Wise vs Revolut 2021 (With Comparison Table) – Which Is Better Option?

How to decide between Wise vs Revolut? Which is better? Well, many of Wise’s (formerly TransferWise) and Revolut’s services are similar. Both companies provide inexpensive ways to transfer funds in various international currencies easily. But how can you tell which one is right for you?

Revolut and Wise are well known for their affordable money transfers. Each one lets customers transfer funds in many different currencies. They can both help you reduce the amounts you pay on foreign currency exchanges.

However, Wise, formerly TransferWise, and Revolut each have their own unique offers and fees. There are advantages and disadvantages to using both. I’ll examine those differences, features, fees, etc., so that you can decide which is a better option for your business and needs.

You can create both business and personal accounts with Revolut and Wise. In this Wise vs Revolut comparison, I will mention options and fees from personal and business accounts, but with a bigger focus on personal accounts.

NOTE: Below information can be inaccurate as both Wise and Revolut often change terms and services. Always check the official site for the most accurate info.

UPDATE: From 3rd March 2021, TransferWise is rebranding to Wise.

 

Wise vs Revolut Comparison

blank comparison
  • Name
  • Price for opening personal account
  • Personal account bank details fee
  • Price for opening business account
  • Business account bank details fee
  • Countries where you can open account
  • Countries where card is available
  • Available currencies for convert and hold
  • Receive bank details (currencies with account details)
  • Credit card payments fee
  • Currency exchange fee
  • Withdrawing money from ATM fee
  • ATM limits
  • Annual fee for holding EUR balance
  • 3D Secure payments
  • Card limits
  • Virtual cards
  • Type of card
  • Card contactless payments
  • Fee for card payments
  • Number of physical cards you can have
  • Number of virtual cards you can have
  • Disposable virtual cards
  • Integration with accounting software
  • Compatible with Apple Pay and Google Pay
  • Cryptocurrencies trading
  • Insurance options
  • Recurring payments
  • Direct debit
  • Loans
  • Lounge pass
  • Group bills
  • Stock trading
  • Commodities trading
  • Support
Wise vs Revolut comparison.
  • TRANSFERWISE
  • Free
  • Free
  • Free
  • One-time fee between 16–21 GBP (or equivalent in your currency).
  • 230
  • UK, Switzerland, Australia, New Zealand, Singapore, Japan, most of the EEA, and US.
  • 56
  • USD, GBP, EUR, CAD, AUD, NZD, SGD, HUF, RON, TRY
    Polish zloty is usually available, but currently that option is disabled.
  • Free as long as the payment is in a currency that you currently hold.
  • 0.24–3.69%
  • Free up to £200 (or currency equivalent) and then 1.75% on anything over 200 GBP/EUR. This fees can be different for other countries.
  • Daily limit is 1500 GBP (or currency equivalent) but you can increase it.
  • 0.4% if your balance is 15,000 EUR for persosnal account and 70,000 EUR for business.
    Holding any amount in any other currency remains free.
  • Yes
  • There are different limits for cardholders in different countries. But most can be increased via app.
  • Coming soon
  • Mastercard. Visa coming soon
  • Yes
  • No
  • 1
  • Not available currently
  • Not available
  • FreeAgent, QuickBooks Xero, etc.
  • Yes
  • No
  • No
  • Yes
  • Yes
  • No
  • No
  • No
  • No
  • No
  • Email, live chat, phone
Revolut or TransferWise differences.
  • REVOLUT
  • Free
    There are also Premium (£6.99 per month) or Metal (£12.99 per month) account options.
  • Free
  • Free
  • Free
  • European Economic Area, Australia, Canada, Singapore, Switzerland, Japan and the United States.
  • European Economic Area, Australia, Canada, Singapore, Switzerland, Japan and the United States.
    Revolut Business only available for European Economic Area and Switzerland.
  • 31
    AED, AUD, BGN, CHF, CAD, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, ISK, JPY, MAD, MXN, NOK, NZD, PLN, QAR, RON, RSD, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR.3
  • AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RUB, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR.
    28
  • Free as long as the payment is in a currency that you currently hold.
    The company applies the mid-market rate to convert the currencies if you don’t hold enough currency into your account.
  • No cost up to 1000 GBP (or currency equivalent) per month and anything over is charged 0.5% + for the weekends 0.5% markup is applied
  • Free up to £200 (or currency equivalent), then a 2% fee will apply.
  • Cash withdrawals from ATMs are limited to £3,000 or currency equivalent per 24 hours.
  • No
  • Yes
  • ATM withdrawals are limited to £3,000 or equivalent per day for all cards linked to the account and £100,000 or equivalent spending limit per month per card.
  • Yes
  • Mastercard and Visa
  • Yes
  • No
  • 3
  • 5
  • Yes
  • FreeAgent, QuickBooks Xero, etc.
  • Yes.
  • Yes
  • Yes
  • Yes
  • Yes
  • Only for people in UK
  • Yes
  • Yes
  • Yes
  • Yes
  • Chat, phone

 

Revolut or Wise? They both offer similar services but are distinct in their own way. I highly suggest you read the below content for an in-depth description of features, limits, and fees as it is tough to put everything in one comparison table because it depends on the country, currency, if you have a personal or business account, etc.

 

Wise (Formerly TransferWise)

Wise, formerly TransferWise, launched in 2011. The company is headquartered in the United Kingdom. Setting up an online Wise account lets you send, receive and spend money globally.

You can use the Wise debit card to spend money abroad in different countries. Your account allows you to receive funds in various currencies and transfer funds to people in different nations.

 

Wise offers affordable currency exchange.
Wise offers affordable money transfers and currency exchange.

 

The Wise business concentrates on offering cheap money transfer service, allowing clients to send transfers between bank accounts in multiple countries. The company has continued to add more features for its customers while still providing affordable bank-to-bank payments from one currency to another.

Wise has quickly grown in popularity, thanks to its low fees and transparent services. A borderless account is an intriguing option for those who require local bank details in various countries.

All available features can be accessed once you open a Wise multi-currency account. This means you’ll be able to:

  • Have account balances in 56 different currencies.
  • Quickly convert currencies with minimal fees.
  • Receive bank details (balances with account details) in 10 currencies (US dollars, British pounds, Euro, Canadian, Australian, New Zealand, and Singapore dollar, Hungarian forint, Romanian leu, and Turkish lira).
  • You can set USD, GBP, AUD, and EUR direct debits.
  • A Wise debit card is available in the U.S., Europe, Singapore, New Zealand, and Australia (as of this writing).
  • You can spend in any currency using a debit card. Transactions are conducted with very low fees.

All Wise multi-currency accounts are electronic money accounts. They differ from traditional bank accounts because:

  1. You can’t get loans or overdrafts.
  2. You can’t earn interest on your account.
  3. Bank accounts provided are simply “addresses” for electronic money accounts. They aren’t real bank accounts, even though bank details are unique. They can still be used to receive funds, just like real bank accounts.
  4. Your money is protected and safeguarded but not guaranteed by the Financial Services Compensation Scheme (FSCS).

One of the main reasons people use Wise is that they don’t have to worry about being charged outrageous exchange rates or international transaction fees.

The same account can be used to convert, receive and send funds in different currencies. They have the lowest fees on the market, and you’ll always get the current exchange rate. Wise debit card can be used to withdraw money from ATMs, pay online or purchase items in multiple countries worldwide with the funds from your online account.

 

Revolut

Revolut launched in 2015. It is also a private company like Wise and also based in the United Kingdom. They offer money transfer services to send money to other Revolut users and directly to bank accounts. Revolut even has a banking license.

Using your Revolut MasterCard, you can purchase items with the money in your account balance. They even offer virtual cards and access to trading with cryptocurrencies.

 

Revolut account features.
Opening Revolut account is free.

 

The company was created to cater to international business people and busy travelers. The multi-currency card provided by Revolut lets you exchange money quickly and inexpensively. You can exchange money while withdrawing funds from an ATM, paying for purchases with your card, or in the app.

Revolut makes it easy to transfer money to bank accounts. You can also transfer money to other Revolut accounts in a matter of moments.

You’ll receive a MasterCard or Visa prepaid debit card or a virtual card after signing up for a Revolut account. These cards can be used for account charge-offs and cash withdrawals in 120 different currencies. It also allows direct transfers in 26 currencies within the Revolut app.

Revolut provides an account number and a sort code, just like regular banks. You can use them to get paid. Google Pay, bank transfer, Apple Pay, and standard debit or credit cards can be used to fund your Revolut account.

 

Is Revolut Cheaper Than Wise?

Each company has affordable money transfer and banking options via easy-to-use and simple apps, which can save you significant effort, time, and money. Both companies have millions of satisfied clients in many countries. Wise and Revolut are also widely respected and fully regulated banking solutions.

Both companies are very similar in terms of transferring smaller amounts of money. For higher transfer amounts, Revolut has fewer restrictions on how much you can send. If you travel a lot, Revolut can be a better option, because it offers a range of useful features for use while traveling abroad. For more info about that, check the other services section of this comparison.

 

Availability

Both services are available in many countries but not in all. See below which countries each supports.

 

WISE

Wise is available in 230 countries, including the United States and many Asian countries.

The countries where a Wise account is not available are Afghanistan, Burundi, Central African Republic, Chad, Congo Republic, Crimea (sub-territory), Cuba, the Democratic Republic of the Congo, Eritrea, Hong Kong, India, Iran, Iraq, Malaysia, North Korea, Sevastopol (city), Somalia, Republic of South Sudan, State of Libya, Sudan, Syrian Arab Republic, Territories of the United States, United Arab Emirates, Venezuela, and Yemen.

 

Wise is available in many countries.
Wise is available in various countries around the world.

 

The Wise card is available for people and businesses in the UK, Switzerland, Australia, New Zealand, Singapore, Japan, most of the EEA, and the US. There are a few exceptions, so check the list of eligible countries.

 

REVOLUT

They are currently only available to residents of the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, Japan, and the United States. Revolut Business is currently available for companies registered in and with a physical presence within the European Economic Area (EEA) and Switzerland.

 

WINNER: Wise as it is available in far more countries.

 

Money Transfer Service

Each company has its own ways that let customers transfer money to bank accounts or between their Revolut or Wise accounts.  They both offer a debit card that can be used anywhere in the world.

 

WISE

Countries and currencies transfer will vary in the amount of time it will take for money transfers to be completed. All transfers are usually completed within two business days (max), although most transactions are completed much sooner than that.

The processing speed of the receiving bank will determine when your transfer will arrive. The process can also depend on the payment methods that the country you’re sending funds from allows.

Some methods are faster or slower than others. Card payments are usually conducted in a few minutes, while bank transfers can take longer to complete. Once you’ve set transfer, you will be able to see how long each method typically takes.

Check the list of countries that you can use with Wise to send funds. Sending limits will be based on the payment methods and the types of currencies that are being transferred. You can check the limits for each currency in the Currencies articles. You will be notified if you try to send too much at one time.

 

Wise money transfer feature.

 

Money can be transferred from one Wise account to another TrasferWise account with bank information free of charge. A fixed charge is only if you’re sending funds from your account to a bank outside of Wise.

A conversion fee is added to transactions where the money is being transferred to a different currency. To check how much the fee is, use the pricing page.

You can hold and convert money in 56 currencies. It only takes a few seconds to open a new balance in the currency you need. You can use money in your multi-currency account to money to 70+ countries.

 

REVOLUT

Revolut doesn’t charge any fees for using a bank transfer to add funds to the Revolut account. There may still be some third-party charges that apply to those transactions.

International transfers can be transacted in the following currencies: AED, AUD, BGN, CHF, CAD, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, ISK, JPY, MAD, MXN, NOK, NZD, PLN, QAR, RON, RSD, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR.

There’s no fee for using Revolut to send funds that are within your foreign exchange limit allowance. There is a fee of 0.5% that will be charged on the amount if you make a cross-currency transfer above your foreign exchange allowance. If you want an unlimited foreign exchange allowance, you’ll have to upgrade to either Revolut Metal or Revolut Premium.

For payments outside of the SEPA region, you get one free monthly transaction. Each additional transaction will be charged £0.50.

 

Revolut money transfer.
Transfer money abroad in 30+ currencies with the interbank exchange rate, with a small fee.

 

Few seconds is usually all it takes for GBP transfers to bank accounts in the United Kingdom (UK). If the receiving bank hasn’t implemented quicker receiving methods, the process can take up to three working days.

Bank accounts based in the SEPA region will usually receive EUR transfers in few seconds. Transactions can take up to two business days to complete if the beneficiary bank doesn’t support instant payments.

Banks in Malaysia, India, and Indonesia typically handle MYR, INR, and IDR transfers within one business day. Some international fund transfers may take as many as five working days before the receiver will have the money in their account.

In most cases, there are no limits for the amount you can transfer in various currencies. However, certain Revolut payment partners may have limits on specific currencies.

 

WINNER: Wise provides transfers in more countries and currencies. The speed in transfers is similar with both.

 

Receiving Money

Receiving money to your account is another important aspect. You want that process to be quick and smooth.

 

WISE

Receiving money into your Wise account works just like a regular bank account. You just need to provide bank details for the currency you want to get money to the person who will be making the transfer.

You can hold and convert money in 56 currencies, but you can only get local bank account details in 10 currencies. These are the account details you can share with others to receive money. Anyone can use these to pay you just like they’d pay a local.

 

Wise bank details.
You can get local bank details for 10 currencies.

 

You can get bank details for United States dollars (not available in all countries), Romanian leu (only available to Switzerland and EEA residents), Turkish lira, Euros, Australian dollars, Polish zloty, Singapore dollars, New Zealand dollars, British pounds, Canadian dollars, and Hungarian forints.

 

REVOLUT

Revolut account balance work just like regular bank accounts, and balance will be updated as soon as transfer reacher your account.

Most transfers are swift. There may be instances where it can take a little longer to receive funds. This will depend on the type of currency and transfer. International transfers may take up to five business days to process. Domestic transfers are often accomplished in two working days or less.

 

Revolut local bank details.
Save money by sending funds abroad as local transfers with account details.

 

You can transfer money to your accounts via bank transfer in the following 28 currencies: AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RUB, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR. Check which countries are not supported for inbound transfers.

 

WINNER: Revolut allows you to open bank details in more currencies than Wise.

 

Costs & Fees

Costs and fees are the most important part. You want to know which services are paid, which free, and how much are paid features.

 

WISE

There’s no charge to open a Wise account. The Wise always charges mid-market currency exchange rates. It also applies transfer fees for each transfer transaction outside of Wise.

Fee amounts will be based on the currency you want the recipient to get, the currency being sent, and the country you are in. Wise is very upfront about all very inexpensive fees. You’ll be told what the transfer fees are beforehand.

You won’t be charged a fee if you’re paying for purchases using your Wise card as long as the payment is in a currency that you currently hold in your account.

Wise will use a conversion fee ranging from 0.24–3.69% while making an automatic exchange if you don’t have enough funds in the particular currency you want to send. The pricing details on their site are updated regularly if you want more details.

The first 2 ATM withdrawals per month are free for up to £200 (or currency equivalent). After that, a fee will be charged according to where your Wise card was issued from. That fee is usually 1.75%. Over 2 ATM withdrawals/month, there is also a 50p/withdrawal fee (or currency equivalent). You may want to visit their fee section for multi-currency accounts to learn more.

 

You can increase Wise limits.
Limits can be increased with one click either via app or via website.

 

Wise offers a guaranteed exchange rate. This rate is the exchange rate that’s guaranteed for a specified period of time.

The exchange rate is guaranteed anywhere from two to seventy-two hours, based on the currency that’s being sent. Wise will inform you how long your particular exchange rate will be guaranteed when your set up the transfer. If your money reaches after your guaranteed rate lock has expired, they’ll use the live rate at the time they receive it.

They can opt to be alerted you when the exchange rate reaches a level you specify. You can also request a daily email about the rate between the currencies.

Wise’s fees are clear, and the real exchange rate is always used, no matter how much money you send. You can qualify for a monthly volume discount if you send large amounts regularly.

There is an annual fee of 0.4% for holding larger amounts of EUR in the account. The fee was added because of negative interest rates in the Eurozone. It costs Wise money to hold Euros in their clients’ accounts.

Because of that, personal account holders can hold up to 15,000 EUR in their accounts free of charge. Business customers can keep up to 70,000 EUR in their accounts for free. Holding any amount in any other currency remains free.

 

REVOLUT

You can open a free Revolut account, but it has rather limited functionality. You may want to consider upgrading to either a Premium (£6.99 monthly) or Metal (£12.99 monthly) account to access additional features.

Revolut offers free transfers for the same currency and mid-market exchange rates for most currencies. The only exception to these is on the weekends when they add a markup of 0.5%.

Provider charges a fee of 0.5% on any cross-currency transfers within the Eurozone that exceed the free £5,000 monthly foreign currency exchange allowance. There is no fee for transfers that are under that limit. Third parties may charge international wire transfer fees for money transfers made outside of SEPA.

You can use your Revolut card to pay for items for free in any currencies that you actively hold in your account. The mid-market rate is used to convert currencies if you don’t hold enough currency in your account.

You can withdraw up to £200 (or currency equivalent) from an ATM free of charge. A 2% fee will be applied for any ATM withdrawals over that amount.

Currency exchange transactions are free for up to 1000 GBP monthly (or currency equivalent) for free. A 0.5% fee is charged for any transactions over that amount (see Fees page for more information). You can only withdraw up to £3,000 in cash (or currency equivalent) once every 24 hours.

 

WINNER: Tie. Both charge similar affordable but various fees and limits, which is not exactly easy to compare.

 

Currencies

If you accept and receive payments in multiple currencies, you will need a service that provides you the option to accept those currencies and with affordable fees and conversion rates.

 

WISE

Wise allows you to add funds to your account in 19 currencies: USD, AUD, CAD, CZK, EUR, HRK, JPY, NZD, RON, SGD, BGN, CHF, DKK, GBP, HUF, NOK, PLN, SEK, and TRV. You can’t keep Brazilian real (BRL) in your Wise account, but you can add other currencies and pay for them with BRL.

You can keep money in more than 50 currencies in a Wise multi-currency account. You can always convert these currencies with real-time exchange rates whenever you want. There are no subscription or signup fees.

You can also receive bank details for AUD, EUR, GBP, USD, HUF, NZD, CAD, TRY, RON (this is only available to EEA and Switzerland residents), and SGD. PLN bank details are not currently given to new users until some improvements are completed. Those who already have PLN bank details can continue using them.

Funds can be sent from your Wise account to a bank account at any time. A conversion fee is charged when transferring funds to a different currency and a fixed fee.

 

REVOLUT

Revolut card will use the best available exchange rate and automatically convert funds into the particular currency that you’re spending at the moment (if you don’t have it in your balance).

Revolut lets you exchange and hold the following currencies: AUD, CAD, CZK, EUR, HKD, ILS, MXN, NZD, QAR, RUB, SGD, TRY, ZAR, AED, SAR, BGN, CHF, DKK, GBP, HUF, JPY, NOK, PLN, RON, SEK, THB, and USD.

While Wise makes it possible, in the case of Revolut, funds are not taken from more than one currency balance if there are not enough funds in a single currency wallet. In that case, the transaction will be declined, even if there is enough money across your wallets in total.

 

WINNER: Wise supports more currencies than Revolut.

 

Cards

Wise and Revolut both have debit credit cards that can be used at ATMs to withdraw funds. The cards also allow you to buy products and services online and at physical store locations. But which card is better? Let’s examine their similarities and differences in this section.

 

WISE

Wise currently provides only Mastercard. Using a credit card, you can use any currency that’s in your account balance to pay for items. The card doesn’t have any transaction fees, and the conversion fees are quite affordable. The card is available to the US, UK, Switzerland, Singapore, New Zealand, Australia, and EEA country residents.

There are limits on how much money you can withdraw at no charge, according to where your card is based. All limits can be tracked on the Wise app. They are as follows:

  • Cards issued in the UK or Europe: You get 2 free monthly withdrawals up to 200 EUR/GBP. After that, they charge 1.75% for withdrawals over 200 GBP/EUR. Also, for over 2 ATM withdrawals/month, there is a 50p/withdrawal fee.
  • Cards issued in Singapore, Australia, or New Zealand: You get 2 free per month withdrawals up to 350 SGD/NZD/AUD. After that they charge 1.50 SGD/NZD/AUD + 1.75% for over 350 SGD/NZD/AUD.
  • Cards issued in the United States: You can have 2 free monthly withdrawals of up to 100 USD. After that, they charge 1.50 USD + 2% on any withdrawals over 100 USD.
  • If you’re using a different currency, the sum will be equivalent to the currency your card was issued in.

Wise debit card can be used to pay for items in most places where debit cards are accepted. The card can also be used for online payments. In some cases, during online payment, you will need to verify/approve transaction by phone call, SMS, or Wise app.

 

Wise debit card.
Wise debit card can be used to pay in any currency.

 

This additional security measure that some sites require is known as a 3D Secure (3DS) online payment. Payments are processed as usual after verification has been completed. The debit card can also be used at most ATMs to withdraw funds.

If you need to replace your Wise debit card, you will need to pay a fee to receive a new one. There are different card limits depending in which country the card was issued.

The app or website can be used to change card spending limits. Wise doesn’t offer virtual cards currently, but they should introduce that option soon as they offer it via their beta program for now. If you are invited to join our beta program, you will get early access to Visa debit cards and virtual cards.

Ordering a Wise card costs 5 GBP, and a replacement card is charged 3 GBP.

 

REVOLUT

Revolut offers 4 different types of cards. Cards will vary according to the type of account that you have. They are as follows:

  • Standard free accounts have a standard plastic card.
  • Plus accounts (£2.99/month) use Revolut plus card.
  • Premium accounts (£6.99/month) have Premium Revolut card.
  • Metal accounts (£12.99/month) use the Metal card.

Revolut cards can be used anywhere MasterCard and Visa are accepted. You can’t choose which one you want. They will be assigned depending on your country of residence. ATM withdrawals and card payments in more than 140 countries are supported. All cards are enabled for contactless payments.

Revolut doesn’t charge any fees to convert your money from one currency to another at the mid-market rate. Most online or in-store purchases using the Revolut multi-currency card are conducted free of charge.

They have implemented a currency exchange fair use policy. Revolut customers who use GBP as their primary currency can exchange up to £1,000 (or the equivalent currency) each month free.

Standard Revolut clients who exchange more than £1,000 are charged a fair usage fee of 0.5% on any amount that exceeds the free limit. Standard customers are users who don’t have either a Revolut Premium or Revolut Metal account. Metal and Premium customers don’t pay a fair usage fee.

 

Revolut debit card.
You can have up to 3 physical cards with personal account.

 

A small fee may be charged to cover costs in specific situations when adding funds to your card. Revolut will inform you about the nature and amount of any such fees that would apply before the money is added.

Unfortunately, you can’t decide whether your Revolut card will be MasterCard or Visa. Cards are issued according to location. The Visa and MasterCard Revolut cards can be used at any physical or online location that accepts credit card payments.

Your Revolut account can have up to five virtual cards and three active physical cards attached to it. Disposable virtual cards are not counted towards these limits, even if you use them multiple times.

Virtual cards can only be safely accessed via the Revolut app. They’re much like traditional bank cards and can be used right away when generated. These cards can be used to make payments via phone or online. They can even be used to make contactless payments over the phone after being added to Google Pay or Apple Pay.

Disposable cards are generated in the app. They are intended for a single-use as an extra secure solution when paying online at merchants or untrusted or unknown sites. All of the disposable card’s information is automatically blocked after use.

Extra cards are paid £4.99 (or your currency equivalent) plus any shipping charges that may apply. You can also upgrade to Revolut Premium or Metal account. In that case, you will receive two more cards for free via express delivery. If you upgrade to Revolut Plus, you also receive two additional cards at no extra cost via standard delivery.

The Revolut app can be used to manage your physical and virtual debit cards. You can cancel your cards and order replacements, unblock and block cards as needed. Revolut has Visa and MasterCard, and Wise only has a MasterCard card available (Visa is coming soon).

 

WINNER: Revolut. It offers far more credit card options with lower exchange rate fees.

 

Business Account

Both Wise and Revolut launched business accounts to take on the usual high fees that many standards banks charge for sending money to other countries and offer new alternatives in the business banking industry. Their solutions have been listed as a “digital alternative for the big banks.”

 

WISE

You can sign up for a Wise for a Business account free of charge. You can send and receive funds and make payments using real exchange rates across the globe. You can even use it to handle payroll, pay invoices and purchase inventory in more than 70 countries.

Their business accounts are ideal for all kinds of companies, ranging from large organizations to independent entrepreneurs and freelancers. Personal transfers are allowed in all countries that Wise is legally allowed to conduct business in. There may be certain limits or restrictions on specific business transfers. You can review the business transfer restrictions section page for additional details.

Your Wise for the business debit card can be used to purchase items at physical and online stores and pay for business expenses. Check in which countries is the Wise card for businesses currently available. You can have Wise business accounts for each company that you manage.

To receive your own international bank information, there is a minimal setup fee. This is only charged once. The setup fee lets you receive funds in various countries. The fee amount is usually anywhere from 16 to 21 GBP (or currency equivalent). You’ll receive your bank details after verification has been completed. The fee will be refunded if Wise can’t verify your business.

Conversions between currencies also have a nominal fee. The fee applies to using your Wise debit card to spend money in a currency that’s not currently in your account. The real exchange rate is always used when converting funds.

 

REVOLUT

Your business must be registered and have a physical location in Switzerland or in countries within European Economic Area (EEA) to open a Revolut business account. They have various business pricing plans. There are different fees associated with each plan.

Revolut is investigating the possibilities of supporting cooperatives, public sector businesses, foundations, and charities in the future. As of now, these organizations are not currently supported. Revolut website has more information about which types of businesses are not currently supported.

You can have two local accounts in EUR and GBP and exchange and hold up to 28 international currencies with a Revolut business account. You can conduct as many fund transfers as you want in any amount. There may be certain transfers where more information is required. In those instances, a Revolut team member will reach out to obtain the necessary details.

Revolut business accounts are limited to 100K EUR per incoming transfer for SEPA instant credit transfers. If the sender makes a transfer that goes above that threshold, the transfer will be processed as a normal SEPA Credit Transfer.

 

WINNER: Wise. The business account is available in more countries than Revolut.

 

Other Services

Besides mentioned features, each service offers some additional options.

 

WISE

Wise concentrates on affordable money transfers between Wise accounts and bank accounts. They have a mobile application for Android devices and iPhones. The apps let you send funds anywhere that has Internet access.

You can always monitor a transfer’s status and cancel the transaction if needed. Credit and debit card payments and bank transfers can be done using the app in a matter of minutes.

Wise offers an option which they call jars. Jars are a unique Wise feature. They hold funds that are separate from your Wise account balances. Money in jars cannot be used to pay direct debits and can’t be spent with your debit card.

Many people use jars to accumulate funds. You might want to put funds aside for a rainy day, save for a big purchase or holiday, prepare for bills or upcoming expenses, or set aside money to be sent in another currency at a later date.

Your Wise account can be integrated with your FreeAgent, Quickbooks (check how to connect WooCommerce with Quickbooks), or Xero account (see WooCommerce Xero integration). It’s also compatible with both Apple Pay and Google Pay.

 

REVOLUT

Revolut has many additional features beyond money transfers. They started allowing cryptocurrencies in 2018. Customers can hold cryptocurrency funds in their online accounts, but there is a fee for this service.

Each cryptocurrency sale or purchase will have a 2.5% fee. That fee drops to 1.5% for Revolut Premium or Metal members. Both of these memberships are paid subscription services.

Standard Revolut users who exchange more than £1,000 (or currency equivalent) in a month will be considered “high frequency” clients. These customers will be charged an extra 0.5% for any cryptocurrency sales or purchases they make with Revolut.

But be noted that you can’t get s cryptocurrencies from your Revolut account, nor can you transfer those funds to another cryptocurrency wallet.

 

Revolut trading options.
Revolut offers trading with crypto, commodities, etc.

 

Revolut also offers insurance for several things, and the Vaults feature is something similar to Wise jars.

Revolut can work with Apple Pay and Google Pay. You can also pay for items with your Revolut debit card via smartphone. Revolut Business account users can connect their accounts with several software services provided by third parties. FreeAgent, Xero, QuickBooks, and Slack are some that are currently supported.

Revolut additional features:

  • Vault – Vault is similar to traditional savings accounts. It can help you accumulate funds for certain purchases. You can choose to round up your transaction and deposit the spare change, set up recurring payments, or make a one-off contribution. You won’t get interest on that saving.
  • Budgeting features – You can set limits like monthly budgets in the application to restrict spending.
  • Revolut perks – A reward program available to selected users which wins you cashback.
  • Cryptocurrencies – Cryptocurrencies can be purchased and sold at any time.
  • Insurance – Offers accidental damage coverage. Insurance coverage plans start at £1 per week.
  • Travel medical insurance – Revolut provides dental and medical coverage. It uses geolocation technology and charges £1 per day (or currency equivalent) when you are abroad.
  • Donations – Revolut’s Donations makes it easy to support your favorite causes. You can make one-time donations, establish repeated payments or round up spare change to be donated.
  • Recurring payments – Recurring payments are simple to set and cancel whenever you want.
  • Direct debit – Direct debit payments can be configured to pay bills or other purchases.
  • Loans – This option is only currently available for people living in the UK.
  • Lounge pass – This perk is perfect for frequent travelers. Revolut Premium or Metal members can purchase airport lounge passes so that they can enjoy their downtime as they’re waiting for their next flight.
  • Concierge – A feature that allows Revolut Metal members to employ their own concierge. The concierge can be used to reserve hotel rooms, restaurants, flights, event tickets, and much more.
  • Group bills – A function that allows customers to settle and split expenses with family and friends. You can manage how expenses are divided, separated, tracked, and added amongst your party. Everything can be done from the same central location right away. You can create a group to control your expenses when you’re on a holiday or sharing expenses with roommates.
  • Revolut Junior – Revolut Junior are accounts for children. These accounts will be linked to their parents’ accounts.
  • Stocks – You can trade stocks.
  • Commodities – Silver (XAG) and gold (XAU) are some of the precious metals that you can trade.

 

WINNER: Revolut offers far more additional services if that is something you need or will be using.

 

Customer Service & Support

Whichever service you choose, customer service and knowledge base will be important.

 

WISE

Wise’s complete guides and detailed help sections should help you figure out the answers to most questions. You can also contact their dedicated customer service support staff by live chat, email, or phone call.

 

REVOLUT

Revolut also has an impressive help section that explains features, fees and gives answers to common questions. You can use the phone or the chat option to contact their customer service department.

Rita, the bot will start your chat session. You can enter “Live Agent” to be transferred to a live operator if you need additional help. You can contact them on their social media pages or join the Revolut community.

 

WINNER: Both offer extensive documentation and proper ways to contact support. But I would give advantage to Wise as they offer email option too.

 

Which Is Better – Revolut or Wise?

Revolut vs Wise – which to choose? Wise (formerly TransferWise) doesn’t have as many features as Revolut, which offers stock trading, communities, and cryptocurrency trading, and more additional perks for those who travel often.

However, not everybody needs most of the additional features that Revolut offers. I appreciate that Wise concentrates on mastering one task. It doesn’t try to accomplish everything at the same time. What’s the point of having many features if you only use a few of them, anyway?

Your own unique situation will determine what works well for you. Both Revolut and Wise are great. It all comes down to your requirements and your location.

Wise has very low fees. It also has higher Trustpilot reviews and ratings, which accounts for its usefulness and legitimacy. Wise is available in far more countries than Revolut.

Revolut is a better option for anyone who trades in various currencies or works out of Europe. It also supports cryptocurrencies, which is something that Wise doesn’t currently offer.

Another reason why people choose Revolut over Wise is that they allow higher limits. They also offer disposable and virtual cards, which can be very handy for shopping online.

I don’t think you will go wrong whichever you choose. I personally would recommend going with Wise if you don’t need all extra features that Revolut offers, as you will just be confused with so many options.


DISCLOSURE: Posts may contain affiliate links. If you buy something through one of those links, I might get a small commission, without any extra cost to you. Read more about it here.

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