Revolut Vs Wise for Business
About Author: Hi, I’m Quinn Askeland. In 2014, I started Transumo after experiencing expensive, slow, and frustrating international money transfers and payments through banks. Once I discovered how to manage my own international currencies much better, I became driven to help others improve their transfers and payments. Fortunately, today, there are many excellent options. See My Full Bio.
Revolut and Wise (formerly TransferWise) are leading services that allow freelancers and businesses to significantly reduce their costs compared to traditional banks, with total costs including currency exchange fees averaging around 0.65%.
Important comparisons:
- Hold and exchange multiple currencies at competitive rates
- Prepaid cards for employees with app-based management
- User-friendly expense and income tracking with real-time updates
- Access to international payment gateways with faster processing times and lower fees
- Integrations with third parties including accounting software and productivity apps
- Instant money transfers between Revolut/Wise accounts
- Advanced security features, such as biometric authentication, transaction alerts, and the ability to freeze or block cards instantly
In this article, we will compare Revolut and Wise for business and highlight which one may be better for your specific needs.
Disclosure: This post contains affiliate links, which may save you and do not cost any more. For more information, see my disclaimers here. This comparison is for general information purposes only and does not constitute financial advice.
1. Snapshot
Revolut and Wise offer competitive fees and useful features for managing multiple currencies. However, when it comes to the currencies you can exchange, integrations with accounting software, budgeting, and analytics they differ quite a bit. Both have solid Trustpilot ratings with Wise at 4.4/5 and Revolut at 4.3/5.
| Revolut | Wise | |
|---|---|---|
| 🌍 Availability | EU countries, the UK, the US, Australia, and New Zealand. | Wise is available in 40+ countries including EU countries, the UK, the US, Canada, Switzerland, Australia, and New Zealand. |
| 🤝🏼 Trust | Very high. Has a European Banking Licence and is also regulated in the US and UK | Very high. Extreme transparency and strong commitment to continuous improvement for the user |
| 🏛️ Established | 2015, London (UK) | 2010, London (UK) |
| 💁🏼♂️ Clients | Personal and Business | Personal and Business |
| 💱 Currencies for exchange | 30+ currencies | Hold money in over 40 currencies. Send money to over 160 countries. |
| 💸 Multi-currency account | Yes – for business | Yes both personal and business |
| ⚖️ Regulation | Regulated in the UK, the US, EU | Regulated in Europe, USA, UK, Australia, Canada, Singapore and Hong Kong |
| ⭐ Reviews | “Excellent” – 4.2/5 on Trustpilot with over 146,000+ reviews (January 2024) | “Excellent” – 4.2/5 on Trustpilot with over 203,000 reviews (January 2024) |
| 💰 Fees | Based on account type | Fees depend on multiple factors for transfers and multi-currency accounts |
| 🌐 Official Website | Visit Revolut | Visit Wise |
2. What is Revolut for Business?
Revolut offers a range of business account plans, including a no-fee plan with basic features and paid plans with additional features to residents of EU countries, the UK, the US, Australia, and New Zealand.
A business can hold and exchange multiple currencies and Revolut offers competitive exchange rates very comparable with Wise.
Currently Revolut operates like a “real bank” with a banking license in some European countries, and as an electronic money institution in the UK, US and many other countries.
Revolut is available for both personal and business (including freelancers) and you get a prepaid business cards that works in 200 countries.
Revolut has a few options including a no-fee one designed to match specific needs but all subscriptions include expense management, invoicing, and integration with accounting software.
All plans also get access to saving vaults, budgeting and analytics with a user-friendly interface with real-time transaction updates and alerts.
Like Wise, Revolut provides customer support via chat, phone, and email but not by phone.
In our review of the Revolut account for business we look at everything in far more detail.
Revolut Pros
Available for personal and business
Both paid and no-fee plans
Expense management, invoicing, and analytics
Prepaid debit card that enables spending control
Open banking – add and track all your 3rd party bank accounts in the Revolut app (UK)
Revolut Cons
Fewer currencies for international transfers
Exchange rate mark up on weekends
No multi currency account for personal use
3. What is Wise for Business?
Wise seeks to solve the fee, speed and workflow problems freelancers and businesses have had in doing international business.
To get started, Wise has a one off cost (based on your country) but there is no recurring monthly fees. Wise allows you to hold money in over 40 currencies.
You can add your local bank details (10 currencies) to invoices and send them from templates to get paid like a local.
Their multi-currency account allows you to hold, manage, and convert between 40 currencies.
In our review of the Wise account for business we also discuss the multi-currency account and prepaid debit card.
Wise Pros
No monthly fee multi-currency account for individuals with basic features and a one-off fee for business accounts
Get paid like a local with local receiving accounts
Send money abroad to over 160 countries at the mid-market rate with low fees
Flexible prepaid debit card for multiple employees.
Wise Cons
Analytics and accounting features not quite as detailed as Revolut
Less account options compared to Revolut (which some may see as a Pro)
4. Revolut vs Wise: Basic Costs and Fees
Please Note: this section is for general comparison only because fees can change without notice and the ones shown may not be up to date. Click the links shown below for the latest info on fees.
Revolut
Account Fees (Freelancer or Business)
Get latest for UK, USA, Europe, Australia, NZ,
Freelancer Account
Standard (no fee)
Professional – £7/month
Ultimate – £25/month
Business Account
Standard (no fee)
Grow – £25/month
Scale – £100/month
Enterprise – Custom
Transfer Fees
- Sending fee for local transfers (£0.2, $0.2 or 3€) after exceeding allowance in plan
- Sending fee for international transfers: £3, $3 or 3€ per transfer above the allowance
- Sending or receiving a USD wire transfer fee, regardless of plan, is flat $10.
- Exchange rate fees – 0.4% markup above no-fee allowance
- Exchange rate mark up on weekends and rare currencies
Card Fees
- Delivery fee applicable based on plan
- Replacement fee – €6
- ATM withdrawal fee – No-fee withdrawals up to 5 ATM Withdrawals or €200-€800/month (based on plan). Third party providers may change a withdrawal fee and weekend fees may apply.
- 2% per withdrawal
- Currency conversion fee for using card abroad
Latest Fees for Revolut for your country including:
- United Kingdom
- United States
- Europe
- Australia
- New Zealand
FX fees:
– Standard + Plus: Fair usage limits apply
– Premium + Metal: unlimited and fee-free in 30+ currencies (as exotic currency mark-ups apply, and only fee-free on weekends)
– All plans: Weekend mark-ups apply
Wise
Account Fees
Business Multi Currency Account (joining fee)
Eurozone – € 21 EUR
the UK – £16 GBP
the USA – $31 USD
Australia – $22 AUD
New Zealand – $40 NZD
International Transfer Fees
- Transfers at the mid-market rate
- Fee – 0.65% of the amount on average
- Other fees – card fees applicable if sending money via credit or debit card
Card Fees
- Card Delivery fee – varies by country
- ATM withdrawal – No fees for up to 2 withdrawals or £200 GBP/€200 EUR/$100 USD/$350 AUD/$350 NZD
- Additional fees of 1.75% of the amount and above apply over the limit
- Currency conversion at the mid-market rate when a card is used abroad.
Latest Fees for Wise for your country including:
- United Kingdom
- United States
- Europe
- Australia
- New Zealand
Winner: Tie
Both Revolut and Wise are potential game changers for business as they are inexpensive compared traditional options despite being potentially far more useful
The fee structures vary based on your location and the plan you choose.
Generally Wise has a “no subscriptions or monthly fees” policy while Revolut has a no-fee option with a range of monthly subscription which provide more zero fee limits on things like transfer limits, ATM fees above certain thresholds.
When it comes to currency exchange, Wise and Revolut have different pricing structures but work out to be pretty similar for relatively small amounts (below $7000 USD/ £4500 GBP) during the week and you really need to look at your most common currency pairs you will be using. One major difference is that Revolut jacks up currency conversion on weekends.
5. Revolut vs Wise: Prepaid Debit Cards (for Business)
Revolut
- To get a card you will need an account. Revolut Business Accounts available in these countries
- Both physical (metal & plastic) and virtual cards. Up to 3 physical and 200 virtual cards per person (no extra charge)
- The first card is complimentary (for each individual on the team). Additional cards each have a 4.99 GBP (or equivalent) delivery charge. The extra fee for express delivery depends on the country.
- Supports ATM withdrawals (2% fee, £3000 limit per day) and spending in 140 currencies. Third party providers may change a withdrawal fee and weekend fees may apply.
- Both Mastercard and Visa available for all plans with unlimited monthly spending
- Online payments: UK cards (1% + 0.2 GBP), international cards (2.8% + 0.20 GBP)
- 0.4% fee on conversion (after FX allowance on paid plans)
- All cards come with 3d Secure (3DS) – an additional security measure against online fraud.
- Google pay available in 55 countries while Apple pay supported in 60.
- Card naming and labeling are allowed
- Cashback rewards (1.5% on standard plan and 1.9% on paid) Subject to availability & T&Cs apply.
Wise
- Widely available. Check if your business is supported and some limitations. For example, in the US, only digital cards are available to new users.
- Supports physical and virtual cards along with separate expense cards.
- First card is free (for the main account holder). Team member cards cost 3 GBP each.
- Supports card spending and ATM withdrawals in over 40 currencies in over 150 countries
- ATM withdrawals – For UK: £ 200 per month ATM withdrawals free after that 1.75% + 0.50 GBP is charged
For US: $100 per month free then 2% + 1.50 USD per withdrawal
For EU: 200 EUR free then 1.75% + 0.50 EUR per withdrawal
- Spending limits vary
- 2% fee on online account funding (lottery tickets, cryptocurrencies and casino chips)
- Currency conversion fee starts from 0.41% if you don’t have local currency in your account
- Google and Apple Pay are supported in 200 countries
- 0.5% cashback reward (only in the UK)
Winner: Tie
Revolut has a well-rounded offering for businesses. Their fees are straightforward in most cases. They also support 3 cards per person without any extra charge along with the ability to name and label your cards for better monitoring and control. However, its card is available only in a few places.
Wise cards for business, on the other hand, are available in more countries. It gives you the ability to spend in over 40 currencies in over 150 countries as compared to Revolut’s 28 currencies in 140 countries. Wise also supports Google and Apple Pay in 200 countries.
6. Revolut vs Wise: Multi-Currency Accounts (for Business)
Revolut
- Hold and receive 30+ currencies
- Account details in 26 currencies plus multi-currency (27) IBAN
- Invoice payments in 25 currencies
- Cash or cheque deposits are not supported
- Real-time team spending monitoring and control with the ability to change permissions on the go
- Seamless payment link creation
- Ability to see the transfers of your employees
- Supports fixed future foreign exchange rates (0.8% fee for each forward contract)
- Ability to schedule recurring payments
- E-commerce merchant payment gateway (Amazon, Stripe and PayPal)
- Has a card reader for in-person payments
Wise
- Supports holding and spending in over 40 currencies for free
- Account details in 10 currencies
- Invoice payments to overseas staff members
- Ability to convert currencies 50 times in a day (auto conversions are also available)
- Create payment links to receive money easily
- Wise Interest: USD (4.21%), GBP (3.61%) and EUR (2.05%). These rates include a 0.29% annual fee (0.19% Wise fee + 0.10% fund fee)
Get the latest rates for Wise interest. - Withdraw e-commerce sales money (Amazon & Stripe are supported)
- Annual fee (0.55%) for investing with Wise (only available in the UK)
Winner: Wise
Both have their pros and cons. Wise charges a one-time business creation fee and has no monthly charges. With Wise, you can access more advanced capabilities for managing different currencies when sending, holding, and receiving funds.
Revolut charges monthly fees and has some excellent additional features like payment gateway support, real-time spending control and fixed future FX contracts.
7. Revolut vs Wise: Payments, Integrations and APIs
Revolut
- Supports bulk transfers with CSV upload (1,000 payment entries limit)
- Integrated with accounting software like Xero, Quickbooks, Sage and many more
- Apps for Automation, Payments and Expenses like Zapier
- Accept payments through API integration
Wise
- Batch payments with CSV or XLSX file (1,000 transfers limit)
- Integrated with with accounting software like Xero, Quickbooks, Freeagent, Recash and Quickfile
- Apps integration like Zapier
- Wise open API to automate payments and connect your business tools
Winner: Tie
Revolut and Wise understand the importance of integration with Apps and other online software. Until recently (2023) Revolut had an edge on Wise with more integrations.
However, apart from growing the Apps they partner with, Wise now has an open API which in theory means you can integrate with almost any accounting, automation or other business tools you have (with a little help).
Revolut on the other hand can be a payment gateway and card reader for brick and mortar businesses (which competes with Square and Stripe).
Wise now pays interest on business accounts.
8. Revolut vs Wise: Third party reviews – Can You Trust Them?
Revolut
Revolut is rated 4.3/5 on Trustpilot with over 124,000 reviews – where 75% of the reviewers had a positive (5-star experience) with the service.
The users love that Revolut is easy to use for day-to-day money management as well as for traveling abroad.
However, 13% of their reviewers had a negative experience with the service:
The top causes of dissatisfaction were:
Frozen funds or accounts
As a regulated financial institution, Revolut will occasionally freeze accounts. Ultimately this is designed to address security concerns or compliance issues. If they are unable to verify the account holder’s identity or source of funds this may also cause issues.
Transfer delays
Usually, Revolut to Revolut transfers go through instantly, however international transfers can take longer, especially if you set it up over a weekend or on a holiday.
Wise
Wise is rated 4.4/5 on Trustpilot with over 185,000 reviews – where 84% are positive (5-star reviews).
The users love that Wise is easy to use and offers affordable international money transfers.
However, the 1-star and 2-star reviews (totalling 6%) are quite concerning.
The top cause of dissatisfaction is:
Transfer delays or frozen accounts
Although relatively small in number, there has been a number of complaints about Wise delaying transfers.
During this time they typically ask for more documentation – which is normal, since as a regulated financial institution, they need to conduct regular checks.
Winner: Tie
Both Revolut and Wise are great when they work well, however the frozen accounts can be concerning – especially for business payments.
That said, these issues are relatively isolated cases but there are two things you can do to mitigate the risk:
1) Have a back up option in case there are delays.
2) If you plan to use these options, invest some time in understanding their Terms and Agreements for your country as many issues can be avoided.
Some Important Links
Wise – Terms and Agreements by Country
Revolut – Terms and Policies by Country
Revolut – Prohibited and restricted industries/business models for a Merchant account
Verdict
With 1 win for Wise and 4 ties, it can be difficult to say which service is objectively the best.
Both Revolut and Wise offer services that can be highly beneficial to small to medium businesses. To choose which is better for your business it is worth considering the types of transactions you typically make, the countries and currencies you work with, and the needs of you and your employees.
As we have shown, both have many options but Wise has a simpler fee structure and offers interest on its accounts while Revolut has more options and flexibility for business including being your payment gateway and having a card reader.
Ultimately, it comes down to your specific needs.
Happy Money!
What are the main differences with Revolut and Wise for business?
The fee structures are quite different. Wise offers interest on its accounts and bank details for receiving payments in multiple currencies (like a local). Revolut on the other hand is more fully featured including a payment gateway and card reader availability.
How can Wise and Revolut be better for businesses?
Apart from lower much fees for currency exchange compared to traditional banking solutions, both have multi-currency accounts, cards and apps that make them very useful. They also integrate with accounting and productivity apps or through APIs to make doing business in multiple currencies seamless.