Wise vs Revolut
Wise vs Revolut: Which Is Better for Your Personal Finance Needs?
Monito's Managing Editor, Byron has spent several years writing extensively about financial- and migration-related topics.
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Two of the best-known fintechs out there, Wise and Revolut are world-class digital finance apps that both go a long way in reducing the costs traditionally associated with banking and offer a user-friendly online experience.
In this side-by-side review, we compare Wise and Revolut to help you make a more informed decision about the two. Read on to see how they stack up with each other across multiple areas, including fees, product quality, and customer satisfaction.
It's important to note at the very beginning that, despite their many similarities, Wise and Revolut are fundamentally quite different. Wise is a multi-currency online account, whereas Revolut's main offering is its prepaid debit card with various personal finance features. Furthermore, this review only compares the services' standard plans: the personal Wise Multi-Currency Account and 'Revolut Standard' accounts.
That out the way, let's get straight to our in-depth comparison of Wise and Revolut: ―
From the United Kingdom? Revolut is not licensed as a bank in the UK. The content found on this page relating to its products and services is not intended exclusively for a UK readership and may therefore contain inaccuracies from the perspective of UK customers.
Trust & Credibility
Regulated by the FCA and HMRC in the UK and the relevant authorities in all operating counties.
Fully licensed and authorized in every country in which it does business.
Security & reliability
Lacks a banking license, but uses segregated user accounts, HTTPS, and 3-D Secure.
Segregated user accounts, HTTPS, 3-D Secure cards (issued by Mastercard or VISA).
Over 10 million customers and nearly $565 million in annual revenue.
28 million customers, 6,000 employees worldwide
A full overview of pricing is easily accessible and provides every fee as per the regulator-standard fee schedule.
Pricing is accessible, but it doesn't provide every fee found on the regulator-standard fee schedule.
Wise vs Revolut: Are They Trustworthy?
Wise (formerly TransferWise) is not a licensed bank itself but partners with licensed banks to provide its international services to you. It is regulated by the FCA in the UK as an ‘Electronic Money Institution’. As a result, Wise doesn't offer debt or investment services to its Multi-Currency Account users. This does not affect its safety, however. Wise is still required by law to keep your money safe and segregated from its own account, like Revolut. That means that if Wise goes out of business, your money will be unaffected and refunded to you in full.
Revolut, on the other hand, is a registered bank in many EU countries (though not the UK and US) and offers a range of licensed financial services such as loans, trading, and overdraft. Although Revolut didn't have any deposit protection in place for a while, it recently became a bank in most European countries, meaning deposits up to €100,000 are also insured via their platform.
In the end, there is no doubt that both platforms offer high security to customers and that your money will be safe no matter which option you choose.
Service & Quality
Using the mobile app
Slick and well-designed with interesting features, including transfer scheduling, a virtual card, and spending statistics.
Well-designed, well-rated, and packed with helpful features.
Managing the account
Supports many currencies and top-up methods, but overdraft, joint accounts, and interest aren't available.
Many top-up methods and currencies (though lacks overdraft and interest).
FAQ, live chat, and phone support are readily available, although not 24/7.
FAQ and live chat are available, but phone support is lacking.
Making card payments
Contactless, online payments, Apple Pay, Google Pay, and social payments are all supported.
Contactless, online payments, Apple Pay, Google Pay, and social payments.
Wise vs Revolut: The Account & Card
Signing up for either Wise or Revolut will give you a current account (with online account details), a debit card, push notifications, budgeting, financial planning, money transfers, and other core services. Revolut may charge for faster transfers or to accounts not held with Revolut, while Wise doesn't charge extra for these services. Because it's not a licensed bank, Wise's primary offering is its prepaid, multi-currency card, and we think its personal finance features still have a way to go to become as complete and mature as Revolut. As a result, if you're looking for more advanced finance features, then Revolut has the edge.
On the surface, Wise's and Revolut's debit cards are pretty similar. They both offer a Mastercard (though Wise and Revolut offer VISA cards in some countries) supporting contactless, Apple Pay, and Google Pay payments.
There's one important difference, though: Wise doesn't charge commission on card transactions in a foreign currency (only for converting currency in-app), whereas Revolut charges up to 2% of the amount you spend (fair use limits and weekend surcharges also apply). That's why we'd recommend Wise over Revolut if you travel extensively.
Both providers offer elegant cards with a modern aesthetic, though only Revolut offers metal cards (available on some of its paid plans). Additionally, both providers allow you to easily block your debit card from their mobile apps if your card is lost or stolen and offer virtual cards in the app over and above the physical debit cards.
Wise and Revolut have taken different approaches to finance:
Wise isn't focused on banking in the traditional sense, instead highlighting its savvy, online-only cross-border solution that allows users to exchange currencies and spend money easily from a debit card. And while you can't get cashback or access overdraft with Wise due to its limited non-money-transfer-related services, you can set up direct debits (in USD, EUR, GBP, AUS, and CAD), schedule transfers, and trigger transfers at specific exchange rates.
On the other hand, Revolut is more clearly in the business of open banking, offering a range of more traditional services such as credit, trading, overdraft, and savings plans with interest. Although we don't recommend using Revolut as a complete replacement for a traditional bank account, we think it's an excellent online account to use alongside your main one to handle various services at a lower cost.
It's for this reason that we think Revolut has the edge when it comes to personal finance features and Wise when it comes to foreign currency spending and traveling.
Local Accounts Details
Wise offers more local currency options than Revolut. Revolut can provide unique local accounts details in pounds (if you're a UK resident), Euros (if you're in a country within the Eurozone), krone (if you're a resident of Norway) and złoty (if you're a Polish resident), as well as other details.
Conversely, Wise automatically gives you full banking details (held in deposit by local banks) in 10 countries: the US, the UK, the EU (Belgium), Canada, Australia, Singapore, New Zealand, Turkey, Hungary, and Romania.
Therefore, we generally find Wise's offering much more attractive than Revolut's if you're looking for a large number of bank details (except if you’re from Poland or Norway, where Revolut offers local details but Wise doesn't).
Topping up Your Account
Both with Wise and Revolut, you can top up your account through a bank transfer or by making a credit or debit card transfer. We therefore think both services are matched in this criteria.
🔒 3D Secure
🍎 Apple Pay
🌐 Virtual Card
EUR, USD, GBP²
⬆ Top-Up Methods
Bank transfer, debit/credit card, wire
Bank transfer, debit/credit card
EUR, USD, GBP⁴
EUR and 31 others
👥 Joint Account
Mobile app, website
Mobile app, website
|Go to Wise ❯||Try Revolut ❯|
Fees & Exchange Rates
No day-to-day fees but ATM withdrawals come at a small cost.
No monthly fees and few running costs for day-to-day use.
Withdrawals over 200 GBP/EUR, 100 USD, or 350 AUD/NZD/SGD cost between 1.75% and 2% per transaction, with additional fees for more than two withdrawals per month.
Withdrawals over £200 or equivalent /month cost 2%. Third-party ATM charges, fair use limits, and weekend surcharges may also apply.
Online spending comes at no cost in the local currency, although a small conversion fee applies for spending in a foreign currency.
Ordinary online spending comes at no cost (except for FX markups on weekends)
Fees are very reasonable for overseas spending, although conversion fees and ATM withdrawal fees do apply.
Low fees for overseas spending, although minor conversion fees and weekend surcharges can apply.
Wise vs Revolut: How Do the Fees Compare?
In 2023, Wise and Revolut are two of the cheapest ways to handle day-to-day finances on the market. Neither account charges for basic personal finance features, although you'll pay fees in other ways. Note that fees for both services may vary between countries, and all information shared below is for the UK and Eurozone only.
Using your Debit Card Overseas
Wise charges no fees for using your debit card outside the Eurozone, though you'll pay a small currency conversion fee of 0.2% to 2%, depending on the currency. Revolut, on the other hand, charges no fees on the first €1,000 you spend and 2% after that, with fair use limits and weekend surcharges also applying.
Revolut charges a 2% fee on ATM withdrawals above €200 (or more than five withdrawals) per month (note that fair use limits, third-party ATM charges, and weekend surcharges may also apply), whereas Wise charges 2% for withdrawing money from an ATM when you're overseas, but the first €200 per month does not attract a fee. This means that Revolut and Wise are fairly matched regarding ATM withdrawals: both charge a fee after a relatively low limit has been reached.
Revolut typically charges a fee of around €5 to deliver a debit card to you. Wise gives you a free virtual card when you open an account but charges a one-time £5 fee to deliver you a physical Visa debit card. Both platforms charge for replacement cards and deliveries.
International Money Transfers
Monito's comparison engine, Wise is consistently one of the best-priced providers for international money transfers. Revolut's pricing is more complex and depends on the currency, the volume you trade and if you're exchanging currency during or outside market hours. You also need to pay an extra €6 if you want the money to arrive quicker than the typical three to five days with Revolut.
🏧 Foreign Withdrawals
0% on the first €200/m
💳 Foreign Payments
💸 Int'l Transfers
🚚 Card Delivery
📆 Delivery Speed
Between 2 to 4 weeks
Up to 9 business days
|Go to Wise ❯||Try Revolut ❯|
Customer review score
Average Trustpilot rating of 4.6 out of 5 stars.
Trustpilot rating of 4.3 out of 5 stars.
Number of positive reviews
Over 121,000 four- and five-star reviews.
Over 113 thousand four- and five-star reviews.
Wise vs Revolut: What Are Customers Saying?
Wise and Revolut have been highly rated for their quality customer service on Trustpilot by millions of their customers. This section is a draw, as both are large, popular, and much-loved digital finance services.
With a Trustpilot score of 4.6, Wise narrowly beat Revolut's 4.4. Both have tens of thousands of four and five-star ratings on the review site. Ultimately, we think it's safe to say that you will be impressed with either choice.
UK, EU/EEA, US and others¹
English, French, German, Hungarian, Japanese, Polish, Portugese, Romanian, Russian, Spanish, Turkish
English, French and others²
4.4/5 (104K reviews)
Email, call center by country (hours varies)
24h in-app live chat
🗨 Support Languages
English, France, Spanish, German, Italiano Polish, Portuguese, Japanese, Hungarian
English, French, and others³
|Go to Wise ❯||Try Revolut ❯|
Wise vs Revolut: The Verdict
Whether to choose Wise or Revolut as a digital finance partner isn't always an obvious decision, and either will probably impress you with its offerings. Ultimately, the choice comes down entirely to your needs and preferences.
In general, we think Wise is the better option for foreign currency spending of all kinds, whether you're on holiday or spending online in a currency that's not your own. Revolut is also well-priced for foreign currency spending, but we think it's truly unique in the breadth of features and functionality it allows you to take advantage of. As a result, we believe Revolut is the better option for dodging some of the costs that go along with traditional day-to-day finances.
If you'd like to dive deeper into either of these two platforms, we recommend looking at our in-depth Wise review or Revolut review respectively. Watch Monito's review of Revolut in video. Also, to compare Revolut and Wise to other alternatives, don't forget to look at our rankings of the best online accounts in Europe (hint — Revolut and Wise are both among the best options!).
At the end of the day, whichever service you choose, you probably won't make a mistake, and there's a high chance you'll end up more than satisfied with your decision.
Why Trust Monito?
You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.
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