Wise VS Revolut: Business Accounts & Pricing [2024]

Wise Overview

Wise is a financial service provider based in London, UK. It was founded in 2011 and was formerly known as TransferWise. 

Wise offers services to simplify international money transfers to personal and business customers, including virtual accounts supporting over 40 currencies.  Wise’s services are available in most countries and regions worldwide, including Australia, the UK, and the US. 

• Eligible countries: Most countries and regions
• Eligible company type: Any type of business, including sole traders, limited companies, and charities registered in the EEA, Switzerland, Canada, the US, the UK,  Australia, and New Zealand
• Licences: Wise is licensed and regulated in multiple locations, including as an Electronic Money Institution in the UK. It is also passported to operate in the EEA through its authorisation as a Payment Institution by the National Bank of Belgium. 
• Partner banks: Several major banks in multiple regions, including Barclays, Citibank, Wells Fargo, and JP Morgan Chase.

Revolut Overview

Launched in 2015, Revolut is a UK-based neobank providing extensive financial services to facilitate online payments in multiple currencies, including multi-currency accounts, currency exchange, and cross-border money transfer services for individual and business customers. 

Revolut currently serves over 40 million personal customers and more than 500,000 business customers worldwide. 

• Eligible countries: Revolut Business is exclusively available for companies registered in Australia, the UK, and countries and territories within the EEA. 
• Eligible company type: Freelancer or sole trader, partnership, limited partnership, limited liability partnership, public limited company, and private limited company. 
• Licences: Revolut is authorised by the UK's Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011. It also holds a banking licence for the EEA granted by the Bank of Lithuania. 
• Partner banks: Not specified

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Business Account Features 

💡Tip: Both Revolut and Wise offer services in several regions worldwide. We recommend checking the information with each of them for accuracy.

Wise vs Revolut Features Rating

Wise’s Features Rating is 4.7/5

With its broader currency support, extensive local account details, and more comprehensive service availability compared to Revolut, Wise is highly suitable for businesses requiring flexibility in international transfers and global reach in their operations. 

Revolut’s Features Rating is 4.3/5

While offering a solid range of services, including innovative features like crypto exchange, Revolut's currency support and local account offerings are less extensive than those of Wise. Although its focus on specific regions allows it to cater to the unique needs of those areas, this approach limits its accessibility to a wider audience. However, it still provides valuable tools for businesses, especially those looking to explore new financial products.

Business Account Fees

*Revolut offers discounted rates for annual payment plans

Wise vs Revolut Fees Rating

Wise’s Fees Rating is 4.5/5

Wise provides a cost-effective international payment solution with monthly fee-free accounts and competitive FX fees. However, the variable costs for specific services, such as receiving SWIFT payments, can be challenging to follow. 

Revolut’s Fees Rating is 4.4/5

Revolut offers a flexible fee structure without any account opening charges and tiered account plans to suit each business’s specific needs. Despite this flexibility, certain transaction fees, including transfer fees outside the account plan’s allowance, may add up for companies with high transaction volumes. 

Card Features and Fees

Wise vs Revolut Card Features and Fees Rating

Wise’s Card Features and Fees Rating is 3.5/5

Wise offers beneficial features for its card users, including digital wallet compatibility, no foreign transaction fees, and cashback on some spending. However, the availability of Wise’s cards in limited regions is a significant drawback. 

Revolut’s Card Features and Fees Rating is 4.5/5

Revolut stands out for its flexibility in multi-currency card spending and the ability to issue a significant number of virtual cards, catering well to businesses operating globally. Moreover, the monthly card payment limit is relatively high compared to Wise. The only downside of Revolut’s card is that the ATM withdrawal fee could add up for cash-reliant users. 

Customer Support

Wise vs Revolut Customer Support Rating

Wise’s Customer Support Rating is 3.9/5

Wise provides various contact methods for customer support, including personalised assistance through phone and email for account holders. However, only a little information is provided on its website, which could affect potential users. 

Revolut’s Customer Support Rating is 4.7/5

Revolut’s 24/7 digital support via the Revolut app appeals especially to users who prefer quick, on-the-go assistance. Customers who rely on digital banking solutions can benefit from this constant availability for their immediate financial needs.

Have a Business in Asia? Consider Statrys

If you are planning to set up your business in Hong Kong or Singapore or are looking for a convenient option for international transfers in this region, Statrys offers comprehensive solutions for handling funds in multiple currencies. 

With a Statrys business account, you can send and receive money in 11 major currencies, including USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD, all under one account number. You can also benefit from real-time SWIFT payment tracking, free invoicing software, and integration with Xero. Additionally, you'll have access to dedicated, multi-lingual customer support from a team that understands your needs.

Statrys Key Services