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Revolut vs Wise: Which Transfer Money Service Is Better

A decade ago, it was utopic to think that a transaction between two countries could take less than a few days and with no commission associated. With companies like Revolut and Wise (formerly called Transferwise), it is now possible to transfer money instantly using nothing but a smartphone or computer. So, which is better in the Revolut vs Wise comparison? Let's find out. 

About Revolut

Revolut was founded in the United Kingdom in 2015. What started as a money transferring app is now a full-fledged digital bank.

Like with any traditional bank account, when you create your Revolut account, you will have a functioning IBAN number and BIC. Because Revolut is a Lithuanian bank, expect your banking credentials to match that.

Revolut also supports investing in cryptocurrencies and stocks. All of this, along with the company's money transfer and banking skills, makes it one of the world's most sought-after fintech firms.

About Wise (Formerly Transferwise)

This UK-based company, formerly known as Transferwise, now just Wise, cemented itself as one of the flagships of money transfer worldwide. Wise presents itself as a cheap, fast, convenient, and secure way to transfer funds from one account to another. An all-around better alternative when compared to traditional banking systems.

Wise is, however, not a fully working digital banking service like Revolut. This company focuses on the money transfer business, and that's why they manage to offer some of the best exchange rates of the market with minimal fees to go with it.

Revolut vs Wise: Fees

Depositing money into your Wise account is always free. Wise won't charge you for holding funds in your wallet unless you exceed the €15,000 mark. Above that, Wise sets a 0.4% fee annually on your funds. Revolut has a no-fee policy on deposits. Every cent you deposit goes into your Revolut account.

When it comes to withdrawals, Wise offers two free withdrawals up to £200. For every ATM withdrawal over the £200 limit, there's a 1.75% fee. From your 3rd withdrawal onwards, you will also be charged a flat 50p per transaction. Revolut has a more straightforward plan; you will be charged 2% for every ATM withdrawal no matter the amount you selected.

As far as money transfers, Wise's fees vary from country to country. Depending on the currency you'll be using, Wise you charge between a flat rate of $1 and up to 1% of the transfer amount. 

If you want to make a payment using a Wise card, expect no fees, excluding the midmarket Exchange rate. 

Revolut doesn't commission money transfers but has a similar payment policy. Unless you're a premium member, expect a small fee to be charged according to the currency you're using, excluding the exchange rate that is usually applied.

Revolut vs Transferwise: Main Features

The main features of Wise vs Revolut bring them together in one common goal: transferring money cheaply and practically. Nonetheless, there are some key points where the services don't match.

Revolut and Wise both offer an affordable alternative for transferring money. When transferring money abroad, the best course of action is to stay away from conventional banks. The old-fashioned way will set you back a few dollars, besides leaving the recipient of the funds waiting for what can turn out to be several days. With services like Wise and Revolut, you can guarantee cheap transfers with minimal turnaround times.

Wise has recently introduced their debit card, which, just like Revolut, allows you to use it as a regular banking card to make payments. All you have to do is top up your Wise account and spend the funds in your wallet in any card-accepting location worldwide.

Revolut has the advantage of working just like a banking account in every way. You'll have an IBAN associated with your account, and you'll be able to make deposits, withdrawals, and even investments in stock and crypto. Besides that, you'll have the option of requesting a physical copy of a card for everyday shopping, on top of the virtual card, which is a perfect fit for buying online. 

Security

In the security department, both services strive to keep their customer's funds safe.

Wise follows the rules and regulations of every country it operates in. In the UK, for instance, Wise follows the same rules as every other bank. The FCA (Financial Conduct Authority) is in charge of auditing Wise and therefore protecting you and your money.

Despite not having a deposit guarantee like other digital banks, Revolut must follow a set of strict policies to operate. Revolut works by using an e-money license issued by Lithuania. While that means that you don't have deposit protection, customers are guaranteed to be prioritized over creditors if Revolut becomes insolvent.

Ease of Use

If you're a beginner and want to find out which options are more user-friendly, that's perfectly normal.

When it comes to the Wise vs Revolut ease of use comparison, the differences are almost non-existent. Both services are very intuitive. By accessing each website, you can find every bit of information you need about every aspect of the company— anything from transferring money and ordering a physical card to bonus features.

Both Revolut and Wise offer a mobile app as well, with which you can manage your balance on the go, with the same ease as in your desktop browser.

Conclusion

The best way to decide between Revolut vs Wise is always dependent on your necessities and preferences. 

Considering the transfer fees, the withdrawal terms, ability to buy crypto, security, and everything in between is a must before choosing to open an account on either Revolut or Wise.

If you're not sure which you should use, check out our comparison tool. It will help you find the best money transfer app for your needs.

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