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Wise vs Revolut
The main difference between Wise and Revolut is that Wise (formerly TransferWise) focuses on international money transfers with mid-market exchange rates and transparent fees, whereas Revolut is a digital banking platform offering currency exchange, financial management tools, and international payments.
If you're looking for the best option for currency exchange, global money transfers, and banking features, this comparison will help you decide which service suits your needs.
How Do Revolut and Wise Compare?
Both Revolut and Wise are trusted money transfer platforms, but they differ in pricing, delivery speed, payout options, and global reach. Below, we break down the major distinctions.
| Feature | Wise | Revolut |
|---|---|---|
| Transfer Fees | Transparent, low fees based on currency | Free up to a monthly limit, then fees apply |
| Exchange Rate | Mid-market rate with no markup | Mid-market rates with limits on fee-free transactions |
| Delivery Time | 1-2 business days | Instant for Revolut users, 1-2 business days for external transfers |
| Coverage | 160+ countries | 30+ countries (mainly Europe and the US) |
| Transfer Methods | Bank transfers, multi-currency account | Bank transfers, card payments |
| Best Suited For | Users looking for cost-effective, transparent pricing | Digital banking users who frequently exchange currencies |
| Customer Support | Online chat and email support | In-app support for premium users, slower response for free users |
Which Service Has Lower Fees?
- Wise charges a small, fixed fee plus a percentage of the transfer amount, making it cost-effective for bank transfers.
- Revolut offers free transfers up to a certain limit, after which a small fee applies.
Which Service Offers Better Exchange Rates?
- Wise provides mid-market exchange rates, ensuring no hidden markup.
- Revolut offers mid-market exchange rates but applies fees for transactions beyond monthly limits.
Which Service Covers More Locations?
- Wise supports over 160 countries, making it a strong global option.
- Revolut operates in 30+ countries, mainly in Europe and the US.
Which is Faster?
- Wise completes most bank transfers within 1-2 business days.
- Revolut provides instant transfers within its network, while external bank transfers can take 1-2 business days.
Which Service Provides More Transfer & Payment Options?
- Wise primarily supports bank transfers and offers a multi-currency account.
- Revolut allows transfers via bank accounts, debit cards, and within the Revolut app.
Final Verdict
| Category | Best Choice |
|---|---|
| Lowest Fees | Wise |
| Best Exchange Rates | Wise |
| Fastest Transfers | Revolut |
| Most Transfer Options | Revolut |
| Best for Multi-Currency Accounts | Wise |
| Best for Digital Banking | Revolut |
Final Thoughts
- Choose Wise if you want low-cost bank transfers with real exchange rates and transparent pricing.
- Choose Revolut if you need a digital banking platform with currency exchange and budgeting features.