Two of the most popular and successful new online banking services are Revolut and Transferwise. Each one can boast a solid history of growth with similar services for customers, so if you are looking for a bank to handle your finance, how to decide between Revolut vs Transferwise? We are here to help you make the right decision based on your own needs. Before dealing with the advantages of choosing either Revolut or Transferwise, consider the following table of Transferwise card vs Revolut.
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Compare Transferwise vs Revolut common features and main differences as we summarize here:
Multiple debit cards
Options for multiple debit cards for each account - besides the physical card, you can create up to 5 virtual cards
Only allows one card per account
Multi-currency accounts
Supports 140 currencies, limits to 24 different currencies simultaneously
Supports 96 currencies, enables 50 currencies simultaneously
Account options
Choice of 3 levels (Standard, Metal, Premium)
Only one account type (free)
Cheap money transfers in many different currencies
For cross-currency transfers inside the Eurozone, up to €5000 per month is free, above that, charging 0.5%
Charges mid-range exchange rates for transfers, and charges a fee between 0.2% and 0.5% for each transaction (may be higher for some currencies)
Supported currencies can receive money in CHF, EUR, and GBP can receive money in USD, AUD, CHF, EUR, and GBP
For cross-currency transfers inside the Eurozone, up to €5000 per month is free, above that, charging 0.5%
Charges mid-range exchange rates for transfers, and charges a fee between 0.2% and 0.5% for each transaction (may be higher for some currencies)
Supported internationally
Mostly limited to European countries (32 as at end 2020) plus USA
Available in the USA and across 48 countries
Allow setting limits on card withdrawals
£3000 max per day. For transfer - £100,000 per day up to £250,000 per week
£1000 per withdrawal, up to £1500 per day, £4000 per month. Purchases up to £10,000 per day and £30,000 per month
Type of debit card
Offers a Mastercard and a Maestro
Only offers a Mastercard
Currency exchange costs
Offers transfers for free for each currency pair up to £1000, then 0.5% on each transfer
Uses a complicated pricing system to pay between 0.3 and 0.7% fee on each transfer, depending on the currency pair
Assurance of received amounts
The recipient may lose some money because of the fees
Guarantees the amount the recipient will receive from a bank transfer. Transferwise has local accounts for all their currencies
Cyptocurrency facilities
Can hold cryptocurrencies in your account but will pay a 1.5% fee for each buy or sell
Doesn't support transfers to Bitcoin or any other cryptocurrency
Offer a way to do money transfers from one account to another or to another bank account
Can send money either from your bank account (paying with a credit/debit card or bank/SWIFT transfer) or send money from a Borderless account
Banking license advantages
Has a banking license, important for business customers.
Unique features
Can make payments via Apple Pay Google Pay available in the UK and Europe Can set up recurring payments and direct debit payments to pay for your bills or purchases
Has a better reputation than Revolut, after some reports of suspicious transactions in 2019
Cost of transfers
Cheaper for small amounts (less than €1000 per transfer)
Cheaper for weekend transfers, large amounts and special currencies
Overall, there is no clear winner in the competition of Revolut vs. Transferwise. Each one has shared general features that are basic to everyone’s requirements, and both are good choices. Making the difference would be things that are particular to your own specific requirements. Use our SWIFT code finder for find any SWIFT code and address of financial institutions around the world.
Revolut vs Transferwise by service, license, fees, reputation
Users can send money abroad for less with Revolut and TransferWise than they would with traditional banks thanks to their digital banking and money transfer services.
In terms of services, licenses, costs, and reputation, they differ significantly.
Services: A multi-currency account, a debit card, travel insurance, and a cryptocurrency exchange are just a few of the many things that Revolut provides. Contrarily, the primary business of TransferWise, which also offers a multi-currency account and a debit card, is money transfer services.
Licenses: The Financial Conduct Authority (FCA) in the UK and the European Central Bank (ECB) in the EU have granted Revolut licenses. In addition to the FCA license in the UK, TransferWise also has licenses in the US, Australia, and other nations.
Fees: Revolut and TransferWise both charge less for international money transfers than conventional banks do. Revolut, on the other hand, uses a tiered pricing structure and levies various fees for various kinds of transactions. The fee for every transaction with TransferWise is straightforward and affordable.
Reputation: Both Revolut and TransferWise are well-known in the industry. While TransferWise is renowned for its open pricing structure and dedication to money transfer services, Revolut is renowned for its cutting-edge features and extensive service offering.
Revolut and TransferWise are both excellent choices for sending money overseas, but one may fit your needs more than the other. Revolut has a greater selection of services and holds ECB and FCA licenses, whereas TransferWise is known for its transparent fees and a strong focus on money transfer services.
