In this article, we'll make a comparison between Wise vs. TorFX. Which one is better for US customers? Which one is cheaper? Find out more here.
Ever since their respective launch in 2011 and 2015, Wise and Revolut are both striving to make it easier for people to send and receive money abroad, offering both personal and business accounts to their customers. They can save you a lot of time and money, and they offer a variety of other cool features as well. They are established, trusted, and adding new features and benefits all the time, but if we compare Revolut vs Wise, which one comes out on top?
It’s time to answer the question—this article will help you decide.
But before we start, a word.
If transparent fees, more available currencies and no extra fees on the weekends are important for you—just give Wise a go!
|📝 Table of contents|
Revolut and Wise can be used to send and receive money all over the world. They come with their own debit cards—which we’ll also compare below—and offer cheaper currency conversions and money transfers than regular banks
Take a look below to see all available Wise and Revolut accounts:
|Account Type||Fees (Paid Monthly)||Currencies to Hold|
For a fee of $9.99 per month, you can gain access to features such as a higher annual percentage yield (APY) on your savings, disposable virtual cards, and premium debit cards with Revolut Premium. Plus, for a monthly fee of $16.99, Revolut offers you Metal, a card made of steel.¹ Also, for those between 12 and 17, the company offers a feature called Revolut Junior.
Wise offers one account without any monthly fees and will give you access to a wider variety of currencies to hold as you can hold 28 currencies with Revolut accounts¹ and 56 currencies with Wise.
|A plus of Wise is that you can get local bank details with your multi-currency account in EUR, GBP, CAD, AUD, USD, NZD, SGD, HUF and TRY. You can share these bank details with anyone – and get paid like a local.|
Traditionally, if you wanted to make an international money transfer, you had to go through your bank – and pay hefty bank transfer fees for sending money abroad.
Revolut and Wise were both established to provide a solution to this problem, and they work by allowing users all over the world to send and receive money in most currencies and at any time of the day or night—offering great alternatives to regular bank accounts.
|Account Type||Transfers to Other Users||Exchange Within Exchange Hours||Exchange Outside of Exchange Hours|
|Revolut Standard||Free³||Mid-market rate (+ 1.0% for RUB, THB and UAH)³||Mid-market Rate + 0.5% - 2%³|
|Revolut Premium||Free³||Mid-market rate (+ 1.0% for RUB, THB and UAH)³||Mid-market Rate + 0.5% - 2%³|
|Revolut Metal||Free³||Mid-market rate (+ 1.0% for RUB, THB and UAH)³||Mid-market rate + 0.5% - 2.0%³|
|Wise||Free||Mid-market rate||Mid-market rate|
As you can see, both Revolut and Wise use the mid-market exchange rate. One difference with Revolut that there is an extra 1.0% fee if you’d like to move RUB, THB or UAH. Revolut also charges a fee outside exchange hours, which can range between 0.5% - 2.0%.² This can be a potential dealbreaker if you don’t like such limitations.
With Wise, you’ll always pay the mid-market rate and a small, transparent fee – doesn’t matter which currency you’d like to use and when.
Wise and Revolut offer their users debit cards that can be used to pay for products and services in a number of currencies. These cards can also be used to withdraw money in most countries.
If you’ve ever been caught short on vacation and have needed a few bucks to pay for a meal, attraction, or gift, you’ll understand how nice is to have a multi-currency card with you. Instead of relying on local currency exchanges or banks, which could charge you extortionate rates, you can just use your Wise card or Revolut card.
To see the fees, let’s have a look at this table:
|Account Type||ATM Withdrawal Fees||Card Order Fees|
|Revolut Standard||Up to $300 per month is free. 2% thereafter.³||$4.99 Standard Delivery ($19.99 for Express Delivery)³|
|Revolut Premium||Up to $600 per month is free. 2% thereafter.³||Free³|
|Revolut Metal||Up to $1,200 per month is free. 2% thereafter.³||Free³|
|Wise||2 free withdrawals up to $100. $1.50 and 2% thereafter. See full terms and conditions here.||$9|
While the Revolut Standard card is free of charge, keep in mind there is a $4.99 delivery cost and this jumps to $19.99 if you want express delivery. Plus, you can get 2 free card replacements with a Revolut Standard account (subject to delivery charges) but all additional ones cost $12.99.
For Revolut Premium, the company offers free express delivery and the same is true for the Revolut Metal, but with the latter, you’ll only get 1 free replacement, and it costs $70 thereafter.
Both of these services offer virtual cards, though Wise currently runs the feature in beta at the moment. They work just like physical cards but exist entirely virtually and can be created and used at no extra cost.
When it comes to paying with your phone, both Revolut and Wise offers Apple Pay and Google Pay integration to their customers.
Both Revolut and Wise have very capable support sections and many of their 5-star reviews praise the companies for their efforts in this department.
You will find extensive FAQs and help sections on both websites, and these are substantial enough to cover any possible question. There are also Live Chat features, and these will connect you to an agent following a very short wait.
One of the biggest benefits of these services is that the support teams actually know what they are doing and are able to help. Many Live Chat services are outsourced to low-level staff members who don’t have access to accounts, have a tenuous connection to the service and are unable to offer any technical assistance. That is not the case here – both Revolut and Wise are exceptional when it comes to customer support.
|One difference between the two products is that Revolut offers Priority customer support for Revolut Premium and Revolut Metal customers.¹ Wise do not differentiate between customer and customer—everyone gets the same degree of quality support.|
It really depends on what you’re looking for and why you need the service.
If you’re looking to invest in cryptocurrency and stocks while making international money transfers, then Revolut is a good option as it offers these investment opportunities.
Plus, Revolut and Wise also offer budgeting features which can be accessed in their mobile applications—Wise calls the feature Jars while in the Revolut app it’s called Vaults.
If you are looking for purely a currency exchange and money transfer service—a borderless account that you can use for sending and receiving money, transferring money, and using your debit card abroad with ease—Wise can be a great choice.
Wise offers completely transparent fees, covers a wider range of currencies, and doesn’t charge fees for transactions made during the weekend. There are also absolutely no account fees – every user can sign up for free.
All sources checked on 26 March 2021
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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