Finder makes money from featured partners, but editorial opinions are our own.

Revolut vs Wise (TransferWise)

Which can save you more on your next international money transfer?

Revolut is a digital banking provider that offers account holders a range of benefits, especially in the field of currency exchanges and international money transfers. Wise is one of a new field of money transfer services which offers mid-market rates. So which can give you better value for money when you’re making an overseas transfer?

The fees and rates used in this comparison are accurate as of 3 August 2019.

1 - 1 of 1
Name Product _compare_ Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
24 hours
From 0.42%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
loading

Revolut is currently not available in Canada

Revolut hasn’t launched in Canada yet, but plans to do so in the future. This means that you currently can’t send money from Canada using Revolut. However, senders from other countries can still use Revolut to send money to Canada in more than 25 currencies including CAD.[/fin_grid_col]

Wise

TranferWise’s fees will also vary depending on where the money is going and the payment method but will be clearer, more predictable and typically lower for all except the larger transfers.

As an example, sending $500 to the Philippines could cost you around $9 if you pay by bank transfer or around $17 if you pay by debit. Similarly, sending $2,000 to the US could cost you around $21 if you pay either by domestic wire transfer or as a bill payment, or it could cost $68 if you pay via credit card.

[/fin_grid]

Trophy icon
Winner: Tie

Revolut can come out ahead if you’re sending money to Europe, but for most other locations it will be more expensive to use. Wise allows you to avoid those unwanted wire transfer fees, and will often be cheaper.

Let’s crunch the numbers: Sending $1,000 and $10,000 to Germany

To show you what transfers with Revolut and Wise look like, here’s an example of sending 2 different amounts to Germany.

Keep in mind that Revolut would be considerably less cost-effective than what is shown here for transfers to anywhere outside of Europe. We’re also not including the monthly fee and we are assuming that this transfer is made during the week, as Revolut adds a 0.5% margin on CAD/EUR transfers on weekends.

This comparison essentially assumes that you’re getting the best possible value from Revolut for a single transfer.

Sending $1,000 to Germany
RevolutWise
Transfer fee$0$10.75
Exchange rate1 CAD = 0.6818 EUR1 CAD = 0.6818 EUR
Transfer speed3-5 days1-2 days
Total euros receivedEUR€681.80EUR€674.47
Receiver getsEUR€7.33 moreEUR€7.33 less
Sending $10,000 to Germany
RevolutWise
Transfer fee$0$77.99
Exchange rateFor the first $9,000:
1 CAD = 0.6818 EUR*For the remaining $1,000:
1 CAD = 0.6784 EUR*
1 CAD = 0.6818 EUR
Transfer speed3-5 days1-2 days
Total euros receivedEUR€6,814.60EUR€6,764.83
Receiver getsEUR€49.77 moreEUR€49.77 less

*Assuming you have a basic (“Standard”) Revolut account without no monthly fees, the mid-market rate only applies to the first $9,000 transferred per month. Beyond that amount, 0.5% is removed from the receiving currency amount. This comparison takes that into account.

Under optimal conditions, Revolut will be more cost-effective than Wise, putting you about EUR€7 – €50 ahead (roughly CAD$10 – $73) when you include the fees from Wise in your calculations.

But Wise will most likely come out on top if you add in the cost of a Revolut subscription fee and if you send money on a weekend, send money in a currency other than euros, send money anywhere other than Europe or are a high-frequency standard account holder.

Which offers better exchange rates?

Revolut

Revolut will offer mid-market rates with some caveats depending on the type of transfer:

  • Sending major currencies (check Revolute’s website for a list of major currencies): 0% markup
  • Sending THB, RUB, UAH or TRY: 1% markup
  • Sending all other currencies: 0.5% markup
  • Sending beyond your subscription limit: 0.5% markup
  • Transferring outside of forex market hours (Sat & Sun, UTC): An additional 1% mark-up for transfers in THB, RUB, UAH and TRY; an additional 0.5% markup for all other currencies.

Note that if you are a standard account holder (not a premium or metal account holder) and exchange £5,000 or more (or the equivalent in any currency) in any rolling month, you will be considered a “high-frequency customer” and will be subject to a lower exchange rate than usual. The margin on such exchange rates is often 0.5% higher than the margin Revolut normally takes.

Wise

Wise offers the mid-market rate all the time for all currencies without any special conditions.

  • If the mid-market rate is 1 CAD = 49.4371 RUB
  • Wise’s exchange rate would be the same as the mid-market rate

Trophy icon
Winner: Wise

Wise offers mid-market rates without all the caveats.

Which is faster?

Revolut

Revolut says transfers will usually take 3-5 days, but that you can speed it up by paying extra or by signing up for the Premium or Metal account upgrades.

Wise

Wise says payments can be done in 1-2 days depending on the destination.

Trophy icon
Winner: Wise

Wise’s 1-2 days is less than Revolut’s 3-5 days.

General features

Payment methodsReceiving optionsMinimum and maximum transfer amountsTransfer speedsCurrencies
RevolutRevolut accountBank transfer, Revolut accountMinimum: £0

Maximum: £75,000

3 – 5 days100+
WiseBank transferBank transferMinimum: $1

Maximum: $9,500

24 hours30+

Revolut

To sign up for Revolut, you will need to create an account and can then request to receive a card. Once you have your account and card, you will need to top up your Revolut account from your bank account before you can use it.

After this, you can start holding multiple currencies in your Revolut account, access overseas ATMs and take advantage of Revolut’s travel money options.

Wise

To send money with Wise you will have to create an account. Then you can enter the details of your transfer and make your deposit to Wise, which it will send onwards overseas.

You can also hold multiple currencies in your Wise account with Wise Borderless.

Read review: Wise

Bottom line

Depending on where you live, you may not be able to use Revolut to send money. However, if you travel frequently, you may be able to use it effectively for international money transfers in some situations.

But for everyday value for money in more situations, a dedicated international money transfer service like Wise will still tend to offer better value for money.

Want to learn more? Take a look at our guide on finding secure and affordable ways to send money overseas.

Looking for more options?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 8 of 8
Name Product _compare_ Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
24 hours
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From $0
Use code HELLO to get $20 off on first two transfers on a min transfer of $250. Valid until November 30, 2023.
Instarem offers zero transfer fees on all transfers.
Africhange
Within minutes
From $0
Send money in CAD to Africa on this blockchain and P2P powered provider.
Remitly
Finder Award
Remitly
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
MoneyGram
Finder Award
MoneyGram
Within minutes
From $4.99
For a limited time, get $0 fees on your first money transfer from Canada. Conditions apply.
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
OFX
Finder Award
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
loading

More guides on Finder

Ask a Question

You must be logged in to post a comment.

Go to site