Both companies are relatively young, with TransferWise being established in 2011 and Revolut in 2015. TransferWise 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.

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 25 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.

TransferWise 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 will let you open an account in seconds, without any proof of address or carrying out a credit check. Revolut will give you a UK current account and a European IBAN number. They offer two types of account. Their free Standard account includes the ability to transfer to 25 countries. 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
Amount Received
£ 200.00
EUR235.05
USD266.38
CAD351.13
AUDn/a
£ 13.15 Avg. Saving vs. Banks ?
Go to site
Revolut
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
?
Est. 2013
TransferWise
Fee: ? 0.5% to 1.5%
Bank Partner: ?
Speed: ? 1-5 days
Local Settlement: ? Europe
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, FinCEN
General Notes Get your free multi-currency account, to pay and get paid around the world with the real exchange rate. Say bye bye to crazy bank fees for good.
Country Notes When you pay by debit or credit card, most banks charge an additional fee. These processing fees vary depending on the kind of card you use and where it was issued.
Revolut
Fee: ? Currently no FX rate pricing
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? Global
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
General Notes Revolut allows you to send fast, free and secure money transfers to bank accounts in over 120 countries while saving you money by using the real exchange rate.
Country Notes Available in 120 countries

TransferWise Features

  • Peer-to-peer platform
  • Nominal fees on transfers
  • Transfers completed within 1–4 days
  • Borderless accounts without overseas address requirement
  • Offers four currencies: AUD, EUR, GBP or USD
  • Single payment or repeat payment options
  • Provides rate information and fees prior to transfer via online calculator
  • Payments via debit card, Apple Pay, SWIFT transfers and bank transfers
  • Secure payments function available via TransferWise feature in Facebook Messenger
  • 5-star Trustpilot rating from over 40,000 reviews
  • Uses mid-market rate supplied by Reuters

Revolut Features

  • Provides UK current account number and European IBAN number
  • Manage your account online or via mobile app
  • Currency Mastercard can be used to withdraw cash from ATMs fee-free up to £200 (£400 for premium account holders), after which a 2% fee applies until the end of the month
  • Weekly transfer limits of £125,000
  • Interbank FX rates
  • Top up using EUR, GBP and USD and then transfer to anywhere in the world using card
  • Transfers through WhatsApp, SMS and email to holders of non-Revolut accounts
  • Free global money transfers
  • Card freeze functionality for added security
  • Self-destructing regenerating card feature
  • Buy and exchange cryptocurrencies
  • Vaults saving option

The pros and cons of using TransferWise

pros

Make transferring on the go simple, with their new TransferWise bot available through Facebook Messenger

Offers the ability to carry out batch payments to up to 1000 recipients – useful for regular payments to self-employed contractors or freelancers.

The main website is available in: English, French, German, Italian, Japanese, Hungarian, Polish, Portuguese, Russian and Spanish.

cons

Difficult to compare easily to other providers due to the fees, but does make them

transparent and details them all at the start, so there are no surprises

Cannot accept out bound payments from Hong Kong

Customers have voiced concerns about the specific point at which Transferwise verify your identity as this may not be your first transfer. This could impact your transfer timescales, so best to confirm directly with them if you do have an urgent, large transfer due.

The pros and cons of using Revolut

pros

Manage your account online or through the mobile app

Contact the customer service bot to answer your questions or direct your enquiry through the social media direct messaging channels

Fee free transactions

Easy to set up an account, you can start using it quickly, although payments are to be paid for using the card

Easy to transfer money back off your card into your bank account

Crypto currency offering

cons

A young company who looks to be having teething problems as it tries to expand the business

Customer services are not available directly - it seems difficult to get hold of someone to report an issue

Uses the interbank rate for transactions at weekends, which misses out on any currency fluctuations

Not FCA regulated as a bank, so customers do not benefit from FSCS protection. They do hold clients money in segregated accounts, which means that you should be able to get your money back if anything were to happen as you rank above creditors. They have just applied for European Banking licence, so regulations may change in the future.

cons

Difficult to compare easily to other providers due to the fees, but does make them

transparent and details them all at the start, so there are no surprises

Cannot accept out bound payments from Hong Kong

Customers have voiced concerns about the specific point at which Transferwise verify your identity as this may not be your first transfer. This could impact your transfer timescales, so best to confirm directly with them if you do have an urgent, large transfer due.

cons

A young company who looks to be having teething problems as it tries to expand the business

Customer services are not available directly - it seems difficult to get hold of someone to report an issue

Uses the interbank rate for transactions at weekends, which misses out on any currency fluctuations

Not FCA regulated as a bank, so customers do not benefit from FSCS protection. They do hold clients money in segregated accounts, which means that you should be able to get your money back if anything were to happen as you rank above creditors. They have just applied for European Banking licence, so regulations may change in the future.

TransferWise
Amount Received
£ 200.00
EUR235.05
USD266.38
CAD351.13
AUDn/a
£ 13.15 Avg. Saving vs. Banks ?
Go to site
Revolut
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site

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.

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Other International Money Transfer Quotes

OFX (US)

?
Est. 1998

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

More InfoLess Info

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

Amount Received
GBP £151.41
USD $30.26
saved vs. banks

Average US Bank

Average of the top US Banks costs as compiled by our own FXC Intelligence group

More InfoLess Info

Average of the top US Banks costs as compiled by our own FXC Intelligence group

Amount Received
GBP £149.31
USD $27.54
saved vs. banks

WorldRemit

?
Est. 2010

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

More InfoLess Info

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

Amount Received
GBP £151.43
USD $30.28
saved vs. banks

MoneyGram

?
Est. 1940

MoneyGram is a leading remittance provider serving countries across the globe.

 

More InfoLess Info

MoneyGram is a leading remittance provider serving countries across the globe.

 

Amount Received
GBP £154.60
USD $34.38
saved vs. banks

Frequently Asked Questions

How long does it take to make a transfer with Transferwise?

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.

Can I cancel a Transferwise payment?

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.

With Transferwise, How much does it cost to use my borderless account?

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.

Where can I use the Revolut card?

Anywhere where you see the Visa or Mastercard sign, the card will automatically transfer currency to local currency

Is there an age limit for using Revolut?

You need to be over 18 years of age

How do I cancel my Revolut card if I lose it?

You can disable your card via the app by selecting disable and then report as lost or stolen.

Can I top up my Revolut account with cash deposits?

No Revolut will not accept payments in cash.

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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.