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Revolut vs. TransferWise

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

Updated

Fact checked

Revolut offers lower fees for some transfers to Europe, but TransferWise comes out ahead for most transfers.

The fees and rates used in this comparison are accurate as of May 7, 2019.

Must read: Revolut is not available in the US

As of May 7, 2019, Revolut is not yet available for US users. If you’re a US resident, compare other transfer options that are available.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 1 - 2 days USD 40.00 0.877 EUR
4,351
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Which has lower fees?

Revolut

Revolut charges membership fees, ranging from $0 for the basic option to $22.99 per month for the top tier option. You’ll probably only need the top tier option if you’re transferring large amounts, though. There are also various fees, such as for card delivery.

For transfers themselves, you’ll incur wire transfer fees when sending money to a recipient outside the EU or if the transfer is not in euros. These fees can be unpredictable and potentially quite large depending on the payment.

TransferWise

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

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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. TransferWise allows you to avoid those unwanted wire transfer fees, and will often be cheaper.

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

To show you what transfers with Revolut and TransferWise look like, here’s an example of sending two different amounts from Australia 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 AUD/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
RevolutTransferWise
Transfer fee$0$5.12
Exchange rate1 AUD = 0.6333 EUR1 AUD = 0.6333 EUR
Transfer speed3-5 days1-2 days
Total euros receivedEUR€633.30EUR€630.06
Receiver getsEUR€3.24 moreEUR€3.24 less
Sending $10,000 to Germany
RevolutTransferWise
Transfer fee$0$42.76
Exchange rate1 AUD = 0.6333 EUR*1 AUD = 0.6333 EUR
Transfer speed3-5 days1-2 days
Total euros receivedEUR€6,329.83EUR€6,305.92
Receiver getsEUR€23.91 moreEUR€23.91 less

*Assuming you’re using basic Revolut without any monthly fees, the mid-market rate only applies to the first $9,000 transferred per month. 0.5% is removed from the receiving currency amount for transfers beyond that limit. This comparison takes that into account.

Under optimal conditions, Revolut will be more cost-effective than TransferWise, putting you about EUR€3 to EUR€20 ahead when you include the fees from TransferWise in your calculations. But TransferWise will most likely come out on top if you add in the cost of a Revolut subscription fee, sending money on a weekend, sending money in a currency other than euros or sending money anywhere other than Europe.

Which offers better exchange rates?

Revolut

Revolut will offer mid-market rates with some caveats:

  • Transfers with major currencies: 0% markup
  • Transfer amounts above the limit for your subscription: 0.5% markup
  • THB, RUB, UAH and TRY transfers: 1% markup
  • All other currencies: 0.5% markup
  • THB, RUB, UAH and TRY transfers outside forex market hours: Additional 1% markup
  • All other currency transfers outside forex market hours: Additional 0.5% markup

For example, say you need to transfer Russian rubles within your subscription limit on a weekend:

  • If the mid-market rate is 1 AUD = 46.380 RUB
  • Revolut’s exchange rate would be 1 AUD = 45.4524 RUB

TransferWise

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

  • If the mid-market rate is 1 AUD = 46.380 RUB
  • TransferWise’s exchange rate would be the same as the mid-market rate

Trophy icon
Winner: TransferWise

TransferWise offers mid-market rates without all the caveats.

Which is faster?

Revolut

Revolut says transfers will usually take 35 days, but that you can speed it up by paying extra or by signing up for the Premium or Metal upgrades.

TransferWise

TransferWise says payments can be done in 12 days depending on the destination.

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Winner: TransferWise

TransferWise’s 12 days is less than Revolut’s 35 days.

General features

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

Maximum: £75,000

3 – 5 days100+
TransferWiseBank transferBank transferMinimum: $1

Maximum: $199,999

1 2 days45+

Revolut

To sign up for Revolut, you’ll 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.

TransferWise

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

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

Bottom line

Revolut is mainly designed for travelers, but it can also be effectively used for international money transfers in certain situations. But for now, it isn’t available in the US. And in countries where it is available, a dedicated international money transfer service like TransferWise will still tend to offer better value for money.

To get the best deal on your next transfer, compare other transfer providers to find one with competitive rates in your preferred currency.

Looking for more options?

Compare these providers to find the best deal on your next transfer.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 0.868 EUR 4,342 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
GBP 1,000 1 - 2 days USD 0.00 0.868 EUR 4,342 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
USD 1 Same day USD 0.00 0.873 EUR 4,366 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 2,000 1 day USD 0.00 0.868 EUR 4,342 $0 transfer fees with rates at never more than a 2% markup. Go to site Show details
USD 0 1 - 2 days USD 1.99 0.86 EUR 4,296 Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
USD 1 1 - 2 days USD 40.00 0.877 EUR
4,351
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 1 Within an hour USD 3.99 0.873 EUR 4,364 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Image source: supplied, photographer: Revolut, Transferwise

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2 Responses

  1. Default Gravatar
    CarlosDecember 8, 2019

    Does XE wire money to swift codes bank accounts to Trinidad and Tobago?

    • Default Gravatar
      nikkiangcoDecember 11, 2019

      Hi Carlos,

      Thanks for your comment and I hope you are doing well.

      Yes, XE sends money transfers via bank transfer to Trinidad & Tobago. When sending money – it’s important to check the exchange rate beforehand to maximize the funds to be exchanged.

      Also, read through the transfer process of the provider such as transfer fees, transfer options and transfer speed to set expectations for the receiver. Take note of any reference or tracking numbers should any transaction delays come up during the transit. A friendly reminder, exchange rates vary on a daily basis, the rate today may differ from the rate tomorrow. Observe the fluctuations of exchange rates more frequently days before you exchange your money.

      Hope this helps and feel free to reach out to us again for further assistance.

      Best,
      Nikki

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