Revolut vs Wise (ex. TransferWise). Which is for you?

If you have family, friends or business overseas, are planning a holiday or even an international move then you likely have spent some time wondering what the best way to exchange and store foreign currency is.

There are many possible answers to this question including the mainstream Australian banks, online neobanks, foreign currency specialists and prepaid currency cards.

In this article we’re going to take a look at two of the possible options for Australian customers - Wise (ex TransferWise) and Revolut. We’ll explore what these companies do, the products they offer and how their fees, exchange rates and public reviews compare.

Learn more about the
Wise Multi-currency account

(Transfer)Wise vs Revolut introduction

To start off, let’s take a closer look at who Revolut and Wise are and what they do in Australia.

Who is Revolut?

Founded in 2015, Revolut joined the Australian market in 2019 offering financial services to individuals and businesses. Today these services include foreign currency exchange, international payments and options for investments.

Who is Wise (ex TransferWise)?

Wise, formerly known as TransferWise, is an international payments specialist that offers money transfer services and multi currency accounts to private Australian customers as well as Australian businesses. It was launched in 2011 and is used in countries around the globe.

Revolut vs Wise — Main product offerings

In terms of products offered by Revolut and Wise, there are some similarities in what they offer. Here are some of the main services Australians can access.

As seen on 4 October 2022

Revolut vs Wise — Fees

One of the key considerations when choosing a financial provider is the fees. To make it easy for you to compare, here’s a breakdown of some of the main fees that Revolut and Wise charge for their services in Australia. All the amounts are in Australian Dollars (AUD).

As seen on 5 October 2022

Revolut vs Wise — Exchange rates used

When making an international transfer you want to be able to exchange your money using the best rate with the lowest fees. Here’s a look at the exchange rates used by Revolut and Wise, and whether they apply fees.

As seen on 5 October 2022

Revolut vs Wise — Supported currencies and routes

With Revlout and Wise there are certain currencies and transfer routes that are supported and others that aren’t. Here’s an overview of what they both can do.

As seen on 5 October 2022

When looking at the supported currencies keep in mind that there are some routes that aren’t available. For example, at the time of publishing Revolut didn’t allow USD to EUR to be transferred to St Maarten or VND to be transferred out of Vietnam.⁸

Also there are certain countries that Wise and Revolut⁸ don’t allow transfers to. This list can vary depending on current world events and can be found on their individual websites.

Money transfer speed

The speed a transfer happens at varies depending on the currency, day of the week and destination country. Here’s a general idea of how long a money transfer from Australia can take with Revolut and Wise.

As seen on 5 October 2022

Transfer pay in and pay out methods

Here’s the pay in and payout options Revolut and Wise have for Australian customers.

As seen on 5 October 2022

Pros and cons of using these services

Here’s an overview of some of the pros and cons of using Revolut or Wise as an Aussie.

What about safety?

The good news is that Wise and Revolut are both regulated services with safeguards in place to protect your money.

In Australia they’re authorised by the Australian Securities & Investments Commission and Australian Financial Services Licences (AFSL).

• Revolut Australia - AFSL number 517589¹
• Wise Australia - AFSL number 513764

Online reviews for Revolut and Wise in Australia

Taking a look online, customers have left reviews for Wise and Revolut so let’s see how they compare.

As seen on 5 October 2022

Customer support and contacts

If you want to get in touch with Revolut or Wise to chat about their Australian services you can reach out using these details.

Wrapping up

At the end of the day it really comes down to your circumstances and personal preference as to whether Wise or Revolut is the right option for you.

Focused on making things simpler for customers, Wise has a single account from which you can manage your AUD and foreign currencies. There’s no hidden fees or exchange rate markups to worry about and having 53 available currencies and account details for 10 of those is really handy if you want to send and receive money like a local.

On the other hand, the variety of services Revolut offers means it might be more useful if you want something for general money management. By having three different plans you gain the freedom to choose whether you want to use the free plan or pay a fee to get extra perks.

If you want to give Wise a try to see for yourself how well it can work for you, sign up for a free account. Registration can be done online in minutes.

Register your Wise account in minutes

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