Wise vs Revolut: Fees, Terms, and Service Compared for 2024

Formerly known as Transferwise, Wise was founded by Taavet Hinrikus and Kristo Käärmann in the UK in 2011, and has since become one of the leading international money transfer services. With its simple sign-up process, free multi-currency accounts and a functional Wise debit card, Wise allows users to transfer money from almost any currency to another at competitive exchange rates.

With over 16 million users and $7.5 billion worth of transactions processed monthly, the service provides users with the latest exchange rates and the ability to exchange one currency for another in seconds. With Wise, you can also receive payments in multiple currencies by having personal bank account details in the UK, USA, Canada, Australia, Europe, and beyond.

Revolut was founded in 2015 and quickly rose to become one of the major players in the digital transactions space, amassing over 20 million users. Its sleek mobile app has been praised for its design and user experience, while its range of features has made it popular with both tech-savvy millennials and budget-conscious consumers alike.

With over 30 million users, Revolut allows instant access to your funds through a Visa debit card, making transfers, setting up direct debits and standing orders, and even buying cryptocurrency. It also offers a range of premium services for those wanting more features, such as travel insurance and access to exclusive deals.

Wise and Revolut have similar fee structures and provide free local transfers to other users in the same base currency.

For international transfers, Wise seems to charge higher fees than other competitors. The combination of fixed and variable fees can also make it difficult to determine the transaction fees beforehand.

Revolut has a simpler percentage-based fee structure ranging from 0-2% for international transfers

With Revolut’s standard plan, a transfer of $10,000 to someone in the UK will cost you $75. A similar transaction on Wise comes with a fixed fee of $53.91. But, if the transfer amount is reduced to $100, you only pay $0.5 on Revolut and $4.66 on Wise. A comparison shows us that large transfers are far cheaper with Wise, whereas Revolut offers cheaper rates for smaller transfers.

Both Wise and Revolut offer mid-market exchange rates and charge conversion fees for changing currencies before initiating your transfers. However, Revolut adds a markup of 1% on weekends, so you may want to carry out your currency exchanges on weekdays to save on fees.

Winner: Wise. Wise provides mid-market exchange rates all week long, making it a better option for currency exchanges. And while Revolut’s fee structure is quite simple, but its percentage-based fee is high and adds up to significant charges when users make high-volume transfers.

	Name	Score	Visit	Disclaimer
	Wise Read Expert Review	9.2	Visitwise.com

Payments to other Revolut users, as well as card payments, are usually instant. Transfers to cards, however, may take a few minutes up to 30 minutes to process. International transfers may take up to 3-5 business days to go through, although this time frame may vary depending on the currency and destination country. Domestic SWIFT transfers usually take 2-5 working days, while international transfers may take 3-5 business days.

It's a similar scenario for Wise: Wise-to-Wise user transfers are instantaneous, but currency conversion can cause delays of up to two working days. SWIFT payments and wire transfers take 2-5 working days, while card payments are instantaneous.

Revolut’s transfer limit is quite flexible and varies based on the base currency, and you can see the transfer limit on the app before making a transfer. According to the web platform, there are no limits on most transfers; however, you cannot send more than $1,000,000,000 from a USD account.

Wise places a transfer limit on most currencies, and clients in the US can send up to $6,000,000 from their Wise USD accounts, and up to $1,600,000 per SWIFT transfer.

While Wise imposes tighter limits on transfers, its coverage is not matched by Revolut. The service reaches a whopping over 70 countries and supports converting over 140, holding over 50, and depositing in over 20 currencies. Revolut, on the other hand, lets users exchange and hold 36 currencies in their personal accounts, including AED, AUD, BGN, CAD, CHF, and GBP, with over 20 countries supported for international transfers.

Both services offer similar payment methods to fund your transfers, including bank transfers (SWIFT or wire transfer), debit/credit cards, Apple Pay, and Google Pay.

Winner: Wise. Revolut is an easy choice for exceptionally large transfers – but beyond that, it fails to get ahead of Wise, who boasts wider coverage, as well as a variety of payment methods and near-instantaneous transfer options.

	Name	Score	Visit	Disclaimer
	Revolut	8.5	Visitrevolut.com

Revolut has over 134,000 reviews on Trustpilot, in which customers appreciate the intuitive and user-friendly app, as well as the ability to easily send money abroad free of charge. Many enjoy the wide array of features, such as budgeting tools, savings goals, and cryptocurrency integration.

On the downside, some users report outdated customer service and technical glitches when setting up their accounts or transferring funds. There are also complaints about long wait times on security checks and missing refunds, as well as difficulties with customer service.

Wise has over 191,000 reviews on Trustpilot, where customers appreciate the fast setup process and secure transfers without hidden fees or unexpected exchange rate surprises. Users also enjoy how easy it is to send money abroad, and the ability to set up multi-currency accounts for family members.

However, some customers report issues with getting refunds after cancelled transfers or incorrect exchange rates. There are also cases of customer service being unresponsive or slow to react to queries, as well as plenty of complaints regarding high transfer fees compared to other services. While the first two issues need addressing, as per their business model, Wise needs to keep its transfer fees high in order to keep offering the mid-market exchange rate around the clock.

Both Wise and Revolut offer customer support via live chat, email or phone call, as well as comprehensive FAQ sections and help topics. The customer support team of both companies is praised for their efficiency and knowledge in helping customers with their inquiries.

While Revolut offers Priority customer service to its Premium and Metal customers, which comes with additional monthly fees, all Wise customers receive the same quality level of customer service.

Winner: Wise. As per customer reviews online, both services perform similarly. And while Revolut has better ratings on App Store and Google Play, Wise offers equal customer service to all its customers, without a monthly fee.

	Name	Score	Visit	Disclaimer
	Wise Read Expert Review	9.2	Visitwise.com

Revolut hasn't obtained its banking license in the US but still provides money transfers since it partners with licensed banks in the country, such as the Metropolitan Commercial Bank, to provide FDIC insurance to clients. This ensures their funds are insured by the FDIC up to $250,000.

Wise is licensed by the Financial Crimes Enforcement Network (FinCEN) in the US as a money transmitter. In states where the platform isn’t registered, it works in partnership with the Community Federal Savings Bank to provide financial services.

Beyond regulations, Revolut takes measures to protect customer funds, including multi-level security checks, biometric authentication, and encrypted data. Wise also takes extensive steps to protect user data with features like two-factor authentication (2FA) and bank-level encryption.

Both platforms utilize a strategy known as 'safeguarding' to ensure customer funds are kept safe and secure. This strategy involves the use of several layers of security, as well as segregating customer funds in separate accounts from corporate ones. This helps to ensure that customer deposits are not affected if the company goes bankrupt.

For the most part, both Wise and Revolut are transparent about their services. Both companies clearly list the fees associated with their services on their respective websites. They also provide comprehensive help pages that answer common customer questions in detail.

The only area where they differ is in their regulatory statuses. Wise's FCA regulation means it's mandated to be more transparent in terms of its operations and financials. This includes anti-money laundering (AML) and know-your-customer (KYC) processes, as well as robust compliance measures.

Winner: Wise. Because it is not only registered as an EMI in the UK but also licensed by the Financial Crimes Enforcement Network (FinCEN) in the US. This additional licensing demonstrates Wise's commitment to regulatory compliance and provides an extra layer of assurance for customers, ensuring their funds are handled with the highest level of safety and security.

	Name	Score	Visit	Disclaimer
	Wise Read Expert Review	9.2	Visitwise.com

Signing up on Wise is fast and simple. The registration process can take up to 7 minutes, after which you'll be able to start sending money. You only need to download the app (or log on to the website), and then sign up with your details. You can verify your account afterwards to access all the features. Sending money with Wise is also straightforward and quick. Just head to its website or app and select the ‘Send Money’ option. Enter the amount you want to transfer, specifying either the total amount you'd like to send, or the amount you'd like your recipient to receive.

Next, you'll enter the recipient's bank details, email address, or Wise account if they're already on the platform. You'll then be able to choose the transfer type and payment method, with Wise letting you know the fees and estimated delivery time. For the most cost-effective option, it's usually best to pay from your bank account.

Revolut's signup process is quick and easy as well. All you need to do is download the app or log on to the website, then fill out a few personal details. You'll also have to provide verification documents such as an ID or passport. After that, you can start sending money right away.

Revolut also makes it easy and fast to send money. After downloading the app or logging onto the website, you can create your transfer by entering the payment details, currency, and amount you want to send. You'll be able to choose from a variety of payment methods, including bank transfers and debit cards. Then, just confirm the payment, and you're good to go. You'll receive an email confirmation once the payment has been sent.

Winner: Tied. Both money transfer services are renowned for their easy to use platforms and hassle-free signing up processes.

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	1Wise Read Expert Review	9.2	Visitwise.com
	2Revolut	8.5	Visitrevolut.com

A Revolut account comes with a range of additional features to make managing their finances easier.

• Cryptocurrency transactions – Unlike Wise, Revolut is quite crypto-friendly and allows users to buy, store or sell cryptocurrency from within the app. With as little as $1, customers can buy and sell from a selection of over 80 popular cryptocurrencies.

• Financial investments – Revolut offers users the ability to invest in stocks and shares through its Invest feature. Customers can view real-time prices, research stocks, and even pick up tips from professional investors. Plus, they can set up automated investments to save time and hassle.

• Loans and credit facilities – Revolut offers customers access to short-term loans through its Credit feature. The loan amount varies because certain states may limit the loan amount that can be offered to residents.

• Insurance and travel perks – Revolut offers customers access to insurance services such as travel insurance, home insurance, car insurance and gadget insurance. Plus, customers can take advantage of exclusive travel perks such as discounts on flights, hotels, and car rentals.

• Group bills – Revolut makes it easy to split bills with friends or family members through its Group Bill feature. This allows customers to easily divide up costs like restaurant bills, fuel costs or even group holidays among their contacts in just a few taps.

Wise also offers customers a range of additional features to make money management easier.

• Investment options – The Wise Assets feature allows customers to invest in a range of assets, such as stocks, bonds, and funds. With this feature, customers can keep an eye on their investments and make adjustments when needed.

• Batch payments – Wise allows customers to send multiple salaries or invoices at once. This can come in handy for businesses that need to make large payments regularly.

• Automated payments – The WisePay API also allows customers to set up automated payments for recurring transfers. This means that customers can pay bills, subscriptions, or send money abroad without having to do anything manually.

Winner: Revolut. With Revolut, customers can enjoy a wider range of options, including cryptocurrency investing, loans and credit facilities, insurance, travel perks, and the ability to split payments with friends. These additional features provide Revolut users with greater flexibility and convenience in managing their finances, giving them an edge over Wise in this aspect.

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	Revolut	8.5	Visitrevolut.com

Here, we analyze the exchange rate markups, transfer fees, and transfer times between Wise and Revolut for transfers from the US to the UK, with amounts ranging from $200 to $20,000.

Overall, Wise stands out as the better platform for many reasons. Both platforms offer fee-free instantaneous transfers to other users in the same base currency. However, Revolut’s fee structure is quite rigid and highly percentage-based. This causes higher transaction fees on high-volume transfers, making Wise the better option in this regard.

Revolut does provide cryptocurrency capabilities in addition to its stocks and shares trading option. However, Revolut isn't a US-registered bank and any cryptocurrency bought on the platform is neither safeguarded nor insured by the FDIC.

Finally, Wise offers the same quality of customer support to all users, but Revolut prioritises users based on their account plans. This, coupled with lower currency exchange fees on weekends, gives customers better user experiences on Wise compared to Revolut.

	Name	Score	Visit	Disclaimer
	Wise Read Expert Review	9.2	Visitwise.com