Revolut vs Wise (TransferWise)

Revolut

Revolut charges membership fees, ranging from $0 to $24.99 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 transfers themselves, you'll incur a fee when making a bank transfer but this will depend on the destination. These fees can be unpredictable and potentially quite large when sending money to a recipient outside the EU or if the transfer is not in euros. 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.

Revolut

Revolut will offer mid-market rates with some caveats:

• Transfers with major currencies: 0% markup
• Transfer amounts above the limit for your subscription: 0.5% markup
• THB and UAH transfers: 1% markup
• All other currencies: 0.5% markup
• THB and UAH transfers outside forex market hours: 2% mark-up
• 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 = 25.22 THB
• Revolut's exchange rate would be 1 AUD = 25.2040 THB

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 = 25.22 THB
• Wise's exchange rate would be the same as the mid-market rate

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 are dependent on how much you are willing to pay in fees. 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.

Revolut

To sign up for Revolut, you need to create an account and then request to receive a card. Once you have your account and card, you will need to top up your Revolut account from your bank account before you can use it.

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.