Revolut vs Wise Business account: Fees, Features, Pros & Cons

Panna Kemenes

27.09.22 (updated more than 1 year ago)

7 minute read

Wise Business and Revolut Business are two global technology companies offering online business accounts with an international scope.

At first glance, both providers are similar. They offer great exchange rates, multi-currency account details, and low-cost international payments. But they also come with some differences - in features and in costs.

This article puts Wise Business vs Revolut Business head-to-head, comparing their features, so you can choose the provider best suited to you.

Discover Wise Business

Revolut vs Wise Business account: Quick comparison

Before jumping in, here’s a quick comparison of Revolut Business vs Wise Business.

Feature	Wise Business	Revolut Business
Monthly fees	None	Depends on plan¹
Local account details	AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, USD	GBP, EUR, USD²
Supported currencies	40+	30+²
Accounting integrations	QuickBooks, Xero	QuickBooks, Xero³
Security and compliance	Registered and regulated under major financial regulators. Safeguards your funds. Two-factor authentication and fraud protection systems	Registered and regulated under major financial regulators. Your funds are protected by FDIC insurance. Two-factor authentication and fraud protection systems⁴ ⁵
App	One app for personal and business usage available	Separate Business app available with account manager⁶ ⁷
Bulk payments	Available	Only included in paid plan¹
Business debit card	Digital card available in the US soon	Physical and digital business cards available⁸
International payments	Fee from 0.41% applied	Fee of $3 USD applied per payment¹

Let’s now turn to the key features of Wise Business vs Revolut Business.

Key features: Revolut Business vs Wise Business

Here’s an overview of the key features of Wise Business vs Revolut Business.

Wise Business account key features

Since 2011, Wise Business has dedicated itself to providing low-cost international transfers. It’s currently the choice of 13 million people and businesses worldwide.

The Wise Business account comes with no monthly fees. Its multi-currency balances allow you to seamlessly hold and convert a wide range of currencies at the real mid-market rate, all in one account. Access to 10 major local account details also allows you to get paid like a local.

It comes with a range of integrations, such as QuickBooks and Xero, as well as other features such as batch payments.

Wise Business accounts are available for:

Partnerships
Public and limited companies
Trusts and charities in the United Kingdom, United States, Canada, Switzerland, New Zealand, Australia and the European Economic Area (EEA)
Freelancers and sole traders

Revolut Business key features

Since 2015, Revolut Business has been helping its customers make low-cost international transfers. Like Wise, it offers a multi-currency account and competitive exchange rates.

Revolut Business also has some extra features when you subscribe for paid packages. For example - cashback, a US business debit card, and online payment processing.¹ ⁹

The Revolut Business account is available for businesses registered and with a physical presence in the United States, European Economic Area (EEA), the United Kingdom and Switzerland.¹⁰

Revolut offers business accounts to:

General Partnerships
Private Corporations
Limited Partnerships
Publicly Listed Corporations
Sole Proprietors
Limited Liability Partnerships¹¹

Available integrations

Both Revolut Business and Wise Business offer integrations with Quickbooks and Xero. Additionally, Wise and Revolut allow you to automate payments and exchange rate conversions, among other features.

That said, Revolut Business only gives you access to API integrations when you upgrade to a paid plan.¹

With Wise Business, on the other hand, Wise’s Open API is included in the free account.

Likewise, you can only make bulk payments with Revolut Business when you subscribe to a paid plan.¹

With Wise Business, the mass payouts feature comes with the free account.

Wise vs Revolut fees for business

Revolut vs Wise Business accounts have different fees and pricing systems. Let’s take a look at the main fees involved in both accounts.

Please note - this list doesn’t include every possible fee, only the main Wise vs Revolut fees.

Wise Business fees

Wise Business is dedicated to transparency and low-cost international business.

A Wise Business account is free to open and comes without any monthly or subscription fees.

Here’s an overview of Wise Business fees:

Fee type	Fee
Account creation fee	None
Monthly fee	None
International payments	From 0.41%
Receiving USD wire payments	$4.14 USD
Accessing account details for 10 different currencies fee	$31 USD one-time fee
Receiving non-wire payments	Free

Revolut Business fees

In comparison to Wise Business, Revolut Business offers you various payment plans for your account. There are four different account types:

Free
Grow
Scale
Enterprise¹

The more expensive the payment plan, the more benefits are included with the Revolut Business account.

Here’s an overview of fees associated with Revolut Business:

Fee	Free	Grow	Scale	Enterprise
Monthly fee	None	$39.99 USD	$149.99 USD	Custom
International payments	$3 per international payment	10 free international payments, $3 per payment outside of this	50 free international payments, $3 per payment outside of this	Custom amount of free international payments
Local payments	5 free local payments, $0.20 for every local payment outside of this	100 free local payments, $0.20 for every local payment outside of this	1000 free local payments, $0.20 for every local payment outside of this	Custom amount of free local payments
Foreign exchange markup	Up to 0.4% markup	$10k USD of currency conversions free of markup, 0.4% applying to conversions outside of this allowance	$50k USD of currency conversions free of markup, 0.4% applying to conversions outside of this allowance	Custom amount of foreign exchanges without markup
Receiving and sending USD wire payments	$10 flat rate	$10 flat rate	$10 flat rate	$10 flat rate¹ ¹²

Revolut vs Wise Business exchange rates

When making and receiving international transfers, having access to a fair exchange rate is key.

Yet, not all providers use the best exchange rate, which can cost you unnecessarily over time. So it’s important to check the exchange rate a provider offers, in addition to other conventional fees.

Wise Business uses the real mid-market exchange rate for all transfers. This is the same rate used by banks when they trade currencies with each other.

Revolut Business uses an exchange rate based on their market rate. For currency conversions outside of foreign exchange market hours their fees are increased.¹³

The market closes from 4pm Friday to 5pm Sunday Eastern Time.

During foreign exchange market hours, the Revolut fees are:

THB and UAH: 1.0%
Any other currency: no fee

Outside of foreign exchange market hours, the fees change to:

THB and UAH: 2.0%
Any other currency: 1.0%¹³

The true cost of sending USD to GBP

Supported currencies

Both Wise Business and Revolut Business accounts are geared toward international business. Global money transfers, currency conversion and the holding of numerous currencies is what they’re all about!

Wise Business allows you to send, receive and hold more currencies than Revolut Business. Wise Business also gives you access to more than triple the amount of local account details, allowing you to receive money from abroad like a local. But, with the Revolut Business debit card, you can spend in more currencies than with Wise’s card.

Here’s an overview of supported currencies of Wise Business vs Revolut Business:

	Wise Business	Revolut Business
Send	70+ currencies	30+ currencies
Spend	40+ currencies	140+ currencies
Hold	40+ currencies	28 currencies
Receive with local account details	9 currencies	3 currencies¹ ¹⁴

Security & regulations

Considering the security of your funds is essential in choosing a business account provider. Both a Wise Business and Revolut Business account prioritize the safety of your money.

Wise Business

Wise is an e-money institution that safeguards your money. By law, it keeps your funds separate from its operating accounts.

Unlike with banks, Wise doesn’t lend your money out to debtors. Instead, your funds are invested in government backed liquid assets as well as deposited at banking institutions. In the US, these banking institutions are FDIC insured. Wise conducts regular stress-testing and reviews the risk associated with its investments. This ensures your money remains protected.

Wise is also registered and regulated by financial regulators in all its major markets. In the US it’s registered with the Financial Crimes Enforcement Network (FinCEN).

Likewise, anti-fraud teams, artificial intelligence (AI), and two-factor authentication keep your funds protected.

Revolut Business

Just like Wise, Revolut Business is an e-money institution. However, as of 2018, Revolut has a banking licence issued by the European Central Bank (ECB). This gives it many of the capabilities of traditional banks.¹⁵

For US based customers, Revolut Business insures your money to the FDIC standard of $250,000 USD.⁴

On top of this, Revolut Business invests in top-tier security to ensure the security of your funds. Fingerprint identification and the Sherlock anti-fraud system protects you against fraudsters.⁵

Pros and cons

So far we’ve looked at some of the key aspects of a Wise vs Revolut Business account. Let’s now compare the pros and cons of Revolut Business vs Wise Business side-by-side.

Pros and cons of Wise Business

Here’s a summary of the key pros and cons of a Wise Business account.

Pros	Cons
No monthly fees All features included with free account QuickBooks and Xero connection Low-cost international transfers Access to 10 local account details Easy sign up process, free of charge Offers better currency support for sending, holding and receiving	No cash deposit option No dedicated business app - only one app for both business and personal users

Pros and cons of Revolut

Now here’s a summary of a Revolut Business account’s pros and cons.

Pros	Cons
Competitive exchange rates Different account packages to choose from, allowing you to select the one best suited for your business Business debit card available Benefit from Revolut Business Rewards and discounts on partner apps such as Snapchat ads, Paymo, and Shopify¹⁶ Integrate with partner apps such as Slack, Zapier, Quickbooks and Xero³	The free plan includes no international payments, so all international payments cost $3 per payment Up to 0.4% markup applies to every foreign exchange made with the free plan API integrations and bulk payments are only accessible with a paid plan Comparatively limited amount of currencies can be held, sent and received

Wise vs Revolut Business: The final verdict

Ultimately, both Wise and Revolut are great for businesses dealing with international transactions. The Revolut vs Wise Business account discussion comes down to the individual needs of your business.

For large enterprises, a Revolut Business account comes with the option to pay higher monthly fees to get a custom amount of free international transfers and a dedicated account manager.

Revolut Business also offers 1.9% cashback for paid subscription plans to a set amount, and 1.5% in excess of the set amount. This can be an attractive offer if your business spends over the set amount each month.

However, a Wise Business account comes with all of Wise's business features included for no monthly fee. This could be a real benefit if you don’t want to have to pay the Revolut Business subscription fee to avoid their $3 international transfer fee. Wise also allows you to send, hold and receive a wider range of currencies.

On top of this, the free Wise Business account comes with a wider range of features than the free Revolut Business account. From day one, you get access to integrations such as QuickBooks, batch payments, and Wise’s Open API. This could benefit small-to-medium businesses looking to save on costs while having access to API integrations and other time-saving features.

Sources:

All sources checked September 27, 2022.

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.