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.
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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.
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.