Wise (formerly Wise) vs Revolut in New Zealand: Which is better?

Wise is a non-bank specialist in international payments and multi-currency accounts which launched back in 2011, and has been available for personal and business customers in New Zealand for some time. Revolut¹ is a global financial app, also supporting international payments and multi-currency accounts which launched recently in New Zealand for personal customers.

So what’s the difference between Revolut vs Wise? This guide walks through key features and fees you should know about, including Wise vs Revolut for travel, and Wise vs Revolut fees and exchange rates. Let’s dive right in.

What is Revolut?

Revolut was founded in 2015, and arrived in New Zealand in 2023². Although it’s new here in New Zealand, it’s a large, trusted and popular brand globally, with over 30 million customers.

In New Zealand Revolut has online and digital accounts and services including debit cards and easy ways to send payments overseas. You can also access crypto services, and tools to help you plan your budget. Revolut accounts include the Standard plan which has no ongoing fees, but you can also choose to upgrade to an account with fees of up to 19.99 NZD a month to unlock more features and more no-fee transactions. This guide walks through your options in more detail.

Revolut is a global service, and is regulated and licensed everywhere it operates - making it safe to use.

What is Wise (formerly Wise)?

Wise launched in 2011 as Wise, and arrived in New Zealand back in 2018. Overall, Wise has over 17 million customers globally, including both individual and business customers. Wise services include international transfers to 160+ countries, digital multi-currency accounts and debit cards.

Wise accounts can hold and exchange 40+ currencies, receive payments conveniently in 9 currencies, and come with an international Wise debit card you can use for spending and withdrawals in 150+ countries. Whenever you spend, send or exchange with Wise you get the mid-market rate with low, transparent fees. Business customers get all the perks available for individual users, as well as some business friendly extras like batch payments and multi-user access.

Wise has over 17 million customers globally and is overseen by regulatory bodies all around the world

Learn more in our guide on using Wise in NZ

Wise vs Revolut - Main Comparison

In just a moment, we’ll look in more detail at Revolut vs Wise fees and Revolut vs Wise exchange rates - both particularly important if you’re thinking of one of these providers as a travel card or for international use. However, first, to give an overview of each, let’s take a head to head of Wise vs Revolut on feature availability.

	Wise	Revolut
Eligibility	Most countries around the world	Residents of countries and regions including New Zealand, the UK, the US, Australia, and the EEA
Available currencies	Hold and exchange 40+; get local bank details for 9	35+4
Account opening fee	No fee for personal accounts	No fee
Monthly fee	No fee	Standard plans have no monthly fee - or upgrade for up to 19.99 NZD/month
Debit card	Available - 14 NZD one time fee	Available fee free - delivery charges may apply5
ATM fees	2 withdrawals a month, the value of 350 NZD fee free, then 1.5 NZD + 1.75% per withdrawal3	No fee up to plan limit
Exchange rate	Mid-market rate	Mid-market rate up to plan limits
International transfer fee	From 0.39%	Standard accounts: 0.3% - 1% + any applicable currency conversion fee6 Premium and Metal accounts have different fees - more in the section below
Business account available	Available	Not available in New Zealand

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Wise vs Revolut - International Transfers and Exchange Rates

How Wise and Revolut work for international transfers varies quite a bit, including differences in the way the Wise vs Revolut exchange rates are set.

With Wise all customers get the mid-market rate with transfer fees which vary depending on the payment details, starting from 0.39%. Revolut has a slightly more complicated system. Transfer fees vary based on the currency and account tier you choose, and there may also be currency conversion costs depending on the transfer value, the account you have and whether the wholesale markets are open or not.

Check out a real-time comparison below between the two providers for sending 1000 GBP from the UK to New Zealand:

Wise vs Revolut - Multi Currency Account

If you’re interested in Revolut vs Wise for travel you might want to know about the account multi-currency features. Again here, the services differ slightly. Wise has no ongoing fee to pay, and all accounts can hold and exchange 40+ currencies and receive payments in 9 currencies with local details. Revolut accounts may have a monthly fee, and support a range of 35+ currencies, with incoming payments in NZD only. Here’s a head to head comparison:

	Wise	Revolut
Monthly fees	No fee	Standard plans have no monthly fee - or upgrade for up to 19.99 NZD/month
Available currencies for holding and exchange	Hold and exchange 40+	Hold and exchange 35+
Local account details	Get local bank details to receive incoming payments in 9 currencies	Local payments in NZD accepted, no incoming international transfer options13

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Wise vs Revolut - Travel Card

So what about Revolut vs Wise for travel cards? Both providers offer international debit cards which can be used for spending and withdrawals globally. With Revolut the exact card you get varies by account tier, but all accounts come with options for physical and virtual cards. Wise also offers physical and virtual cards to all users.

When you’re overseas you can use a Wise card to tap and pay globally, and your NZD will be converted to the currency you need with the mid-market rate and low conversion fees from 0.39%. Revolut cards convert your currency with the mid-market rate to your monthly plan limit, before applying a 0.5% fair usage fee. Out of hours fees of 1% might also apply here, if you spend while wholesale markets are closed. This out of hours fee is based on New York time, and means that spending from around lunchtime on Saturday (New Zealand time) to lunch time on Monday (New Zealand time) might cost you more.

Here’s an overview of the Wise card vs Revolut for travel use:

	Wise	Revolut
Monthly fees	No fee	Standard plans have no monthly fee - or upgrade for up to 19.99 NZD/month
Card types available	Physical and virtual	Physical and virtual - exact card you get varies based on the account tier14
Ways to spend	Chip and PIN, contactless, mobile payments with a wallet like Apple Pay	Chip and PIN, contactless, mobile payments with a wallet like Apple Pay
Currency conversion	Mid-market rate + fees from 0.39%	Mid-market rate to plan limit, then 0.5% fair usage fee 1% out of hours fee may also apply

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Wise vs Revolut - NZ Business Accounts

Business owners, sole traders and freelancers can open an account with Wise Business in New Zealand. Revolut currently does not offer accounts to business users in New Zealand. With Wise, business customers get all the same multi-currency and international features that personal customers get, plus some extras which can help cut down admin time. For example:

• Hold and exchange 40+ currencies
• Get local bank details for 8+ currencies to receive payments easily
• Get debit and expense cards for spending and withdrawals in 150+ countries
• Send money to 160+ countries
• Exchange with the mid-market rate and low fees from 0.39%
• Make batch payments to up to 1,000 people at once
• Access the Wise API for workflow management
• Get cloud accounting integrations
• Multi-user access available

Learn more about Wise Business

Summary - Revolut or Wise?

Both Revolut and Wise are great options for anyone who wants to manage their money internationally.

If you’re looking for a business account, Wise is your best option as Revolut has not yet launched in New Zealand for business users. For personal customers, it’s worth checking the features and fees of each to decide which is right for you.

If you want an account with a good range of supported currencies, no ongoing fees and a simple charging structure, Wise may be right for you. If you’re thinking of trading up for a monthly fee to unlock more features and get a higher limit on no fee transactions, Revolut might be a better bet. Compare both to decide which suits your personal spending needs.

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Sources:

1. Revolut NZ
2. Revolut press release
3. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
4. Revolut supported currencies
5. Revolut Standard plan fees
6. Revolut Standard account currency transfer fees
7. Speed: The speed of transaction claim depends on funds availability, approval by Wise's proprietary verification system and systems availability of our partners' banking system, and may not be available for all transactions
8. Revolut Premium fees
9. Revolut Metal fees
10. Revolut Premium currency transfer fees
11. Revolut Metal currency transfer fees
12. Revolut FAQ - when will my transfer arrive
13. Revolut FAQ - supported countries for incoming transfers
14. Revolut cards

Sources verifies on 20 May 2024.