Revolut Vs Wise

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.

Trying to choose between Revolut and Wise may seem hard.

In many ways the two services are similar… But the differences can be significant.

Do you want a comprehensive money solution?

Revolut can be, but Wise is more minimalist.

Do you frequently make international money transfers or need to manage multiple currencies?

Both platforms can do it, but Wise has a transparent and very competitive fee structure.

Are you looking for additional features like saving vaults or travel insurance? Revolut has you covered.

In this comparison of Revolut Vs Wise, I will show you which one will best suit your needs.

Disclosure: This post contains affiliate links, which may save you and do not cost any more. For more information, see my disclaimers  here. For general information purposes only and does not constitute financial advice.

Snapshot

Revolut and Wise both provide individuals and business with great options for multi-currency accounts, cards and apps. However, when it comes to the currencies you can exchange, insurance, savings tools and other bank beating money tools there are some big differences. It is worth noting that both platforms enjoy strong Trustpilot ratings with Wise at 4.4/5 and Revolut at 4.3/5.

For Freelancers, Small and Medium Business check out Revolut Vs Wise for Business

1. What is Revolut?

In our full review of Revolut we go into more detail on the options available to residents of EU countries, the UK, the US, Australia, and New Zealand. In a nutshell, Revolt’s focus in on being “all things money” and they even operates with a banking license in some European countries, and as an e-money institution in the UK, US, Australia, Canada and other countries. 

In line with the kitchen idea, Revolut does other things, far beyond what traditional money app can do – and you can check it out here and in the UK they even do other things. (these links open new tabs)

See if you can get a Revolut account here and its latest fees

Revolut is available for both personal and the Revolut business account (including freelancers) and you get a MasterCard debit card that works in 200 countries (great to travel with and buy online). 

They offer both zero-fee and paid accounts, and the paid accounts come with a lot of cool perks such as more no-fee ATM withdrawals*, travel insurance, lounge access etc. 

All plans get access to saving vaults, budgeting and analytics.

* For ATM withdrawals third party providers may change a withdrawal fee and also that weekend fees may apply

2. What is Wise?

In our full review of Wise we go into more detail, but in a nutshell because Wise started life as a money transfer service and expanded into digital banking like multi-currency accounts, cards and the Wise business account they have a rather unique offering. Instead of being just a money transfer company or having everything like Revolut does thats money related they tend to focus on the needs of their customers and have grown organically.

As you would hope, they are particularly strong for money transfers and Wise is available in 60+ countries and lets you send money inexpensively at the mid-market rate in 70+ currencies.

See if you can get a Wise account here and here are the latest fees

Their multi-currency account is also available for personal and business and you can hold, manage, and convert between 50+ currencies. 

You can also set up local receiving accounts in 10 currencies so you can send and receive money like a local (great for frequent travelers, freelancers, and growing global businesses). 

The Wise multi-currency account also comes with the very useful Wise debit card.

3. Revolut vs Wise: Fees

Please Note: Fees can change without notice and the ones shown may not be up to date.

See our section How to Compare Revolut Vs Wise for Your Needs below for links to most recent prices.

Tip: How to Compare Revolut Vs Wise for Your Needs

A simple way to compare is by starting with your money transfers needs because generally for most people the fees associated with money transfers and conversions from payment are going to be the biggest component of the total fees.

4. Revolut vs Wise: Locations and Currencies

5. Revolut vs Wise: Transfer Speed

6. Revolut vs Wise: For Business

Here is a summary taken from our in-depth comparison of Revolut Vs Wise for business

7. Revolut vs Wise: Security

8. Revolut vs Wise: Third party reviews – Can You Trust Them?

Verdict

With 2 wins for Wise and 4 ties, it can be difficult to say which service is objectively the best. 

Ultimately, I could just say it comes down to your specific needs. Which is true. But I think there can be some clear choices.

In most cases, Wise with it’s user-friendly multi-currency account, card and international transfer service is everything you need. For an international person, freelancer or business – Wise is a great way to go especially when used in conjunction with a traditional bank account. Start by checking out the Wise fees for your country.

However, if you want an easy money management app for day-to-day expenses with all the extras like saving vaults and travel insurance, Revolut is big improvement on your bank in many ways with some international goodness thrown in. What is available with Revolut does differ based on your country which you can see here.

If you run a business or are a freelancer discover more in our Revolut Vs Wise for Business review. 

You also get a deposit protection guarantee up to €100,000 EUR with Revolut in some European countries.

Happy Money!