The Ultimate Showdown

Revolut vs. Wise: Which Money App Reigns Supreme?

Introduction

In today's globalised world, managing money across borders has become a common necessity. Traditional banks often come with hefty fees and unfavourable exchange rates, leading many to seek modern alternatives. Revolut and Wise (formerly TransferWise) have emerged as two of the most popular digital platforms, promising cheaper, faster, and more convenient international money management.

But which one truly delivers the best experience for your specific needs? This comprehensive review will pit Revolut against Wise, comparing their features, fees, user experience, and more, to help you make an informed decision.

Quick Comparison Table

Feature Revolut Wise
Supported Currencies (Hold) 30+ 40+
Exchange Rate Interbank (weekdays), markup on weekends Mid-market rate
International Transfer Fees Tiered plans (free allowance, then fees) Variable, low upfront fee (percentage of amount)
ATM Withdrawal Fees Free allowance, then 2% Free for 2 withdrawals up to a limit, then fees
Local Account Details GBP, EUR (limited others) 9+ currencies (GBP, EUR, USD, AUD, NZD, CAD, TRY, HUF, SGD)
Virtual Cards Up to 200 virtual cards Up to 3 virtual cards
Customer Support 24/7 in-app chat (multi-language) Help centre, email, 24/7 phone (US only)
Ideal For Everyday spending, travel, budgeting, investing International transfers, receiving foreign payments, freelancers

In-Depth Analysis

Revolut: The All-in-One Digital Bank

Revolut positions itself as a comprehensive financial super app, offering a wide array of services beyond just money transfers. From budgeting tools and cryptocurrency trading to stock investing and travel insurance, Revolut aims to be your primary financial hub. It's particularly popular among frequent travellers and those looking for a modern banking experience.

Key Features:

  • Multi-currency accounts with spending in 150+ countries.
  • Budgeting and analytics tools to track spending.
  • Cryptocurrency and stock trading (availability varies by region).
  • Travel insurance and lounge access (premium plans).
  • Disposable virtual cards for online security.
  • Youth accounts (Revolut < 18).

Wise: The International Money Transfer Specialist

Wise, formerly TransferWise, built its reputation on transparent and low-cost international money transfers. Its core strength lies in providing the real mid-market exchange rate with a clear, upfront fee, making it highly attractive for sending and receiving money across borders. It's a favourite among freelancers, digital nomads, and businesses dealing with international payments.

Key Features:

  • Send money to over 80 countries.
  • Receive money with local bank details in 9+ currencies (GBP, EUR, USD, etc.).
  • Multi-currency account to hold and convert 40+ currencies.
  • Wise debit card for spending internationally at the mid-market rate.
  • Batch payments for businesses.

Fees & Exchange Rates: Where Your Money Goes

This is often the deciding factor for many users.

Revolut:

  • **Exchange Rate:** Uses the interbank rate during weekdays, which is excellent. However, a markup (typically 1%) is applied on weekends to protect against currency fluctuations.
  • **Transfer Fees:** Offers free international transfers up to certain limits depending on your plan (Standard, Plus, Premium, Metal, Ultra). Beyond these limits, fees apply.
  • **ATM Withdrawals:** Free withdrawals up to a monthly limit, after which a 2% fee is charged.
  • **Account Plans:** Offers free Standard accounts, but many advanced features and higher limits are tied to paid monthly subscriptions.

Wise:

  • **Exchange Rate:** Consistently uses the real mid-market exchange rate, the same one you see on Google. This is a significant advantage for transparency.
  • **Transfer Fees:** Charges a small, upfront fee for transfers, which varies based on the currency pair and amount. This fee is clearly displayed before you confirm the transaction.
  • **ATM Withdrawals:** Free for two withdrawals up to a certain combined limit per month. After that, a fixed fee per withdrawal and a percentage fee on amounts over the limit apply.
  • **Account Plans:** The multi-currency account is free to open and maintain.

User Experience & Customer Support

Revolut:

Revolut's app is sleek, intuitive, and packed with features. Navigating through different services like budgeting, trading, and transfers is generally smooth. Their customer support is primarily through a 24/7 in-app chat, which is generally responsive and available in multiple languages. However, some users report frustration with automated responses before reaching a human agent.

Wise:

Wise's platform is straightforward and focused on its core function: money transfers. The interface is clean and easy to understand, making the process of sending money very efficient. Their help centre is extensive, and they offer email support. 24/7 phone support is available for US customers, but regional availability can be limited for phone support elsewhere.

Revolut: Pros & Cons

Pros:

  • Comprehensive financial app with many features (budgeting, crypto, stocks).
  • Sleek and user-friendly interface.
  • Interbank exchange rates on weekdays.
  • Disposable virtual cards for enhanced security.
  • Global presence and wide spending acceptance.

Cons:

  • Weekend exchange rate markups.
  • Many advanced features require paid subscriptions.
  • Customer support is primarily in-app chat, no phone support for business accounts.
  • Limited local account details compared to Wise.

Wise: Pros & Cons

Pros:

  • Consistently uses the real mid-market exchange rate.
  • Transparent and low upfront transfer fees.
  • Local bank details in multiple currencies for receiving payments.
  • Excellent for international transfers and freelancers.
  • Free multi-currency account.

Cons:

  • Fewer advanced financial features compared to Revolut.
  • ATM withdrawal fees can add up if limits are exceeded.
  • Customer support can be less immediate than Revolut's chat for some regions.
  • Doesn't offer investment or crypto features.

Who Should Use Which?

The best choice ultimately depends on your individual needs:

Choose Revolut if:

  • You want an all-in-one financial app for daily spending, budgeting, and potentially investing.
  • You travel frequently and want to spend in multiple currencies with ease (especially during weekdays).
  • You're interested in exploring features like cryptocurrency or stock trading.
  • You prefer a digital-first banking experience with an intuitive mobile app.
Visit Revolut

Choose Wise if:

  • Your primary need is sending or receiving international money transfers with the best possible exchange rate and transparency.
  • You're a freelancer, digital nomad, or small business that needs to receive payments in various local currencies.
  • You prioritise low and predictable fees for cross-border transactions.
  • You prefer a straightforward service focused on its core offering without many extra features.
Visit Wise

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Conclusion

Both Revolut and Wise are excellent platforms that have revolutionised international money management. Revolut shines as a versatile financial super app, ideal for those seeking a broad range of banking and lifestyle features. Wise, on the other hand, remains the undisputed champion for transparent, low-cost international money transfers and multi-currency accounts for receiving funds globally.

Consider your most frequent financial activities and choose the platform that aligns best with your priorities. Many users even opt to use both, leveraging Revolut for daily spending and budgeting, and Wise for larger international transfers and receiving foreign income.