When it comes to money, travel cards, and transfers, there are several options. Since Wise (previously known as TransferWise) and Revolut are revolutionizing international money transfers, we’ll evaluate them side by side.
There are several things to keep in mind while looking at financial goods. There isn’t a single product that can be used by everyone.
Money transfer providers Revolut and Wise (previously Transferwise) are headquartered in the United Kingdom and offer cross-border payments and global transactions.
Compared to Wise, Revolut’s strength rests in its breadth of financial services. Both systems provide a wide range of financial advantages, but which one is best for your organization depends on your priorities.
It’s vital to do some research before launching a payment platform. What are people saying about the companies on social media? To compare and decide more quickly, all of these responses are helpful.
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Wise (formerly TransferWise) Overview
Wise, a digital bank founded in 2011, is based in the United Kingdom, just like Revolut. Unlike a typical bank, the provider’s goal is to make international money transfers more affordable, fair, and straightforward. Numerous organizations throughout the world benefit from their no-fee, multi-currency accounts.
An account with Wise helps a business save money and time at the bank. With the Wise debit card, you may shop and spend abroad in over 50 different currencies. In a single dashboard, you can pay your staff, manage your cash flow, and make budgets; you can also handle wire transfers.
With Wise, you may send money from one country to another at a lower cost than a local bank account. No hidden fees or direct debits are involved in the transfer of money. They can accept payments in 10 different currencies like local. Wise will assign a UK account number, a Euro IBAN, a US routing number, and many more details.
With the Wise card, you may make purchases in over 200 countries worldwide using Apple Pay or Google Pay. The actual exchange rate is used when converting currencies, and having different currencies on hand is completely free.
Revolut Overview
Revolut was created in 2015 and is based in London, England. One app for all things monetary is the company’s mantra, covering everything from daily expenses to long-term investment strategies. System users are in the millions and are available in more than two hundred different nations.
The company aims to help the global economy thrive by offering businesses a simple and convenient way to make international payments. With Revolut, keeping track of borrowing, spending, investing, and safeguarding your financial assets is simple. No matter where you are, you’ll be able to manage all of your company’s accounts in one convenient location.
With Revolut, businesses may send and receive money in several foreign currencies through their mobile devices. Account holders can always make free payments to each other. The system has a free version and a tier-based pricing plan based on subscriptions. Extras like fee-free ATM withdrawal limits and better savings returns are included in these programs.
Revolut also provides a prepaid debit card for spending and “savings lockers” that yield interest. In addition to international accounts in EUR and USD, Revolut accounts may be utilized for local accounts in these currencies. Revolut’s Business API links your account to access apps with a single click at the interbank rate.
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Revolut does not provide live customer assistance. You may call an automated number to get your card blocked, and live chat is available if you need assistance.
Remember that Revolut is more than just a money transfer service; it’s a global brand. The following are some of their most famous attributes:
Cryptocurrencies and Precious Metals: You’ll get immediate access to five different cryptocurrencies, as well as precious metals such as gold, silver, and XRP (for Premium and Metal memberships). Each investment plan has its constraints; nevertheless, you may start with just $1.
Vault: There is a method to save for your dreams with Revolut’s vault. You can make a one-time donation, set up regular contributions, or round up your purchase and deposit the spare change. It won’t hold your attention, but it’s an excellent method to save money.
Apple Pay: You may use Apple Pay to make payments using your Revolut card. Users in the UK and Europe may use Google Pay.
Wise (formerly TransferWise) vs. Revolut Service & Feature Comparison
Costs
Revolut’s pricing structure varies from country to country, making transparency a little trickier. Everything you need is right there. Finding it is the only tricky part. This might be perplexing for any company that sends money to far-flung locales.
Comparing the transfer costs charged by various worldwide payment systems might be difficult. To a large extent, it depends on how and what you want to do with your account and the number of payments.
To use Revolut, you must pay a monthly membership fee, ranging from $0 for the most basic option to $22.99 for the most expensive. If you’re transferring substantial sums, you’ll generally want to go with the most expensive choice. The distribution of cards, for example, carries a cost.
For the most part, Wise’s costs will be cheaper, more predictable, and easier to understand for all except the most significant transfers.
Customers are always provided the mid-market rate. Thus, additional fees are wise investments. Depending on the currency combination, these costs may be more or lower. A company may utilize the brand’s pricing tool to estimate fees before making a transfer.
Wise’s administrative expenditures are minimal. To set up an account, a one-time fee is charged for bank data in currencies such as AUD, CAD, EUR, GBP, NZD, RON, SGD, TRY, and USD. $31 is the charge for opening a bank account in these currencies.
Payment processing costs range from 0.15 percent to 2 percent for debit and credit cards.
Receiving Money Fees
Revolut allows you to get money for free until you surpass your plan’s transfer limit. Afterward, you’ll have to pay a fee to get cash. An overseas bank transfer costs $3, compared to a local payment fee of $0.2.
Region and geography have a role in determining what constitutes reasonable costs for legal services. Receive money for AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, and USD free of charge (non-wire). However, there is a flat cost of $4.14 per transaction for USD wire transfers.
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International Payments
Using Revolut, you may make free international payments up to your plan’s allowance. Then, each transaction costs $3. The cost of international payment outside of the SEPA ranges from £0.30 to £5.00. (depending on the transfer size).
Wise’s costs for overseas payments vary depending on the currency and manner of payment. However, the site will display the cost and exchange rate before making any payments.
Wise charges a fee for each transfer you make based on the amount of money you spend. To put it another way, the fees represent a proportion of the total sum of money that you are transferring. From currency to currency, this proportion varies. The charge is reasonable if you’re transferring a modest amount of money.
Sending more than £100,000 reduces the fees (or equivalent). If you submit a large transfer once, the price will be lower than if you send numerous smaller payments over a month.
Foreign Exchange
With Revolut, foreign exchange (FX) is charged at the interbank rate, with additional expenses based on the amount of money you have in your plan. For each FX not included in the free allotment, a markup of 0.4 percent is applied. The firm offers the most competitive conversion rates when sending lesser amounts in common currencies.
The currency exchange rate for Revolut is typically between 0.5 percent and 1 percent, depending on the amount of money being sent. Revolut matches the mid-market rate on weekdays when the market is open. In the absence of any kind of markup, On the other hand, Revolut adds a 1% markup to all currencies on weekends.
The currency conversion rate on the app should always be checked before making any transfers.
To get the best currency rate, Wise uses the market rate. It’s a terrific bargain since banks use this rate to trade. As a result, the beneficiary often ends up with more money because this rate is never marked up. This might be beneficial to the company.
Since the mid-market pricing constantly fluctuates, using Wise can help a company lock in a rate. The rate is assured as long as Wise gets the total cash in the stipulated timeframe, typically 24 or 48 hours. You may avoid currency swings by locking in the price for a period ranging from 24 to 96 hours.
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Other Features
Security
The Financial Services Compensation Scheme (FSCS) does not cover Revolut. However, the platform’s security is regarded as adequate. In 2018, the business obtained a European Banking License. Remember that Revolut does not have any natural bank branches or give live customer assistance before transferring all of your money to one of their accounts.
The Financial Services Compensation Scheme (FSCS) does not apply to Wise and does not have a banking license. The FCA, on the other hand, protects them. The company claims to be a “low-risk financial institution” in its marketing materials. As a result, they do not use any form of digital currency.
Customer Service
Wise offers a thorough help section with step-by-by-step guidelines that can help you solve most problems. Unless you need help with a specific account, you should be able to locate an article that addresses your issue.
You may contact the customer care team by email, phone, or live chat on the website or app.
Live chat is available from 7 a.m. to 8 p.m. on weekdays in the United Kingdom. However, it appears and disappears depending on how busy the team is at any point in time.
Upon entering live chat for the first time, you will be greeted by an automatic message informing you of the current wait time. Just 3-5 minutes in my case, it was accurate and rapid.
A comprehensive help area of Revolut also shines, allowing users to get all their questions answered without ever having to contact customer service.
The customer service staff is available 24/7 through chat in your app for any questions or concerns that may arise. Live chat support is prioritized for Premium and Metal plan subscribers.
As a user, you may always input “Live Agent” to be connected to a natural person if you choose. To keep you occupied while you’re waiting, Rita recommends you to the Help Documentation.
Speed
Revolut says transfers will usually take 3–5 days. To speed things up, you may pay for the Premium upgrade. Wise says payments can be made in 1–2 days, depending on the destination.
Wise (formerly TransferWise) vs. Revolut: The Bottom Line
Wise vs. Revolut are both solid options when it comes to saving money. It all boils down to personal preference. Only 31 currencies are available with Revolut, but Wise enables you to store and trade 56.
Both Wise and Revolut receive the same number of points for each service. You may use ‘buckets’ to separate your debit card funds from your multi-currency account balances on these banks’ travel-friendly debit cards. It’s important to note a few distinctions.
Individuals may find Revolut’s reporting and budgeting features to be quite beneficial. They also allow clients to divide bills and send money to other Revolut users quickly and easily.
Wise and Revolut are established in the UK, although Revolut has a far wider reach across Europe than Wise. So, it’s known as “the worldwide money app.” Wise transfers take between 0 and 2 days, whereas Revolut transfers take between 3 and 5 days, especially when using SWIFT.
Concerning fees, Wise appears to be less opaque than Revolut. Even so, the average consumer will be baffled by any price structure. Before agreeing to a contract, defined plan, or fixed pricing, you must do your homework. Both systems have their advantages and disadvantages.
FAQ
Is Wise (formerly TransferWise) or Revolut better?
Revolut is primarily a traveler's bank, although it may also be used to transfer money internationally under specific circumstances. As of today, it is not sold in the United States. International money transfer services like Wise are still more cost-effective in the offered countries.
Is Wise (formerly TransferWise) a good platform to transfer money?
On the premise of making money transfer inexpensive, Wise was founded. When it comes to costs, Wise always charges mid-market exchange rates.
The costs are low and straightforward, but the process can be convoluted. Payment amounts vary by nation, the currency you send, and the currency received.
Is Wise (formerly TransferWise) transparent?
Wise is about as open as it gets, whether in the financial sector or any other industry. WISE " charges the least amount feasible," and it is pretty open in describing exactly what your payments are used to pay for.