financial management services. However, Wise’s central proposition is a quick and easy way to send money overseas.

Wise’s old name is Transferwise. Anyone who is a foreign national and lives in another country will have heard about this service.

It was only March 2021 that the name change took place. However, the company’s rebranding has not made much of an impact. It is still one of the most trusted companies for sending money overseas affordably.

Transferwise was founded in 2011 by two entrepreneurs who wanted to help people transfer money between countries. It wasn’t easy to do so back then. Each bank institution would charge a fee for money transfer abroad. This was expensive, it’s obvious! This process was redesigned by the wise, who used mid-market exchange rates to transfer currency.

How?

Wise allows you to transfer money to a Transferwise account. Wise then transfers the currency at the mid-market price once the money is in the account. Wise makes the currency exchange and then transfers the money to the local bank account.

No bank can charge hidden fees for transfers. These can often amount to up to 5%. Wise charges a small transaction fee and you will know exactly what you are spending. Wise may be 8x more expensive for foreign transfers in some cases.

Wise vs. Revolut: What is Revolut?

Revolut is a mobile banking application that claims to manage ‘all money’. It’s currently one of the most popular contenders in mobile and digital banking. Revolut is actually the fastest-growing financial app in the United Kingdom.

They were founded in Britain in 2015. At first, they focused on money transfer. Although it is primarily focused on Europe, most of its services can be found in the US. It’s safe to assume that Revolut is on the right track to become a global financial app.

Revolut boasts more than five million personal customers, and 500k business clients in over 35 countries. Revolut no longer offers money transfer or exchange services. Revolut now cares about the financial well-being of their customers.

With its intuitive app, financial management tools and control features, Revolut gives you a lot of control over your finances. This is what sets Revolut apart form Wise, as you will see. Revolut offers everything you need to manage your finances, help with your kids’ budgets, trade cryptocurrencies and have a mobile, flexible bank account.

Currencies

Wise or Revolut are the best options if you want to send money abroad.

Wise’s Currencies

Wise allows you to send and receive money in the following 24 currencies

Are you unable to find the foreign currency that you are looking for? You can also send money in 29 other currencies than the ones listed above. These currencies cannot be received into your account.

Revolut’s Currencies

Revolut’s currencies are arranged a bit differently. Revolut current accounts support 28 currencies.

These are:

You can also exchange money within the Revolut app into 35 other currencies. These currencies are in addition to the ones we have already mentioned:

These 15 currencies can also be used to top up your Revolut bank account:

Features and Services

We’ve mentioned that the main difference between Wise and Revolut services is in the variety of features they offer. Let’s take a closer look.

Wise’s services

Wise is simple to use and focuses only on what it does best: international money transfers. Its key features are centered around money transfers.

You can best separate its features into personal and professional.

Personal Users

Wise’s transparent, small-sized fees allow personal users to make one-off payments at a real exchange rate. You can send large and small amounts in any of the currencies listed above.

Wise allows you to track the money as it travels, so you can keep the recipient informed about its progress.

Individual account holders can set up recurring payments such as direct debits for rent, bills, and other expenses. Multiple currencies can be held, which makes it easier to manage international funds from wherever you may be.

Business users

A few additional features are available for business users. Wise allows users to set up mass payments up to 1000 recipients worldwide and to pay their invoices locally or internationally. Wise will then create a spreadsheet with all the required currency information and invoice details.

Signing up team members to Wise accounts allows them to take expenses directly from the business account. This will help you manage your cash flow more effectively.

Filtering transactions by team members
Download statements
Limiting spending

API access is also included in the business account. This allows your development team to dig into the code and create automated workflows.

That’s it!

There aren’t any bells or whistles. These accounts allow you to send money overseas in a simple, multi-currency manner.

Revolut’s Services

Revolut offers more features than traditional banking. Let’s start with the features closest to Wise’s.

Send Money and Receive It

Revolut allows you to send money and request it for free by simply pressing a button. This makes it easy to split bills with family and friends. If you haven’t received payment for something, you can send reminders. You can send money to specific bank accounts, just like any other banking service.

Revolut offers free transfers, so you can send money overseas in more than 30 currencies. The transfer is quick between Europe, the US, Singapore and Japan.

Revolut’s business account allows for international and local business transfer. Wise allows you to add members to your team, review payments and transfer status, set spending limits and create approval rules.

Budgeting and Analytics

Revolut’s actual app for managing your money is where Wise falls short. Account holders can create monthly budgets for specific categories like groceries and restaurants. This process takes only seconds and you will be notified if your spending is close to the limit.

Revolut categorizes all transactions automatically so that you can quickly see where you are spending most and where you could be saving. You can also create custom categories, and retroactively add transactions to these groups.

It is possible to set monthly savings goals. Revolut can even calculate your daily spending limit so you can hit your goal. Revolut is great for budgeting. Access to at least one Revolut Junior account is included in all accounts. This allows you to teach your children how to save and spend responsibly.

All the financial tracking and budgeting features described above are available in the junior plans. They also include a physical card that they can use. You’ll also receive spending alerts whenever your children make payments. Additionally, you can create custom controls for how they spend their money, including spending limits.

Also, junior cards cannot be used with merchants who are restricted in age.

Vaults to Save

Revolut lets you earn interest on savings, unlike Wise. Each pricing plan has a tailored interest rate. You can earn up to 0.144% annually by putting your savings in a “vault”.

A bonus of 4.5% could be added to your base interest, up to the amount that you spend on your Revolut card. There are no withdrawal restrictions on savings accounts. You can withdraw immediately and at any moment.

It is easy to create savings vaults for specific goals in different currencies. You can create savings vaults to save money in different currencies. This will give you a clear view of your finances and allow you to see what money you have available to you without having to touch your savings.

Revolut allows you to accumulate spare change from your card payments and deposit it in your savings. To save money for common goals like your dream home or holidays, you can create group vaults. Vaults come with the standard account features, such as the ability to set goals for savings and deadlines.

Business Features

Revolut business customers have access to additional features that can help them manage their money. You can track your subscriptions and see what you are spending regularly. You can also view all subscriptions and your regular spendings for online services such as business software or online ads in one place.

The app allows you to cancel or pause redundant subscriptions and also sets limits for your recurring payments. If a provider attempts to charge more than your limit, you will be notified. If you don’t have sufficient money to pay your scheduled payments, you will be notified.

You can also track expenses with the business account. With company cards, you can keep track of spending and digitally store receipts for all transactions. Account holders can set spending limits and access for their team members, and Xero will sync the expenses with Xero. You can also export a spreadsheet for use with your favorite accounting software.

Pricing and plans

Wise and Revolut have very different approaches to pricing and accounts. Revolut has more features in banking and financial management than Wise. Wise, on the other hand, makes it easy and cheap to open an account. You can also benefit from multiple currency cards.

Let’s take another look.

Pricing and plans from Wise

Wise has a multi-currency account, even though plans and accounts are not as integral to the Wise setup as Revolut. This allows you to store money in multiple currencies and makes it easier to transfer funds through your account. There are two types of accounts: personal and business.

Wise cards are available in more than 200 countries. They unlock many benefits.

Wise’s personal accounts do not have to be charged for the actual price. If you have more than 15,000 euro in your account balance, the account is free. A 0.40% annual fee applies if you exceed this limit.

A Wise debit card can be ordered for $9, or you can get a replacement card for $5. All ATM withdrawals exceeding $100 per month are charged 2% with that card. After your second ATM withdrawal, you’ll be charged $1.50 for each withdrawal.

All major currencies allow you to receive money in your account for free. Wire transfers in USD are subject to a $7.50 charge. You can send money free of charge via direct debit in GBP or EUR. There is a fee for any other currency or payment method. This will vary by currency and can easily be calculated on Wise’s website.

Wise for business allows you to set up a business account for $31 only. You will have all the details needed to conduct international business. You will receive an IBAN number, routing number, type code, and many other details. It will also allow you to receive international payments directly into your account, without any currency conversion or high recipient fees. You’ll also be able send and receive money in more than 70 countries.

Revolut’s Pricing and Plans

Revolut, unlike Wise has many plans that are both free and have monthly fees. These plans can be used for personal or business purposes.

Personal Plans

Let’s begin with Revolut’s standard plan, which is completely free.

This account has no monthly fees. Spend money in more than 150 currencies at the current market exchange rate. There are no hidden fees when you exchange currency up to $1000 per monthly. You don’t even have to pay $300 per month for ATM withdrawals!

You’ll also receive a Revolut card, which allows you to earn up to 0.1% APY on savings. You can also get a Revolut junior account to benefit one child from the standard plan.

Revolut’s standard plan includes all the core features of Revolut for budgeting and abroad saving. You’ll get instant payment notifications and you can round up your card payments to help you save money.

It takes only minutes to create an account. Once you are up and running you can begin managing your finances immediately.

The Premium account is next. This account will cost $9.99 per month. This will increase your monthly ATM limit to $600 per Month. You’ll also get additional features such as:

International medical insurance
Express delivery worldwide for your card
Support for priority customers
Premium card featuring exclusive designs
Online security is improved with disposable virtual cards
Revolut junior accounts are available for up to 2 children

The Premium plan will earn you 0.14% APY in savings and one free international transfer each month.

The Metal Plan is $16.99 per Month. The ATM withdrawal limit is increased to $1,200 per monthly. You’ll also receive a premium Revolut card. You will also receive delayed baggage insurance and delayed flight insurance. If your flight is delayed for more than an hour, you’ll receive lounge passes free of charge for you and three friends. You can also get up to five Revolut Junior account and three free SWIFT transfers per month.

Business Plans

Revolut offers four business plans that give you greater control over your team members. Additionally, you’ll get free international and local payments as well as features that will help you manage your expenses.

We’ll begin with the Free Plan once again. The package comes with a limited amount of international payments. You can also only make five local payments free of charge. A PS0.20 fee is charged for each local payment. There is no allowance for foreign currency at the interbank rates – each exchange is subjected to a 0.4% markup.

The free plan allows you to register 10 team members, but you cannot manage their account permissions and expenses. Revolut allows you to make free payments to other accounts, have over 28 currencies, keep GBP and USD in the account, and create virtual company card. You can manage subscriptions and recurring payment in your account, as well as connect to your accounting software and everyday apps.

The Grow Plan is $39.99 per month and offers many more benefits and features. You’ll get 10 international payments free, a $10k foreign exchange allowance, and 100 local payments free. Live chat support is available 24/7 to give priority service.

You can manage the expenses of your team and grant permissions to them. Register up to 30 people and set up approval workflows to prevent administrative errors. You can also set up bulk payments.

Revolut is growing constantly. In the future, you will be able to unlock local accounts in additional currencies and payroll features. Keep an eye out for this!

Scale plans cost $149.99 per month. You can also make 50 international payments free of charge, as well as 1,000 local payments free of charge, and receive a $50k foreign exchange allowance. You can also register 100 members of your team.

You can choose to have a customized business account that offers a bespoke pricing option for a program that suits your needs if none of the plans are right for you.

Note: Additional team members on any plan will cost $5 per month.

Customer Service

Money is sensitive and you should always rely on the customer service team to help you. Let’s look at what Wise or Revolut can do to help you if you have an issue.

Wise Customer Service

Wise has an online help centre. You will find answers to common questions, guides for managing your account, sending money, editing or cancelling transfers, managing the Wise card and more.

Logging into your Wise account is required to reach the customer support team. Support reps can be reached via:

Email
Telefon
Facebook Messenger
Whatsapp
Twitter

The support center is open Monday through Friday, from 8 AM to 8 PM UTC.

Revolut Customer Service

Revolut’s website also contains extensive self-help information. This site provides information on all available features as well as answers to most common questions.

You can reach out via live chat in-app if you need personalized assistance. Your chosen plan will determine the speed at which you hear back. Unfortunately, phone support is not available.

Both the pros and cons

A quick and simple pros and cons comparison is a great way to see where these services shine.

Let’s take a closer look at the following:

Wise’s Pros:

Access to transparent, low-cost fees and exchange rates via online calculations with real-time updates will be available. It’s easy to quickly see how much it would cost and how much you will save before you decide whether or not you want to proceed with the transaction.
Wise money transfers are 19x cheaper that PayPal and up to 8x less than traditional banks. It’s therefore one of the best money transfer options currently available.
Wise has an API that allows you to create custom integrations.
It is intuitive and simple to use.
Wise is best suited for individuals or sole traders who wish to send small amounts each month.

Wise’s Cons:

Wise does not offer many native integrations. Wise integrates only with QuickBooks and Xero accounting software.
There aren’t many other services that you can access. Its primary function is to quickly send money overseas and receive it back. It is not compatible with many Revolut features, such as budgeting tools, bill splitting, financial goals setting, and so forth.
Wise is not the fastest way for many countries to transfer money. Although it is faster than any bank, it doesn’t take as long.

Revolut’s Pros:

With your primary plan, you can also create junior accounts. This is a great way to help your children develop healthy financial habits.
Revolut allows you to withdraw abroad free of charge up to the limit of your account. All foreign withdrawals after that are subject to a 2% charge.
Revolut has a good Trustpilot score of 4.3 out 5 stars (at the time this article was written)
A credit card with flexible credit can be applied for up to twice your monthly income (up to EUR6,000).
Your savings can earn interest.
Revolut offers both a mobile and web app for banking. This gives you a lot of flexibility.
International transfers don’t incur extra charges.
Revolut offers a variety of budgeting tools that will help you make more money.

Revolut’s Cons:

If you haven’t subscribed to a Premium account or Metal account, you will be charged a shipping charge to get your card.
Revolut’s 2018 EU banking license doesn’t provide the same financial security that services with a FSCS deposit guarantee. They are unable to accept cash or cheques.
Revolut doesn’t offer phone support for any of its plans.
You can send international payments free of charge, but there is a limit to the amount you can send each month. If you need to send large amounts, Revolut is less flexible than Wise.

Are Their Services Right for You?

We’ve now taken a detailed look at Wise as well as Revolut. Both have their pros and cons, but they are both reliable and useful banking solutions. Depending on your specific situation, which of these financial services is best for you (if any)

We’ll be discussing when Wise or Revolution is better.

When to use Wise

Wise allows you to hold multiple currencies and has an easy-to-manage online account. However, it does not offer the same advanced banking features as Revolut. Wise is best used for sending and receiving money overseas.

Wise accounts are free and you won’t have to pay anything if you need a card.

Wise, which is a great service for those who anticipate sending money abroad often, might be the right choice for you.

You have moved to another country and are receiving a salary there. However, you want to convert the income back to your native currency.
You wish to send money abroad to family members, friends, or service providers
When you spend a lot of money in another country such as buying property or renting, you want to get the most out of your savings.
You prefer to bank using another app, and Wise only for money transfer services.
You are in control of your finances and don’t need many budgeting tools.
Sending money overseas is rare, even large amounts exceeding $1,000.

Revolut: When should you use it?

Revolut provides a solution to all your financial needs. It also offers in-depth banking features. These tools can help you and your family develop better financial habits. You can manage your money easily with the many budgets and bill-splitting features. Revolut also offers a great account for travel. Revolut allows you to withdraw cash abroad for no cost, make international payments at a lower rate than traditional banks, and has additional travel features depending on which plan you choose.

Choose Revolut if:

To budget, increase savings, and manage your spending, you will need a mobile bank account.
You are a business owner and need to manage your team and arrange bulk payments.
If you travel often, you will need a card or account that gives you additional travel perks. You can get overseas medical insurance or airport lounge passes.
You are looking for a family-friendly bank account that will help you provide financial support for your children.
If you live or have relatives abroad, sending money to them can be up to ten times more affordable than regular banks.

Our Final Verdict

This concludes our Wise and Revolut comparison! Although both Wise & Revolut started out as money transfer services they have since developed their own niches. Wise is still the best choice for sending money overseas. It offers the best online rates, especially if large amounts are required at any time and without restrictions.

Revolut, on the other hand, is a great general travel account because it can hold multiple currencies. Revolut accounts come with many features that make it easy to track, budget, and save money. Revolut, in short, is a mobile banking service that offers many features. You can even earn interest on your savings.

We hope you found this Wise vs Revolut review helpful in deciding which service is right for you. Are you interested in Sepa or another platform? Let us know in comments below if either of these options worked for you. We would love to hear your thoughts!

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