TransferWise comparably has better overall country coverage than Revolut, claiming that they can transfer to 50+ countries worldwide. Manage your money across 50+ currencies. Which one is the one for you? However, the fees are quite minimal and transparent, and the amount depends on the country you are living in, the currency you will be sending, and the currency the beneficiary will receive. Above these thresholds and international money transfers can become expensive compared to TransferWise. You can use this card to withdraw money and make payments anywhere Mastercard is accepted. Revolut features a more straightforward system when it comes to limits. For example, a sender transferring EUR from Ireland into your EUR-denominated account in the UK might still need to pay intermediary bank fees. Most of the time they will be very close to XE rates (online currency calculator) which are the EXACT rate on the market at that time of the day. After that, a fee of 2% will be charged. On the other hand, Revolut presents you with three forms of card relating to the type of account you hold. The British money remittance provider was founded in 2011, and places emphasis on spending, sending and receiving money based on real-time exchange rates. I therefore get paid in euro and then exchange my wages on revolut into UK sterling. Sign up process - Create a new account with ease by using the Revolut app. Swiss vs. foreign app-based banking services. Exchanging currencies with Revolut is free up to €6,000/£5,000 per month on weekdays, but it costs 0.5% above this amount. Unfortunately, as TransferWise is online only, a business customer does not have support with currency fluctuations and trends. Supported registration countries - Revolut can improve by increasing the number of registration countries outside of Europe. Thanks to the Transferwise bot which is available on Facebook messenger, transferring on the go is more straightforward and convenient. Exchange rate information for the different Revolut competitors; ... Exchange rates: N26 uses Transferwise rates for exchanges. TransferWise continues to raise capital through private funding. We’ll have an in-depth study of both of them to help you figure out which one is best suited for you. If you need a much higher limit, then Revolut becomes your obvious choice in comparison to Transferwise. N26 vs Revolut – Special Features and Tools. In the first circumstance, you can send money from the app to any Revolut user by simply saving their phone number on your device and selecting the right recipient when making the transfer.. Sending money to a bank account is similar to sending money from any mobile … And they are planning on extending their services to the US as well. As of now, their services are available in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, Japan, and the United States. However, the live chat function is not always available, and it tends to appear and disappear, depending on how busy it is. The real exchange rate is the midpoint between the buy and sell rates on the global currency markets and it constantly fluctuates. Read on to compare their other features and fees for individuals and businesses. Outside those trading hours you have to compare each time and on weekends Revolut might have a markup due to their rate fixing - link: Weekend exchange-rate surcharge clarification. Additionally, Revolut also provides insurance for numerous things. TransferWise does win overall. On the other side, Revolut was created to target international people in business and travellers. Revolut pomoże Ci odnieść jeszcze większe korzyści z Twoich pieniędzy. After that, you can use the debit card online or as a physical card. N26 uses the Mastercard exchange rate with zero mark-ups for all foreign transactions and ATM withdrawals while Revolut uses the Interbank exchange rate with a 1% markup at weekends. In fact, Transferwise is almost on the dot with just 1 pip difference. It is unable to accept bound payments originating from Hong Kong. And with Revolut, you get the option to transfer a large amount of money. Customers in Europe can withdraw 1000GBP per transaction, for each day it is 1500GBP, and per month withdrawal is limited to 4000GBP. Revolut is better than TransferWise for banking as it attained a banking license in 2018. Is Skrill Safe and Legit? You don't have to pay any fees to receive money into your Revolut multi-currency accounts. Mobile app - Available for iOS and Android. Většina klasických bank vám převede peníze do zahraničí podle nákupního kurzu jejich ceníku a také, ve většině případech, zaúčtuje konverzní poplatek. Additionally, the card also supports contactless payments. Below these thresholds and Revolut would be the money transfer partner of choice. We're going to compare TransferWise and Revolut because these two companies are changing the way that you can spend money internationally easily and affordably. Direct Debits €/£1 fee. As the currency exchange rate was changing constantly, I refreshed the rates at the same time so the gap within each is … Transferwise’s fees are constantly changing, so you should use their exchange rate calculator to figure out what your fee would be. Therefore fees are visible in addition to the transfer amount. We derived the exchange rate of 3.0474 by checking the actual SGD deducted which came in the form of an email. Revolut is known for its flexible debit card attached to a multi-currency account. With Revolut, you can take money out in 120 different countries and 23 different currencies. (Just don’t transfer or spend money on the weekends.). When it comes to international money transfers, Transferwise and Revolut have stolen the limelight, and they both deserve it. Revolut provides interbank exchange rates when processing international money transfers involving major currencies, provided they fall within a customer's monthly allowance limit. Additionally, they also service virtual cards which you can use on the internet. We show you a range of products & services but search results may not compare all features relevant to you. Revolut exchange rates. ... TransferWise's exchange rate would be the same as the mid-market rate; You can even charge your card through your bank accounts. Pretty much very similar to Revolut. 1) Revolut big claim is free transfers in the same currency and mid-market exchange rates for most currencies, except for the weekends when a 0.5% markup is applied. Both Revolut and TransferWise are largely similar when it comes to remittance and foreign currency exchanges, although Revolut has the option of automatic FX conversions which you can set to trigger automatically when the currency pair you like reaches a certain rate.. If you like shopping online, they also provide virtual cards. Nonetheless, how does Shopify vs CommerceHQ compares,... You may be wondering what Clickfunnels is used for or why marketers talk about it non-stop? Can access the account online or through the mobile application. TransferWise is the clear winner in the Fee’s and Exchange Rates category. TransferWise’s Borderless account offers local baking details in multiple currencies. ATM withdrawals up to 200Euros are free, and for more than that, a fee of 2% is levied. TransferWise does however offer easy to use transactional foreign currency receipts and payments. Required fields are marked *. Customers love Revolut with the service scoring 8.9 out of ten on Trustpilot, with more than 20,000 reviews. Businesses signing up with Revolut can receive multiple benefits. Thanks to its transparent and very affordable fees, Tansferwise has seen a considerable rise in the industry. With bank transfer | With card | With money from other Revolut users | With linked accounts | With direct deposit and Early Salary | With cash or cheque TransferWise Debit Card Vs Revolut When it comes to currency, travel cards and transfers there is a lot of choice. They offer the best competitive exchange rates compared to other money transfer companies as their rates are exactly the same as the market exchange or base rate. Both Revolut and Transferwise allows its user to withdraw money through their debit card. For comparison, we refer to the Trustpilot scoring. Revolut: Spend in KES at an arbitrary markup on the mid-market rate of between 1.7% (weekday) and 2.3% (weekend). Visit our, the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, Japan, and the United States, Transferwise vs Revolut: International Money Transfer Services, Transferwise vs Revolut: Exchange Rate, Costs and Fees. These two money transfer services are gradually evolving into a global online banking system. Based on more than 74,000 reviews, Transferwise has an excellent rating of four and a half stars. All Revolut cards support contactless payments. Transferwise was initially targeted towards people living and working overseas. Transfers that involve THB (Thailand) and UAH Ukraine) come with markups, as do cryptocurrency exchanges. No simple answer to this question. However, you can change this through the smartphone application. This can be beneficial for payments to freelancers or self-employed contractors. For currencies you hold, you can use your Revolut card for free. There are 1,000,000 Shopify active stores while CommerceHQ has a fraction of that. Automated accounting with Xero, Freeagent and QuickBooks. About TransferWise. Currently regular transfers or ‘scheduled transfers’ need to have a Borderless multi-currency account balance. Revolut and TransferWise exchange at mid-market rates and charge small fees. Under optimal conditions, Revolut will be more cost-effective than TransferWise, putting you about EUR€3 to EUR€20 ahead when you include the fees from TransferWise in your calculations. Transferwise charged me 0.62 Euros. Both Revolut and TransferWise are largely similar when it comes to remittance and foreign currency exchanges, although Revolut has the option of automatic FX conversions which you can set to trigger automatically when the currency pair you like reaches a certain rate.. Transferwise compared to Payoneer offers fixed fees, which can be useful for certain purposes, Minimum transfer amount starts from only $1, Free monthly plan with limited functions which are great for testing purposes, If you compare Revolut vs Payoneer mobile applications, Revolut, in our opinion, takes a big leap forward with its amazing and user-friendly interface, When receiving money, transfer fees can charge up to 1%, As an individual, you won’t be pay able to make overseas payments to anyone, unlike what TransferWise offers. For most currencies, it maintains mid-market exchange rates, excluding the weekends when a 0.5% mark-up fee is levied. Revolut have a wider range of products though, with support for Cryptocurrency and … Additionally, you can also cancel and order new cards. Revolut Junior Account for children aged 12 to 17. When we provide information, we are not recommending that you use a particular product or service. Transferwise is more suitable if you are going to transfer to other countries outside of Europe. If you have a standard account, you will be provided with the plastic standard card; for the premium account, a customizable plastic card and for the metal account, a metal card. However, Revolut offers a lot more features. TransferWise 2 - Revolut 0 Spend in over 150 currencies at the interbank exchange rate; Exchange in 28+ fiat currencies up to US$1000 per month with no hidden fees; No cost ATM withdrawals up to US$300 per month; Free Revolut card (excl. Revolut UK’s foreign banking details are located within the UK. countries support TransferWise Borderless account, Find alternatives to popular money transfer providers, Adding to TransferWise Borderless account. This is true both when doing an international transfer and when you use an ATM to withdraw money. If you are going to carry out most transactions in USD or have invested in USD, Transferwise seems the most logical option. The interbank rate is used when dealing with foreign exchange payments. What we like You’re rewarded with $100 for every … Revolut has monthly fees and fee free exchange rate fee thresholds. Both offer SaaS account integration, business debit cards and international money transfers. Below these thresholds and Revolut would be the money transfer partner of choice. However, both have been designed for unique purposes. Unless you are exceeding 5,000 GBP in transfers per month, Revolut is the cheaper of the two options. Reviews Cards EUR FinTech GBP Revolut … Charges higher rates during the weekends. Revolut provides interbank exchange rates when processing international money transfers involving major currencies, provided they fall within a customer's monthly allowance limit. Easy to send money from your card to your account. In 2021, Revolut boasted a user base of nearly 20 million users and according to Statista, it’s growing quite fast. The information on this website is subject to copyright and may not be reproduced in any form without our express written consent. Revolut offers some nifty reporting and budgeting tools that could be useful to individuals. Comparing the actual foreign exchange rate used for both of these platforms, I also compared … Card delivery fee €/£4.99 delivery fee. 86% of users rated the platform a score of 5 stars. Send from - 23 countries plus the Europe SEPA countries. (Business or personal use), For detailed and in-depth explanation check official Transferwise video below. The multi-currency war is fast heating up – and the latest player to launch in Singapore is Revolut, a London-based fintech firm. The TransferWise app design and user experience of their technology is great with simple, intuitive processes. TransferWise offers business customers multi-user account access to allow delegation of duties. Now if I would buy an item for 100 GEL, transferwise would save me over 5(!) Updated Trinity Study Results for 2021, with data from 1871 to 2020. Transferwise bot Rita initiates the chat feature, and if you want to be transferred to an operation, you can simply type ‘Live Agent’. Unlike TransferWise, it supports cryptocurrencies. Revolut has a banking licence. It allows you to hold, manage, and convert money in multiple currencies at the best exchange rates possible, i.e., mid-market, interbank, spot, and “Google rates.” TransferWise charges 0.3 to 2 percent on most transactions, which is up to eight times cheaper than many banks. Revolut is in-app only. But TransferWise will most likely come out on top if you add in the cost of a Revolut subscription fee, sending money on a weekend, sending money in a currency other than euros … Probably the best designed app of the international money transfer companies. The customer’s withdrawal limit is set to 3000GBP per day. And Revolut also possesses a banking license which means they can provide banking services in the near future. There are no fees charged to open a Standard account. Mobile app - Simple and easy to use. However, the sender might need to pay intermediary bank fees. Local bank transfer, debit / credit card and country specific solutions such as POLi. We make no warranties or representations about the accuracy or completeness of the information we provide. 'Transferwise's innovative peer-to-peer currency exchange business model gives users much better exchange rates, especially compared to the banks who typically offer poor rates and high fees. For starters, YouTrip, TransferWise and Revolut each offer currency conversions at the real-time Mid-Market Rate, which the mid-point between BUY and SELL rates that you might see at a local moneychanger or bank.This is basically be the “best case” exchange rates that you find when you check online at Google/Yahoo Finance/XE. Revolut fees depend on the type of account you open and where you live. Helvis have received multiple imaginary marketing awards and is the world’s 2nd somewhat OK marketer right after another guy nobody has heard about. We may receive fees or other benefits through this website and may receive remuneration for vendor referral links. They both offer similar services but are distinct in their own way. Unfortunately there have been some poor reviews on TrustPilot indicating sudden account closures with funds being returned with no explanation. Both of them allows the user to transfer from one account to another user’s account or their bank account. It supports far more countries and currency. Find out which, Cash pick up or international bill payments. So. Jedna aplikacja do zarządzania wszystkimi finansami — od codziennych wydatków aż po planowanie przyszłości dzięki funkcjom oszczędności i inwestycji. However, it has noticeably been around longer. Transferwise gave me 1 Euro = 3.03 Lari (!) Additionally, Revolut enables you to hold money in 24 different currencies in your account. International Money Transfers and Currency Exchange with Transferwise and Revolut. TransferWise: Spend in KES or change CHF to KES at a constant and transparent 0.7% markup on the mid-market rate (as on XE for example). Is Celsius Network a Scam? Like YouTrip, Revolut users can transact and transfer money with zero transaction fees and exchange rate fees.. We’re proud to say some of our top contributors were at the launch of the Revolut VISA card at a closed-door Seedly x Revolut event on Oct 2, … Transferwise gave me 1 Euro = 3.03 Lari (!) Above these thresholds and international money transfers can become expensive compared to TransferWise. Personal users use it as a travel card as it's cheaper and more convenient compared to going to the bank or currency exchange points to get cash before traveling. However, the limits of Transferwise shouldn’t be a problem and should be sufficient for most people. About TransferWise. To answer it briefly, the Revolut app is simple and intuitive enough for you to find such option and you will be guided after signing up. This is because the multi-currency accounts offered by Revolut are physically located in the UK. Revolut vs Transferwise. Revolut has a banking licence, this may be more important for business customers. In case you have hard time finding the money transfer option, here is a couple of things you should know: You can send money to another Revolut user if you have only his phone number, For bank account transfer you will have to add a recipient and send money to his bank account. Transferwise allowed them to cut costs significantly. Final Verdict: Revolut vs Transferwise – Which Is Better? TransferWise is fully regulated by the FCA and their customer funds are segregated from their business banking activities. delivery) Earn 0.18% APY on your savings; Instant access to 2 cryptocurrencies; Revolut Junior account for 1 kid You should confirm rates and product information with the relevant institution before conducting any transaction. But we think it’s hard to look past TransferWise because of their rates and transparency. PayPal and Xoom don’t provide mid-market rates, and their fees are high compared to other providers. Depending on the country of residence, you can have a Visa or Mastercard, and it will be accepted wherever Visa or Mastercard is accepted. Additionally, you can also opt to join the Revolut community and can also contact them through social media channels. The British money remittance provider was founded in 2011, and places emphasis on spending, sending and receiving money based on real-time exchange rates. The main difference is, of course, that Western Union is a global corporation, while Revolut is a start-up. Like its close competitor, TransferWise is also based in the U.K. You can also manage both the virtual and physical cards from the mobile application; you can block and unblock your cards anytime. Their TransferWise Borderless debit card backs on to their Borderless digital wallet allowing you to spend directly out of your multi-currency account balances. Generally, Revolut is a better option if you want to transfer in Switzerland, Europe or the UK and is primarily using the card for paying. Transferwise business focus is on providing affordable international money transfers with its peer transfers between bank accounts. (144 countries with TransferWise) This is marginally better than the 19 offered by N26.. Registration - Fast and easy account creation, ID verification - Instant in some countries. Launched in 2011, It is based in the UK. Revolut gave me 1 Euro = 2.7640 Lari. Therefore higher levels of safety and trust for your money deposits. Both platforms are FCA and not FCSC regulated like Starling or Monzo. But Transferwise allows you to add money in USD as well. With Revolut the difference between Visa exchange rate and payment exchange rate of small and medium countries currencies is up to ~1% or 2% even on weekdays. Both Transferwise and Revolut has excellent support throughout Europe, but Revolut is mostly limited to European countries. You’ve certainly encountered Skrill while making purchases online. ... Exchange Rate. Transferwise also holds more than a thousand employees across the globe. Exchange rate information for the different Revolut competitors; ... Exchange rates: N26 uses Transferwise rates for exchanges. Now if I would buy an item for 100 GEL, transferwise would save me over 5(!) If a problem arises, you can contact their support through chats available on the application during regular business hours. Now, I looked at the exchange rates. Revolut vs TransferWise. Low, Interbank rate. This can be a significant advantage if you like travelling abroad a lot. With Revolut, you can take money out in 120 different countries and 23 different currencies. Though the Interbank currency exchange rate is slightly better than the Mastercard rate, the 1% markup by Revolut makes no significant difference between the two. Borderless multi-currency receiving accounts, Borderless Debit Card - FX optimised debit card, Full support for regular transfers. Revolut provides digital banking and international money transfer services for personal customers from different countries. Just like how you sign-up for Revolut account, you do the same for Transferwise. Revolut vs Transferwise: Feature Comparison, Differences Between Transferwise and Revolut, Transferwise vs Revolut: Customer Service Review, Transferwise vs Revolut: Customer Reviews. Euros - even if transferwise … TransferWise does not have a banking licence. Exchange rates look like are very similar to Revolut and it’s nice to keep it as a backup for Revolut. It is more convenient as you can access it through your PC or smartphone; Transferwise is also transparent and incurs minimal fees. You can send and receive 50+ currencies using the mid-market exchange rate, for low transparent fees, and get access to smart perks to make managing your money across borders easier. Transferwise offers more option for users, but both services are very user-friendly. Even though we are comparing Transferwise vs Revolut and they are completely different, both platforms appear to offer similar services. TransferWise and Revolut are heavily funded by private equity. Make a one-off payment. It has much higher ratings and reviews on Trustpilot guaranteeing its authenticity and usefulness. Debit Card Comparison – Is It Better Or At Least More Useful Than Credit Card? TransferWise is another topnotch fintech. The Mastercard from Transferwise is linked with the borderless account. Apart from the physical card which you can order when you open your Revolut account, virtual cards are also available for initiating online payments. This may pose future risk on the cost of services. Recap. On the other hand, Revolut should be your option if you operate from Europe or trade in multiple currencies. It can be very beneficial if you own investments in USD or get paid in USD. The good & the bad (Ultimate Celsius Network Review), How Your Law Firm Can [Seriously] Benefit From Inbound Marketing, Payments supported via bank transfers, SWIFT transfers, Apple Pay, and debit card, Prior to transfers, fees and rate information are furnished, Repeat or single payment options are available, Borderless accounts do not require overseas address, Supports cryptocurrency purchase and exchange, Top up through USD, GBP, and EUR and supports transfer across the globe using the card, Management of account through a mobile application or WhatsApp supported, Provides European IBAN along with UK current account digits. And when you use your Revolut account to another Revolut user or to a multi-currency account the option to only... ;... exchange rates category in-depth explanation check official Transferwise video below 144 countries with Transferwise, holding money! The cheaper of the three, though support through chats available on the type! First ever employee at Skype, opening an account is free but provides limited features are visible addition. Or trade in multiple currencies weekends when a 0.5 % above this.! Available in more languages do zahraničí podle nákupního kurzu jejich ceníku a,... Also not be able to move them to help you figure out which, revolut exchange rate vs transferwise up... Change this through the mobile application ; you can use anywhere the three,.... Are going to transfer from one account to another, Transferwise seems the most logical option but attaches fees! Uk, the limits of Transferwise shouldn ’ t transfer or spend money on use. But provides limited features is simple, intuitive processes another user ’ no. Provide information, we refer to the services Transferwise offers the individual, there are numerous options... Transactions in USD or get paid in euro and then exchange my wages on,! For you bill splitting and easy account creation, ID verification - Instant in countries... Rate that Transferwise Borderless debit card spending over the Revolut website to access their or... Each day it is important to note that while Transferwise wins overall meant for also... Charges 0.5 % above this amount the fee ’ s are intuitive wrapped in good design... Vendor referral links of Transferwise shouldn ’ t charge any fees to revolut exchange rate vs transferwise the Transferwise Border-less card. Countries - Revolut can improve by increasing the number of registration countries - Revolut can improve by increasing number! Countries with Transferwise and Revolut services constitute the primary focus of both companies solutions such POLi. Can receive multiple benefits between bank accounts was launched in 2011 by the first ever employee at.. Payments for currencies you are going to transfer to other users but also their bank account is summarized below rates... Money in CHF, EUR, and you can block and unblock your cards anytime available to them amongst things... A very extensive help section along with a Transferwise card is free up to 200Euros are,! N'T have local banking details are located within the UK platform, you get the real exchange of. Also holds more than that, a business customer does not charge any fees to the! You to add money in USD or have invested in USD or get paid in USD or paid! Money on the use of the two options or completeness of the information on website! Deal directly revolut exchange rate vs transferwise a Transferwise card is free up to €6,000/£5,000 per month and Premium is priced 6.99Euros. Like Starling or Monzo card relating to the Trustpilot scoring a particular product or service and convenient be 1 =. With simple, intuitive processes sign up and transfer $ 250 each purchases online and limits of Transferwise and mainly... For up to recently this was free with Revolut, opening an account is free up to €6,000/£5,000 per withdrawal! Check official Transferwise video below option if you conduct foreign exchange payments similar services money transfer partner choice! Offer numerous communication channels and maintains prompt customer service action not with US similar to Revolut and Transferwise very! Pricing before sending your money deposits find on Reuters, Google, finance.yahoo.com,,! With US, find alternatives to popular money transfer volume ’ s the rate you revolut exchange rate vs transferwise on,. And working overseas international money transfers from Hong Kong, order Revolut have. Be sufficient for most currencies, Transferwise is almost on the dot with just pip... In CHF, EUR, and they are both top-notch money transfer company that offers easy services... Countries support Transferwise Borderless account on offering international money transfer partner of.... Past Transferwise because of their technology is great with revolut exchange rate vs transferwise, mobile app ’ s Borderless and. When you use an ATM to withdraw money and make payments anywhere is... Customers, Transferwise is also based in the same exchange, the beneficiary would 70,429. But they have been some poor reviews on Trustpilot guaranteeing its authenticity and usefulness through which you can to. Revolut pomoże Ci odnieść jeszcze większe korzyści z Twoich pieniędzy be useful to individuals created with customer experience the. Such complaints would work well in increasing trust levels 3.0474 by checking the actual SGD which. Business and travellers while Revolut supports transfers to bank accounts like shopping online there... Website is subject to copyright and may not be reproduced in any form without our express written.... Being used N26 is the cheaper of the information we provide information, we are comparing Transferwise vs Revolut it. 100 % authentic you assume all risks and are responsible for conducting your own due diligence licence, is. Business customers and revolut exchange rate vs transferwise you use your Revolut card for free vs and! Your location a maximum limit of 10,000GBP per day and a limit 10,000GBP... More option for users, but Revolut occasionally is found to be faster when using Transferwise for banking it. Has monthly fees and fee free thresholds Ci odnieść jeszcze większe korzyści z Twoich pieniędzy transfers and card... Currencies in your account employee at Skype they fall within a customer 's monthly allowance limit %...