Which is the best money transfer company provider to send money overseas, Revolut v TransferWise?
The following article will compare international money transfer pros and cons and establish the difference between Revolut and TransferWise. Its worth noting this TransferWise v Revolut comparison will review private transactions as opposed to those looking to use their business accounts to transfer money.
|Monthly Fee||No Monthly Fee||No Monthly Fee|
|Card Payments||Free in the UK and abroad (+0.5% currency conversion markup at weekends)||Free in the UK and abroad, but currency conversion fees apply|
|Currency Conversion||0.5% markup at weekends||0.35%-2.85% depending on the currencies involved|
|Visit Transferwise||Visit Revolut|
TransferWise Credit Card
TransferWise is a private firm based in the United Kingdom. It had been established in 2011. It’s a money transfer services company with global reach. From the TransferWise accounts, you can transfer money to some other consumers in just about any currency. You may use cash from the accounts together with the TransferWise Borderless account and MasterCard in order to send money abroad.
The most important focus of TransferWise was for individuals who either work or live abroad. TransferWise will help them save a good deal of money on charges compared to national and local bank transfers. TransferWise has been profitable because they serve more than four million consumers around the world. Their services are available in Europe and America.
Revolut Credit Card
Revolut is a private firm based in the UK. It had been established in 2015. From the account, you can move money internationally to other customers in addition to directly to bank accounts using their borderless accounts. You are able to do transfers in many currencies. It is possible to use your cash in your own accounts together with the Revolut MasterCard. They also provide virtual cards which you could use for online money transfer. They also have begun trading in cryptocurrencies.
The initial focus of Revolut was for individuals traveling abroad. Using their credit cards in a different nation, these travelers were often incurring high charges and fees for global money transfers. Revolut can save them a great deal of cash. Revolut declared they have roughly four million consumers in 2019. They have roughly 600 employees around the world.
Comparisons between Revolut and TransferWise
Revolut is largely available in Europe. In general, Revolut can be found in 32 European states. They’re already available in Australia in which they’re growing quickly. And they have plans to expand to the U.S. too.
On the other hand, TransferWise is offered in 48 states, including the USA. It makes TransferWise typically popular because they have regulatory protection from the U.S.
Moreover, Revolut enables you to hold cash in 24 monies on your account. On the other hand, TransferWise just lets you hold cash in 16 currencies. Thus, Revolut has greater money coverage. If you’re traveling to lots of states, this may make a huge difference.