Revolut vs Wise: Which Is Better for SMEs in Singapore?

For SMEs in Singapore, having the right business account is key to managing international payments, FX fees, and business finances. Both Revolut and Wise offer digital-first solutions to simplify business banking, but which one is right for your business?

This article expands on our previous review of Wise Business and Revolut Business. We will explore their comparisons in more detail, including features, fees, and customer support. Whether you want to reduce costs, streamline payments, or access advanced financial tools, this guide will help you determine which platform best aligns with your business goals.

Features Comparison Analysis

Revolut and Wise share several key features, such as multi-currency accounts, batch payments for up to 1,000 transactions, APIs for automation, and accounting software integration. However, each platform brings unique strengths tailored to different business needs.

Revolut offers business accounts supporting over 30 currencies and allows unlimited free inbound payments in 4 currencies, GBP, EUR, USD, and CHF, from anywhere in the world. Businesses can send international transfers to more than 150 countries. However, Singaporean businesses can open only SGD accounts to receive and send bank transfers in Singapore.[2]

Wise, on the other hand, provides accounts that support over 40 currencies and local accounts in 12 different currencies, including AUD, CAD, EUR, GBP, HUF, MYR, NZD, PHP, RON, SGD, TRY, and USD. These features allow businesses to receive domestic transfers in multiple regions as if they had local bank accounts, helping to significantly reduce international transfer fees.[3]

However, neither Wise nor Revolut offer forward currency contracts to manage foreign exchange risk, which could be a drawback for businesses in Singapore exposed to currency fluctuations.

Our Verdict on Features

Revolut’s multi-currency support and global payment capabilities make it a strong choice for businesses with international operations. 

However, if your business relies on receiving payments in local currencies across multiple countries, Wise provides a better solution with its extensive local account offerings.

Ask yourself: Do you need a business account designed for cross-border payments or one that prioritises local banking access?

Fees Comparison Analysis

Revolut offers free account opening and scalable tiered plans ranging from free to SGD 417 per month. These plans provide allowances for free transactions and competitive FX rates, making Revolut a cost-effective choice for businesses with high transaction volumes or varying needs.[4]

Wise offers transparent pricing and low FX fees but charges a one-time SGD 99 fee for opening local accounts. However, the absence of tiered plans may limit flexibility for businesses looking for scalable options.[5]

Our Verdict on Fees

Revolut’s tiered pricing structure is ideal for businesses that require flexibility and structured transaction allowances. Wise, with its one-time setup fee and low FX rates, suits businesses looking for predictable costs without ongoing fees.

Key takeaway: Choose Revolut for scalable pricing and structured allowances, or Wise for a simple, low-cost FX structure.

Cards Comparison Analysis

Revolut is a good option for businesses with large teams or high spending needs. It allows up to 200 virtual debit cards for each team member, making it easy to manage team expenses. You can spend directly from your account balance and use Google Pay and Apple Pay. However, be aware that there is a 2% fee for ATM withdrawals, which can add up for businesses that often use cash.[6]

Wise offers fewer features but has its benefits. Each member can have up to 3 virtual cards. ATM withdrawals are free for the first two withdrawals each month. After that, there is a fee of 1.75% plus SGD 1.5 for each. Businesses can earn 0.5% cashback on specific transactions, and Wise also works with Google Pay and Apple Pay. However, there is a one-time fee of SGD 54 to access Wise card services.[7]

Our Verdict on Cards

If your business requires multiple virtual cards to manage team expenses, Revolut’s extensive card options are a better fit. On the other hand, Wise’s cashback perks and free ATM withdrawals for small amounts make it the more cost-effective choice for businesses that need occasional cash access.

Ask yourself: Do you have a large team that needs to have access to virtual cards? If so, Revolut is a good choice. Looking for cashback and lower ATM fees? Then Wise may be a better fit.

 Customer Support Comparison Analysis

Revolut focuses on digital-first support, with an in-app chat available 24/7 in 100+ languages, a help centre in over 30 languages, and email support.[8] However, it doesn’t provide live phone support. The only phone line is an automated service to block cards, which lacks human assistance.[9]

Wise offers a help centre in 17 languages and email. Account holders also have access to personalised assistance.[10] However, phone support is unavailable for Singapore-based businesses, which is a drawback for customers who prefer voice communication.[11]

H3: Our Verdict on Customer Support: Revolut

Revolut’s 24/7 multilingual chat is best for businesses needing immediate assistance across different time zones. Wise offers multilingual support but lacks round-the-clock availability, which may be a limitation for urgent matters.

Decision point: If 24/7 support is essential, go with Revolut. If your business can manage without it, Wise provides adequate assistance for non-urgent needs.

If both providers in this article still don’t provide what you need, Statrys might be another option you should consider. 

Founded in 2019, Statrys is a licensed payment service provider in Hong Kong that offers payment solutions tailored to businesses registered in Hong Kong, Singapore and the British Virgin Islands. 

With a Statrys business account, you can hold funds in up to 11 major currencies and make local payments in 12 currencies, including SGD, USD, AUD, GBP, and EUR.

 In addition, Statrys helps businesses manage currency risks with forward contracts based on real-time mid-market rates. You can lock in rates up to 12 months in advance, helping you stay on budget and plan ahead.

 Every Statrys account comes with a dedicated account manager who can be reached through various channels, including WeChat and WhatsApp. This ensures you get personalised support whenever you need it.