Wise | Revolut |
Key Features ✔️ Multi-currency account supporting over 40 currencies. ✔️ Local accounts with local bank details in 9 locations. ✔️ Digital and physical multi-currency Visa debit cards ✔️ Payroll and batch payment features ✔️Business API integration to automate payments | Key Features ✔️ Multi-currency business account supporting over 25 currencies ✔️ Virtual and physical multi-currency business cards, available as either Visa or Mastercard®. ✔️Payroll and batch payments ✔️API features to integrate Revolut into your existing financial operations. |
Best For Freelancers and businesses worldwide that are seeking a cost-efficient and convenient way to send money internationally. | Best For SMEs based in Australia, Singapore, Europe, the UK, and the US that are looking for advanced financial tools to manage international payments effectively. |
Wise Overview
Wise is a financial service provider based in London, UK. It was founded in 2011 and was formerly known as TransferWise.
Wise simplifies international money transfers for both personal and business customers, offering virtual accounts that support over 40 currencies at a lower cost than traditional bank accounts. 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 freelancers, 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, Deutsche Bank, and JP Morgan Chase.
Tip: Interested in Wise? Explore the key details you need to know before opening a Wise Business account.
Revolut Overview
Launched in 2015, Revolut is a UK-based neobank providing extensive financial services to facilitate online bank transfers in multiple currencies, including multi-currency accounts, currency exchange, and cross-border money transfer services for individual and business customers worldwide.
In July 2024, Revolut announced that it had been granted a banking license by the Bank of England and is currently in the mobilisation stage, preparing for the full launch of banking services in the UK. Do note that during this stage, the bank is authorised with restrictions, which means it can hold up to GBP 50,000 of each customer's deposits.
- Eligible countries: Revolut Business is exclusively available for companies registered in Australia, Singapore, the US, 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 holds a banking licence in the EEA and the UK, granted by the Bank of Lithuania and the Bank of England.
- Partner banks: Lead Bank in the US.
Have you used Wise or Revolut? Share your review in our short survey and get rewarded for your time!
Business Account Features
| Wise | Revolut |
Supported Currencies | Over 40 currencies, including GBP, EUR, AUD, NZD, HKD, and SGD. | Over 25 currencies, GBP, EUR, USD, ZAR, TRY, SAR, SGD, SEK, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, BGN, QAR, THB, and AED. |
Local Account Details | 9 Currencies, including GBP, EUR, AUD, NZD, SGD, CAD, RON, TRY, and HUF. | 3 Currencies: GBP, EUR, and USD |
International Payments (SWIFT) | ✔️ | ✔️ |
Accounting Software Integration | ✔️ | ✔️ |
Primary Pros |
|
|
Primary Cons |
|
|
Tip: Both Revolut and Wise offer services in several regions worldwide. We recommend checking with each provider for confirmation.
Wise vs Revolut Business Account Features Rating
Wise’s Features Rating is 4.7/5
With its broader currency support, extensive local currency accounts with unique bank 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 4.5/5
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, with banking licenses in the United Kingdom and Europe, Revolut provides an extra layer of trust and security, making it an attractive option for businesses based in these areas.
Business Account Fees
| Wise | Revolut |
Account Opening Fee | Depends on your location UK: GBP 45 EU: EUR 50 US: Free | Free |
Account Monthly Fees | Free | Depends on the account plan: Company Basic: Free Grow: From GBP 19 per month Scale: From GBP 79 per month Enterprise: Custom* |
Receive Local Payments | Free | GBP 0.2 outside of each plan’s allowance Free - all inbound transfers in EUR, GBP, USD, and CHF. |
Send Local Payments | From 0.43% | GBP 0.2 outside of each plan’s allowance |
Receive International Payments (SWIFT) | SWIFT payment in CAD: CAD 10 Other currencies: Depends on each bank’s handling fees | GBP 5 per transaction outside of each plan’s allowance Free - all inbound transfers in EUR, GBP, USD, and CHF |
Send International Payments (SWIFT) | Depends on each bank’s handling fees | GBP 5 per transaction outside of each plan’s allowance |
FX Fee | From 0.43% (Varies by currency) | 0.6% fee for currency exchanges over the account allowance. 1% fee for currency conversion outside market hours |
FX Rate | Based on the mid-market exchange rate | Based on the interbank rate |
Wise vs Revolut Business Account 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 | Revolut |
Card Type | Physical and virtual debit cards | Physical and virtual debit cards |
Card Base Currency | Multi-currency | Multi-currency |
Payment Limit | Varies by issuing country UK: GBP 45,000 per month EU: EUR 45,000 per month | GBP 5,000,000 per month (or the equivalent in other currencies) |
ATM Withdrawal | Available in limited locations | ✔️ |
ATM Withdrawal Fee | 2 free withdrawals per calendar month | 2% per each transaction |
ATM Withdrawal Limit | Varies by location UK: GBP 4,000 per month EU: EUR 4,000 per month | GBP 3,000 or equivalent per 24 hours |
Primary Pros |
|
|
Primary Cons |
|
|
Wise vs Revolut Card Features and Fees Rating
Wise’s Card Features and Fees Rating is 3.5/5
Wise debit cards offers beneficial features for its 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 | Revolut |
Communication Channels | Help centre (available for everyone) Phone, Email, and Personalised support (available for Wise account holders) | Help centre, Email, and In-app chat with experts for customers with Revolut accounts |
Working Hours | Not specified | 24/7 in-app chat |
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 operate in or plan to expand to Asia, Statrys is a great alternative to Wise and Revolut for payment solutions.
Statrys is a licensed Money Service Operator based in Hong Kong. Our services include business accounts supporting 11 major currencies, low-cost transfers, prepaid Mastercard®, and FX services.
Below is a summary of Statrys' services.
Statrys Key Services
FAQs
What is the difference between Wise and Revolut?
The main difference between Wise and Revolut is their features. Wise focuses on providing low-cost methods to transfer money internationally, while Revolut offers a broader range of business financial services, including cryptocurrency trading and stock trading.
Is Wise safer than Revolut?
How are the business cards from Wise and Revolut different?
Are there any alternatives to Wise and Revolut for businesses in Asia?
Disclaimer
Statrys competes directly with Wise in the payment industry but not with Revolut, as we do not provide services in Europe, the UK, or the US. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.
