Revolut vs Wise (TransferWise)
Discover who can save you more on your next international money transfer.
Key takeaways
- For smaller transfers, Revolut can be more cost-effective under optimal conditions like $1,000 to Germany.
- Wise often provides better overall value and transparency, especially for larger transfers such as $10,000.
- Wise consistently offers the mid-market exchange rate, avoiding Revolut's conditional markups and weekend fees.
The fees and rates used in this comparison are accurate as of 8 October 2024.
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How we picked these
Finder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
How they work
Revolut and Wise target a similar target audience but Wise is considered a dedicated money transfer service that has multiple payment options. Revolut offers customers international money transfers as part of its account features.
Which has lower fees?
Revolut
Revolut charges membership fees, ranging from $0 to $28.99 per month. You'll probably only need the top-tier plan if you're transferring large amounts and want more services. Your first card comes with no cost.
For money transfers where the currency is in that of the recipient country (like you're sending GBP to someone in the UK) you'll incur a fee of 0.15% of the total transfer amount. There is a maximum fee of $500, but the minimum fee can vary by country.
For international transfers where one currency is being transferred to a recipient with a different currency (like sending AUD to the UK) you will be charged a flat fee. If you're sending AUD that would be a fee of $8, but it varies based on currency and may be as little as $4.
However, if you are sending money to another Revolut customer, your transfer is fee-free.
Wise
Wise's fees vary depending on where the money is going but will be clearer, more predictable and typically lower for all except large transfers. It usually charges a flat fee of $2.04 AUD + 0.4% of the amount that's converted. However, some transfer types will have different fees.
Winner: Tie
Revolut can come out ahead if you're making a small transfer on the standard plan, but for most transfers it will be more expensive. Wise allows you to avoid those unwanted wire transfer fees, and will often be cheaper.
Let's crunch the numbers: Sending $1,000 and $10,000 to Germany
To show you what transfers with Revolut and Wise look like, here's an example of sending two different amounts to Germany.
Keep in mind that Revolut would be less cost-effective for transfers to anywhere outside of Europe. We're also not including a monthly fee and we're assuming that this transfer is made during the week, as Revolut adds a 0.5% margin on AUD/EUR transfers on weekends.
This comparison assumes that you're getting the best possible value from Revolut for a single transfer.
Sending $1,000 to Germany
| Revolut | Wise | |
|---|---|---|
| Transfer fee | $3 | $4.86 |
| Exchange rate | 1 AUD = €0.61547 | 1 AUD = €0.6164 |
| Transfer speed | Same day | Same day |
| Total euros received | €613.62 | €613.37 |
| Receiver gets | €0.25 more | €0.25 less |
Sending $10,000 to Germany
| Revolut | Wise | |
|---|---|---|
| Transfer fee | $70 | $38.04 |
| Exchange rate | 1 AUD = €0.61552 | 1 AUD = €0.6163 |
| Transfer speed | Same day | Same day |
| Total euros received | €6,112.15 | €6,139.56 |
| Receiver gets | €27.41 less | €27.41 more |
Under optimal conditions, Revolut is more cost-effective than Wise, putting you €0.25 ahead when you include the fees from Wise in your calculations. But Wise will most likely come out on top if you add in the cost of a Revolut subscription fee, sending money on a weekend or sending money in a currency other than euros.
Which offers better exchange rates?
Revolut
Revolut offers competitive rates that are close to the mid-market rate:
- Transfers with major currencies: 0% markup
- Transfer amounts above the limit for your subscription: 0.5% markup
- All other currencies: 0.5% markup
- All other currency transfers outside forex market hours: Additional 1% markup
For example, say you need to transfer Thai Baht within your subscription limit on a weekday.
- If the mid-market rate is 1 AUD = 23.73 THB
- Revolut's exchange rate would be 1 AUD = 23.6114 THB, after the 0.5% markup that applies to Thai baht
Note: Paid plans don't incur weekend fees.
Wise
Wise offers the mid-market rate all the time for all currencies without any special conditions.
- If the mid-market rate is 1 AUD = 23.73 THB
- Wise's exchange rate would be the same as the mid-market rate
Winner: Wise
Wise offers mid-market rates without all the caveats.
Who has faster transfer speeds?
Revolut
According to Revolut, 60% of international money transfers take less than hour and 30% to 40% of transfers go through in under 24 hours. Only a small percentage of transfers take longer than one business day.
Wise
Wise transfer speeds depend on the currencies you're sending to and from, your payment method, and banking hours. You can make an instant transfer when using a credit card or debit card, but it will be more expensive. Based on data from Wise's financial report for FY 2024, 60% of payments were instant and 94% of transfers went through within 24 hours.
Winner: Wise
Both providers are fast but Wise is the quickest.
General features
| Payment methods | Receiving options | Minimum and maximum transfer amounts | Transfer speeds | Currencies | |
|---|---|---|---|---|---|
| Revolut |
|
| Minimum: $1 Maximum: Unlimited | Within minutes | 40+ currencies |
| Wise |
|
| Minimum: $1 Maximum: $1,800,000 | Within minutes | 40+ currencies |
Revolut
To create a Revolut account, download the app by scanning the QR code or via a download link sent by SMS. Sign up by providing your country of residence, full name, date of birth, address, email, and a selfie for verification. Once set up, you can use your card or bank account to add funds to your Revolut account. In the app, select the wallet you want to transfer from and tap "Transfer." Choose "Send International," then select your destination country and currency. Enter the amount you wish to send, review the exchange rate and any applicable fees, and if everything looks good, tap "Continue." Finally, enter your recipient's details, including their name, bank account number, and bank code, then confirm your transfer to complete the process.
After this, you can start holding multiple currencies in your Revolut account, access overseas ATMs and take advantage of Revolut's travel money options.
Wise
To send money using Wise, you'll need to create an account online or through the app. After that, you can select the amount you wish to send. Wise will display the fees upfront and provide an estimated arrival time for your funds. Enter your recipient's bank account details, and you may need to present your ID for identity verification. You can pay for your transfer using a bank transfer, PayID, POLi, or a debit or credit card.
Is Revolut better than Wise?
Based on our research, Wise is a better option because it gives you the mid-market exchange rate with no markup, while Revolut adds a markup on currencies outside its major-currency list. Wise doesn't charge subscription fees but also doesn't offer extra features such as share trading and crypto. While Revolut is still competitive for money transfers, it's mainly designed for travellers looking to take advantage of Revolut's account features when abroad.
For everyday value for money in most situations, an international money transfer specialist like Wise save you money in the long-term.
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We had a terrible experience with Wise. Opened an account and loaded money in New Zealand, all on a secure private home network. Just before we left for travel, Wise detected fraudulent activity on the account, from Algeria, suggesting their security isn’t too good, prompting Wise to initially suspend our account, then abruptly close it. Their automated help on the app is enormously time wasting, and was futile. Their in-person help desk is anything but helpful, and again used up an hour on the phone. Wise will not disclose the reason for closing the account. After a few days Wise refunded the money but deducted a currency conversion fee. Which they have steadfastly refused to refund. I’m giving up and writing it off. Would I recommend Wise? An emphatic No. I see on Wiki their founder was found guilty of tax fraud, and fined. Perhaps that ethos of fraud runs through the company.
Hi AKS,
Sorry to hear about your experience but thanks for sharing. It’s very useful for other people to read. I used Wise on a trip to New Zealand last year and it worked very well. But it sounds like their security features and customer service process really let you down. The refusal to refund that fee is very poor form.