Wise (formerly TransferWise) and Revolut are leading fintech companies that have revolutionized international money transfers and multi-currency banking. Both offer significantly lower fees than traditional banks, but they serve somewhat different purposes.
Company Overview
Aspect
Wise
Revolut
Founded
2011 (London)
2015 (London)
Users
16+ million
35+ million
Primary Focus
International transfers
Digital banking + transfers
Business Model
Transfer fees
Subscriptions + fees
Stock Listing
London (LSE)
Private (IPO expected)
Available Countries
170+
200+
Core Products
Wise
International Transfers: Core product, best-in-class rates
Multi-Currency Account: Hold and manage 40+ currencies
Debit Card: Spend abroad at real exchange rate
Wise Business: Business multi-currency account
Revolut
Digital Banking: Full banking features
Multi-Currency Account: Hold 35+ currencies
International Transfers: Competitive rates
Crypto Trading: Buy/sell cryptocurrencies
Stock Trading: Commission-free investing
Insurance: Travel, device protection
Fee Comparison
Understanding the fee structures is crucial for choosing between these services.
International Transfer Fees
Transfer
Wise
Revolut (Free Plan)
Bank Average
$1,000 USD to EUR
~$5.50
~$6.00
~$40-50
$1,000 USD to GBP
~$5.00
~$6.00
~$40-50
$1,000 USD to JPY
~$6.00
~$7.00
~$45-60
$10,000 transfer
~$45
~$50
~$80-100
Exchange Rate Comparison
Service
Rate Type
Markup
Wise
Mid-market rate
0% (fees separate)
Revolut (Free)
Interbank rate
0-1% (weekends higher)
Revolut (Premium)
Interbank rate
0% (unlimited)
Traditional Banks
Own rate
2-5%
Revolut Subscription Plans
Plan
Monthly Cost
Key Features
Standard
Free
Basic features, $1,000/mo fee-free exchange
Plus
$2.99
Higher limits, disposable cards
Premium
$9.99
Unlimited exchange, insurance
Metal
$16.99
All features + cashback
Ultra
$45
Premium perks, concierge
Card Spending Abroad
Scenario
Wise
Revolut
Card payment abroad
Mid-market + small fee
Free up to limit, then 0.5%
ATM withdrawal
2 free/month, then $1.50
Up to $200/mo free, then 2%
Weekend exchange
Small buffer
1% markup on free plan
Feature Comparison
Beyond basic transfers, both platforms offer a range of features.
Feature Matrix
Feature
Wise
Revolut
Multi-currency account
Yes (40+ currencies)
Yes (35+ currencies)
Debit card
Yes
Yes (multiple options)
Virtual cards
Yes
Yes (disposable included)
Local bank details
10 currencies
Multiple currencies
Direct debits
Limited
Yes (full banking)
Bill splitting
No
Yes
Crypto trading
No
Yes
Stock trading
No
Yes
Savings accounts
Interest on balances
Savings vaults
Business accounts
Yes (Wise Business)
Yes (Revolut Business)
Mobile App Quality
Aspect
Wise
Revolut
App Store Rating
4.7/5
4.6/5
Design
Clean, focused
Feature-rich, complex
Ease of use
Excellent
Good (learning curve)
Transfer speed
Very fast
Very fast
Customer Support
Aspect
Wise
Revolut
Support channels
Email, chat, phone (some)
Chat (Premium: phone)
Response time
Generally good
Variable (plan dependent)
Help center
Comprehensive
Comprehensive
Languages
Multiple
Multiple
Best Use Cases
Each platform excels in different scenarios.
Choose Wise If You
Primarily send international transfers: Best rates, transparent fees
Need local bank details: Receive like a local in 10 currencies
Value simplicity: Clean interface, focused on transfers
Are a freelancer/business: Excellent invoicing and receiving
Want a full digital bank: Replace traditional banking
Travel frequently: Comprehensive travel features
Trade crypto/stocks: Integrated trading
Use multiple features: Bill splitting, budgeting, vaults
Want premium perks: Insurance, lounges, cashback
Recommendation by Profile
User Profile
Recommendation
Reason
Expat sending money home
Wise
Best transfer rates
Digital nomad
Both
Wise for transfers, Revolut for daily
Frequent traveler
Revolut Premium
Insurance, unlimited exchange
Freelancer with int'l clients
Wise
Local bank details, invoicing
Occasional transfer
Either
Both offer good value
Crypto interested
Revolut
Integrated trading
Security and Reliability
Both companies maintain high security standards, though their regulatory status differs.
Regulatory Status
Aspect
Wise
Revolut
UK Regulation
FCA (E-money)
FCA (Bank license pending)
EU Regulation
Licensed
Banking license (Lithuania)
US Regulation
State licenses
State licenses
Deposit Protection
Safeguarded funds
FSCS in UK (banking)
Security Features
2FA: Both require two-factor authentication
Biometrics: Face ID/Touch ID supported
Card Controls: Freeze/unfreeze instantly
Encryption: Bank-level encryption
Fraud Detection: Real-time monitoring
Track Record
Company
Major Incidents
Response
Wise
None significant
N/A
Revolut
2019 compliance issues
Improved controls
Which Should You Choose?
The best choice depends on your specific needs and usage patterns.
Summary Comparison
Category
Winner
Notes
International Transfers
Wise
Slightly better rates, more transparent
Daily Banking
Revolut
More banking features
Travel Spending
Tie
Both excellent
Feature Variety
Revolut
Crypto, stocks, insurance
Simplicity
Wise
Focused, easy to use
Business Use
Wise
Better for receiving payments
Value for Money
Tie
Depends on usage
Final Recommendations
Best for Transfers: Wise - consistently best rates, transparent pricing
Best for Digital Banking: Revolut - comprehensive features, modern banking
Best Overall: Use both - they complement each other well
Both Wise and Revolut offer dramatically better value than traditional banks for international finance. Many users find that having both accounts provides the best flexibility - use Wise for transfers where rates matter most, and Revolut for daily banking and travel spending. The good news is that both are free to open, so you can try each and decide what works best for your specific situation.
Financial service features and fees may change. Please verify current terms on official websites before making decisions.
This article is for general information only and does not recommend buying or selling any financial product.
Details may change after publication. Please review the disclaimer before making decisions.
