TransferWise vs Revolut

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 vs Revolut Contents

  1. TransferWise Credit Card
  2. Revolut Credit Card
  3. Comparisons Between Revolut and TransferWise
  4. International Money Transfer Services
  5. Learn More About Revolut Accounts and their Fixed Fee Structure
  6. Recent Revolut Bad Press
  7. Money Transfer Comparison Final Word

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.

International Money Transfer Services

Both firms focus on cash transfer as their main service. They offer a debit card which you can use at atm withdrawals or  spending money everywhere. It is possible to charge your debit card in your bank accounts. After that you can use it like a physical card or on the internet. In both scenarios, you may also withdraw cash from the debit card. Both TransferWise and Revolut provide a means to do cash transfer from 1 account to another or a different bank accounts. Normally, people feel that TransferWise is somewhat quicker in executing transfer speed, however, there are no real complaints regards transferring money and the time it takes with Revolut. There’s a gap when receiving money. With TransferWise, you may also get money in USD compared to only Euros, Pounds and Swiss Francs with Revolut. Regards user experience, it’s only possible to use the Revolut apps compared to the desktop or mobile for TransferWise. Click here to sign up to TransferWise today.

Other services

TransferWise is particularly focused on the service of moving cash at low-cost between bank accounts or  TransferWise accounts. For example, they began offering cryptocurrencies in 2018. This means that you may hold cryptocurrencies on your accounts. However, you can’t receive your cryptocurrencies from your Revolut account. As an example, you can’t transfer them in to your cryptocurrency wallet. So this isn’t a replacement for different cryptocurrencies exchanges. Revolut also began offering insurance for many things. And they have lots of budgeting abilities in the mobile application, plus currency conversion calculators. Additionally, Revolut includes a banking permit meaning that they could turn into a financial institution later on.

Learn More About Revolut Accounts and their Fixed Fee Structure

The range of products includes the Free digital banking account which is very popular. Their Standard accounts cost 6.99 Euro a month which includes priority assistance, greater withdrawal, no longer monthly limitations, and many kinds of exemptions. Lastly, the Metal Account costs 12.99 Euros a month incorporating 1% cashback abroad  and 0.1% cashback on European purchases plus a concierge service.

Transfer Limits

TransferWise or Revolut both have limits when it comes to maximum and minimum transfers limits for European and U.S. clients. In respect of TransferWise, European clients can withdraw £1,000 per transaction, £1,500 GBP daily, and £4,000 GBP a month. For online purchases, they could buy for a max of £10,000 GBP every day or £30,000 GBP a month. U.S. clients have smaller limitations. They could withdraw $1,000 USD daily and $4,000 USD a month. And they’re able to transfer online $2,000 USD daily and up to $10,000 USD a month. Revolut includes a simpler system for transfers. You can get a withdraw a maximum of £3,000 GBP daily. Overall, Revolut has far greater limits than TransferWise. In addition, their system is a lot simpler. But for many users, the withdrawal limits of TransferWise ought to be more than adequate.

Money Transfer Fees and Rates

What is most intriguing with both of these services is their costs. It’s typically between 1.5 per cent and 2.5 per cent on every amount. On TransferWise, transfers aren’t free. You’ll have to pay between 0.2 and 0.5% commission on every transfer based on the currency pair you’re converting money from. It’s valid for every currency pair. As soon as you reach this limit, you’ll have to pay a 0.5% currency conversion fees on every transfer. In addition, on the weekend, then you’ll have to pay an excess fee for each transfer. And a few foreign currencies such as Russian Roubles (RUB) and Thai Baht are somewhat more costly with 1 percent throughout the week and 2 percent throughout the weekend.

Recent Revolut Bad Press

There’s been a recent controversy regarding Revolut. If you read financial news online or national newspapers, Revolut has had several problems with their employees in addition to thousands of suspicious transactions being reported. As a result of all this, a new CEO is now in place.

Money Transfer Comparison Final Word

In general we can observe that both money transfer companies have great products. Click here to read the full TransferWise money transfer service review. From a pure cash perspective, Revolut is exceptional. But they have manage to acquire a negative reputation although this is being addressed plus their customer support is quite poorly rated unlike TransferWise. On balance, however, Revolut does appear to be cheaper although if you looking for a trusted money transfer provider with good customer service TransferWise is a must too. Revolut vs TransferWise? Whichever service you use, you will still save money compared to using any banks foreign exchange rates  or credit card charges.