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.
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.
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
$5
Exchange rate
1 AUD = €0.6337
1 AUD = €0.6347
Transfer speed
Same day
Same day
Total euros received
€631.72
€631.60
Receiver gets
€0.12 more
€0.12 less
Sending $10,000 to Germany
Revolut
Wise
Transfer fee
$13
$45.32
Exchange rate
1 AUD = €0.6337
1 AUD = €0.6347
Transfer speed
Same day
Same 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
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.
Winner: Wise
Both providers are fast but Wise are the quickest.
General features
Payment methods
Receiving options
Minimum and maximum transfer amounts
Transfer speeds
Currencies
Revolut
Bank transfer
Credit card
Debit card
Bank account
Mobile wallet
Minimum: $1
Maximum: Unlimited
Within minutes
36 currencies
Wise
Bank transfer
Credit card
Debit card
PayID
Alipay (China only)
Bank account
Minimum: $1
Maximum: $1,800,000
Within minutes
52 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.
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.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.
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