WISE vs Revolut: What's the Best Travel Money Transfer Service? Advantages and disadvantages



Which  money transfer ‌  service will be more convenient and profitable to use when traveling? In order to be able to make the most balanced choice, it is necessary to analyze the capabilities of each service, and then it will be possible to understand who will be the winner in the fight between  WISE ‌  and Revolut.

WISE vs Revolut: What's the Best Travel Money Transfer Service?

Which  money transfer ‌  service will be more convenient and profitable to use when traveling? Here it is necessary to build on the traveler's requests. In order to be able to make the most balanced choice, it is necessary to analyze the capabilities of each service, and then it will be possible to understand who will be the winner in the fight between  WISE ‌  and Revolut.

Given the fact that various countries around the world use a variety of monetary currencies, and in some it is possible to make settlements with cryptocurrencies, for those travelers who have a debit card with which they can make settlements around the world,  WISE ‌  would be an excellent choice. If the tourist does not have an international plastic card, or if there is a need for a constant availability of funds, then you should opt for Revolut. It is worth noting that both platforms provide debit cards to customers. Regardless of which service you choose, you will need to register. Next, perform a relatively simple setup and a quick confirmation of your data, after which you can get to work.

What to choose abroad?

If you are going on a trip and you need cash there, then it is better to opt for WISE. It is recommended to pre-plan your budget. By making an exchange at the most favorable rate, you can save your budget, avoid having to pay commissions for withdrawing cash abroad. The  REVOLUT ‌  platform offers its users the opportunity to use a plastic card free of charge. With its help, you can withdraw cash from ATMs around the world.

If you need to make regular transfers from abroad, then you should pay attention that the  WISE ‌  service offers the most favorable conditions with commissions. This applies to work with small and medium amounts of money.  REVOLUT ‌  has also established a simple process for making transfers, but the fees here will be slightly higher.

What are the main differences between Wise and Revolut?

 WISE ‌  has been in the market for over 10 years, but was previously known as Transferwise. During its existence, it has been able to establish itself as one of the fastest and most inexpensive providers of cross-border transfers.

By choosing Wise, users get an accurate mid-market rate, so the company profits from additional commissions. This commission may vary, for debit cards it ranges from 0.15% to 2%. Due to the presence of a rather convenient and useful pricing tool, users can calculate these commissions before making a money transfer.

 REVOLUT ‌  appeared relatively recently, in 2015. This is a virtual bank that specializes in making money transfers.

In Revolut, fees for making a  money transfer ‌  differ for personal and business users. Users can find a list of commissions on the company's website.

Benefits of money transfer services

WISE

Key benefits of choosing TransferWise:

  • The company's card will be available to users in the UK, Europe, USA, Australia and New Zealand.
  • Bank accounts can be issued in USD,  GBP, ‌  EUR, AUD, NZD.
  • Users can store their funds in forty different currencies.
  • There is a service of instant transfers, as well as the exchange rate of currency conversion.
  • Favorable conversion fees. Depending on the currency, this can be from 0.3 to 1.85%.
  • Possibility of use in fifty countries of the world.

Revolut

The main advantages of choosing Revolut:

  • Fast and free transfers within the  REVOLUT ‌  system.
  • Support in 33 countries around the world.
  • There is an opportunity to make a purchase of cryptocurrency.
  • Medical insurance for clients.
  • There are several different plans, including the free one.
  • Possibility of instant replenishment from a bank card.

Disadvantages of money transfer services

In addition to the positive characteristics of each of the services under consideration, some disadvantages can also be highlighted. Transfer WISE ‌  has:

  • Among the services are only a multicurrency account and international transfers.
  • When using the card abroad, not the most favorable conditions are offered.

In Revolut, these are:

  • The need to pay an additional commission of 0.5 to 1.5% when converting currency on weekends.
  • The service can be used by residents of Europe, Great Britain, Switzerland and Australia.

You can make a final choice in favor of one of the  money transfer ‌  services based on the services that you plan to use. In both companies, users are offered free tariff plans with a minimum list of useful options. Still, it's worth noting that Transfer WISE ‌  has the edge in terms of coverage and the number of supported currencies.  REVOLUT ‌  is an excellent choice if your goal is to make transfers across Europe.





Money transfers,  ⏧ trips,  ⏧ cash,  ⏧ WISE vs. Revolut

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