Wise vs Revolut

Both Wise and Revolut are fully-secure online accounts that take security very seriously.

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 is not a registered bank in the UK and US. As a fintech app, it offers a wide range of financial services, from a multi-currency account to hold 20+ foreign currencies, a cheap international money transfer service, travel insurance, direct debits, business accounts, and much more.

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.

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.

Debit Cards

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.

Account Experience

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.

Revolut's services are quite wide-ranging. In addition to their checking accounts and multi-currency accounts that support direct debits in several currencies, Revolut offers travel insurance, savings features, budgeting software, international money tranfers, and much more (especially for those above the free plan). 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 account 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.

In 2024, 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.

ATM Withdrawals

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.

Card Delivery

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.

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.