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Revolut vs Wise (TransferWise)

Discover who can save you more on your next international money transfer.

In the world of money transfers, two fintech brands stand out: Revolut and Wise. Revolut provides a wider range of services including international money transfers, share trading and travel cards. Wise also offers travel cards and money transfers but their fee-structure is different. Despite this, Wise will be the cheaper option in most cases when sending money abroad.

The fees and rates used in this comparison are accurate as of December 29, 2022.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Revolut
Within minutes
$0
Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
Send money with great rates and low fees in 30+ currencies.
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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 and higher daily sending limits. 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 $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 $0.66 plus 0.45% of the amount that's converted. However, some transfer types will have different fees.

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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
RevolutWise
Transfer fee$3$5
Exchange rate1 AUD = €0.63371 AUD = €0.6347
Transfer speedSame daySame day
Total euros received€631.72€631.60
Receiver gets€0.12 more€0.12 less
Sending $10,000 to Germany
RevolutWise
Transfer fee$13$45.32
Exchange rate1 AUD = €0.63371 AUD = €0.6347
Transfer speedSame daySame day
Total euros received€6,328.44€6,318.96
Receiver gets€9.48 more€9.48 less

Under optimal conditions, Revolut is more cost-effective than Wise, putting you €0.12 to €9.48 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 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

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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 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.

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Winner: Wise

Both providers are fast but Wise are the quickest.

General features

Payment methodsReceiving optionsMinimum and maximum transfer amountsTransfer speedsCurrencies
Revolut
  • Bank transfer
  • Credit card
  • Debit card
  • Bank account
  • Mobile wallet
Minimum: $1

Maximum: Unlimited

Within minutes36 currencies
Wise
  • Bank transfer
  • Credit card
  • Debit card
  • PayID
  • Alipay (China only)
  • Bank account
Minimum: $1

Maximum: $1,800,000

Within minutes52 currencies

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 with Wise you will have to create an account. Then you can enter the details of your transfer and make your deposit to Wise, which it will send onwards overseas.

You can also manage your money across 50+ currencies with Wise's multi-currency account.

Is Revolut better than Wise?

Based on our research, Wise is a better option because they offer stronger exchange rates, and support more countries and currencies. 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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Written by

Editor

Andrew Munro was the global cryptocurrency editor at Finder. During his time he covered all aspects of cryptocurrency and the blockchain. Before he became cryptocurrency editor, he was a content writer for Finder covering various topics over his nearly 5 years in the role. Prior to joining Finder he was a web copywriter. Andrew has a Bachelor of Arts from the University of New South Wales. See full bio

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