Read the comparison of the two payment services Wise and Revolut and choose the one that best suits your needs to make paying as convenient and easy as possible.
Wise (Transferwise) vs Revolut
Compare two popular payment methods – Revolut vs Wise (Transferwise)
Alongside standard payment methods such as bank account transfers or payment cards, there are many non-bank companies nowadays focusing on payment services. Among these are Wise (Transferwise) and Revolut, which are becoming increasingly popular and offer a variety of benefits to their users. Discover these payment methods and compare which one is more useful for you.
Popular payment methods
What is Wise (Transferwise)?
This company was established in 2011 and focuses on making money transfers between bank accounts easier, even in foreign currencies. This service is especially advantageous for people who frequently deal with foreign currencies, whether they are paying or receiving such payments into their bank accounts. Wise also offers a payment card that can be used for ATM withdrawals and online or offline payments.What is Revolut?
Revolut was founded three years later but quickly caught up with Wise and even surpassed it in some areas. By 2018, it had obtained European certification, and its popularity continues to grow. It is considered an alternative to a traditional bank, allowing for quick and easy payments (including in foreign currencies) using a mobile phone and a payment card, currency exchanges, or ATM withdrawals. Besides standard foreign currencies, Revolut also enables trading with cryptocurrencies, with transactions typically processed instantly.Differences between Wise and Revolut
Although these services are very similar in many respects, there are also numerous differences that make them unique solutions tailored to specific financial transactions. Both companies provide their users with a mobile app where all operations can be conducted. The apps are available for free on Google Play and App Store. Both share a common goal of simplifying currency transfers and payments abroad.Payments in foreign currencies
Since both companies specialize in currency transfers and facilitating international payments, their services are exceptional in this regard. However, users must register an account to use these services. Funds are then deposited from the user’s bank account using various payment methods, with the option to choose the currency they wish to convert to. These funds are then available for domestic and international transactions. Payment methods for depositing money into a Wise account:- Payment card (credit or debit)
- Bank transfer
- Bank transfer
- Linking a bank account with the Revolut app
- From another Revolut user
- Payment card (credit or debit)
- Apple Pay or Google Pay
- In cash (Paysafecard)
Payment cards
Both services offer payment cards to their users, but Wise, unlike Revolut, focuses primarily on money transfers and does not provide many additional services. To obtain a payment card from Wise or Revolut, users must first apply for one. They are then issued a virtual payment card and optionally a physical card for payments in several foreign currencies or ATM withdrawals.Transaction limits
While users transfer money to their Revolut accounts for further use, Wise allows payments directly from a regular bank account or via a deposit in a “Borderless” account. Transfers with both services are usually processed within minutes to a few business days. Wise currently handles over 40 currencies, but payments can only be received in 10. In contrast, Revolut supports up to 140 currencies and allows receiving payments in more than 30 of them. Transaction limits for Wise:- Online transfer: 1,000,000 € daily
- Card payments: €30,000 monthly
- ATM withdrawal: €4,000 monthly
- Card payments: £10,000 – £25,000
- SEPA transfers: €2 – €100,000
- Transfers in GBP to UK recipients: £250,000 per transaction, £500,000 per day, £1,000,000 per week
- ATM withdrawals: €3,000
Fees for using the service
Although both companies aim to be cheaper and more user-friendly alternatives to traditional banks, various fees still apply. Account creation and basic maintenance are free for both services, but Revolut offers three additional tiers: Plus, Premium, and Metal. Fees for Wise:- Account creation: Free
- Receiving foreign payments: Free (except for payments from US-based banks: $4.14 fee)
- Business account setup: €50
- Issuing a payment card: €10
- Free ATM withdrawals up to €200 or two withdrawals per month; thereafter 1.75% of the excess amount plus €1 per withdrawal
- Account creation: Free
- Basic account: Free
- Plus account: €5/month
- Premium account: €10/month
- Metal account: €15/month
- Money transfers: Free (except for Paysafecard top-ups: 2.5% fee)
- Issuing a card: Free (replacement card: €6)
- Free cash withdrawals up to €200 or five withdrawals per month; thereafter 2% of the withdrawal amount (minimum €1)
- Instant transfers to other users: Free
- Payments in the local currency of the registered user: Free
- SEPA payments: Free
- Card payment fees vary based on the transferred amount and destination. If the currency is already in the Revolut account, payments are free; otherwise, exchange fees apply.
Advantages and disadvantages
The user interface for both companies is very friendly and intuitive. However, for Wise, it is better to have at least basic knowledge of English since only some information is translated into Czech. In contrast, Revolut’s website and mobile app are fully translated and available in Czech. However, Revolut’s registration form is much more complex than Wise’s. Fortunately, it only needs to be completed once, after which the app is very user-friendly and easy to navigate. Wise stands out primarily because of its mid-market exchange rate, which makes international payments much cheaper than those processed through other companies. Revolut, on the other hand, offers a much richer range of services. In addition to making payments, Revolut allows users to invest, save, track their budgets, and use the payment card for transactions abroad. Both companies also provide high-quality customer support through FAQs and contact details on their websites.Lucrative bonus offers
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Kristyna Baranova
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