Revolut and Transferwise offer similar services, with both providing inexpensive ways to easily transfer money in different currencies.
While both companies offer international currency transfer services, they have different features.
This Revolut vs Transferwise comparison will show you the different fees, perks, and features of both services and which comes out on top for Amazon sellers.
Revolut came into existence in 2015. It is headquartered in London, United Kingdom, and has a banking license.
The company provides critical fund transfer services to individuals and businesses with its multi-currency card. That means you can exchange money very quickly and quite cheaply, too.
Exchanging money with Revolut is effortless and can be done through various channels. You can exchange money while paying for items you bought with the company’s card or you can do so within the mobile app. It is even possible to exchange money from an ATM while withdrawing funds.
Also, Revolut offers money transfer services between its users and even directly to bank accounts just as you would with any other mobile banking app. Transfers take only a few moments.
You will receive one of the company’s cards after signing up for Revolut. This could be a Visa prepaid debit card, MasterCard, or virtual card.
Like any other regular bank, you will also get an account number and sort code that you can use to receive payments and fund your Revolut account. Any standard credit or debit card can be used to fund the account. You can also use regular bank transfers, Apple Pay, or Google Pay to fund the account.
You can buy items in brick-and-mortar stores directly from your bank account using the Revolut MasterCard. And if you prefer online shopping, the company’s virtual cards are quite easy to use and can come in handy on supported e-retailer stores.
Individuals who like to trade stock and crypto will find Revolut quite useful in that regard since the company provides features that support cryptocurrency trading and stock trading.
Transferwise, now officially known as Wise, was established in 2011. The London-based financial technology company offers global fund transfer services. That means users can send and receive money from different countries around the world in various currencies.
Wise has affordability as its strong selling point. Compared to other fund transfer services, Transferwise offers incredibly cheap bank-to-bank payments between various currencies and between banks in several countries.
Transferwise is a widely popular money transfer service all over the world. This is partly due to its transparent services (users always prefer to know what they are up against rather than having hidden fees) and significantly low fees.
With Wise, you can exchange currencies with minimal fees, get bank balances with account details, receive a debit card in selected countries, and spend money in various currencies using your debit card.
However, unlike Revolut, Wise doesn’t have a banking license. The multi-currency accounts available to users are only electronic addresses for money. This means you can’t use them like a regular bank account.
In other words, while you can receive funds into your Transferwise account, you can’t earn interest on the money in your account or access loans and overdrafts.
Revolut vs Transferwise: Which Is Better?
Now that we’ve seen an overview of both services, let’s look at the distinctive features to help you decide which of these financial technology companies is most suitable for your needs.
This section compares the transfer fees, card services, countries where you can access the services, and customer support services among other factors.
First, let’s look at the number of countries where you can access both services. This factor is very important if you travel a lot and need to transfer or hold different currencies.
You don’t want to end up getting stuck with a pre-paid card that doesn’t support a particular currency you need during your trip.
Revolut is available in over 30 countries, including countries in the European Economic Area (EEA), the United States, Canada, Japan, Switzerland, Singapore, and Australia.
That means you can hold, transfer, and spend money using your Revolut card in any of the countries where Revolut offers its service.
If you are looking to use the Revolut Business option, the service is only accessible to registered businesses with a physical presence in the EEA and Switzerland.
On the other hand, Wise is available in 80 countries of the world, including the United States, Europe, Canada, Italy, Switzerland, and many Asian and African countries.
The service also allows you to hold and convert money in 54 different currencies, including the British pound, US dollar, Canadian dollar, Mexican peso, Russian ruble, South African rand, UAE dirham, Georgian lari, Swiss franc, and a host of other currencies.
Winner: Transferwise is the clear winner here since you can access the service from many countries around the world.
2. Money Transfer Service
Both companies offer a few different ways that users can transfer funds to each other’s accounts or bank accounts.
In addition to mobile applications and web portals, both services also provide debit cards that users can use from just about anywhere the services are available in the world.
Here’s a quick rundown of how the money transfer service works for Revolut vs Transferwise.
Usually, money transfers involving GPB only take a few seconds to complete for bank accounts within the United Kingdom. But in some cases, it can take up to three working days if the receiving bank doesn’t support instant payment methods.
Users can add money to their Revolut account using bank transfers without incurring additional fees. However, third-party charges may apply to some transactions.
Also, there are no fees when you send funds within your currency exchange limit. You will only be charged a fee when you exceed your foreign exchange limit during a cross-currency transfer.
International transfers are available for over 30 currencies, including EUR, GBP, JPY, CZK, CHF, CAD, and USD, among others.
Thankfully, Revolut offers a higher transfer limit when transferring between currencies. But to make things even better, Revolut offers an unlimited foreign exchange allowance when users upgrade to Revolut Premium or Revolut Metal options.
While Revolut’s web portal service has similar usability as Transferwise, Revolut’s mobile application tends to be slightly better than Transferwise.
While most currency exchanges and money transfers between countries are often completed within a short time, usually under an hour or thereabouts, the maximum time for funds to reach your recipient’s account is two business days.
Typically, the payment method available in the receiving country and the processing speed of the receiving bank can affect when the money transfer will be completed.
Wise Card payments are often the fastest payment method and can be completed within a few minutes. On the other hand, bank transfers can take longer for the funds to arrive.
Also, various currencies and payment methods have different sending limits. Wise will notify you if the money you want to send at once exceeds the limit for the currency or payment method.
Tranferwise allows users to send money from one Wise account to another without extra charges. However, there is a fixed charge if you are transferring money to a bank outside of Transferwise.
You will be charged an additional conversion fee if you are converting funds during a transfer. On the plus side, it takes only a few seconds to open a multi-currency account so you can send money to 80 countries and hold or convert up to 56 currencies.
You might even be able to send money to someone in a country where Transferwise service is not available provided their account is dominated in EUR, GBP, or USD.
Winner: While both services have similar transfer processing speeds, Transferwise takes the lead when it comes to the number of currencies you can hold and transfer money.
3. Prices and Fees
Foreign currency exchanges typically attract substantial fees when you use standard credit cards. But that’s not the case with both Revolut and Transferwise. The significantly cheaper fees are what make them quite attractive to most users.
Here’s all you need to know about the free and paid features of these two services.
While account opening is free with Revolut, you will get better features and functionality if you upgrade to a Metal or Premium account, which both attract monthly fees.
The same-currency transfer is free with Revolut. For most of the other currencies, the service offers mid-market exchange rates. However, there is a slight 0.5% markup for weekend transfers.
Paying for items you buy in any currency in your account is free provided you use your Revolut card. But if you don’t have enough currency in your account, the mid-market rate will be applied during currency conversion.
ATM withdrawals are free for up to £200 or its equivalent, after which a 2% fee will be charged for subsequent ATM withdrawals.
Opening a Tranferwise account is free but transferring money attracts fees ranging from 0.3% to 0.7% per transaction, depending on the currency pair involved.
The good thing with Wise is that you will know exactly the fees you need to pay beforehand. Plus, you pay any fees if you make purchases in a currency that you hold in your account using a Wise card.
The first two ATM withdrawals are free every month for up to £200 or its equivalent. A fee of 1.75% will be charged after that.
Perhaps the most attractive feature when it comes to fees is the guaranteed exchange rate offered by Transferwise. This means you will know exactly how much the recipient of your funds will get in their local currency even before you send the money.
Wise offers the exchange rate guarantee for a period of 2 to 72 hours, depending on the currency you are sending.
In a nutshell, Transferwise offers very transparent fees and uses real mid-market currency exchange rates to give users the best rates on the market.
Winner: This one is a tie because both services offer affordable fees with varying limits, which are a bit tricky to compare. For example, weekend transfers may be better with Transferwise but Revolut tends to be cheaper for sending smaller amounts.
Revolut and Transferwise offer both credit and debit cards that customers can use at ATMs, online stores, and brick-and-mortar stores. Here are the differences and what you can do with these cards.
With Revolut, users can have up to four different types of cards depending on their account type.
The cards include:
- Standard plastic card for standard free accounts
- Revolut plus card for Plus accounts
- Premium Revolt card for Premium accounts
- Metal card for Metal accounts
You can use Revolut cards anywhere Visa and MasterCard are accepted. The cards also feature contactless payment functionality.
Most purchases you make with the multi-currency card online or in-store are free. However, a fair usage fee of 0.5% is charged for amounts exceeding £1,000 or its equivalent. This only applies to Standard Revolut account holders. Premium and Metal account holders do not pay a fair usage fee.
As of the time of writing, Transferwise offers only MasterCard, which is available to customers living in the UK, US, Australia, Singapore, New Zealand, Switzerland, and EEA countries.
Free withdrawals using the card have limits, depending on where you live. You can use the cards for online payments and it is acceptable in most stores and places where debit cards are accepted, including ATMs.
Transactions on the card are secure, as additional verification is required to complete only payments in many cases.
Winner: Revolut wins this one since it offers plenty of credit card options.
5. Customer Support
Customer support is vital when choosing any money transfer service because a solid knowledge base can help you get through common hurdles.
Customers can get in touch with Revolut’s customer service department using a chatbot or phone option to speak with a live agent. You can also join the Revolut community and get answers to your questions or reach the company through its social media pages.
In addition, the website has a practical help section that answers most of the common questions customers may have.
In addition to a robust help section, Wise gives you access to its dedicated customer support staff through email, phone call, and live chat.
Winner: While Transferwise offers an email option, both companies provide easy ways to get in touch with customer support in addition to extensive documentation.
6. Other Services
Lastly, let’s see how both services compare when it comes to additional features.
Revolut doesn’t just offer money transfer services. It offers a rich collection of additional features, which include:
- Loans: You are eligible for loans if you live in the UK
- Cryptocurrency: You can buy and sell crypto at any time
- Insurance: Provides coverage for accidental damage
- Recurring payments: Allows you to set and cancel frequent payments at will
- Stocks: Allows you to trade the stock market
- Revolt Junior: Kids’ accounts linked to their parents’ accounts.
Other additional features include budgeting features, vault, travel medical insurance, group bills, commodities, donations, and more.
Tranferwise has a mobile app that supports both iPhone and Android devices. You can send funds from the app to just about anywhere in the world with an internet connection. Bank transfers and credit or debit card payments can be initiated from the app with a few taps.
When you transfer funds, Wise allows you to keep track of the transaction status and even cancel the transfer if you change your mind before the transaction is completed.
Transferwise also provides special account features known as jars. These are separate from your main account and can be used to accumulate funds for special purchases, a rainy day, or some other eventuality.
Your account in Transferwise integrates seamlessly with other third-party services, such as Google Pay, Apple Pay, Quickbook, Xero, and FreeAgent.
Winner: Revolut clearly takes the lead with its numerous additional services.
When comparing Revolut vs Transferwise, the ultimate decision depends on individual preferences and circumstances.
However, we would go with Tranferwise if we had to choose one. That’s because Transferwise has higher Trustpilot ratings and reviews, meaning it is perceived as more legitimate. Also, it is available in a lot more countries compared to Revolut.
Another reason to consider Transferwise is its simplicity. There are only a few features, which are particularly useful to many people.
On the other hand, you will be better off with Revolut if you want extra features, such as cryptocurrency trading and stock trading. Plus, it offers more perks for frequent travelers and allows higher limits.
Revolut also offers virtual and disposable cards, which are a big plus for online shoppers.
Bottom line: both options are great but Transferwise is your best bet if you don’t need all the additional features that come with Revolut.