Wise vs Revolut - Which one is better in Singapore?

Wise and Revolut¹ 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, linked debit cards, and business options.

What is Revolut?

Revolut was founded in 2015, and offers online and digital accounts and services including debit cards, investment options, and accounts for children. Revolut offers services in Singapore as well as many other countries and regions globally, for both personal and business customers. This guide will focus mainly on personal account services but we will touch on the business options available too - and if you want to know more about Revolut, you can also check out our review here.

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 licences.

What is Wise (formerly Wise)?

Wise was launched in 2011 as a specialist in low cost international payments which use the mid-market exchange rate and transparent pricing. Today, Wise has over 16 million customers, and has expanded its offering to include multi-currency accounts and cards 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, with a focus on personal accounts. Then we’ll look in more detail at a few key service areas.

*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.

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 from 0.33% which can vary based on the currencies and countries involved.

Revolut on the other hand, offers currency exchange with no additional fees within market hours, with limits to the amount you can convert based on your account plan. If you exhaust your limit, Standard customers pay 1% fair usage fees, while Premium customers pay 0.5%. If you’re exchanging currencies when markets are closed there’s a fee of 1% in addition to this. Finally, there’s also a transfer fee, which is variable and depends on the currency you’re sending and the delivery method. Here’s a summary:

Wise vs Revolut - options to hold, receive, and spend

Neither Wise or Revolut is a bank - but both providers offer flexible accounts with a great range of features, which can be really handy to hold, receive and spend in foreign currencies.

Wise offers local account details you can use to get paid from abroad in a selection of currencies - often with no fees. Revolut also has SWIFT details which others can use to pay you - with SWIFT, intermediary fees can sometimes be deducted which may reduce the amount you get in the end. Both providers also have cards for convenient payments on and offline, with no extra fee to spend a currency you hold in your account already.

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 when it comes to receiving, holding and spending money.

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

Wise vs Revolut - business accounts

Both Wise and Revolut offer business services, with accounts which offer multi-currency functionality and business debit cards.

Wise Business accounts have a low one time fee for full feature access, and can then be used to hold and exchange 40+ currencies with the mid-market rate, spend payments and more. As well as the features available to personal customers, Wise offers business customers handy extras like batch payment options, cloud accounting integrations and a powerful API for streamlining workflow.

Revolut Business³ offers 4 different plans in Singapore, from a basic plan with no fee, to a higher end option with costs of over 400 SGD a month. This allows you to pick the option which works best for your size and type of company. Here’s a brief comparison of Wise vs Revolut on business features.

For a deeper dive into Revolut Business, read our review here.

Wise card vs Revolut card

Both Wise and Revolut offer linked physical and virtual debit cards which can be used for spending and ATM withdrawals when you travel. The features of each are slightly different, but both have some great perks and can be cheaper than using a bank card abroad.

With Wise you’ll pay a one time fee to get your card, and then there’s no ongoing charge to pay. Once you have your card it’s free to spend a balance you hold in any of the 40+ supported currencies, with no foreign transaction fee, and currency conversion from 0.33%. You can use your card to spend in 150+ countries, and get some free ATM withdrawals monthly before fees apply.

Revolut offers different card options based on your account plan. As with Wise there’s no fee to spend a currency you hold in your account, and no foreign transaction fee. Revout’s currency conversion costs depend on your account tier and whether you exchange in market hours or not - once you’ve exhausted your plan’s no -fee conversion you may pay fair usage costs. All accounts get some no fee overseas ATM withdrawals - limits are based on your account.

Summary - Revolut or Wise?

Let’s wrap up our Wise 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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