Revolut is a digital bank that offers customers a range of benefits, especially in the field of currency exchanges and international money transfers. Wise is a specialized money transfer provider that offers mid-market rates. So which can give you better value for money when you’re sending money abroad?
The fees and rates used in this comparison are accurate as of December 28, 2022.
Revolut charges membership fees, ranging from $0 for the basic option to $16.99 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.
Wise
Wise’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.
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 AUD$1,000 and AUD$10,000 to Germany
To show you what transfers with Revolut and Wise 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
Revolut
Wise
Transfer fee
$10
$7.30
Exchange rate
1 USD = €0.941
1 USD = €0.942
Transfer speed
3-5 days
1-2 days
Total euros received
€932.08
€935.17
Receiver gets
€3.09 less
€3.09 more
Sending $10,000 to Germany
Revolut
Wise
Transfer fee
$143
$42.76
Exchange rate
1 USD = €0.941*
1 USD = €0.942
Transfer speed
3-5 days
1-2 days
Total euros received
€9,277.49
€9,357.13
Receiver gets
€79.63 more
€79.63 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.
In both examples, Wise has come out on top and will save you nearly €80 on money transfer to Germany. The comparison was done on a weekend which makes Revolut less competitive.
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
All other currency transfers outside forex market hours: Additional 0.5% markup
Wise
Wise offers the mid-market rate all the time for all currencies without any special conditions.
If the mid-market rate is 1 AUD = 0.671450 USD
Wise’s exchange rate would be the same as the mid-market rate
The mid-market rate is the current middle-of-the-market price for a currency pair, found halfway between current buy and sell prices.
It’s used as the official exchange rate for a currency. You can easily check the mid-market rate online to see what kind of markup you’re paying on a quoted exchange rate.
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 upgrades.
Wise
Wise says payments can be done in 1–2 days depending on the destination.
Winner: Wise
Wise’s 1–2 days is less than Revolut’s 3–5 days.
General features
Payment methods
Receiving options
Minimum and maximum transfer amounts
Transfer speeds
Currencies
Revolut
Revolut account
Bank transfer, Revolut account
Minimum: $1
Maximum: no limit on most currencies
3 – 5 days
30+
Wise
Bank transfer
Bank transfer
Minimum: $1
Maximum: $1,000,000
1 – 2 days
45+
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.
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.
Revolut is mainly designed for travelers, but it can also be effectively used for international money transfers in certain situations. They only launched in the US in 2020 and Wise has been established there since 2016. In most cases, Wise should be the better option as they offer better exchange rates, low fees, a wider selection of currencies and faster transfers.
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?
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Andrew Munro was the global cryptocurrency editor at Finder, covering all aspects of cryptocurrency and the blockchain. Andrew has a Bachelor of Arts from the University of New South Wales.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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.
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Does XE wire money to swift codes bank accounts to Trinidad and Tobago?
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