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 9.6 out of 10, Revolut gets an average score of 7.7 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
- 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.
Ease of Use
Singing up with TransferWise or Revolut is easy, although TransferWise simplifies by process by letting you register using your existing Facebook or Google account. There are other differences as well.
- You may use the TransferWise website in English, Spanish, French, German, Italian, Hungarian, Portuguese, or Japanese.
- Depending on where you live, you may pay using a bank account transfer, a debit card, a credit card, or SOFORT.
- You get free receiving accounts in USD, GBP, EUR, and AUD by signing up for the Borderless Account.
- The TransferWise Mastercard gives you easy means to access funds in your Borderless account.
- Website access comes in English, Spanish, French, German, Polish, Romanian, and Lithuanian.
- The company accepts payments via bank account transfers, debit cards, credit cards, Google Pay, and Apple Pay.
- Turbo transfers ensure that the money gets to the recipient sooner.
- You may carry out transfers only through the Revolut app, and not a web browser.
- You get free receiving accounts in GBP and EUR.
- The Revolut account lets you hold funds in as many as 25 currencies.
- Revolut offers prepaid Mastercard and Visa cards that you may use to access your money.
- You may trade in and hold cryptocurrencies such as Bitcoin, Ether, and Litecoin.
Regular Overseas Payments
Your need to make scheduled transfers will have a bearing on whether you should use Revolut or TransferWise, While setting up recurring payments with Revolut is simple, TransferWise does not provide this functionality yet.
- Compare TransferWise and CurrencyFair side by side.
- Read more with the TransferWise Review
- Watch a YouTube video on how to apply your TransferWise Coupon or Voucher.