As globalization continues to threat our world, the need for international financial services is growing. Whether you’re a frequent traveler, an expat, or simply someone who handles global payments, financial apps like Wise and Revolut have become everyday solutions. While both offer extensive features that help with international transfers, they offer slightly different needs. In this comparison, we’ll break down how each platform performs in critical areas like international transfers, exchange rates, fees, multi-currency accounts, ease of use, and customer support to help you choose the right app for your lifestyle.
International money transfers
Wise:
Wise (formerly TransferWise) is best known for its transparent and affordable international transfers. It uses the real exchange rate (mid-market rate) and charges a small upfront fee, making it one of the most competitive platforms for cross-border payments. Wise supports more than 50 currencies, and transfers are usually processed quickly, depending on the recipient’s bank.
Revolut:
Revolut also enables international transfers but with a twist: transfers are free if you’re using your monthly limit on the standard plan or higher. For currencies like EUR and GBP, it may offer fee-free transfers, but users should note that Revolut applies a markup on weekends and for less liquid currencies.
Exchange Rates
Wise:
As a specialist in foreign exchange, Wise stands out for its no-markup policy on currency conversion, sticking to the real-time mid-market rate. The platform is upfront about any small fees involved, which ensures that you know exactly how much your recipient will get.
Revolut:
Revolut offers competitive exchange rates during weekdays, but applies a markup of 0.5% to 2% on weekends and public holidays. Users of premium plans like Revolut’s Metal or Premium subscriptions can access better rates, but casual users could see more costs depending on when they convert money.
Fee’s
Wise:
Wise’s fee structure is clear and upfront. You pay a small percentage-based fee for conversions and transfers, with no hidden charges. However, Wise does not have a free tier for everyday banking, meaning you’ll need to factor in transfer fees every time you send money abroad.
Revolut:
Revolut offers a tiered subscription model. The free plan allows some fee-free transfers and conversions, but only up to a certain monthly limit. Paid plans like Premium and Metal come with higher limits and extra perks, such as travel insurance and discounted airport lounge access, but they also have a monthly subscription cost.
Multy currency accounts
Wise:
Wise provides users with a borderless account that lets you hold and manage funds in over 50 currencies. It even allows you to get local bank details for USD, GBP, EUR, AUD, and other major currencies. This feature is invaluable for freelancers, businesses, and anyone managing payments in multiple regions.
Revolut:
Revolut offers a multi-currency wallet where you can hold over 30 currencies and switch between them at competitive exchange rates. Premium members get higher monthly exchange limits and can access additional benefits, such as the ability to earn interest on savings in various currencies.
Ease of Use
Both platforms offer intuitive apps that are user-friendly. Wise’s app is straightforward, focusing mainly on transfers and currency management, while Revolut has a broader array of features, including budgeting tools, savings vaults, and crypto trading. Revolut’s UI might be a bit overwhelming for those simply seeking to transfer money. If you want a clean, simple interface for currency exchange and transfers, Wise might suit you better. If you’re after additional financial tools within a single app, Revolut offers more versatility.
Customer support
Wise:
Wise has a strong reputation for customer support, with multiple channels for assistance, including live chat, email, and a comprehensive help center. Although Wise doesn’t offer 24/7 support, most queries are resolved quickly.
Revolut:
Revolut has more mixed reviews regarding customer service. While premium users get priority support, free-tier users have reported slower response times. The app does have a live chat feature, but it’s not always immediately accessible for non-premium members.
Travel Perks and Security
Wise:
Wise is primarily focused on transfers, with no specific travel perks or extras. However, it offers two-factor authentication and follows strict regulatory guidelines, making it very secure.
Revolut:
Revolut excels in the travel perks department, especially for premium users. Its higher tiers offer airport
lounge access, travel insurance, and virtual cards for online shopping. Revolut also prioritizes security with disposable virtual cards and real-time transaction alerts.
Conclusion: Which One Should You Choose?
Choosing between Wise and Revolut largely depends on your specific needs.
● Best for International Transfers: Wise wins due to its low fees and transparent exchange rates.
● Best for Frequent Travelers: Revolut stands out for its added travel perks, fee-free transfers (for premium users), and multi-currency wallet.
● Best for Casual Users: If you need a bit of everything (currency exchange, everyday banking, and budgeting tools), Revolut may be a better fit, especially if you subscribe to its premium plans.
● Best for Expats and Freelancers: Wise is ideal for managing multiple currencies with low fees and getting local bank details for cross-border payments.
Ultimately, both apps are secure and highly capable, but their key differences make one more appealing depending on your financial priorities.
References
● Revolut
● Wise
● Revolut Review 2024
● Wise Money Transfer Review
● Wise vs Revolut — which one’s best for you?
● Compare Revolut vs Wise
● Revolut vs TransferWise: Which is Better for Online Payments?