Shopify Balance offers a business checking account. The account has no monthly fees and includes a free debit card.
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.
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|
|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.
Here’s an overview of the key features of Wise Business vs Revolut Business.
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.
Wise Business accounts are available for:
- 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
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
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.
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 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:
|Account creation 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|
In comparison to Wise Business, Revolut Business offers you various payment plans for your account. There are four different account types:
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:
|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|
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
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|
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 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.
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
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.
Here’s a summary of the key pros and cons of a Wise Business account.
Now here’s a summary of a Revolut Business account’s pros and cons.
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.
- Business Pricing | Revolut Business
- Multi-currency account for business
- Business Integrations | Revolut US
- Revolut and phishing scams
- Business Security | Revolut US
- Revolut Business - Apps on Google Play
- Help Centre | Revolut
- Business Debit Card | Revolut Business
- Payment Gateway - Accept Payments Easily | Revolut
- Where is Revolut Business available? | Revolut Help Center
- Supported business entities
- Transfer fees | Revolut Help Center
- FX rates outside opening hours
- Help Centre | Revolut
- We got a banking licence | Revolut
- Business Rewards US | Revolut US
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.
Find the best business credit card with no foreign transaction fee - compare the top options in this article.
M&T business bank has 8 checking accounts and 3 savings accounts. They also have various reviews on sites, such as TrustPilot.
SoFi doesn't offer a business account. They do, however, offers small business financing that includes a line of credit and various types of loans.
This Capital One Business Checking review will cover the fees, key features, pros and cons of this account to help make an informed decision for your business.
Deciding between business checking accounts? Read this LendingClub Business Checking Account review to see if it’s a good choice for you.