Revolut Vs TransferWise: A Full Comparison 2024

Interested in how Revolut and Wise (formerly TransferWise) measure up? This Revolut Vs Wise review is here to help. We’ll cover:

• A full side by side feature comparison

• Which provider is cheaper?

• Which is faster?

• Which is safer?

• Which gets better customer reviews?

Summary: Both Revolut and Wise (formerly TransferWise) are disrupting the world of finance and building bank-beating solutions to make it easier and cheaper to manage your money. Revolut has a broader suite of banking and money management tools, while Wise is a money transfer and currency specialist. In our comparison, Revolut was cheaper on international transfers. However, there are a few possible extra fees with Revolut including SWIFT costs and  extra fees for currency conversion out of working hours. That means Wise has more transparent costs overall, and in some cases may also be the lower cost option. Wise also offers business accounts - which are not available with Revolut. Both providers are licensed by MAS in Singapore.

Revolut Vs Wise: side by side

So, to summarise:

• Both Revolut and Wise offer international accounts with linked cards

• Revolut offers free and fee-paid account options, all Wise personal accounts are free, but business customers may pay a one of charge when they set up their accounts

• Wise has business accounts - Revolut does not

• Wise supports more currencies for holding and exchange, but Revolut offers payments to more countries

• Revolut offers other account features like saving and budgeting tools, investments and accounts for kids - Wise does not

• Both providers are fully regulated

  Revolut account features cover more types of service, like investing and saving. If that’s what you need, Revolut can offer a more intuitive and cheaper service than traditional banks and investment brokers. Wise is more focused on international transfers and currency exchange, and offers more account currency options than Revolut, too. In our price comparison for international transfers, Revolut was cheaper for international payments, but their fees increase out of banking hours, and extra SWIFT costs may apply - both of which can mean paying more than you expect.

The important bits

Monthly account fees: Wise has no monthly account fee. Revolut customers can open a free account or upgrade to a fee paid account tier

Rates: Wise uses the mid-market rate for all currency conversion, whereas Revolut may charge out of hours, exotic currency or fair usage fees

International transfer fees: Wise has low, variable fees which are based on the destination country, Revolut charges 5 SGD for payments in USD, EUR, GBP or CHF - 9 SGD for all other currencies

Speed: Revolut transfers can take 5 working days. Wise payments can be instant - delivery time depends on destination and the receiving bank’s processes

Service: Both providers offer service in a range of languages, online, in-app and by phone

Safety: Both providers are fully licensed and regulated

Reviews: Both providers score Excellent review ratings on Trustpilot - but Wise has a slight edge on the star rating and the number of customer reviews posted

Pros and cons

Revolut Vs Wise: The verdict

Both Revolut and Wise offer free personal account options which let you hold and exchange foreign currencies, and spend with a linked debit card. Which wins for you will depend on the specific services you need, and how often you’ll use your account.

Revolut accounts have a broader range of features including savings, investments and budgeting tools. That makes them great for customers who want to access extensive account features, and can stay within their account plan transaction limits.

On the other hand, Wise international accounts offer features which are based more exclusively around international payments and spending. Wise accounts are a strong choice for customers looking for a fee free account with broader currency options and low, transparent transaction charges. The Wise account is more flexible when it comes to currencies, too - with 50+ currencies available.

In our price comparison looking at international transfer costs, Revolut was cheaper when making payments - but you’ll need to watch out for fair usage fees, hour of hours costs, and additional charges when sending some exotic currencies. Because Revolut processes international payments through the SWIFT network, there may also be extra costs paid to intermediary banks, which can mean your recipient gets less than you expect in the end.

About Revolut and Wise

Revolut was founded in 2015, and has over 15 million customers. Revolut accounts allow customers to hold and exchange 30 currencies, and spend with a linked debit card in 150 currencies.

Revolut offers several different personal and business account options which come with varied fees and features to suit different customer needs.

Wise was launched as TransferWise back in 2011 as a low-cost international payment provider. These days, Wise has upwards of 10 million customers, and also offers personal and business accounts to hold and manage currencies, accept payments and spend using a linked debit card.

With Wise you can send payments to 80+ countries, in 50+ currencies.

How do Revolut and Wise international payments work?

To use Revolut you’ll need to set up an account online or in the app. It’s free to get a standard account, or you can upgrade to a paid account tier for more features.

Once you have an account you can make an international payment with Revolut by taking the following steps:

1. Log into your account or open the Revolut app

2. Tap Payments, then Transfers

3. Tap Send, New, and Add a bank recipient

4. Enter the bank transfer details for your recipient

5. Tap on the beneficiary, choose the currency you want to send and add the amount

6. Add a payment reference

7. Tap Continue to review your transfer details and estimated arrival time

To use Wise you’ll need to create an account, and depending on the type of payment you want to make you might need to provide some ID for verification.

Once your account is up and running make payments online and in the Wise app:

1. Log into your account

2. Type in how much you want to transfer, or how much you need the recipient to get

3. Enter the recipient’s details - bank account number or email

4. Check over the details

5. Fund your payment using a card or bank transfer

6. Confirm and your money will be on the move

Wise transfers are made through Wise’s network of local bank accounts, so they arrive faster and don’t incur intermediary fees. When you want to pay for your transfer in Singapore dollars you’ll send the money to Wise’s local Singapore account. Then Wise will make a payment of the equivalent amount in your preferred currency, from their account in the destination country. No money actually moves across borders, so it’s faster and cheaper than traditional international payments.

Revolut Vs Wise account fees

All Wise personal accounts are free to open.

Revolut has free standard accounts, but also offers fee paid accounts which unlock extra features. Here are your Revolut account options:

Revolut Vs Wise international transfer fees

Both Wise and Revolut offer great value international transfers around the world. The way each provider structures their fees is a little different.

Revolut international transfers typically come with 3 potential fees:

• Transfer fee: 5 SGD for payments in USD, EUR, GBP or CHF - 9 SGD for all other currencies

• Third party fees: international transfers are sent using the SWIFT network and may incur intermediary fees

• Currency exchange fee: 0.5% variable fair usage fee for currency exchange over your plan’s allowance (5,000 SGD for the standard plan). Out of hours and exotic currency fees can also apply.

Wise has a couple of different transparent costs:

• Fixed fee: covering the fixed costs associated with the transaction. For major currencies this can be in the region of S$0.35 - S$0.65

• Variable fee: covering the cost of the currency exchange. For major currencies this can be in the region of 0.35% to 0.45% of the transfer value

Revolut Vs Wise: which is cheaper?

Let’s look at whether Revolut or Wise works out cheaper for international transfers. In our comparison, we assume you have a free standard plan with Revolut, and you’ve not yet used your free currency conversion allowance for the month.

Rates and fees correct at time of research - 15 April 2022

As you can see, on international transfers Revolut came out cheaper in our comparisons. However, it’s important to remember that you may be charged a few extra fees with Revolut which can push up costs:

• Extra fees for currency conversion at weekends or out of banking hours

• Extra costs for sending exotic currencies

• Third party fees when your payment is processed with SWIFT

Wise payments don’t use the SWIFT network so there are no third party costs to worry about, plus all currency conversion uses the mid-market rate with no fair usage fees or extra charges for out of hours payments. All in all that makes for a more transparent fee structure.

Revolut Vs Wise: which is faster for international payments?

How long an international payment with Revolut will take depends on where you’re sending money to:

• Domestic payments under 200,000 SGD will be almost instant

• Domestic payments over 200,000 SGD will take 3 business days

• Other payment destinations can take up to 5 business days

Wise is usually faster, as it's a specialist in international transfers. 45% of Wise payments get to their destination instantly, and 80% arrive in 24 hours. However, the exact delivery time will depend on where you’re sending money to, and how you want to pay. You’ll see an estimated arrival time when you set up your payment.

Safety

Both Revolut and Wise are fully licensed and regulated, and use both smart technology and dedicated service teams to keep customer money safe.

Revolut is regulated by MAS in Singapore, like most financial institutions.

Wise is regulated by MAS in Singapore, the FCA in the UK, FinCEN in the US, and other global regulatory bodies around the world.

Ease of use

• Creating an account: Create your account online or in app with both Revolut and Wise

• Making a transfer: Both providers allow customers to add funds to their account with a bank transfer, credit or debit card. Revolut also allows payments from other Revolut accounts, while Wise allows Apple Pay payments

• Ways to send money: Send payments to your recipient’s bank account directly with both Revolut and Wise

• Languages: Revolut services are available in 20 languages, with multilingual customer support. Wise offers 15 languages, plus multilingual support services

• Minimum & maximum amounts: Sending limits can vary by destination country, and based on your account type

Supported currencies

Revolut account holders can hold and exchange 28 currencies, and send payments to 200 countries.

Wise accounts can handle 50+ currencies, and customers can send payments to over 80 countries.

Conclusion

Both Revolut and Wise have some interesting features which will suit different customer needs.

Revolut accounts have a bigger range of features like savings, investments and budgeting tools. If you go with Revolut you’ll need to be careful to choose the best account tier for your transaction volumes. Stick within your allocation of free transactions to avoid excess use fees.

Wise international accounts offer features which are more heavily focused around international payments and spending. Accounts are free, with transparent costs for currency exchange and fee-paid transactions. Because there are no monthly fees you’ll only ever pay for the services you use and value.