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
Revolut is a multifunctional financial service.Its features include a checking account, a debit card for 25 currencies, and commission-free trading on the stock exchange. REVOLUT has been in operation since 2015, and during that time 3.5 million people have used it.
Revolut advantages is an opportunity to get access to a free multi-currency current account with the ability to store up to 30 different currencies. Plus, there are no fees for using the card abroad. The app is very user friendly. You will have unsurpassed control over all aspects of your finances.
In addition to the positive characteristics of each of the services under consideration, some disadvantages can also be highlighted. TransferWise 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 TransferWise 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.
Frequently Asked Questions
- How do WISE and Revolut compare as travel money transfer services, and what are the pros and cons of each?
- WISE is known for transparent fees and real exchange rates, while Revolut offers a broader range of financial services. WISE's advantage is cost-effectiveness for transfers, whereas Revolut offers more in terms of travel insurance and spending analytics. However, Revolut has limitations on free withdrawals, and WISE may not be as comprehensive for diverse financial needs.
