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Revolut vs. Wise (TransferWise)

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

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.

1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
24 hours
From $0
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
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Compare up to 4 providers

Which has lower fees?

Revolut

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.

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 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
RevolutWise
Transfer fee$10$7.30
Exchange rate1 USD = €0.9411 USD = €0.942
Transfer speed3-5 days1-2 days
Total euros received€932.08€935.17
Receiver gets€3.09 less€3.09 more
Sending $10,000 to Germany
RevolutWise
Transfer fee$143$42.76
Exchange rate1 USD = €0.941*1 USD = €0.942
Transfer speed3-5 days1-2 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
  • 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

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

Trophy icon
Winner: Wise

Wise 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.

Wise

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

Trophy icon
Winner: Wise

Wise’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: $1

Maximum: no limit on most currencies

3 – 5 days30+
WiseBank transferBank transferMinimum: $1

Maximum: $1,000,000

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.

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.

Bottom line

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.
1 - 19 of 19
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Currencies Direct
24 hours
$0
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Dunbridge Financial
24 hours
$0
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
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.
Wise (TransferWise)
24 hours
From $0
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
Currencies Direct
24 hours
$0
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyFair
24 hours
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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.
Wise (TransferWise)
24 hours
From $0
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
WorldRemit
Within minutes
From $1.99
Use the code ‘4FREEFINDER’ to get 4 free transfers if you are a first time user. Eligible countries only.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
MoneyGram
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Currencies Direct (business)
24 hours
$0
Minimizes costs of international transactions and offers custom solutions for business clients.
OFX International Money Transfers (Business)
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0
Increase business efficiency with zero transaction fees and same-day transfers.
Dunbridge Financial Business
24 hours
$0
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
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2 Responses

    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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