Wise (formerly TransferWise) vs Revolut: Which is Best in 2021?

Wise (formerly 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 Wise (formerly TransferWise). Some things that we will draw a comparison on are fees, limits, availability, reputation, and more.

A Comparison of Both Backgrounds

Wise (formerly 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.

Wise (formerly 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, Wise (formerly 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

TransferwiseWise (formerly TransferWise), along with Revolut, is available in numerous European nations. Yet, Wise (formerly 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, Wise (formerly TransferWise) can be accessed in the US, while Revolut is available in the US, Australia, Singapore, and Canada. Wise (formerly 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 Wise (formerly TransferWise) versus Revolut, Revolut is the frontrunner. Revolut works with 150 types of currency, in comparison to the 54 currencies that Wise (formerly 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 Wise (formerly TransferWise) versus Revolut availability: Revolut lets your account hold 30 different currencies at once. In comparison, Wise’s (formerly TransferWise) wallet holds 18 currencies.

Comparison of Money Transfer

Money transfer is the main focus of both Wise (formerly 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 Wise (formerly TransferWise) versus Revolut regarding money transfers.

When using Revolut, you can receive money payments in 28 various currencies. Wise (formerly TransferWise), in comparison, only lets you receive payments in 7 currencies.

Currencies
Revolut AED, 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
Wise (formerly TransferWise) AUD, EUR, GBP, NZD, PLN, SGD, USD

Wise (formerly 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 – Wise (formerly 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

Wise (formerly 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 Wise (formerly 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 Wise (formerly TransferWise) does not offer as many features as Revolut, it still performs its primary focus very well: money transfer.

Some of Wise’s (formerly TransferWise) 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

Wise (formerly TransferWise) limits depend on your method of payment and which currencies the transactions are involved with. According to Wise’s (formerly TransferWise) 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 Sending Maximum Limit/Transfer
GBP Limits 1 million
EUR Limits 1.2 million
USD Limits 1 million
AUD Limits 1.5 million
INR Limits

1.5 million GBP

15 Lakhs daily for business purposes

CAD Limits No limit when sending via a bank transfer. When using Interac: 10,000
NPR Limits 1 million
NZD Limits 2 million
VND Limits 290 million
PKR Limits 980,000
TRY Limits 1 million
HUF Limits 300 million
PEN Limits The equivalent of USD 1,900 (maximum of USD 9,900 per month)
BRL Limits 250,000
CRC Limits 170 million
UYU Limits 10.5 million
CLP Limits 250 million
ARS Limits The equivalent of USD 18,000 (this applies per month as well)
COP Limits The equivalent of USD 2,900
GHS Limits To 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 Limits The limit is dependent on other currency involved in the transaction
SGD Limits There 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 Limits 20 million
THB Limits 2 million
RON Limits 5.3 million
ZMW Limits 780,000
UGX Limits 500 million (Service is unavailable until the end of July 2020)
TZS Limits 300 million (Service is unavailable until the end of July 2020)
ILS Limits 4 million
XOF Limits 70 million
BWP Limits 660,000
ZAR Limits The equivalent of 1 million GBP
MXN Limits There 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 Limits 31,000
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 Limits 5 million
CHF Limits The 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 Wise (formerly TransferWise). Otherwise, 10 million, with a monthly limit of 20 million.

DKK Limits 8.5 million
BDT Limits

To a bank account: 145,000

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

LKR Limits 980,000, with a 5 million daily limit
GEL Limits 2.6 million
CZK Limits 25 million
BGN Limits 2 million
RUB Limits

To a card: 100,000

To a bank account: 50 million

UAH Limits If sending to a PrivatBank recipient: 399,999
If sending to a different recipient: 30,000
EGP Limits 5 million
AED Limits 10 million
NOK Limits 11.5 million
MYR Limits 975,000
KRW Limits 950,000 (with a cap of the equivalent of USD 50,000 per recipient on an annual basis)
SEK Limits 12.5 million
NGN Limits 4 million
MAD Limits 275,000
HRK Limits 1 million
Canada Direct Debit Limits 9,500 CAD every 24 hours or 30,000 every 2 weeks

As you can see, Wise (formerly TransferWise) has quite an extensive system of limits for sending currency. The Wise (formerly 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 Wise (formerly TransferWise) app.

UK and EU Wise (formerly TransferWise) Debit Card Limits (GBP)
Transaction Type One-Time Limit Daily Limit Monthly 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 ATM Starting: 1,000
Cap: 1,000
Starting: 1,500
Cap: 1,500
Starting: 3,000
Cap: 4,000
Contact-Free Starting: 500
Cap: 500
Starting: 500
Cap: 1,000
Starting: 4,000
Cap: 4,000
Swiping Starting: 300
Cap: 1,200
Starting: 400
Cap: 1,200
Starting: 1,200
Cap: 6,000
Online Starting: 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) Wise (formerly TransferWise) Debit Card Limits
Transaction Type One-Time Limit Daily Limit Monthly Limit
Chip/Pin

Starting: 4,300

Cap: 17,500

Starting: 5,300
Cap: 17,500

Starting: 17,500

Cap: 52,500

Withdrawal at ATM Starting: 1,750
Cap: 1,750
Starting: 2,700
Cap: 2,700
Starting: 5,250
Cap: 7,000
Contact-Free Starting: 900
Cap: 900
Starting: 900
Cap: 1,750
Starting: 7,000
Cap: 7,000
Swiping Starting: 550
Cap: 2,100
Starting: 700
Cap: 2,100
Starting: 2,100
Cap: 10,500
Online Starting: 1,750
Cap: 17,500
Starting: 1,750
Cap: 17,500
Starting: 3,500
Cap: 52,500

 

US Wise (formerly TransferWise) Debit Card Limits (USD)
Transaction Type One-Time Limit Daily Limit Monthly Limit
Chip/Pin

Starting: 1,000

Cap: 2,000

Starting: 1,000
Cap: 2,000

Starting: 5,000

Cap: 10,000

Withdrawal at ATM Starting: 250
Cap: 1,000
Starting: 250
Cap: 1,000
Starting: 1,500
Cap: 4,000
Apple/Samsung/Google Pay Starting: 200
Cap: 400
Starting: 500
Cap: 1,000
Starting: 1,500
Cap: 4,000
Swiping Starting: 1,000
Cap: 1,500
Starting: 1,000
Cap: 1,5000
Starting: 1,500
Cap: 6,000
Online Starting: 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 Wise’s (formerly TransferWise)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 Wise (formerly 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 Wise (formerly 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, Wise (formerly TransferWise) is the better choice in comparison.

Reputation

Over the years, there has not really been much controversy over Wise (formerly 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. Wise (formerly 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 Wise (formerly 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 Wise (formerly 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. If you are still looking for an online e-wallet, perhaps consider Skrill. Read our Skrill vs. Wise (formerly TransferWise) review.

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