Comparison of WISE and Revolut - EUR and USD exchange services

Description of WISE and Revolut financial services offering international currency exchange services, including EUR and USD. What distinguishes each of them, what services they provide and how much it will cost to the end user.
Comparison of WISE and Revolut - EUR and USD exchange services

EUR to USD: WISE vs Revolut

TransferWise together with Revolut is one of the most convenient services for managing international payments. They are often used by Europeans when they want to turn their EUR into USD and vice versa. Registration on both sites is usually not difficult, but each of the payment agents still has its pros and cons, and in some nuances they differ.

A Wise (formerly TransferWise) account: what it is and how it works

From February 2021, the account changes its name to Wise, however, this does not change anything for the user. You just need to log into your account with your usual personal details at the new URL:

Opening a TransferWise / Wise account is the ability to send and receive money at low cost around the world. The opening process is very fast: everything is done online in a few clicks. After registration is complete, bank details are created that allow you to receive money in any currency of your choice without additional commissions and exchange fees. Those who open a TransferWise / Wise account can also apply for a debit card linked to their account.

Wise account overview (TransferWise)

A TransferWise account is an online account that is available in multiple currencies, which is great for those who have frequent contact overseas. In fact, through the account, you can receive and send payments in different currencies using the real exchange rate.

A debit card can be linked to an account. The card belongs to the Mastercard network and can be requested by paying 7 euros for the issue.

You can pay with your card in any of the currencies supported by TransferWise / Wise. Depending on whether this currency is available in the account, the operation may be free or subject to an exchange fee. For example, if your account has a balance in Pounds Sterling, payment in Pounds will be free. On the other hand, if the balance is only in euros, paying in pounds will have to pay a commission of 0.24% to 3.69%.

The same is with cash withdrawals. In addition to the potential conversion rate, there is a 1.75% commission on withdrawals in excess of the £ 200 monthly threshold.

Account characteristics
  • Name: TransferWise / Wise account
  • Account type: electronic money account
  • Issuing Bank: TransferWise Ltd.
  • Debit Card Scheme: Mastercard
  • Monthly fee: free
  • Issuance cost: free on account, 7 euros on debit card.
  • Expense limit: up to £ 30,000 per month.
  • Withdrawal limit: up to £ 4000 per month.

How much is it

Opening an account is completely free. The commission is charged only for the performance of certain operations, for example, for currency exchange.

When making transactions in foreign currency, you pay at the interbank exchange rate without additional fees. The transaction cost is clearly displayed in the app before the final response to the transfer is made. There are also fees for withdrawing cash from the card that exceed the threshold of £ 200 per month.

The cost of issuing a debit card is € 7.

How translations work

When you open a TransferWise / Wise account, you get different bank details: in practice, it's like a person has multiple checking accounts in remote parts of the world at the same time. These bank details allow you to receive money in different currencies and from different countries.

For example, you can get free loans in EUR thanks to the European IBAN and loans in USD thanks to the bank account details in that country. Thus, the account can have balances in different currencies, which can be transferred or exchanged quickly and economically.

International transfers around the world through Wise are usually processed within a maximum of 24 hours. The platform supports transfers in more than 1300 currencies.

App compatibility and mobile payments

The Wise multicurrency account is compatible with all the most popular digital payment systems. In fact, the account can be added to Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay wallets for on-the-go payments, even without a card.

With the TransferWise / Wise app, you can check every aspect of your account: view your balance, activate or deactivate the service, or change your spending and withdrawal thresholds.

Security systems

TransferWise Ltd. is an electronic money institution authorized by the UK financial authority. The company can operate in the European Economic Area and the UK, offering a variety of financial services.

The Mastercard 3D Secure security system is active for online purchases. To authorize the payment, the code received via a phone call or SMS must be sent in digital form to the cardholder's mobile number.

Customer service

Customers can find support to clear their doubts or get instructions on how to complete specific tasks from the Help Center on the TransferWise / Wise website.

Direct contacts between clients and the platform are carried out by e-mail to the address specified during registration.

User opinions and reviews

The ability to integrate a multi-currency account with a Mastercard debit card makes TransferWise Wise a platform that allows you to fully manage your liquidity.

In addition to its practicality and flexibility, the service is convenient and has a lower cost than a bank transfer: the transfer takes no more than 24 hours, only the real exchange rate is applied at no additional cost.

TransferWise Pros and Cons

  • service is almost 8 times cheaper than that of traditional banks;
  • more than 1300 currencies can be traded with no hidden costs or additional commissions;
  • transfers take place within 24 hours;
  • you can add a Mastercard debit card to your account to pay at points of sale or withdraw cash.
  • free withdrawal limit is £ 200 per month;
  • there is no direct way to contact support.

Revolut payment service: cost, commissions, advantages and disadvantages

Revolut is a revolutionary UK online account that provides access to world-class fintech services. Some services are unique and cannot be found in other bank accounts. Prices and commissions are among the lowest on the market, which is also of some interest.

The advantage of Revolut is that you can get access to a free multi-currency current account with the ability to store up to 30 different currencies. You do not incur any fees for using the card abroad. The app is very user friendly. You will have unsurpassed control over all aspects of your finances.

Leading services of the London-based company Revolut Bank:

  • instant transfers for free,
  • free withdrawals,
  • insurance of purchases and travel,
  • currency exchange,
  • buying cryptocurrencies and investment opportunities.

Revolut service is a correct, reliable and technological, like some others, a bank account for companies and individual entrepreneurs.

Below are the costs, fees, advantages and disadvantages of a Revolut account.

Revolut: costs and fees

With Revolut, it will be possible to choose between four different subscription plans, starting with the free one, which is arguably the best zero-commission online account in 2021 for the average user.

Subscription plans:
  • Standard - free;
  • Plus - 2.99 euros per month;
  • Premium - € 7.99 per month;
  • Metal - € 13.99 per month.

The account clearly has an IBAN. The British company has always provided an English IBAN (it is recognized as a full-fledged bank in the UK), although it has recently provided a temporary Lithuanian IBAN.

This is due to Brexit as the UK is no longer part of the European Union. Brexit forced Revolut to turn to an EU country to stay in the SEPA zone.

Costs and commissions

SEPA Transfer Fee: Free.
  • SEPA Instant Transfer Fee: Free.
  • Extra-SEPA transfer fee: free at first, then € 0.50.
  • Free cash withdrawal from ATMs: up to € 200 (Standard and Plus), up to € 400 (premium), up to € 800 (metal).
  • Withdrawals from ATMs in excess of the limits: 2%.
  • Debit card issue: € 5.99 for the standard plan, free for everyone else.
  • Virtual card issuance: always free.
  • Crypto exchange commission: 2.5% (Standard and Plus), 1.5% (Premium and Metal).
  • The monthly transaction limit is set at € 6,000.

Even the simplest free Standard account offers many advantages over other accounts.

Insurance services from Revolut

In addition to offering free services that all other competitors often offer strictly for a fee (including sending instant bank transfers and ATM withdrawals), Revolut provides access to a number of very interesting insurances. Although, unlike Plus, Premium and Metal, the Standard plan does not provide any insurance. All insurances offered by Revolut are included in the last listed plan - Metal.

Insurance from Revolut:
  • purchase insurance (theft and accidents);
  • protection of tickets for events;
  • returnable protection;
  • device insurance;
  • international health insurance;
  • insurance of flights and baggage delays;
  • car rental franchise;
  • free access to airport lounges.

To summarize, Revolut is the ideal card primarily for travelers. Currency exchange is possible for 150 international fiat currencies, including 24 of which can be exchanged without additional commission. The currency exchange limit is up to £ 5,000 per month.

In the battle of WISE against Revolut, it is difficult to determine the winner. Each of the financial services has its own advantages, but both try to be as useful as possible for their clients.

WISE vs. Revolut,  ⏧ WISE,  ⏧ Revolut

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