Revolut vs Wise Review: Comparison of Fees and Benefits

Comparison of Rates and Costs

In this text, we will explore the main differences between Wise and Revolut fees and costs. We'll cover service fees, money transfer costs, and premium account costs.

Service Fee Analysis

Wise charges a flat fee of €7 to send the debit card to your home. This charge covers all shipping costs, making it a transparent cost.

Revolut also charges a fee for issuing the card, which varies depending on the account plan you choose. For Standard accounts, the shipping fee is indicated when ordering the card.

In terms of service fees, Wise is known for its low and clear fee structure. Revolut, on the other hand, offers different options depending on the type of user and specific needs.

Money Transfer Costs

Wise uses the real market exchange rate and charges a fee based on currency, destination, and type of transfer. This approach ensures that there are no hidden costs, providing transparency.

Revolut has a slightly more complex fee system. Fees depend on your monthly allowance for free transfers, the currency, and the day of the week on which the transfer is made. This can make it difficult to predict exactly how much you will pay on each transaction.

If your goal is to find a service with complete transparency in terms of transfer fees, Wise may be more advantageous. On the other hand, if you already have a Revolut account and use its services frequently, you may benefit from some fee exemptions.

Premium Account Cost Comparison

Revolut offers several premium plans, such as Revolut Plus, Premium, and Metal. These plans cost, respectively, €2.99, €7.99, and €13.99 per month. Each plan comes with additional benefits such as travel insurance, more favorable exchange rates, and cashback.

Wise, on the other hand, does not have different premium account levels. Their services are based on a single payment structure, where you only pay for usage without needing a monthly premium plan.

For users looking for a complete package with multiple benefits, Revolut may be more appealing. For those who prefer to pay only for the services they use, Wise is a simpler and more direct choice.

Exchange Rates and Limits

When using platforms such as Revolut and Wise for international transfers, it is essential to understand the exchange rates that each one applies and the limits inherent to each service. Below, we’ll detail these crucial elements.

Exchange Rates in Detail

Both Wise and Revolut use commercial exchange rate ou mid market exchange rate for your operations. Wise applies a variable rate that depends on currencies and destination. On the other hand, Revolut also uses the mid-market exchange rate, but may apply a small margin on weekends.

Example Fee Table:

Transfer	Rate Wise	Revolut Fee
EUR to USD	0.5%	1.0%
EUR to GBP	0.4%	0.8%
EUR to AUD	0.6%	1.2%

Furthermore, Wise stands out for not applying marking on your exchange rates, while Revolut may add a small margin.

Limitations on International Transfers

Both platforms have international transfer limits, but these limits vary depending on the type of account and the user's country of residence. At Revolut, free accounts may have monthly transfer limits.

A Revolut it also offers free transfers between users in the same currency, which can be a significant advantage for some. For transfers outside of Europe, Revolut applies a fee of 2.3% for card transfers.

A Wise It has limits that are more flexible and can vary significantly depending on the currency. Wise covers more countries, offering a wider reach for transfers.

Summary of Limits:

• Revolut: Limits vary by account, free transfers between users in the same currency.
• Wise: Flexible limits, depending on the currencies and countries involved.

To ensure the best experience, regularly check the most up-to-date limits and fees on each platform.

Account and Banking Services Features

Revolut and Wise offer different functionalities for personal and business accounts, as well as a range of associated banking and insurance services. In this guide, you will find the main differences and features that each banking service offers.

Differences between Personal and Business Accounts

The services offered by Revolut and Wise vary depending on whether you have a personal or business account.

Personal Accounts:

• Revolut: Plans ranging from free to paid plans. Each plan offers a range of services such as unlimited transfers and travel insurance.
• Wise: Focus on transfers with competitive exchange rates and no hidden costs. It offers a multi-currency account that allows you to store money in different currencies.

Business Accounts:

• Revolut Business: Packages that include expense management tools, physical and virtual cards, and integration with accounting software.
• Wise Business: Ideal for companies that make international transfers. It also offers the possibility of receiving payments in multiple currencies with local accounts in different countries.

These differences help you customize your banking needs, whether for personal or business use.

Associated Banking and Insurance Services

Both Revolut and Wise offer additional services that complement your basic banking functionalities.

Bank services:

• Revolut: Includes a range of banking services such as term deposits, interest-bearing savings accounts and the possibility of trading cryptocurrencies. It also offers features like Vaults to save money automatically.
• Wise: Focuses on low cost for international transfers. Your multi-currency account allows you to manage multiple currencies without high fees.

Insurance:

• Revolut: Travel, health and device insurance is available. Customers with premium plans have access to more comprehensive insurance.
• Wise: Does not offer insurance. The main advantage of Wise is the savings on transfers and exchanges, without adding insurance costs.

These services make both platforms versatile options for different types of users, with Revolut focusing more on a complete banking experience and Wise specializing in transfers and international exchange.

Usability and Access

Revolut e Wise are known for their ease of use and integration with popular payment platforms. Both offer intuitive mobile apps available on the App Store and Google Play, allowing users to easily manage their accounts.

Compatibility with Google Pay and Apple Pay

Revolut and Wise are compatible with Google Pay e Apple Pay, facilitating contactless payments. This compatibility allows you to quickly add your cards to mobile payment applications, offering greater security and convenience.

With this feature, you can use your phone to pay in stores, public transport and even online. Compatibility with Apple Pay and Google Pay is a significant advantage for anyone looking for an integrated and efficient digital payment experience.

Ease of Use of the Mobile App

Revolut and Wise's mobile apps are designed to be easy to use. Both are available at App Store e Google Play, and have received praise for their intuitive interface and comprehensive features.

With the Revolut app, you can make transfers, check balances and view spending statistics. The Wise app also offers a clear interface and features such as currency conversion and multiple account management. Users generally find apps easy to navigate and quick to respond.

Having customer support accessible directly in the app is also helpful, providing quick assistance whenever you need it.

Customer Support and Reliability

Revolut and Wise stand out in the market with their innovative banking solutions. In this topic, we explore the reliability ratings and quality of customer support each offers.

Trustpilot Reviews and Market Reputation

Customer reviews are an important indicator of a service's reliability. On Trustpilot, both Revolut like Wise have high ratings, demonstrating the trust that users place in these platforms.

Revolut has a lot of positive reviews, mainly for its ease of use and comprehensive services. A market reputation from Wise is equally strong, standing out for its transparency in fees and speed in transactions. Both services are considered reliable in the financial sector.

Customer Support Services and Response Time

Customer support is crucial to the user experience. Revolut offers support in multiple languages through its app. This makes it easier to resolve problems quickly within the app's own environment. Wise also offers multilingual support but may face some challenges in response times.

Revolut is often praised for responsive and effective support. On the other hand, Wise customers mention the speed of transactions as an advantage, but point out that customer service could be more responsive. In short, both offer competent support, albeit with some nuances in their operations.

Transfer Methods and Speed

When looking at Revolut and Wise, it's important to understand how each platform handles transfer methods and the speed at which money is sent and received, especially during weekends. Both services have their particularities that may influence your choice.

Options for sending and receiving money

Wise offers direct international transfers, allowing you to send money to bank accounts in multiple countries. Sending can be done from bank accounts, debit and credit cards. It is well known for its simplicity and efficiency.

In return, Revolut offers, in addition to international bank transfers, the option to send money between Revolut users instantly and without additional fees. Furthermore, it allows account top-ups through various sources such as bank accounts, cards and even cryptocurrencies, offering more flexibility.

Both platforms allow you to receive money directly into your bank account or service account. But Revolut also offers the advantage of receiving payments via payment links, providing greater convenience for those who make frequent transactions.

Weekend Transfer Efficiency

Transfer speeds can vary significantly between weeks and weekends. Wise tries to process transfers within two business days, but is often delayed on weekends due to traditional banks closing. These transfers may take longer if they are in less common currencies.

Revolut, on the other hand, offers immediate shipping between Revolut users, regardless of the day of the week. However, transfers to external bank accounts may experience similar delays as Wise, especially in markets with stricter banking rules.

During weekends, using the Revolut account-to-account sending function can be faster than traditional transfers offered by Wise. This makes Revolut a good option for anyone who needs quick, hassle-free transactions over the weekend.

Currencies and Multi-Currency Operations

Both Revolut and Wise offer robust services for handling foreign currencies and multi-currency operations, with some notable differences that may be important for your business.

Availability of Exchange for Various Currencies

Wise allows you to keep up to 51 different currencies in your digital account, which can be very useful for people or companies that frequently deal with multiple currencies. You can convert balance between these currencies easily and exchange rates are generally more competitive.

On the other hand, Revolut supports 36 currencies. Revolut's main advantage is the ability to exchange currencies in real time, which can be practical for those who need speed in their daily operations. However, fees may vary depending on whether you are trading during weekdays or on the weekend.

Wise also allows you to receive money in nine different currencies, including dollars and euros, which gives you additional flexibility when it comes to receiving international payments. You can check more details about the Wise exchange availability.

Multi-Currency Account Management for Companies

For companies, both services offer different functionalities. Wise's multi-currency account allows you to have local bank details in multiple currencies, making it easier to receive payments from your foreign customers without high fees. Transfers are made with transparent fees and are often lower than traditional banks. This can be a significant benefit for small businesses or freelancers working internationally.

Revolut, in addition to its multi-currency offering, offers additional features such as the ability to create virtual cards to control business spending. Built-in financial analysis tools can help manage cash flow and forecast expenses, making it a comprehensive option for financial managers.

If you need more details about the business features of Revolut and Wise, both platforms offer detailed information on their official websites.

Financial and Budgeting Tools

Revolut and Wise offer a series of tools that help with budget management and your personal finances. Let's explore how each of these platforms can help with daily financial planning.

Budget Planning Instruments

Revolut

Revolut offers several features that help you manage your budget. The application allows you to automatically categorize your expenses. This way, you can see how much you spend in various categories such as food, transport and leisure.

Using the budget function, you can set monthly limits for each category and receive notifications if you are close to reaching those limits. Additionally, the “Piggy Banks” function allows you to save for specific goals, setting goals and tracking progress.

Wise

Wise also has some budget planning tools, although more focused on international transactions and multiple currency management. You can open accounts in multiple currencies and transfer money between them without large markup costs.

The platform offers notifications about expenses and allows you to view transaction history in detail. Plus, currency conversion is made easy with transparent fees and no hidden charges. These features are useful for those who need to manage finances in different countries.

Products and Special Accounts

Revolut's premium and metal accounts offer a range of exclusive perks. Another useful feature is virtual cards that provide an extra layer of security when shopping online.

Benefits of Metal and Premium Accounts

The bills Revolution Premium e Revolut Metal bring significant benefits. The Premium account costs €7.99/month and the Metal account costs €13.99/month. Both offer fee-free exchange in over 30 currencies up to certain monthly limits.

With the Revolution Premium, you get international medical insurance, access to 1000+ airport lounges, and priority customer support. A Revolut Metal adds 1% cashback on international purchases and 0.1% in Europe, plus concierge assistance to help organize events and reservations.

These accounts are suitable for those who travel frequently or make international purchases, as they help you save on exchange fees and offer additional travel and customer service benefits.

Advantages of Virtual Cards

Os virtual cards are an important feature for both Wise and Revolut. They are designed for online use and offer greater security, as you can easily create and delete virtual cards, reducing the risk of fraud.

Revolut allows you to have multiple virtual cards, renewing them regularly or creating single-use cards that are canceled after a single transaction. This is particularly useful for shopping on unknown or less trustworthy websites.

The virtual cards of Wise they are equally effective, allowing secure transactions without the need for a physical card. You can manage cards directly through the app, making it easier to control your online purchases.

Virtual cards help protect your banking information and are an excellent tool for security-conscious consumers.

Security and Licensing

Revolut and Wise offer robust security measures and are both licensed to provide financial services. Below, we detail their banking licenses and the security measures they take, as well as their fraud protections.

Bank Licenses and Security Measures

A Revolut holds a banking license in Lithuania, which allows it to offer banking services to European customers. This license ensures that Revolut follows strict regulations, keeping customer funds safe.

A Wise, on the other hand, does not have a full banking license but is regulated by the FCA in the UK and other global authorities. This means they are required to comply with strict financial security standards.

Both use advanced encryption technologies to protect customer data. Two-factor authentication (2FA) is standard on both platforms, adding an extra layer of login security.

Fraud Protection and Transaction Security

To combat fraud, the Revolut implements real-time monitoring systems. These systems analyze suspicious transactions and send automatic alerts to customers. Additionally, Revolut offers optional fraud insurance through its paid plans.

A Wise takes a similar approach by monitoring unusual activity and deploying machine learning technologies to detect fraud. A balance protection ensures that funds are safe even in cases of compromised information.

Both companies are committed to protecting their customers with rigorous security measures, including transaction alerts and the ability to temporarily block cards through apps.

Alternative Options and Final Considerations

There are several alternatives on the market for Revolut and Wise. Each company has its unique skills and distinct mission.

Marketplace Alternatives to Revolut and Wise

If you are looking for a different solution, there are several companies you can consider. N26 is a popular option with an intuitive application and low fees for international transactions. Monese is known for free, hassle-free accounts for non-EU residents.

bunq offers high account customization, which can be useful for those looking for more control. Openbank, a subsidiary of Santander, combines the strength of a large bank with modern digital services. These options offer viable alternatives depending on your specific needs.

Summary of the Distinct Competencies and Mission of Each Company

Revolut stands out for its focus on mobile banking services, offering features such as cryptocurrency trading and cashback. It's a comprehensive solution for anyone looking for more than simple money transfers. Its mission is to simplify users' financial lives through digital innovation.

Wise, formerly TransferWise, specializes in making transferring money in other currencies cheap and easy. It focuses on offering the best exchange rates and transparency. Wise's mission is to promote financial inclusion and provide services that are fair and straightforward.

Each company has its strengths, and it is important to choose the one that best aligns with your financial needs.

Frequently Asked Questions