Transferring money internationally can end up costing more than expected if you don't go through the right channels. While it may be tempting to go through your bank, this isn't efficient or cost-effective. So we've taken the time to compare money transfer providers that you may be considering. Read on to see how Wise (formerly TransferWise) and Revolut size up against one another.
Wise
Both companies are relatively young, with Wise being established in 2011 and Revolut in 2015. Wise is the larger company, handling huge volumes of remittance payments. Both of them can facilitate transfers of any size but if you are looking to lock in a rate, or a stop loss to hedge against future exchange rate fluctuations, neither of these companies currently offer those products. They also charge fees based on the size and type of transaction – further details are covered in the fee section below.
Wise is a peer-to-peer platform that matches buyers and sellers of currencies. Users can carry out single transactions or regular payments, though this is restricted to certain countries.
Revolut
Promoting itself as the digital banking alternative, Revolut boasts the ability to transfer money – fee-free – in three minutes. They support free foreign exchange transactions in 30+ currencies, with free ATM withdrawals. Furthermore, they have a fee-free Mastercard, which will enable you to spend in over 190 countries. Revolut can facilitate payments to over 120 countries and uses the interbank rate. They also have a lot of features available via their digital app, such as the ability to split bills and terminate a card, should you misplace it or fear it is stolen.
Revolut will let you open an account in seconds, without any proof of address or carrying out a credit check. They will give you a UK current account and a European IBAN number. Essentially, they offer two types of account: Their free Standard account includes the ability to transfer to 25 countries, or for a fixed fee of £6.99 a month, you can get access to the Premium account, with additional extras such as free overseas medical insurance, an unlimited level of FX transactions and values, as well as the ability to withdraw £400 from an ATM and exclusive promotions. An additional new feature is the ability to purchase cryptocurrency including Bitcoin, Ether and Litecoin.
TransferWise Features
Revolut Features
Fully authorised by the FCA
Fee-free transactions
Easily manage your account online or through the mobile app
Free multi-currency account with up to 29 different currencies
Easy to set up an account, you can start using it quickly
Easy to transfer money back off your card into your bank account
Cryptocurrency offering
24-hour customer service
Uses the interbank rate for transactions at weekends, which misses out on any currency fluctuations
Charges fees when markets are closed at weekends
Free cash withdrawals have a monthly limit
There are no physical branches
No data available
Price Comparison
TransferWise
There are no fees for bank transfers from TransferWise. There are, however, card fees applied when paying through debit or credit card. Payments are only allowed to the country or region registered on the card.
|
Currency |
Maximum Amount |
Card Fees |
Business Card Fees |
|
GBP |
£2,000 |
Debit – 0.2% |
Debit – 75p |
|
Credit – 0.3% |
Credit – 1.7% |
An additional 3% is charged to hedge against exchange rate fluctuations for specific amount transfers. Fees are paid according to the calculated charges on the original amount inputted for transfer.
Revolut
The interbank rate is used when dealing with foreign exchange payments. There are no fees charged to open a Standard account. Premium account access costs £6.99 monthly.
International Presence
TransferWise can support up to 27 currencies and make transfers to approximately 50 countries. Revolut has almost the same amount of currencies supported at 25. It can, however, reach more countries with the use of its Mastercard – 120. Both global companies provide personal or business accounts available for interested clients.
Ease of Use
It is quick and easy to open a TransferWise account. The site is laid out in an intuitive design, which is simple to navigate. It is also possible to synchronise your Facebook or Google account to open an account with TransferWise. A bot enabled for Facebook Messenger makes transfers more efficient, while regular and frequent payments can be established through TransferWise borderless account functions including GBP, USD, EUR and AUD. Customer services are available during office hours from Monday to Friday. Clients can contact the company via live chat through their website, telephone and email.
Revolut does not require proof of identity or a billing address. This makes it very easy to start an online account which can be up and running in a matter of seconds. Accounts can be managed through iOS and Android apps. Payments can also be administered by email, SMS and WhatsApp. Loading funds on the card takes only a few minutes before it can be spent. A smart disabling option linking the app to the card can be used when necessary.
OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
Average of the top US Banks costs as compiled by our own FXC Intelligence group
You can see how long Transferwise estimate it will take using their transfer calculator, which will be confirmed once you book the trade. It depends on factors like the countries involved, payment methods, timings and verifying your identity. The latter can be done at any point, so be cautious on timings if you are planning a large transfer and have not been asked to verify your identity yet.
If for some reason you decide you want to cancel, you can do this through your on line account before your currency has been exchanged.
It is completely free to set up a borderless account, and free to add transfers into your account. Costs to transfer out include a cost to convert between currencies, and a fixed fee to withdraw money from this account into another account.
Anywhere where you see the Visa or Mastercard sign, the card will automatically transfer currency to local currency
You need to be over 18 years of age
You can disable your card via the app by selecting disable and then report as lost or stolen.
No Revolut will not accept payments in cash.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
