Transferwise vs Revolut: Which is Best in 2020?

Transferwise and Revolut are two online platforms that allow you to make multi-currency transactions. The services have some similarities, but there are also key differences. In this guide, we will compare Revolut versus Transferwise. Some things that we will draw a comparison on are fees, limits, availability, reputation, and more.

A Comparison of Both Backgrounds

Transferwise and Revolut had been developed as solutions to prevent users from racking up foreign exchange fees. Because each service allows you to have multiple types of currency in your account, you don’t have to worry about racking up exorbitant fees when shopping internationally.

Transferwise is based in the UK, and so is Revolut. The original purpose of Transferwise was to be used by people who are working outside of their native country. When you are working outside of your home country, your job might send you a paycheck in a different currency. Thus, Transferwise helps avoid huge paycheck fees in comparison to making a bank deposit.

In comparison, Revolut’s original purpose was to help people who are gallivanting internationally temporarily and swiping their credit cards to pay for purchases. Revolut saves them money when purchasing food, paying for hotel rooms, and so on when you compare it to a single-currency service.

Comparison of Availability

Transferwise, along with Revolut, is available in numerous European nations. Yet, Transferwise has a slight edge; it can be used in 59 nations, while Revolut is just used in 36. As far as non- European countries, Transferwise can be accessed in the US, while Revolut is available in the US, Australia, Singapore, and Canada. Transferwise works in some countries of the continent of Asia – for instance, Indonesia – but such countries can’t use Revolut in comparison.

As far as availability of currency, when you compare Transferwise versus Revolut, Revolut is the frontrunner. Revolut works with 150 types of currency, in comparison to the 54 currencies that Transferwise offers. So, if you are going on a global tour, Revolut could be the better option. However, 54 currencies are still quite good!

One more comparison of Transferwise versus Revolut availability: Revolut lets your account hold 30 different currencies at once. In comparison, Transferwise’s wallet holds 18 currencies.

Comparison of Money Transfer

Money transfer is the main focus of both Transferwise and Revolut. Both services offer their users a debit card to access funds while shopping. You can load the card up from the funds of your bank account. Then, swipe the card in physical stores or input its details during online shopping. Furthermore, you can use both cards to withdraw funds to your bank account.

So, that’s what the services have in common; now, let’s compare the differences of Transferwise versus Revolut regarding money transfers.

When using Revolut, you can receive money payments in 28 various currencies. Transferwise, in comparison, only lets you receive payments in 7 currencies.

Currencies
RevolutAED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR
TransferwiseAUD, EUR, GBP, NZD, PLN, SGD, USD

Transferwise can be used via a web browser or its mobile application. However, Revolut is only accessible from the company’s mobile app.

Now for the cards – Transferwise lets users have a MasterCard debit card. Revolut also does that, but it also lets its users use a Maestro card, which is convenient if you are in Switzerland.

Comparison of Other Services and Features

Transferwise does not have that many features; instead, it places all of its focus on low-cost money transfers. Revolut, when you compare it to Transferwise, offers many more features.

Some of Revolut’s features include:

  • Cryptocurrency: From 2018, Revolut began to provide a cryptocurrency service. Customers are allowed to use their Revolut wallet to hold cryptocurrencies. This is not a complimentary feature. Each time you buy/sell a cryptocurrency, there will be a fee of 1.5% if you have a Premium or a Metal account. Standard account holders will be charged a 2.5% fee. You also cannot remove your cryptocurrency from Revolut.
  • Insurance: Revolut’s travel insurance has you covered if you run into emergency expenses while traveling overseas.
  • Budgeting: If you struggle with creating and sticking to a budget, you can use the budgeting feature of Revolut’s mobile app.
  • Vaults: When you sue the Vaults feature, you can round your purchases up to the next dollar and put the extra money into a savings account.
  • Apple Pay/ Google Pay Compatibility: With this feature, you can use your Revolut debit card from your mobile device, offering the utmost convenience.
  • 3 account types: Standard is Revolut’s free account. Premium has a minimal fee of EUR 6.99 for each month of usage. Some perks include extra service support, insurance, better withdrawal capabilities, and the elimination of any monthly limitations. Metal is Revolut’s most expensive account type, and it costs EUR 12.99 each month. You will get access to a concierge and great cashback capabilities.

Even though Transferwise does not offer as many features as Revolut, it still performs its primary focus very well: money transfer.

Some of Transferwise’s other features include:

  • Apple Pay/Google Pay compatibility
  • Usable in both the mobile app and web browsers
  • Generous referral program (earn money for inviting friends)

Comparison of Limits and Fees

If you anticipate using either service very frequently, or if you are going to make large transactions, you should compare their limits and fees.

Let’s Compare Limits

Transferwise limits depend on your method of payment and which currencies the transactions are involved with. According to Transferwise’s currency guides, here are the maximum limits you could reach in a transfer for each currency type. You will begin with a much smaller limit at first, but you can change it within the app.

Type of Currency You Are SendingMaximum Limit/Transfer
GBP Limits1 million
EUR Limits1.2 million
USD Limits1 million
AUD Limits1.5 million
INR Limits

1.5 million GBP

15 Lakhs daily for business purposes

CAD LimitsNo limit when sending via a bank transfer. When using Interac: 10,000
NPR Limits1 million
NZD Limits2 million
VND Limits290 million
PKR Limits980,000
TRY Limits1 million
HUF Limits300 million
PEN LimitsThe equivalent of USD 1,900 (maximum of USD 9,900 per month)
BRL Limits250,000
CRC Limits170 million
UYU Limits10.5 million
CLP Limits250 million
ARS LimitsThe equivalent of USD 18,000 (this applies per month as well)
COP LimitsThe equivalent of USD 2,900
GHS LimitsTo bank accounts: 900,000
For mobile transfers: 1,000
KES Limits

There isn’t a maximum limit except for when sending KES to the M-Pesa wallet.

When sending to an M-Pesa wallet, you can do 150,000 KES per transfer; the daily maximum is 300,000 KES.

JPY LimitsThe limit is dependent on other currency involved in the transaction
SGD LimitsThere isn’t a limit when you are sending to SGD. A limit, however, could be placed depending on which currency you are sending from.
HKD Limits20 million
THB Limits2 million
RON Limits5.3 million
ZMW Limits780,000
UGX Limits500 million (Service is unavailable until the end of July 2020)
TZS Limits300 million (Service is unavailable until the end of July 2020)
ILS Limits4 million
XOF Limits70 million
BWP Limits660,000
ZAR LimitsThe equivalent of 1 million GBP
MXN LimitsThere isn’t a limit when you are sending to MXN. A limit, however, could be placed depending on which currency you are sending from.
CNY Limits31,000
Per day, you may only give the equivalent of 10,000 USD per recipient.Per month, you may only give the equivalent of up to 50,000 USD per recipient.
PLN Limits5 million
CHF LimitsThe limit depends on the other currency in the transaction
PHP Limits

To a bank account: 480,000

To a mobile wallet: 100,000

IDR Limits

To a bank account: 500 million

To a mobile wallet: 2 million if the recipient is unregistered with Transferwise. Otherwise, 10 million, with a monthly limit of 20 million.

DKK Limits8.5 million
BDT Limits

To a bank account: 145,000

To bKash: 122,500 daily; 441,000 monthly

LKR Limits980,000, with a 5 million daily limit
GEL Limits2.6 million
CZK Limits25 million
BGN Limits2 million
RUB Limits

To a card: 100,000

To a bank account: 50 million

UAH LimitsIf sending to a PrivatBank recipient: 399,999
If sending to a different recipient: 30,000
EGP Limits5 million
AED Limits10 million
NOK Limits11.5 million
MYR Limits975,000
KRW Limits950,000 (with a cap of the equivalent of USD 50,000 per recipient on an annual basis)
SEK Limits12.5 million
NGN Limits4 million
MAD Limits275,000
HRK Limits1 million
Canada Direct Debit Limits9,500 CAD every 24 hours or 30,000 every 2 weeks

As you can see, Transferwise has quite an extensive system of limits for sending currency. The Transferwise debit card also has limits of its own, depending on which country you permanently reside in. Limits reset at midnight in your country’s time zone, whereas the monthly limits reset on the first day of the month. There are default limits and maximum limits. You can choose to set up the maximum limit within your Transferwise app.

UK and EU Transferwise Debit Card Limits (GBP)
Transaction TypeOne-Time LimitDaily LimitMonthly Limit
Chip/Pin/Google Pay/Apple Pay

Starting: 2,500

Cap: 10,000

Starting: 3,000
Cap: 10,000

Starting: 10,000

Cap: 30,000

Withdrawal at ATMStarting: 1,000
Cap: 1,000
Starting: 1,500
Cap: 1,500
Starting: 3,000
Cap: 4,000
Contact-FreeStarting: 500
Cap: 500
Starting: 500
Cap: 1,000
Starting: 4,000
Cap: 4,000
SwipingStarting: 300
Cap: 1,200
Starting: 400
Cap: 1,200
Starting: 1,200
Cap: 6,000
OnlineStarting: 1,000
Cap: 10,000
Starting: 1,000
Cap: 10,000
Starting: 2,000
Cap: 30,000

 

New Zealand (NZD), Australia (AUD), and Singapore (SGD) Transferwise Debit Card Limits
Transaction TypeOne-Time LimitDaily LimitMonthly Limit
Chip/Pin

Starting: 4,300

Cap: 17,500

Starting: 5,300
Cap: 17,500

Starting: 17,500

Cap: 52,500

Withdrawal at ATMStarting: 1,750
Cap: 1,750
Starting: 2,700
Cap: 2,700
Starting: 5,250
Cap: 7,000
Contact-FreeStarting: 900
Cap: 900
Starting: 900
Cap: 1,750
Starting: 7,000
Cap: 7,000
SwipingStarting: 550
Cap: 2,100
Starting: 700
Cap: 2,100
Starting: 2,100
Cap: 10,500
OnlineStarting: 1,750
Cap: 17,500
Starting: 1,750
Cap: 17,500
Starting: 3,500
Cap: 52,500

 

US Transferwise Debit Card Limits (USD)
Transaction TypeOne-Time LimitDaily LimitMonthly Limit
Chip/Pin

Starting: 1,000

Cap: 2,000

Starting: 1,000
Cap: 2,000

Starting: 5,000

Cap: 10,000

Withdrawal at ATMStarting: 250
Cap: 1,000
Starting: 250
Cap: 1,000
Starting: 1,500
Cap: 4,000
Apple/Samsung/Google PayStarting: 200
Cap: 400
Starting: 500
Cap: 1,000
Starting: 1,500
Cap: 4,000
SwipingStarting: 1,000
Cap: 1,500
Starting: 1,000
Cap: 1,5000
Starting: 1,500
Cap: 6,000
OnlineStarting: 1,000
Cap: 2,000
Starting: 1,000
Cap: 2,000
Starting: 2,000
Cap: 10,000

Now that we’ve taken a thorough look at Transferwise’s limits let go through Revolut’s limits. Thankfully, it is much more to-the-point than Transferwises’s system is. According to Revolut’s usage limits page, ATM daily limits for cash withdrawal are the currency equivalent of 3,000 GBP. For money transfers, you can have the currency equivalent of 100,000 GBP per day or 250,000 GBP per week. Nice and simple!

As far as Revolut’s transfer limits go, you can send £250,000 per transfer, £500,000 per day, and £1,000,000 per week. There is also a daily cap of 50 transfers and a weekly cap of 200 transfers. These rules apply to sending GBP to a recipient in the UK.

Fees

When you compare Revolut and Transferwise to traditional credit cards, the fees for these services are much more affordable. In fact, Revolut even offers free cross-currency exchanges -so long as you stay under a total of 1,000 GBP per rolling month. If you exceed that figure, then your exchange fees will be 0.5% per instance. Plus, there are weekend fees, and some currencies, such as RUB, have their own associated fees (1%-2%). Revolut’s free transfer amount can be raised if you have a premium or metal level account.

Now, what if you are making a SEPA, Non-SEPA, or SWIFT payment via Revolut? The fees depend on your account level. For all account levels, SEPA cross-border payments are free. Non-SEPA cross-border payments are free for Premium and Metal account holders, but £0.5 apiece for Standard accounts (after a free first payment.) For SWIFT payments, Premium users and Metal users can make their first payment for free. Afterwards, for USD payments, it would be a fee of £3 (or £5 for other currencies). For Standard users making SWIFT payments, they have the same fee structure, except no free first payment.

If you make a money transfer via Transferwise, there will be fees made up of a fixed rate and a variable rate. Typically, the variable rate is under 0.5%. Transferwise’s fees are constantly changing, so you should use their exchange rate calculator to figure out what your fee would be.

Unless you are exceeding 5,000 GBP in transfers per month, Revolut is the cheaper of the two options. However, if you are making huge transfers or using non-standard currencies, Transferwise is the better choice in comparison.

Reputation

Over the years, there has not really been much controversy over Transferwise. It has established itself as a safe and trustworthy multi-currency transfer service. On the other hand, Revolut has dealt with its fair share of bad press. Previous company workers have reported poor working procedures under the company and that they were not paid for some of their labor. Furthermore, in 2019, there was controversy about Revolut allowing suspicion transactions to be approved. Following this scenario, Revolut’s CFO resigned from his position.

User Reviews

Last, of all, let’s compare the two services’ user reviews. On Trustpilot, both services have a score of 4.6, which is excellent! Many people love that they are able to make quick and affordable multi-currency money transfers.

However, there are still some negative reviews. Transferwise negative reviews typically say that the customer service team is not good, and that accounts may be suspended with no warning. For Revolut, there are the same complaints and some users say that they have experienced hidden fees when transferring money.

Summary

Both Transferwise and Revolut compare very well to each other, and you could be happy with either option. Revolut has the best limit and fee system, but Transferwise has better stability, reputation, and transfer speed. Revolut accepts more currencies, but Transferwise is available in a greater number of countries. As you can see, with this give-and-take, things pretty much even out.

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