Wise vs Revolut in Singapore: A Full Comparison 2024

Wise and Revolut both provide digital multi-currency accounts and cards for personal and business use. But which is best from Wise vs Revolut in Singapore?

This guide looks at Wise and Revolut features and fees including accounts, cards and transfers, to help you understand and compare your options.

Summary: Wise (formerly TransferWise) accounts can hold and exchange 40+ currencies, and come with debit cards for payments and international withdrawals, as well as easy ways to send and receive foreign currencies. With Revolut you can pick from different account tiers which all support 30+ currencies, and come with spending cards for ease of use. Both providers are licensed by MAS in Singapore.

Wise Vs Revolut: side by side

Wise and Revolut have some similar features, but aren’t exactly the same in terms of their functions and fees.

We will look at TransferWise vs Revolut features in more depth as we work through this guide. First let’s look at a features overview:

So, to summarise:

• Wise and Revolut both offer services to personal and business customers in Singapore and many other countries

• Wise has a multi-currency account to support 40+ currencies - Revolut accounts support 30+ currencies

• Wise accounts have no ongoing fees, Revolut has account plans with no ongoing fees, and others with monthly charges

• Both providers offer payment cards which can be used globally

• Wise offers international transfers to 160+ countries, Revolut customers can send to 100+ countries

• Both providers are fully regulated and safe to use in the countries where they offer services

The important bits

When you’re choosing between Wise vs Revolut you’ll need to consider costs, features and reliability. Let’s walk through a head to head comparison.

Rates: Wise uses the mid-market rate for all conversion, Revolut accounts have some no fee weekday conversion, with fair usage fees of 0.5% or 1% after that

Fees: Wise has no ongoing or account opening fee, but does have transaction fees based on your account use. Revolut fees vary depending on the account you pick

Speed: Wise payments can be instant, with 90% arriving in 24 hours. Revolut transfers have varying delivery times

Service: Both providers offer service online, in-app and by phone

Safety: Both providers are fully licensed and regulated.

Reviews: Wise gets a 4.3 star, Excellent rating, from 231,000+ reviews on Trustpilot; Revolut gets 4.1 stars, for a Great rating, from 159,000+ reviews

Wise Vs Revolut: Pros and cons

The verdict: Which is better, Wise or Revolut?

Wise and Revolut are both great options for international accounts and cards.

Wise accounts have no ongoing fees and mid-market rate currency conversion. You can get a debit card, and also send international payments and receive money in foreign currencies. When you use Wise you’ll pay transaction fees based on the services you use, which are transparent and usually pretty low.

Revolut has different account tiers, so you can choose to either pay ongoing fees to get more features, or have a basic account with no monthly charge. This allows you to pick the account type which gives you the best value based on how you transact.

If you’re unsure about which is best between Wise and Revolut accounts it’s worth comparing both options to see which works better for you. This guide will also give you lots more to think about in terms of Wise vs Revolut features, fees and accessibility.

About Wise and Revolut

Wise was founded as TransferWise in 2011, and offers personal and business accounts to hold and manage 40+ currencies, accept payments and spend using a linked Wise debit card. You can also send money to 160+ countries with the mid-market exchange rate and low, transparent fees.

Revolut is a financial technology company which launched in 2015 and is now available in countries and regions including Singapore, the US, UK, and EEA. Revolut has different account tiers for personal and business use, with multi-currency functions to hold and exchange 30+ currencies.

How do they work?

Wise accounts hold and exchange 40+ currencies with the mid-market rate and low, transparent fees. You can order a Wise debit card, which lets you spend any currency you hold in your Wise account for free. If you don’t have the currency needed the card can exchange for you with the mid-market exchange rate and low fees from 0.33%.

Wise accounts are set up on a pay as you go basis, with no ongoing fees. Revolut accounts can work a little differently. You can choose a basic Revolut account which has no monthly fees - but if you transact regularly you may also choose to upgrade to an account with a monthly charge which offers more features and higher no-fee transaction limits. Revolut accounts all offer some weekday currency exchange which uses the Revolut exchange rate, with fair usage fees once you exhaust your plan limit.

Wise Vs Revolut: Fees

Let’s examine Wise vs Revolut fees.

Wise Vs Revolut: Which is cheaper for international payments? 

Wise and Revolut both offer variable fees for international transfers. In both cases you can see the costs of your payment before you initiate it so you can compare it to other options.

Let’s run a head to head comparison on payment with both Wise vs Revolut on different payment examples;

*Information correct at time of research - 5th September 2024

As you can see, in our example transfers, Wise was cheaper every time, which means your recipient would get more compared to a payment sent with Revolut. Compare the providers based on your specific transfer to see which is best for your payment.

Wise Vs Revolut: Exchange rates

Wise and Revolut work a bit differently for currency exchange.

Wise uses the mid-market exchange rate when you switch currencies within your account, when you send a payment, and when you spend with your card. There’s then a conversion fee to pay, which is shown separately for transparency, and which starts from 0.33%.

Revolut accounts have varying levels of weekday currency conversion available, which uses the Revolut rate with no extra charges. Standard plan holders can convert 5,000 SGD a month with no additional fees, for example. Once you’ve used up this allowance you pay a fair usage fee - 1% for Standard plans, and 0.5% for Premium plans. Metal plans have no upper limit on conversion amounts. There’s also a 1% fee to pay for currency conversion if you need to exchange outside of market hours.

Wise Vs Revolut: Which is faster for international transfer?

If you’re sending money to a bank account, Wise transfers can be instant in about 50% of cases, and over 90% arrive in 24 hours.  Revolut has variable delivery times based on the country you’re sending to and from.

Both providers give you a delivery estimate when you set up your transfer so you can get an idea of when your money should be available to the recipient.

Wise Vs Revolut: International transfer limits

The international transfer limits with both Wise and Revolut can depend on whether you have a personal or business account, and the currencies involved. If your payment hits or exceeds a relevant limit you’ll see a message in the app before you initiate the transfer.

It’s worth knowing that both Wise and Revolut have some additional rules and limits in Singapore, as part of their MAS licensing agreements. With Revolut this means that you can only transact 30,000 SGD in a rolling 365 day period, although some transaction types are exempted from this rule. Wise limits are set on an annual basis, at 100,000 SGD - again certain transactions are not included in this limit. Read the full terms and conditions for each provider to make sure you understand the specific rules for Singapore account use.

Wise Vs Revolut: Payment methods

If you want to use Wise to send an international transfer, or if you’re topping up your account yourself, you can choose from:

• Linked bank account

• debit card

• PayNow

• International credit card (must not be issued in Singapore)

• Wise account balance

You can add money to a Revolut account with a bank transfer or with a debit or credit card. Fees apply for card top ups. If you’re sending an international payment with Revolut you’ll see your payment options and the relevant fees on the screen when you set up your transfer.

Wise card Vs Revolut card 

Having an international account with a linked debit card is convenient for spending and making withdrawals when you travel. Bear in mind that you can not use either the Wise card or the Revolut card for ATM withdrawals in Singapore.

Here’s a quick head to head of the card options for Wise vs Revolut.

Wise Vs Revolut cards: Where can you use them?

Both the Wise card and the various options for Revolut cards can be issued as either a Visa or Mastercard. You won’t be able to choose which network your card is issued on but both are very broadly supported internationally.

Wise Business Vs Revolut Business

Both Wise and Revolut offer business services in many countries around the world. Here’s a quick summary of key features to give a feel for what’s available.

Ease of use

• Creating an account: Wise accounts are opened and operated online or using the Wise app.  Revolut accounts can also be opened online or in app

• Making a transfer: Wise and Revolut international payments can be made online or in-app

• Ways to send money: Wise transfers can be funded by bank transfer, card, PayNow and Wise account balance. Revolut shows you the options available when you set up your transfer - often bank transfer or card

• Languages: Wise and Revolut both offer support online, using the app, and by phone, in a selection of languages based on where you are

• Minimum & maximum amounts: Both providers have variable limits - MAS rules and limits also apply to certain transaction types

Supported currencies

Wise accounts can hold 40+ currencies and come with local account details for 8+ currencies.  Revolut accounts can hold and exchange 30+ currencies.

Safety

Wise and Revolut are both safe and fully regulated providers.

In Singapore, both are overseen by MAS, and both use strong digital security measures on all accounts and transfers. As global companies Wise and Revolut are also overseen by a selection of bodies all around the world.

Wise Vs Revolut: Customer service

Both Wise and Revolut have a self service model which means that most of the information you need to transact is available in the app, through prompts and on screen messages. If you ever have a question you can get individual support from both providers, 24/7 by starting an in app chat. You’ll be connected to the help you need depending on the specific problem you have.

Conclusion: Comparing Wise and Revolut for Singapore

Wise and Revolut are both strong options for international accounts and cards.

Wise multi-currency accounts support 40+ currencies and come with debit cards which you can use globally with the mid-market rate, no foreign transaction fee and low currency conversion costs from 0.33%.

Revolut has several different account tiers for different transaction needs, which all support 30+ currencies, and come with spending cards for ease of use. Currency conversion costs vary depending on the plan you pick, the translation value and whether or not you’re converting in market hours.

If you’re looking for easy ways to send, receive, spend and exchange currencies, both present really good options for Singapore customers, and are well worth checking out.