Are you trying to find a secure solution to make international money transfers?
Whether is your reason, there are some fast options available on the market to send international, and domestic transfers with ease: Wise (previously named TransferWise), and Revolut).
You could, for example, send salary to your employees, or send money to your loved ones across the country you live in or even in a foreign country.
Both options can be used to make these transfers, but despite the resemblance between those, both have some advantages for specific purposes.
So what solution should you use to make your international payment?
In this article, you’ll learn the main differences between Wise and Revolut.
We’ll talk about the fees, the locations, the customer service and about transfer time.
The Main Differences Between Wise and Revolut
Wise is a financial company that was used to be called Transferwise.
Before Wise was launched, international transfers were not that convenient to do.
Besides that, the bank transfer fees are also expensive.
Now that it has been in operation for over a decade, Wise has gained the trust of many users.
They find it secure and affordable.
Revolut is also a company for international payments and was established just in 2015.
It’s a virtual bank that is used as an alternative to traditional bank accounts.
However, as years passed, the company designed additional features.
They allow users not only to make online payments but also to manage their finances wisely through budgeting tools and apps.
Unlike Wise, it has these extra features that you need for your finance management.
Wise vs. Relovut: Affordability
We all want affordable money transfers and interbank exchange rates.
Instead of paying costly fees, you’ll be able to save more money for yourself or to send it to your loved ones.
Besides that, when you make bulk payments, the fees and rates can increase even more.
So to help you find out which one has lower fees for currency exchange and money transfer, check this comparison below:
Wise
One of the cool features of Wise is allowing its users to set up multi-currency accounts and convert using the real conversion rate.
Once you set up personal accounts or business accounts on wise, you’ll have to pay for mid-market exchange rates.
However, wise still get their fees, and they add them based on the amount you will transfer.
The fees for debit and credit card is around 0.15%-2%.
Wise will show you the calculation as you do the transfer.
If you want to send a certain amount to someone, you just have to add the calculated fee to the total amount that will be deducted from your bank.
Otherwise, it will be deducted from the money that the receiver will get.
You can check the calculation by yourself through the Wise pricing page.
In addition, creating a Wise account is free. You only have to pay if you exceed the 15,000 euros limit.
If you need a wise card, you can place an order for only $9.
If you lose it, you can get a replacement card for only $5.
Revolut
Like Wise, Revolut won’t charge you for creating an account.
You’ll also be allowed to exchange more than 29 currencies with no hidden fees but with a monthly limit of $1000.
Besides that, you can make ATM withdrawals without charges for up to $300.
If you want a Revolut card, you can get it for free.
The free version of Revolut will allow you to use its budgeting features and affordable money transfer fees.
If you want a Revolut premium account, you’ll have to pay $9.99 monthly.
But as you pay for additional fees, you also get additional benefits such as the following:
- Increased free ATM cash withdrawal limit, up to $600 monthly
- Earn 0.14% annual percentage yield when saving money
- Be prioritized by the customer service team
- Get Revolut junior accounts for up to 2 kids
There is a Revolut business account and a personal account that have different fees.
For an accurate calculation, you can visit the Revolut website.
But to get ideas about the costs of using it, here are some of the typical fees:
- Additional £0.30 – £5.00 charge for International money transfers outside Single Euro Payments Area (SEPA)
- Conversion fee 0.5%-1%, depending on the amount
- 1% charge for weekend transfers or during UK holiday
- Monthly payments exceeding £1,000 will charge you with 0.5% fair usage fee
What’s More Affordable?
Both Revolut and Wise are good options for money transfers as they have real interbank rates.
They can both charge you more expensive fees if you do larger transfers.
But if you are doing international transfers frequently, Wise will help you save more money.
You’ll get to avoid the additional fees as their international money transfer service doesn’t have additional charges.
The fee applies for conversion only.
Wise vs. Relovut: Location
Of course, you need to use a financial account that will allow you to send money from your location to your receiver’s country.
So let’s compare Wise and Revolut based on the countries they manage.
In Wise, you can send to more than 50 different countries and request money from about 30 countries in over 50 currencies.
On the other side, Revolut will allow you to send money to different countries which are over 150.
What Supports More Countries?
For the number of countries, Revolut supports more.
But before choosing one, consider you and your receiver’s country of residence.
For frequent travelers, check if the financial company is available in your current location for convenient money management.
Wise vs. Revolut: Customer Service
Customer service is essential in any type of business and company, especially in the financial industry.
If ever you encounter problems with bank account transfers, card payments, or have questions about financial services, you want hassle-free communication with the company’s representative.
Wise
If you use Wise, you can check the answers to frequently asked questions in their help center.
To connect to an agent, you can contact one through email, phone, Facebook messenger, WhatsApp, and Twitter.
You can reach out to them from Monday to Friday between 8 AM to 8 PM UTC.
Revolut
Revolut also has an online help center where you can see answers to FAQs.
If you want to contact support, you can do it through live chat.
However, they don’t have phone support, and you can’t verbally speak with an agent.
Which Has a Better Customer Service?
For this case, the better one will depend on your preferred communication method.
If you want to contact and reply to an agent whenever you want, you can choose different ways to contact one with Wise.
On the other hand, to have a live chat with an agent, you can do that with Revolut.
In addition, you can upgrade your account to Revolut premium for better customer service as discussed above.
Wise vs. Revolut: Transfer Time
Aside from affordable foreign currency exchanges, conversion fees, wide location, and great features, you also want to complete your transactions fast.
For Wise, the transfer usually takes around 3 business days.
If you need a faster transaction, you can use your credit or debit card.
For Revolut, if you are sending locally in the UK, you can complete a transaction within 2 hours.
Sometimes, it can take 1 to 2 business days.
But for international bank transfers, you’ll have to wait for 3 to 5 days.
If you want a faster Revolut transaction, you can upgrade to a premium account.
Which Will let You Receive Faster?
The transfer speed will depend on your location and the money’s destination.
If you and your receiver are in the UK, it’s better to use Revolut, which is a UK-based company.
But if not, you can use Wise if it’s available where you are.
Conclusion
Both Wise and Revolut come with pros and cons.
They differ in terms of affordability, supported locations, customer service, transfer time, and features.
Wise has transparent fees and affordable conversion rates, but it supports fewer countries than Revolut.
Revolut, on the other side, supports more countries and has a live customer support and extra features, but it has many fees.
Therefore, you just have to consider both of their advantages and disadvantages and choose according to what you think is suitable for you.
If you have any questions about this blog, please feel free to drop a comment below.
