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Wise vs Revolut - At a glance
More Wise comparisons
Key differences between Wise and Revolut
The main differences between Wise and Revolut are speed, cost, and the number of currencies offered. Wise is faster, can exchange more currencies, and offers better exchange rates than Revolut. But Revolut has no transfer limits, and they offer more additional features than Wise.
Pros and cons
Wise
Wise is one of the most well-known money transfer providers in the business. They offer low fees, the mid-market exchange rate, fast transfers, and a multi-currency account.
Mid market exchange rates
Faster transfers
Exchange more currencies
Lower transfer limits
Basic service offering
Limited country support
Revolut
Revolut started as a prepaid money card. Since entering the market in 2015, Revolut has expanded to offer a range of products, including virtual multi-currency bank accounts and tiered membership plans for both personal users and businesses.
Higher transfer limits
More additional features
Higher performance in customer reviews
Fewer payment options
Higher exchange rate markups at weekends
Just over 25 currencies available
Alternatives to Wise & Revolut
You should consider a few other top companies for digital banking and sending money abroad.
I recommend two of our most popular guides: Top 10 Money Transfer Companies and Best Multi-Currency Accounts - these will give you the full picture of how Wise and Revolut compare to their rivals.
Cost
Revolut just pulls ahead when it comes to costs, but Wise has more fee consistency. Revolut offers one free account type (Basic) and four additional ones that come with a monthly fee (Plus, Premium, Metal, and Ultra). Picking any of the paid plans will get you access to additional budgeting tools and cheaper transfers.
One point to consider when using a Revolut account to buy or sell foreign currencies, is that they charge a fee of 1% for any transactions requested outside business hours (Monday-Friday). The exchange rate offered by Revolut also changes outside business hours, with at most a 0.5% markup on weekdays and a 1% markup at weekends. For a full fee breakdown of Revolut transfers, check out our Revolut review.
Whenever you transfer with Wise, you’ll always get the mid market exchange rate. Their fee structure varies depending on your payment method, the amount you’re sending, and your target destination.
Speed
Wise offers faster transfers than Revolut in most cases. On average, Revolut transfers within the US take around 2-3 business days, with the average international payment taking 3-5 business days. Wise transfers are often instant, depending on your payment method and the transfer destination.
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Transfer limits
It's close, but Revolut has no limit for most currency transfers, bringing it the win. Wise allows transfers up to $1 million by wire transfer, but other payment methods have stricter limits. There is no minimum transfer amount for either provider.
Product offering
Overall, Wise offers a better product than Revolut. With Wise, you can send money via ACH transfer, wire transfer, debit card, or credit card. You can also make domestic and international payments between Wise accounts. Revolut only supports bank transfers, but offers free transfers to other Revolut accounts.
Wise is available in over 40 countries, and they can exchange over 50 currencies, whereas Revolut can exchange just over 25.
Despite this, Revolut has the edge when it comes to the countries it services. You can transfer to over 150 countries with Revolut, while Wise only services just over 70.
Additional perks
Revolut allows you to access extensive account features. They offer a wide range of other services, including insurance, open banking, and investment opportunities. They also offer extras for paid premium members through their tiered subscriptions Plus, Premium, Metal, and Ultra. Each comes with monthly fees.
Wise offers the option to ‘turn on interest’, investing your money with the goal to earn you more. Aside from this, Wise doesn’t offer any add-on features that can compete with Revolut.
Ease of use
With its much simpler product offering, Wise is the easiest app to use. You can see your account balance clearly, split by currency, with your transaction history available in one tap.
The range of extra features available on Revolut, along with the tiered membership system, make it slightly more complicated to navigate - although the update released in November 2023 made the app a lot easier to use.
Customer experience
With a live chat feature, call center helpline, and email support, Wise has a wider customer support base than Revolut. While all Revolut customers can access the live chat feature, you’ll need to pay for premium membership to access priority support.
Safety and trust
Both providers are safe and secure, but Wise is more transparent with its fee structure. Both Wise and Revolut are fully regulated and authorized to make international transfers. Where security is concerned, both Wise and Revolut use encryption to protect your money, and multi-factor authentication to make sure only you can log in to your account.
You should only ever use regulated providers to transfer money. If a provider is not regulated, it’s likely to be a scam.
Remember: We will only ever recommend regulated financial institutions.
Customer feedback
It's very close here, but Revolut sneaks ahead. On Trustpilot and the App Store, Revolut scores higher, with over 30,000 user reviews on each platform. Wise is ahead on Google Play, with 4.7 stars compared to Revolut’s 4.4.
Trustpilot | App Store | Google Play | |
|---|---|---|---|
Wise | 4.2 | 4.5 | 4.7 |
Revolut | 4.3 | 4.7 | 4.4 |
Figures correct at time of publishing.
Key features
Wise and Revolut don’t just provide money transfer services. As online banks, they allow you to bank, invest, and store money in a multi-currency account. They also have payment cards that allow you to spend like a local overseas, and withdraw money from in-network ATMs wherever you are.
Multi-currency accounts
Revolut has a better multi-currency account
The multi-currency bank accounts allow you to store money in multiple currencies in one account. With the Wise bank, you can store up to 9 currencies at once. Revolut allows you to hold up to 28 currencies at once, so if you often use lots of currencies at once, Revolut might be the better option.
The Wise and Revolut cards
Wise is better for card payments, but Revolut offers more from ATMs
The physical Wise debit card is $9, while the Revolut card is free, you just have to pay postage. Wise has the best card for frequent travelers. It allows unlimited free debit card transactions overseas, so long as you have the local currency in your account. Revolut charges a fee of up to 1% per transaction.
Revolut allows free ATM withdrawals from any in-network ATMs globally. The amount you can withdraw depends on your membership tier. You can withdraw up to:
$400 a month with a standard account
$800 a month with a premium account
$1,200 a month with a metal account
from out-of-network ATMs fee-free, with a 2% charge for anything extra. Limits for other accounts With Wise, you get two free ATM withdrawals a month, up to a total of $100. After that, they charge a fixed fee of $1.50 and a variable fee of 2%.
Replacing lost cards costs $9 from Wise and $5 from Revolut.
Currency exchange
Wise offers the best exchange rates
If you need to make a currency exchange for your travels, Wise offers the better deal. Revolut exchange rates are higher, and the fee structure will often, but not always, leave you spending more. Wise can also notify you when the exchange rates have improved, so you’ll never miss out on a deal. You can work out how much your exchange will cost using the Wise transfer fees calculator.
Business accounts
A Revolut account is better for business customers
Both Wise and Revolut offer personal and business accounts. Like Wise personal accounts, the Wise business account lets you make international payments in over 70 countries. Wise business accounts are also compatible with accounting apps like Xero, QuickBooks, and FreeAgent.
The Revolut business account gives you multi user access to the company accounts, allows you to track your team’s spending, and manage wider business expenses. Both personal and business customers get a tiered subscription offer, starting with a free account under the basic plan, ranging to Grow, Scale, and Enterprise accounts.
Revolut business plan monthly account fees
Account plan | Monthly fee |
|---|---|
Basic | Free |
Grow | From $30 per month |
Scale | From $119 per month |
Enterprise | Custom amount |
How to make an international money transfer with Revolut and Wise
Sending money abroad is easy with both Revolut and Wise. You can set up a payment through the Revolut app, by logging in to the Wise website, or via the Wise app.
Making international payments with Wise
Choose where you want to send money from
Choose your transfer type
Type the amount
Enter the account details
Check the details
Choose your payment method
Making international payments with Revolut
Tap 'Payments'
Select ‘Friends’ or ‘Bank accounts’
Enter the country and currency
Enter the amount and a reference
Other banks
Wise and Revolut aren’t the only well known online-only banks in the US. Find out about some of the others and how they compare.
Monzo
Monzo has partnered with Wise to allow you to make international money transfers affordably. You can transfer money directly from your Monzo account by choosing ‘Transfer Internationally’. You’ll then get a full breakdown of the transfer fees.
N26
In 2022, N26 closed its US bank accounts to focus on its European business. If you had money in an N26 account at this time, a paper check for the account total was sent to your home address.
FAQs
Which is better, Wise or Revolut?
Is Revolut cheaper than Wise?
Are there better providers than Wise and Revolut?
Does Wise or Revolut have better exchange rates?
What’s the Wise maximum balance?
What’s the difference between Wise, TransferWise, and Revolut?
Are Wise and Revolut compatible with Google Pay?
Are Wise and Revolut compatible with Apple Pay?
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