Revolut vs TransferWise

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

Updated

Revolut is a digital bank that offers account holders a range of benefits, especially in the field of currency exchanges and international money transfers. TransferWise 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 12 November 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 1 1 - 2 days SGD 22.50 0.735 USD
3,657
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
SGD 1 Same day SGD 0.00 0.735 USD
3,674
Use this up-and-coming digital bank to send money overseas with the real exchange rate you can see on Google. 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 $19.99 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.

The app allows you to transfer money to 150 countries, fee-free, at the interbank exchange rate. If your monthly transfers exceed S$9,000 a month, the additional transfers will incur a small 0.5% fee. Also, take note that a flat mark-up on transfers made on weekends and on certain currencies may apply.

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.

Trophy icon
Winner: Revolut

With no fees and interbank rates, Revolut will come out ahead if you’re sending money overseas regularly. The basic $0 membership with Revolut also allows fee-free international money transfers, so even a one-off transaction with Revolut will be cheaper than TransferWise.

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

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

Keep in mind that Revolut would be considerably less cost-effective than what is shown here for transfers over S$9,000. 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 all 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$4.85
Exchange rate1 SGD = 0.6662 EUR1 SGD = 0.6662 EUR
Transfer speed3-5 days1-2 days
Total euros receivedEUR€666.20EUR€662.97
Receiver getsEUR€3.23 moreEUR€3.23 less
Sending $10,000 to Germany
RevolutTransferWise
Transfer fee$50 (0.5% fee on $1,000)$44.28
Exchange rate1 SGD = 0.6662 EUR*1 SGD = 0.6662 EUR
Transfer speed3-5 days1-2 days
Total euros receivedEUR€6,628.69EUR€6,632.50
Receiver getsEUR€3.81 lessEUR€3.81 more

*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, or transferring a sizable sum over S$9,000.

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 and UAH transfers: 1% markup
  • All other currencies: 0.5% markup
  • THB and UAH transfers outside forex market hours: Additional 1% mark-up
  • All other currency transfers outside forex market hours: Additional 0.5% markup

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

  • If the mid-market rate is 1 SGD = 22.3133 THB
  • Revolut’s exchange rate would be 1 SGD = 21.867 THB

TransferWise

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

  • If the mid-market rate is 1 SGD = 22.3133 THB
  • 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 3-5 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 1-2 days depending on the destination.

Trophy icon
Winner: TransferWise

TransferWise’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: Varies

3 – 5 days100+
TransferWiseBank transferBank transferMinimum: $1

Maximum: $1,000,000

1 - 2 days30+

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.

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.

Bottom line

Revolut is mainly designed for travellers, but it can also be effectively used for international money transfers in certain situations.

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

Looking for more options?

The table below shows a range of other potential options for your next money transfer. Try entering your transfer amount and currency. It will crunch the numbers and show you how much different services may cost you.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 2,000 1 - 2 days SGD 0.00 0.732 USD
7,318
Send 35+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it. Go to site Show details
SGD 250 1 day SGD 0.00 0.732 USD
7,318
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
SGD 2,000 1 day SGD 0.00 0.732 USD
7,318
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.
Go to site Show details
SGD 1 Same day SGD 3.99 0.731 USD
7,311
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
SGD 250 1 day SGD 0.00 0.732 USD
7,318
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 45.00 0.735 USD
7,314
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.731 USD
7,305
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 43.00 0.735 USD
7,316
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and is based locally in Singapore.
Go to site Show details
SGD 200 2 days SGD 50.00 0.729 USD
7,252
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies. 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.

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