- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Travel Debit Card
- Global Bank Accounts
Transferwise and Revolut are not your ordinary international money transfer providers. They fall into a different category, which is moving towards resembling online global bank accounts. The WorldFirst World Account or Payoneer are other great examples of FX providers that are expanding their products to allow for simple, low cost FX receiving accounts too. The “global wallets” or “virtual bank accounts” usually allow you to receive, hold, and send different currencies around the world. This can especially help people who are selling products internationally, and are sick of the fees and foreign exchange rates imposed by their banks or the likes of PayPal.
Side By Side
|Low rates and fees||Low rates and fees|
|No membership fees||Free limited account available. Monthly fee charged for premium and metal accounts.|
|Offices in Australia, New Zealand, the U.S., the UK and Hong Kong||Offices in the UK, Poland, Russia, Singapore, the U.S., and other countries|
|Over 50 countries supported (see the full list here)||32 countries supported (Currently only available in the UK, the Eurozone, and Australia)|
|Hold money in more than 50 currencies with the TransferWise Borderless Account||Hold and exchange money in 29 currencies|
|Available to individuals and businesses||Available to individuals and businesses|
|Only spot transfers supported||Supports spot transfers and recurring payments|
Carrying out an overseas money transfer is much simpler than it was a couple of decades ago, with people getting to choose from a number of service providers. If you have made a shortlist and cannot decide if you should use TransferWise or Revolut, a little research will help you arrive at a suitable decision. Is one better than the other? The answer to that depends on your individual requirements.
One way to determine if you should use Revolut or TransferWise is to look at what previous customers of both companies have to say about their experiences. If you take the Revolut vs. TransferWise comparison to Trustpilot, you will notice that while TransferWise averages at 9.2 out of 10, Revolut gets an average score of 7.8 out of 10. However, other factors may affect you final decision, so read this comparison in its entirety.
The different aspects that require your consideration in selecting TransferWise or Revolut include:
- Exchange Rates
- Multi-Currency Bank Accounts
- Debit/Travel Cards
- Ease of Use
- Regular Overseas Payments
This section of the Revolut vs. TransferWise comparison tilts in favor of one company, especially if you do not plan to transfer a lot of money.
- You will need to pay a small percentage of the transfer amount as fees.
- Fees depend on where you live, the destination country, the transfer amount, and the payment method.
- Get an indication of how much you will need to pay as fees by referring to the TransferWise fee breakdown table.
- You pay no fees for adding funds or receiving money into the TransferWise Borderless account.
- Converting funds between currencies and withdrawing money into your local bank account attracts fees.
- Transfers of up to £5,000 or its equivalent per month are fee-free.
- You will need to pay a 0.5% fee if you exceed the monthly limit.
- Premium members may carry out unlimited transfers for free.
- Standard members need to pay a fee for turbo transfers.
- Check the company’s pricing details for more information.
Debit /Travel Cards
You get access to a prepaid card no matter whether you select TransferWise or Revolut.
- You may apply for the TransferWise Mastercard if you live in:
- You pay no fees to make ATM withdrawals of up to £200 every 30 days
- Revolut lets you choose from standard, premium, and metal plans
- The account type has a bearing on fee-free ATM withdrawals as well as exchange fees
- As a premium or metal plan holder, you may access up to five cryptocurrencies instantly
- Revolut provides different types of insurance covers for premium and metal plan holders
- As a Metal cardholder, you may spend no more than £30,000 or its equivalent in another currency per year
- Metal cardholders may spend no more than £5,000 or its equivalent in another currency in a 96-hour period
- The maximum cash you may withdraw from ATMs limits to £2,000 or its equivalent in another currency per day
Your decision to use Revolut or TransferWise may depend on where you and the recipient live, with the latter having a wider reach.
TransferWise lets you register from and send money to most countries, and you may check the list of countries it supports online.
Revolut is currently only available to customers in the European Economic Area. They are planning to roll out their service to more countries in the near future. See the full list of supported countries here.
Both companies fare well in this section of the TransferWise vs. Revolut comparison. High encryption levels ensure that the information you provide using their websites and apps remains secure.
- UK-based TransferWise is registered with and regulated by the Financial Conduct Authority (FCA).
- The company is sponsored by the Community Federal Savings Bank in the United States and it has licenses to operate as a money transmitter in several states.
- Headquartered in the UK, Revolut is registered with and regulated by the Financial Conduct Authority (FCA).
- Revolut Cards are issued by Revolut Ltd.
You may save some money by using ongoing promotional offers provided by both companies.
- There are no existing offers from TransferWise.
- As a premium Revolut member, you may benefit through free global express delivery, exclusive premium cards, overseas medical insurance, and more. Business clients can benefit through first three months free account subscription.
- Compare TransferWise Vs WorldFirst
- Read more about the WorldFirst World Account
- Compare TransferWise and CurrencyFair side by side.
- Read more with the TransferWise Review