Wise and Revolut are two of the most popular online banking solutions for handling international payments. But since they serve two very different audiences, you should know which best fits your needs before signing up. In this Wise vs. Revolut comparison, you’ll learn about money transfer times, security, and more.
Content
- Wise vs. Revolut
- Comparing Revolut vs. Wise
- User Experience
- Features
- Money Transfers
- Pricing & Fees
- Security & Transparency
- Wise vs. Revolut: Which is Best?
Wise vs. Revolut
| Feature | Wise | Revolut |
|---|---|---|
| Maximum amount per transfer | $1m (wire transfer), $15,000 (ACH), $2,000 (debit/credit card) | Unlimited in most cases |
| Number of currencies supported | 70+ | 40+ |
| Sign-up cost | Free | Free (unless you subscribe to Premium or Metal) |
| Transfer processing times | 1-5 business days | 1-5 business days |
What is Revolut?
Revolut is an online banking service with over 30 million customers. The platform processes more than 400 million transactions each month in several currencies.
You can use the app to pay for items abroad and shop in different currencies. It’s also easy to transfer money to accounts in different countries without extensive waiting times and considerable fees.
What is Wise?
Wise is an online banking solution with over 10 million customers. Until February 2021, the company was known as Wise. The platform handles more than $11 billion in transactions each month.
With Wise, you can open accounts in USD, EUR, and several other currencies. It’s also possible to transfer money in more than 40 currencies.
Comparing Revolut vs. Wise
User Experience
Revolut and Wise both have mobile and web apps. But from personal experience, the Wise web app is much easier to use than Revolut. Its interface is clearer, and you also have more options to manage your finances.
Besides its well-functioning web version, you’ll also have a great experience on the Wise mobile app. All of your currencies are immediately visible on the home tab, and you can quickly send or request money here. On the Payments tab, you can quickly view all of your account details. The Card tab lets you unblock your PIN and set spending limits, and you can manage all of your contacts in the Recipients section.
Navigating the Revolut app interface is harder at first, but you can quickly transfer money and edit your card details. If you swipe down from the top of your screen, you’ll find your accounts and pockets. Because Wise is easier to use and has also crashed less than Revolut in my experience, Wise gets the point here.
Winner: Wise
Features
Wise has a handy Auto Conversion feature that lets you automatically convert your money at a desired rate. You can enable this setting for every currency in which you have an account open. The app also allows you to schedule transfers and set up direct debits. Another nice Wise feature is that you receive 0.5% cashback when holding money in your accounts each month if you live in the European Economic Area (EEA). Some business accounts in the UK can also get cashback.
Revolut offers selected customers 1% cashback for the first $1,000 they spend in a 24-hour period. The app also lets you trade cryptocurrency and stocks, and you can get premium subscriptions to the Financial Times, Headspace, and other apps on Revolut Premium or Metal. You can schedule payments in Revolut, along with customizing your app and keeping money in Pockets.
Revolut also lets you set up joint accounts. Wise does have an equivalent to Revolut called Jars, and you can also view currency exchange rates in the app – but we think Revolut slightly edges the app for available features. So, Revolut gets the win here.
Winner: Revolut
Money Transfers
You can open accounts with and transfer money via Wise in over 10 currencies, including:
- Euros
- US, New Zealand, Australian, Singapore, and Canadian Dollars
- British Pounds
- Hungarian Forint
- New Romanian Leu
- Turkish Lira
Transferring money normally takes 1-2 business days, and receiving money can take up to five working days. Wise’s accounts can handle domestic and international transfers.
Revolut lets you open accounts in 37 currencies. Some offer domestic and international transfers, whereas others are only for cross-border payments. Currencies you can get a local account for include EUR and GBP, while cross-border-only accounts include CHF, SEK, and USD. You normally receive money you add to your account instantly, but transfers can take 1-5 working days to complete.
Everything is relatively equal in this category. Revolut lets you open more currency accounts, but Wise has better local payment options. Transfer times are roughly the same; we’re giving both services a point each.
Winner: Tie
Pricing & Fees
Signing up for a Wise account is free, but you’ll have to pay $9 for a physical card. You can withdraw up to $100 (USD) from your account twice per month without charges. It’s free to open currency accounts and hold your money in these, too.
SWIFT payments are often free (excluding CAD which costs 10 CAD), but other banks may impose fees. For example, when I transfer money to my domestic account from Wise, I have to pay a small fee equivalent to around $0.30.
Other Wise costs to consider include:
- Currency conversion: From 0.35%
- ATM withdrawals beyond the free limit: 2% + $1.50
- Topping up your account in AUD, USD, etc.: 2% (currencies depend on whether you have VISA or Mastercard)
- USD wire payments: $6.11
Signing up for a standard Revolut account is free, but you can also subscribe to Premium ($9.99/mo) and Metal ($16.99/mo). Adding money to your account via bank transfer is free, and you can send money to other Revolut users without paying. Currency exchanges during foreign exchange market hours are free, but you’ll have to pay 1% at other times.
Below is a rundown of Revolut’s other essential fees to consider:
| Action | Fee |
|---|---|
| International/non-USD transfers | Up to 5% ($200+), up to $10 (less than $200) |
| Adding money via card | Up to 1% (domestic), up to 3% (non-US) |
| Card delivery fees | $0 – $19.99 |
| Out-of-network ATM withdrawals | Up to 2% |
| Domestic wire transfers | $10 |
Revolut has several fees that Wise doesn’t, so Wise gets the point here.
Winner: Wise
Security & Transparency
Wise has several security features, including two-factor authentication. When you sign in to the web app, you need to verify your identity on your mobile device. You also get notifications when you receive or spend money, ensuring that you’re on top of all your transactions. Wise is compliant with SOC types 1 and 2 and has received ISO 27001 and PCI-DSS certification. You can also make your transaction totals invisible via the eye icon at the top.
Revolut also asks you to verify your identity via mobile when using the web app. If your computer is in a different location from your smartphone, or you’re using a VPN on one device, your login attempt will usually fail. Revolut can freeze your card if you lose it, and you have to activate your physical cards in the app.
You get encrypted chats in the Revolut app and can choose whether your name appears on transfers. Moreover, you receive warnings if Revolut suspects you’re about to fall victim to a scam. The company is PCI-DSS and PSD-2-compliant. Wise has good basic security features, but Revolut has more advanced in-app tools.
Winner: Revolut
Wise vs. Revolut: Which is Best?
Wise is the best mobile banking app if you need to receive international payments regularly. For example, if you’re a freelancer working with international clients, you can convert money to your native currency and set automated conversions when the rate reaches a desirable level.
On the other hand, you should use Revolut for everyday use. Transferring money to other accounts is simple, and you get access to handy features like joint accounts and stock investments. Before signing up for either, you may want to learn about PayPal and compare the three services.
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Danny Maiorca –
Contributor
Danny has written for online audiences for 10+ years. He specializes in Apple products and loves writing on his MacBook, keeping in touch on his iPhone, and measuring his workouts on his Apple Watch. Danny’s work has featured in multiple places online, including MUO, Lifewire, and Guiding Tech. Away from the keyboard, he’s passionate about photography and leading an active lifestyle outdoors.
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