Transferwise vs Revolut

Transferwise vs Revolut

Transferwise vs Revolut

Transferwise vs Revolut: which money transfer platform is better?

Which can be used in the US and overseas?

Here’s a quick comparative table and a fully detailed comparison below.

Transferwise

Revolut

Fees

0.3% to 0.7% per transfer.

  • Free under $1000.

  • 0.5% above $1000.

  • 1% on weekends.

Limits

  • Daily Withdrawal Limit : $1000

  • Monthly Withdrawal Limit : $4000

  • Daily Purchase Limit (Online) : $2,000

  • Monthly Purchase Limit (Online) : $10,000

  • Daily Withdrawal Limit : £3000

  • Daily Transfer Limit (Account to Account) : £100,000

  • Monthly Transfer Limit (Account to Account) : £250,000

Features

Covers 50 countries. Can receive money in USD.

32 countries. Mainly EUR, CHF and GBP. Crypto is supported.

Transferwise and Revolut are indeed becoming famous names in the money transfer industry.

Both of these platforms offer worldwide transfers in multiple currencies. Furthermore, they can both be used to save large sums of money, notably on currency exchange rates.

However, which company is more beneficial to use, Transferwise or Revolut?

In this article we compare both platform’s features, to help you make a decision.

** Please note: the below comparison pertains to personal accounts. It is not a comparison between their business services. **

Transferwise vs Revolut Overview

Founded in 2011, Transferwise’s headquarter is in the United Kingdom. It offers global money transfer services, in multiple currencies.

Furthermore, Transferwise offers foreign currency exchange services.

In fact, a customer can:

  • transfer money to other users in any other currency,
  • transfer money to their bank account,
  • link their bank account with a Transferwise Borderless MasterCard & use the money when in need.

Established in 2015, Revolut’s main office is also in the United Kingdom. It also offers the same services, with the use of the Revolut MasterCard.

Additionally, Revolut offers a virtual credit card for easy and secure online transactions.

Transferwise vs Revolut Feature Comparison

Availability

Even though both services are very well accepted in Europe, Revolut faces a major limitation overseas.

To be specific, Revolut covers 32 European countries, whereas Transferwise covers more than 50 countries globally, including the US.

Moreover, in terms of currency choices, Revolut provides services for 140 currencies, whereas Transferwise only offers services for 96.

Service Quality

Money transfer being the primary service, both Transferwise and Revolut offer debit cards to help you make transactions without any problem.

The debit card can be easily linked to your traditional bank account & can be used for in-store and online purchases.

The biggest difference is that Revolut supports a limited amount of currencies. Indeed, you can mainly receive money in GBP, CHF and Euro.

While Transferwise accepts the same currencies, it also accepts US dollars as well.

As the US Dollar is a universally accepted currency, it becomes a dealmaker for Transferwise.

Additional Services Offered

When comparing other features than basic money transfer, Revolut is far more advanced, and leaves Transferwise miles behind.

Indeed, while Transferwise mainly provides money transfer services, Revolut offers multiple features that are in demand by the market.

In 2018 Revolut launched crypto support, which enables users to hold their cryptocurrency balance in their Revolut account.

Moreover Revolut offers related services such as insurance, vaults, and efficient budgeting. Furthermore, it offers full support through its mobile app.

Transfer Limits & Service Cost

Both platforms vary in terms of transfer limits & service costs.

Transferwise has different limits for UK and US customers.

Below is a detailed comparison of the limits & costs imposed by both platforms:

Transferwise

UK Customers :
  • Daily Withdrawal Limit : £1500
  • Monthly Withdrawal Limit : £4000
  • Daily Purchase Limit (Online) : £10,000
  • Monthly Purchase Limit (Online) : £30,000
US Customers :
  • Daily Withdrawal Limit : $1000
  • Monthly Withdrawal Limit : $4000
  • Daily Purchase Limit (Online) : $2,000
  • Monthly Purchase Limit (Online) : $10,000

Revolut

  • Daily Withdrawal Limit : £3000
  • Daily Transfer Limit (Account to Account) : £100,000
  • Monthly Transfer Limit (Account to Account) : £250,000

Transferwise is straight forward when it comes to costs: it charges a 0.3% to 0.7% fee for every transfer.

Revolut provides free transfers for up to £1000 per month, which can be an advantage for persons only looking to send small amounts of money.

However, for transfers above £1000, Revolut charges a 0.5% fee per transfer.

Moreover, the per transfer fee increases to 1% on weekends.

Please note, for a few currencies such as the Russian Rouble & the Thai Baht, the per transfer fee is 1% on regular days and 2% on weekends.

Transferwise vs Revolut Final Word

While both companies offer similar services, Transferwise seems to be more advantageous for persons who are ONLY looking to transfer money to someone else.

However, should you be looking for a more complete currency management system, Revolut should be your choice. Especially if you do not intend to send money often.