TransferWise Vs Revolut
Revolut & TransferWise Go Head To Head To See Who Comes Out On Top
You may have seen TransferWise and Revolut popping up on your newsfeed, or on a billboard down the street a fair bit lately. They’re two of the biggest names in International Money Transfer services right now. So what’s the difference between the two? And which is the best?
In this article, we’ll discuss the good and the bad of these FX providers, and by the end, you should be able to make up your mind on which one to use.
Before We Go Any Further...
Before we start, it’s important to find out if you can actually get a TransferWise or Revolut account!
Revolut is currently only available to UK or EuroZone residents. So if you’re not in the UK or Europe, you can strike them off the list right now. They do have plans to expand operations, but who knows when that will be happening.
TransferWise has a broader reach, and you can open accounts in more countries such as the US and Australia. They do however have some restrictions on where you can open a TransferWise Borderless Account, or where you can get a TransferWise Debit Card. You can check your country’s supporting details here.
If you’re not able to open a TransferWise or Revolut account in your country, there are probably other great FX providers that you can register with. Check out our other FX Provider Reviews.
Both TransferWise and Revolut are great low-cost alternatives to the banks or more expensive FX providers. They have very different pricing structures though, so your individual circumstances will play a role in how much you’re being charged.
No signup or on-going fees.
Generally a small flat fee plus approximately a 0.5% fee on the volume of your transfer. For example a, AUD$1,000 transfer to GBP will cost you 0.5% of $1,000 plus an additional flat fee of $1
Revolut works on a membership basis, with 3 levels of monthly fees.
Standard is £0/month
Premium is £6.99/month
Metal is £12.99/m
The Standard option allows you to send up to £5,000 per month without any fees, to some currencies. After which you’ll be charged 0.5%. Otherwise, you can pay the monthly fee to increase your limit.
Always check the foreign exchange rates that you’re receiving against the interbank rate(this is easy to Google). Some FX providers claim to give you The Interbank rate, or ‘0% spreads’, but it’s always a good idea to double check this for yourself.
Winner: Revolut, but only just…We like that this allows people with only a small need for FX to access very cheap transfers.
It’s important to know that the provider you choose can efficiently transact your currency.
Revolut has a smaller list of currencies that they can send to, although they do support most of the majors. They support USD, EUR, GBP, PLN, CHF, DKK, NOK, RON, SGD, CAD, JPY, AUD, HKD, AED, BGN, CZK, HUF, ILS, MXN, NZD, QAR, SAR, SEK, THB, TRY, and ZAR.
Winner: TransferWise. A much wider range of currencies available with TransferWise.
A great feature of both TransferWise and TransferWise is access to receiving accounts. This can be very handy when doing business overseas or simply receiving funds from friends or family. Revolut offers free UK and Euro IBAN accounts, although considering you need to live in the Eurozone or the UK to open a Revolut account, you probably already have one of these
The TransferWise Borderless account offers free receiving accounts in the US, UK, EU and Australia. And you can hold 28 different currencies from this account too.
Both Revolut and TransferWise offer debit cards. This allows you to withdraw money whilst overseas or pay for items on overseas websites in the correct currency. Very handy! Debit cards are currently only available for UK and Euro customers for both TransferWise and Revolut at this stage 🙁
Both TransferWise and Revolut are built around the Online and App experience, and it shows. We can’t fault the experience on either of the platforms.
TransferWise has the ability to integrate into eCommerce platforms such as Amazon and Stripe to receive revenue from online sales for free. This is obviously a plus for any online sellers out there.
Revolut has some additional features that come in once you start paying for their Premium or Metal services. Products include:
- Access to cryptocurrencies
- Disposable virtual cards (this means your card details are changed after every purchase)
- Some travel insurance
- 0.1%-1% cash back on purchased made overseas
Winner: This is a close one. Revolut has a bundle of additional extras which some people could find useful, but we’re not sure how necessary these are for an FX product. TransferWise has less bells and whistles, but with more receiving accounts available, and integration into eCommerce platforms, we think they have stronger base feature. TransferWise wins this one for us.
Both TransferWise and Revolut are pretty hands off when it comes to customer service. This means that both TransferWise and Revolut have in-depth FAQs answered for you on their respective websites, but you’re not going to get a dedicated account manager or “personal service”. Both of these services are focused on bringing the customer online or to their apps. If you’re looking for personalized service, it may be a good idea to check out or reviews on WorldFirst, OFX, or TorFX.
Revolut Vs TransfeWise - The Verdict
Adding up the scores we have 1 Draw, 1 to Revolut, and 2 to TransferWise! TransferWise wins it for us!
But really, this one all comes down to how you’re going to use the product and what’s important to you. While their products have many similarities, there are certain differences that can make all the differences is choosing the best foreign currency provider for you. If you’re getting into cryptocurrencies, perhaps Revolut could be the one for you. If you’re selling online or need an AUD or USD account, maybe TransferWise will be more your style.