Fintech technology has reshaped how people send money internationally, hold and exchange currencies, and manage finances globally. Two of the most widely used fintech platforms for cross-border money movement are Wise and Revolut. Both offer digital accounts, currency exchange, multi-currency wallets, debit cards, and global money transfer capabilities, but they differ fundamentally in cost structure, pricing transparency, supported features, and user experience.
Understanding how these differences affect your usage is essential whether you are a frequent international remitter, digital nomad, expatriate worker, small business owner, or casual traveler. This article examines Wise and Revolut in depth to determine which is better suited for your specific needs.
Table of Contents
Summary TL:DR
What Wise Is and How It Works
What Revolut Is and How It Works
Key Differences Between Wise and Revolut
Fees and Exchange Rate Comparison
Supported Currencies and Account Features
Transfer Speed and Delivery Times
Security, Regulation, and Consumer Protection
Which Option Is Best for Different Use Cases
FAQs
Sources
Summary
Wise and Revolut are both popular fintech options for international money transfers and multi-currency accounts, but they serve slightly different priorities. Wise is widely recognised for transparent pricing and consistently uses the mid-market rate with predictable, low variable fees. Revolut offers broader financial services with a tiered pricing model, real-time rates subject to plan limits, and perks like cards, budgeting tools, and instant peer-to-peer transfers. Revolut can be cheaper for small transfers within plan limits and on weekdays, while Wise is generally more cost-effective for medium to high value transfers due to consistent mid-market exchange rates. The best choice depends on your transfer frequency, amount, and desired features.
What Wise Is and How It Works
Wise, originally launched as TransferWise, is a financial technology company specialising in transparent and low-cost international money transfers and multi-currency accounts. Wise’s core differentiator is its use of the mid-market exchange rate for currency conversions. The mid-market rate is the rate banks trade currencies with each other, with no added markup, so customers see a clearer picture of what their money will convert to before sending. Wise charges a small variable fee that depends on the currency pair and amount.
Beyond transfers, Wise users can hold over 40 currencies in a single account, receive local bank details in multiple currencies, use debit cards for spending abroad, and integrate with business payment workflows. Wise is designed for global flexibility and cost transparency.
What Revolut Is and How It Works
Revolut is a digital banking platform that includes international money transfers along with a broader suite of financial services. These include budgeting and analytics, savings vaults, stock trading, crypto access, travel insurance, and subscription-based premium plans. Revolut’s international transfer features allow users to send money to over 160 countries and hold and exchange more than 36 currencies.
Unlike Wise’s flat pricing structure, Revolut offers tiered plans such as Standard, Premium, Metal, and Ultra. Each plan defines allowances for fee-free currency exchanges and different levels of perks and protections. Within those allowances, exchanges typically use live interbank rates during weekdays, but markups can apply once limits are exceeded or on weekends.
Key Differences Between Wise and Revolut
One major distinction between Wise and Revolut is how each platform treats exchange rates and fees. Wise consistently uses the mid-market rate and charges a transparent, variable fee that is disclosed up front. This makes it easier to estimate costs for larger transfers because the total cost scales predictably with the amount you send.
Revolut, by contrast, offers users real-time exchange rates that are free within plan limits on weekdays but may include markups beyond those limits or on weekends. Because these markups and allowances change by plan tier, the effective cost of a transfer can vary significantly depending on your subscription and timing.
Another difference is that Revolut functions as a broader financial app, including budgeting, investment, and travel-related services, whereas Wise’s focus is narrower and more specialised around international money movement and multi-currency accounts.
Fees and Exchange Rate Comparison
Wise’s fee structure is transparent and tied directly to the amount of money you send. Fees typically start from a small percentage of the transfer value and are shown before you confirm a payment. The use of the mid-market rate means there is typically no hidden markup on the currency conversion component of the transfer.
Revolut’s pricing depends on your plan. Standard plan users may have limited free currency exchange allowances per month, after which fees or markups apply. Some plans waive weekend markups while others do not. Base plans may also charge small fixed fees for certain transfers, especially those funded by card rather than bank deposit.
For small transfers, Revolut’s free allowances can make it cheaper in practice. Price tests show that for smaller sums, Revolut often delivers competitive or lower cost outcomes if you stay within plan limits and send on weekdays. For higher value amounts, Wise’s consistent mid-market rate and transparent fees often result in better net amounts received.
Supported Currencies and Account Features
Wise generally supports more currency pairs for transfers and local account details in several major currencies. This makes it especially useful for users who need multi-currency operations, local account receipts, and cross-border business payments.
Revolut provides strong multi-currency support. It excels in peer-to-peer transfers between Revolut accounts, which are instant and fee-free in many cases. Revolut also layers in features like budgeting tools, virtual cards, and premium perks tied to plan levels.
Transfer Speed and Delivery Times
Both Wise and Revolut provide fast international transfers. Delivery times can vary based on destination, currency, and the banking systems involved. Some transfers, particularly within the SEPA zone or between shared supported banking rails, may settle quickly. In many other corridors, transfers arrive within one to three business days, similar to standard fintech transfer expectations. Real-time tracking and notifications are available in both platforms. Speed can also depend on how you fund the transfer and the recipient’s banking environment.
Security, Regulation, and Consumer Protection
Wise and Revolut are regulated financial technology companies in multiple jurisdictions. In the UK both operate as authorised Electronic Money Institutions, which means client funds are safeguarded separately from operational funds. This provides a level of safety, although they do not hold full bank status and are not protected by the same deposit guarantee schemes that apply to traditional banks.
When evaluating platforms, consider both regulatory status and your own use case. Wise has faced regulatory scrutiny in some jurisdictions over past advertising practices related to fees, while both platforms maintain robust compliance frameworks to protect user funds.
Which Option Is Best for Different Use Cases
Frequent international remitters sending medium to large sums may find Wise’s transparent fee structure and consistent mid-market rates offer better value over time. Users who prioritise a comprehensive financial ecosystem with budgeting, investing, and spending features might prefer Revolut, especially if they make smaller transfers within plan limits and utilise additional app features.
Travel-oriented users who value perks tied to premium plans may find Revolut’s bundled benefits attractive. Businesses that require local currency accounts and multi-currency payments may lean towards Wise for clarity and coverage.
FAQs
What is the main difference between Wise and Revolut?
Wise specialises in transparent, low-cost international transfers using mid-market rates, while Revolut is a broader digital banking platform with tiered plan benefits and variable rate allowances.
Which platform is cheaper for international money transfers?
For small transfers within Revolut plan allowances, Revolut can be cheaper. For medium to larger transfers, Wise’s consistent use of mid-market rates and transparent fees often results in lower total cost.
Does Wise always use the mid-market exchange rate?
Yes. Wise consistently uses the mid-market rate for currency conversions, with fees displayed clearly before you confirm a transfer.
Can I hold multiple currencies in both Wise and Revolut?
Both support multi-currency holdings, but Wise generally supports more currencies and offers local account details in more regions.
Are transfers instant on both platforms?
Peer-to-peer transfers between accounts of the same provider are typically instant. Transfers to traditional bank accounts and external accounts usually take between one to three business days depending on destination.
Sources used for article
https://wise.com/compare/revolut-vs-wise
https://www.revolut.com/money-transfer
https://wise.com/gb/blog/revolut-vs-wise-uk
