In the rapidly evolving landscape of digital finance, Wise and Revolut have emerged as prominent players, revolutionizing the way individuals and businesses manage their money.
These two fintech giants have garnered significant attention for their innovative approaches to banking and competitive fees for money transfers. Both offer a range of features that can make international payments easier, with additional services to help manage your finances better.
Below, we take a closer look at the features, benefits, and key differences between Wise and Revolut, so that you can decide which one is the best option for you.
Contents
Comparison Chart
| Product Name | Wise | Revolut |
 |  | |
| Price | Check Price | Check Price |
| Plans | Personal, Business | Multiple plans across Personal, Business, and Revolut<18 |
| Fees | Free to receive (except for USD), while sending costs vary | Varies depending on the account and plan |
| Currencies | 50+ currencies | 28 currencies |
| Transfer Speeds | 0 to 2 days | 0 to 5 days |
| Bulk Payments | Yes | Yes |
| Debit Cards | Yes | Yes |
| Mobile App | Yes | Yes |
| Supports Cryptocurrencies | No | Yes |
Company Overview
Wise
Wise, formerly TransferWise, is a financial technology company that specializes in international money transfers. The company was founded in 2011 by Kristo Käärmann and Taavet Hinrikus, with the mission to make global financial transactions faster, cheaper, and more transparent.
The company matches transfers locally, reducing costs and offering customers the mid-market exchange rate. Wise’s transparent fee structure and commitment to fairness have earned it a loyal user base, having 13 million people and businesses use the platform.
With bank accounts across the globe, Wise provides an expert service in moving money seamlessly between international users, offering excellent rates for more than 50 currencies.
Wise is currently headquartered in London.
Revolut
Launched in 2015, Revolut has quickly gained recognition as a virtual banking platform that caters to the needs of a global lifestyle. Originally offering prepaid cards and smartphone apps, Revolut has expanded its services to encompass a wide range of financial solutions.
In addition to its core banking services, Revolut offers a variety of supplementary features and products. These include peer-to-peer payments, investments in stocks and cryptocurrencies, insurance coverage, and cryptocurrency trading.
Revolut also offers international money transfers at a lower cost than traditional banks. The company’s services span a range of products and services to suit individuals and businesses, with different tiers of membership to suit customer needs.
The company was founded by Nikolay Storonsky and Vlad Yatsenko.
Ease of Use
When it comes to user experience, both Wise and Revolut excel in providing intuitive and streamlined interfaces. Wise boasts a clean design with clear navigation, allowing users to effortlessly execute transactions and manage their accounts. Similarly, Revolut’s platform offers a user-friendly interface, ensuring smooth navigation and easy access to various features and services.
In the era of mobile banking, having a robust and user-friendly app is crucial. Wise and Revolut excel in this regard, offering mobile apps that are well-designed and highly functional. The apps provide seamless integration with their respective platforms, allowing users to conveniently manage their finances on the go.
Plans and Fees
Wise Plans
Wise offers clear and straightforward plan options, catering to individuals and businesses with different financial needs: Personal and Business accounts.
The Personal account is designed for individuals who frequently engage in international transactions, whether it’s spending, sending, or receiving money. With a Personal account, you can easily manage your finances across borders.
For businesses, Wise Business provides a comprehensive solution, enabling seamless international payments and the ability to receive funds from abroad in multiple currencies. It’s an ideal choice for businesses operating globally. However, to access the full suite of Business features, a one-time payment of $31 is required.
With Wise Business, you get the following additional features for more control:
- Accounting software connection
- Batch payments
- Multi-user access controls
- Receive Stripe and Amazon payouts for free
- Wise open API
Wise Fees
Wise offers free services including holding 50+ currencies, spending with your card, and obtaining local bank details for up to 10 currencies. You can also receive money in EUR, GBP, AUD, NZD, RON, HUF, TRY, CAD, and SGD for free.
Compared to traditional banking rates, Wise applies minimal fees for other features. Wise Business also offers significantly lower costs (up to 19x cheaper) for sending business payments compared to PayPal.
Wise leverages smart technology developed by the creators of Skype to ensure your money stays within its respective currency zone. By avoiding unnecessary currency conversions, they pass to their users cost savings.
Below, we’ve detailed the applicable Wise fees. Note that they may change after the time of this writing. For the latest rates, you can check Wise’s pricing page.
| Service | Wise Personal Account | Wise Business Account |
| Wise debit card | 9 USD | 5 USD |
| ATM Withdrawals | Free two ATM withdrawals up to 100 USD per month Fee of 1.5 USD plus 2% will be applied for subsequent withdrawals | Free two ATM withdrawals up to 100 USD per month Fee of 1.5 USD plus 2% will be applied for subsequent withdrawals |
| Currency conversion using card | Starts at 0.43% | Starts at 0.43% |
| Receiving USD by wire | 4.14 USD | 4.14 USD |
| Sending international payments | Conversion fee starts at 0.43%, along with a variable fixed fee based on the currency involved | Conversion fee starts at 0.43%, along with a variable fixed fee based on the currency involved |
| Sending high-value international payments | Payments exceeding 100,000 GBP/month qualify for volume discounts of up to 0.17% | Payments exceeding 100,000 GBP/month qualify for volume discounts of up to 0.17% |
Revolut Plans
Revolut offers different plans for both Personal and Business accounts. Like with Wise, the Personal plans are marketed towards individuals, particularly those who travel and make international transactions.
Revolut extends its services to cater to the unique requirements of businesses, offering specialized features such as spending management tools, advanced transfer and exchange services, and dedicated support. These Business plans are available for both companies and freelancers.
Revolut Personal Accounts:
| Standard | Premium | Metal |
| $0.00/month | $9.99/month | $16.99/month |
- Standard: This is the basic free plan that provides essential features such as free foreign currency exchange ($1,000/month limit), international money transfers, and spending in 150 currencies.
- Premium: This plan offers enhanced benefits like travel insurance, expense coverage, free foreign currency exchange ($10,000/month limit), lounge access, and priority customer support.
- Metal: The Metal plan provides all the benefits of a Premium plan along with higher limits on waived international transfer fees and “no-cap” free currency exchange.
Revolut’s Premium and Metal plans enjoy a higher 4.25% APY interest rates on savings compared with the Standard’s 3.25% APY. They also enjoy express card delivery and priority 24/7 customer support.
Personal accounts also get access to Revolut <18, an account for users between 13 to 17 years old.
Revolut Business Accounts (Personal):
| Free | Grow | Scale | Enterprise |
| $0.00 | $39.99/month | $149.99/month | Custom |
- Free: The Free plan is designed for small businesses and startups, offering essential features such as multi-currency accounts, free local transfers, and expense management.
- Grow: The Grow plan caters to growing businesses and adds features like cashback on card spending, free international payments, bulk payments, and business API integrations.
- Scale: The Scale plan is designed for larger businesses and provides higher limits on boosted cashback, free local payments and international transfers, and free foreign exchanges at interbank rates.
- Enterprise: This plan is tailored for larger enterprises with custom requirements and offers bespoke solutions to meet their specific needs.
All Revolut Business accounts enjoy 24/7 customer support, the capacity to hold and exchange 28 currencies, and the ability to spend in 150 currencies. However, only the Enterprise plan comes with a dedicated account manager.
Revolut Business Accounts (Freelancer):
| Free | Professional | Ultimate |
| $0.00/month | $9.99/month | $39.99/month |
- Free: As an entry-level account, the Free plan allows freelancers to set up virtual business cards, enjoy free local payments, manage team expenses, and create and track invoices.
- Professional: The Professional plan includes all the benefits from the Free plan but offers 1.9% boosted cashback, bulk payments, free international payments, higher limits on free local payments, foreign exchange at the interbank rate, and business API integrations.
- Ultimate: With an Ultimate plan, freelancers enjoy all the features from the Professional package plus a $10,000 cap on cashback, higher limits on free local and international payments, and higher limits on foreign exchange rates.
Revolut Fees
Revolut’s plans typically enjoy zero to minimal fees on services within a set allowance. Below, we’ve laid out the applicable fees and allowances for the Revolut Business accounts.
Revolut Business Accounts (Companies)
| Service | Free | Grow | Scale | Enterprise |
| Free international payments | — | Cap: 10 transactions Fee after cap: $3 | Cap: 50 transactions Fee after cap: $3 | Custom |
| Free local payments | Cap: 5 transactions Fee after cap: $0.20 | Cap: 100 transactions Fee after cap: $0.20 | Cap: 1,000 transactions Fee after cap: $0.20 | Custom |
| Foreign Exchange (0.4% markup after cap) | $0 | $10,000 | $50,000 | Custom |
Revolut Business Accounts (Freelancers)
| Service | Free | Professional | Ultimate |
| Free international payments | 0 | Cap: 5 transactions Fee after cap: $3 | Cap: 10 transactions Fee after cap: $3 |
| Free local payments | Cap: 5 transactions Fee after cap: $0.20 | Cap: 20 transactions Fee after cap: $0.20 | Cap: 100 transactions Fee after cap: $0.20 |
| Foreign Exchange (0.4% markup after cap) | $0 | $5,000 | $10,000 |
Exchange Rate
Wise ensures customers receive the most competitive rates on standard currencies, with no markups added. This grants customers access to the precise mid-market rate used by banks.
When opting for a transfer with a guaranteed rate, there is a rate limit of 5%. If the rate fluctuates by 5% or more within the guaranteed rate period, Wise retains the right to cancel and refund the transfer. In such cases, the funds will be returned to the originating account.
Revolut’s foreign exchange charges are also aligned with the interbank rate, giving customers access to highly competitive rates. However, it’s important to be aware of the slight differences in rates between weekdays and weekends.
During the weekdays, when the market is open, Revolut matches the mid-market rate, offering customers the opportunity to benefit from highly competitive rates. This means no markups or hidden fees are applied.
On weekends, however, Revolut introduces a 1% markup on all currencies. This means that the exchange rate you see on a Thursday may differ slightly if you make your transfer on a Saturday.
Moreover, Revolut’s exchange rates are influenced by your plan allowance, making it essential to understand the nuances. A 0.4% markup is applied to FX transactions exceeding the free allowance, depending on your chosen plan
Transfer Availability and Speed
Wise is available in 170+ countries, enabling users to hold and convert money in 50+ currencies, including a strong presence in the United States. Fees for international payments are fixed, varying based on currency and payment method, with costs increasing proportionally to the transfer amount.
For smaller transfers, there is a cost-effective minimum fee. Transfers exceeding 100,000 GBP (or equivalent) per month qualify for automatic discounts up to 0.17%.
Wise offers efficient transfers, typically taking up to 2 working days depending on factors such as the destination country, payment method, timing, and security checks.
Unlike Wise’s broad global availability, Revolut is only accessible to legal residents of the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, the United Kingdom, and the United States.
Regarding fees, Revolut applies charges for local and international transfers once they surpass the free allowance offered by each plan.
As a UK-based company, Revolut facilitates money transfers between UK accounts in under 2 hours. However, standard transfers typically take 1-2 business days, depending on the bank, while international transfers may require 3-5 days for completion.
To expedite transfer speeds, Revolut offers faster options to individuals with specific monthly memberships.
Security
Wise, regulated by the FCA but not covered by the FSCS, prioritizes secure international money transfers and currency exchange without dealing with cryptocurrencies. They employ encryption protocols, store data in secure centers, and implement multi-factor authentication for added protection.
Similarly, Revolut lacks FSCS coverage but is generally considered relatively safe. With a European Banking License, it complies with regulatory standards. However, as a digital platform, it doesn’t have physical branches and primarily offers customer support through in-app chat.
To make informed decisions, potential and existing Revolut customers should assess their risk tolerance, preferences for in-person banking services, and the specific features and support options provided by the platform.
Other Services
Wise and Revolut offer a range of additional features alongside money transfers and currency exchange.
Wise provides a globally accepted multi-currency debit card, allowing users to spend in different currencies at the real exchange rate. Direct debits and bill payments can also be set up and managed directly from the Wise account, making it convenient for recurring expenses.
Revolut offers similar features, including a multi-currency debit card linked to the user’s account for seamless purchases and cash withdrawals abroad. For Business accounts, budgeting tools help track expenses and set financial goals. Personal accounts offer benefits like travel insurance, priority customer support, and features such as disposable virtual cards.
Both Business and Personal accounts may include cashback options based on the chosen plan, and Personal plans may offer interest rates on savings. Plus, Revolut supports popular cryptocurrencies, enabling users to buy, sell, and hold cryptocurrencies within the app, facilitating access to the cryptocurrency market.
Verdict
Choosing between Wise and Revolut depends on your specific requirements and preferences. If simplicity, wide availability, competitive rates, and transparency are paramount, Wise is an excellent choice.
On the other hand, if you seek a broader range of features and are willing to invest in a paid subscription, Revolut offers a comprehensive suite of services tailored to individual needs and expanded options for larger businesses.
Who Should Use Wise:
Wise, with its wide availability in numerous countries and extensive currency coverage, is an excellent choice for individuals and businesses seeking a straightforward and cost-effective solution.
Although Wise offers only two types of plans, they come at no cost. This makes it ideal for those looking to access essential services without any recurring fees. Furthermore, if you require additional features for your business accounts, Wise offers the option to make a one-time payment, granting you access to enhanced functionality.
With competitive exchange rates and transparent fee structures, Wise ensures that you get the most value for your money.
Who Should Use Revolut:
Revolut caters to individuals with diverse financial needs, offering multiple plans across various accounts. While some plans are available for free, those seeking comprehensive features and benefits will find the paid subscriptions more suitable.
Revolut is particularly appealing to individuals who desire added perks such as travel insurance, expense coverage, and interest savings.
Moreover, larger businesses can benefit from Revolut’s Scale and Enterprise plans, which provide higher allowances for free local and international payments, as well as free foreign exchange.