Wise (formerly TransferWise) vs Revolut - Which one is better in Singapore?

Wise (formerly TransferWise¹) and Revolut² are both providers of online and digital multi-currency account services and international payments, with a range of handy features to help customers manage their money across borders. If you’re wondering which is better for you here in Singapore, this review is here to help.

We’ll introduce each provider, and then run through a comparison of their key account features and services. There’s also a bit of a deeper dive into some of the key services you might need a digital multi-currency account for - international transfers and currency exchange, bank account alternative features, and business options.

Table of contents
What is Revolut? What is Wise (formerly TransferWise)? Wise vs Revolut - main comparison International transfers and exchange rates As a bank account alternative Business accounts Summary - Revolut or Wise?

What is Revolut?

Revolut was founded in 2015, and brands itself as a financial super-app, offering online and digital accounts and services including debit cards, investment options, and accounts for children. Globally, Revolut has 20 million users³, and almost a million business customers - although business account services are not yet available here in Singapore.

Is Revolut safe to use in Singapore?

Probably the first question on your mind: is Revolut safe? The good news is that Revolut is a safe provider to choose in Singapore. It’s registered with MAS as a Major Payments Institution, and as a company covering many international locations, also has to comply with global financial regulation to maintain its international licenses.

What is Wise (formerly TransferWise)?

Wise was launched in 2011 as Wise, a specialist in low cost international payments which use the mid-market exchange rate and transparent pricing. Today, Wise has over 13 million customers, and has expanded its offering to include multi-currency accounts for individuals and business customers. Wise is available in most countries around the world, although the specific services on offer may vary based on location.

Is Wise safe to use in Singapore?

Wise is safe to use in Singapore. Like Revolut, Wise is regulated by MAS - and also other global bodies around the world like the FCA in the UK, and FinCEN in the US. Both Wise and Revolut also offer a broad range of manual and automatic anti-fraud measures which run 24/7 to keep customers and their money safe.

Wise vs Revolut - main comparison

On with the Wise vs Revolut review. First we’ll look at a broad comparison of the different features available from each provider. Then we’ll look in more detail at a few key service areas.

	Revolut	Wise
Eligibility	Residents of Singapore, the UK, the US, Australia, Japan, Switzerland and the EEA⁴	Most countries around the world, excluding a short list of locations where accounts can not be opened or used⁵
Available currencies	27 during time of research	Hold and exchange 40+ currencies; get local bank details for 9 (including SGD, USD, EUR, and more)
Account opening fee	No fee	No fee
Monthly fee	Standard plans have no monthly fee - or upgrade for up to 19.99 SGD/month⁶	No fee
Debit card	Available fee free	Available - 10 SGD one time fee
ATM fees	No fee up to plan limit⁷	2 withdrawals a month, the value of 350 fee free, then 1.5 SGD + 1.75% per withdrawal
Exchange rate	Mid-market rate up to plan limits	Mid-market rate
International transfer fee	0.3% - 2%⁸	From 0.43%*
Accounts for kids	Available	Not available
Trade and invest	Available	Interest-bearing account available
Business account available	Not available in Singapore	Available

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

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Wise vs Revolut - international transfers and exchange rates

One of the key services people may choose an online multi-currency account for is international payments. With both Wise and Revolut you can send money to other account holders, or to bank accounts around the world held in different currencies.

However, the way each provider works is a little different.

Wise uses the mid-market exchange rate at all times, and charges a low transfer fee which can vary based on the currencies and countries involved.

Revolut on the other hand, offers mid-market currency exchange within market hours, with limits to the amount you can convert based on your account plan. There’s then a low transfer fee to actually send the money on.

Here’s a comparison of the 2 options.

	Revolut	Wise
Eligibility	Residents of Singapore, the UK, the US, Australia, Japan, Switzerland and the EEA⁴	Most countries around the world, excluding a short list of locations where accounts can not be opened or used⁵
Available currencies	27 during time of research	Hold and exchange 40+ currencies; get local bank details for 9 (including SGD, USD, EUR, and more)
Account opening fee	No fee	No fee
Monthly fee	Standard plans have no monthly fee - or upgrade for up to 19.99 SGD/month⁶	No fee
Debit card	Available fee free	Available - 10 SGD one time fee
ATM fees	No fee up to plan limit⁷	2 withdrawals a month, the value of 350 fee free, then 1.5 SGD + 1.75% per withdrawal
Exchange rate	Mid-market rate up to plan limits	Mid-market rate
International transfer fee	0.3% - 2%⁸	From 0.43%
Accounts for kids	Available	Not available
Trade and invest	Available	Interest-bearing account available
Business account available	Not available in Singapore	Available

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Wise vs Revolut - bank account alternative

You might be considering getting a Wise or Revolut account as an alternative to a traditional bank account. Both providers offer flexible accounts with a great range of features, which can be really handy.

One point to note, though, is that neither account allows ATM withdrawals in Singapore - although as cash is so seldom used these days, that may prove no issue at all.

Here’s a rundown of the features of each.

	Revolut	Wise
Available currencies	27+	Hold and exchange 40+ currencies; get local bank details for 9
Monthly fee	Standard plan - no monthly fee Premium plan - 9.99 SGD Metal plan - 19.99 SGD/month	No fee
Debit card	Available fee free	Available - 10 SGD one time fee
Virtual cards	Available for Premium and Metal account holders	Available
Cashback on card spending	1% cashback Metal account holders	Not available
ATM withdrawals within Singapore	Not available	Not available
ATM fees	Standard plan - Up to 350 SGD/month fee free Premium plan - Up to 700 SGD/month fee free Metal plan - Up to 1,050 SGD/month fee free 2% fee applies on withdrawals above the plan amount	2 withdrawals a month, the value of 350 fee free, then 1.5 SGD + 1.75% per withdrawal
Accounts for kids	Available	Not available
Trade and invest	Available	Interest-bearing account available
Business account available	Not available in Singapore	Available

Learn more from our in-depth Revolut vs Youtrip vs Wise comparison.

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Wise vs Revolut - business accounts

Although Revolut does offer business accounts in some countries, Revolut business accounts have not yet landed in Singapore. That means for now, if you’re looking for a multi-currency online business account, Wise is your clear winner.

You’ll have the option of opening a Wise Business account fee free for making international transfers, or you can pay a low one time fee to access all you need for international banking. Here’s what a Wise business account can offer⁹:

Wise Business feature	All you need for international payments	All you need for international banking
Set up cost	Free	54 SGD one off cost
Make payments	Available	Available
Batch payments	Available	Available
Hold and exchange 40+ currencies	Available	Available
Add team members	Available	Available
Integrate to online accounting software	Available	Available
Get debit cards for team members	Available - 1st card is free, subsequent cards have a one time 4 SGD fee	Available - 1st card is free, subsequent cards have a one time 4 SGD fee
Direct debits	Not available	Available
Local account details for 9 currencies	Not available	Available
Receive third party payments	Not available	Available
Get paid through platforms like Stripe and Amazon	Not available	Available

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Summary - Revolut or Wise?

Let’s wrap up our TransferWise vs Revolut review. Which one is best for you may simply come down to the features you need and how you expect to use your account.

Revolut Singapore offers a range of fee-paid account plans which you can use to unlock higher transaction limits and extra perks. There’s also Revolut cashback on card spending if you’re a Metal account holder. However, if you’re more interested in an account with no monthly fee, it’s worth comparing the Revolut standard plan against the Wise account.

Some features from Revolut - like the Revolut virtual card - are only available on the fee paid plans, while Wise offers all its account features, including virtual cards, with no ongoing charges. Depending on where you’re sending to, the Revolut transfer to bank account fee may also work out to be higher than the equivalent with Wise.

Use this guide as a starting point to do your own research into both Wise and Revolut - and pick the perfect match for your needs.

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Sources:

1. Wise
2. Revolut Singapore
3. Revolut - About us
4. Revolut - supported countries
5. Wise - supported countries
6. Revolut - pricing options
7. Revolut fees
8. Revolut - transfer fees
9. Wise Business

Sources checked on 12.09.2022