Wise vs Revolut is a battle of 2 fintech companies trying to change the way international payments work.
Both have a primary focus on money transfers and international finance.
Wise Payments Limited is an authorised e-money institution regulated by the Financial Conduct Authority (FCA).
Revolut is also an authorised e-money insitution under the UK Electronic Money Regulations and regulated by the FCA.
Wise vs Revolut: Vital statistics
Do you want a bright green card or a bluey-purple-ish one? That’s one of the questions you’ll have to ask yourself when you’re deciding between these 2 accounts.
The other difference between them here is Revolut offers a sign-up bonus of £20.
Otherwise they’re both fairly similar, with neither offering overdrafts or FSCS protection on deposits.
Round 1: App features
They both have spending categories so you can organise where your money has gone. Wise has 15 and if that isn’t enough for you, Revolut has as many categories as you care to name, because they’re customisable. Whether you need the freedom to do that is up to you and Wise might be more than enough for most people.
In other points of difference, Revolut has separate savings account and a feature to let you round up your spending to help you save the change.
Wise has in-app and telephone customer service, while Revolut only has the latter.
In terms of sending money abroad, Wise charges 59p and a percentage of the transfer amount, while Revolut transfers are free in the SEPA region or 30p to £5 outside it. It’s worth noting though that Wise generally has better exchange rates than Revolut, which can make a big difference if you’re transferring a large amount.
- Winner: Tie.
Round 2: Spending in the UK
There are fairly similar offerings in this round, though Wise works with Samsung Pay while Revolut doesn’t. They have the same cash withdrawal limit of £200, but Revolut lets you do that in 5 withdrawals compared to 2 with Wise.
- Winner: Wise, because it has Samsung Pay.
Round 3: Using the card abroad
This round is where these 2 competitors should really excel, but neither side is best in class.
Wise doesn’t charge a fee if you’re spending a currency you already have on your card, but if you spend in a different currency then you’re charged a small conversion fee.
Revolut lets you spend £1,000 a month with no fee and if you spend over that you’re charged 1% for that amount.
Both limit foreign cash withdrawals to £200 each month.
- Winner: Revolut, because it has a higher monthly spending limit that isn’t related to the currency you’re spending in.
Round 4: Account types
Free account | ||
---|---|---|
Premium account | ||
Joint account | ||
Teen account (for 16- and 17-year olds) | ||
Kids' account or card | ||
Business account | ||
Find out more |
Wise has a free personal account and a business account, that’s it.
Revolut has those and also offers joint accounts, premium accounts, kids’ accounts and teen accounts.
If you want a greater range, then Revolut might be what you’re looking for, though Wise’s offering is more simple.
- Winner: Revolut, because it has more options.
Round 5: Signing up
Apply through the app | ||
---|---|---|
Quick application | ||
Credit check | ||
Card delivery fee | £7 | £4.99 |
Card delivery timescale | 2-6 working days (UK), varies for different countries | Up to 9 working days |
Find out more |
To apply for either of these you can do it quickly and easily through their respective apps.
Wise charges £7 for a card which should arrive in 2–6 working days, while Revolut charges £4.99 and it should arrive in up to 9 working days.
Revolut also has a £20 sign-up bonus, which is handy.
- Winner: Revolut, because the card is cheaper and there’s a sign-up bonus.
Overall winner: Revolut
While both of these have aspirations to make managing money internationally better for customers, neither is a leader at that right now. They do offer a range of products and features that are a vast improvement on traditional banks when it comes to sending or spending money abroad, but other neobanks have better offerings.
That said, Revolut has slightly more than Wise at the time of writing. It has a wider range of account types, a sign-up bonus and higher limits for spending abroad.
Wise might shade it for sending money abroad because it generally offers a better exchange rate and its lower fees could really save you money compared to Revolut, especially if you’re sending large amounts of money.
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