TransferWise Debit Card Vs Revolut
When it comes to currency, travel cards and transfers there is a lot 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.
TransferWise and Revolut side by side
| Fee | TransferWise | Revolut | |
|---|---|---|---|
| Set up fee | Free | Free | |
| International Money Transfers | Interbank rate at the time of the transfer, with a percentage fee depending on the currency. You can find their fees here. | Unlimited transfers at the interbank rate with premium. Standard accounts have no Fees and interbank rate for $9000AUD each month, 0.5% charged after that. In addition, 0.5% on major currencies on weekends | |
| Transfer Time | 1-2 business days. | 2 business days | |
| Personal Membership | N/A | Standard account access – Free, Premium account access – $10.99 per month. | |
| Business Membership | N/A | Not yet available | |
| International ATM Withdrawals | £200 per month for free, 2% charge after. | $700 for premium, $350 per month for standard, 2% fee after. | |
| Currency Exchange | Interbank rate at the time of the transfer, with a percentage fee depending on the currency. You can find their fees here. | Interbank rate with no limit for premium, for standard users transactions above $9000AUD each month incur a 0.5% fee on the interbank rate | |
| Currency Exchange Rates | Interbank rate at the time of the transfer, with a percentage fee depending on the currency. You can find their fees here. | Revolut offers the interbank rate during weekdays, with a 0.5% fee on weekends when exchanging currencies | |
| Currencies available | GBP, EUR, USD, AUD, BRL, BGN, CAD, HRK, CZK, DKK, HKD, HUF, JPY, NZD, NOK, PLN, RON, SGD, SEK, CHF, BDT, CLP, CNY, COP, GEL, IDR, INR, ILS, MYR, MXN, MAD, PKR, PEN, PHP, RUB, ZAR, KRW, LKR, THB, TRY, AED, UAH, VND. | EUR, GBP, USD, CHF, DKK, NOK, SEK, SGD, HKD, AUD, NZD, AED, CAD,JPY, ZAR | |
| Foreign Bank Account Details | Eurozone, United Kingdom, United States, Australia | Not available in Australia yet |
The verdict
Who should you choose?
Whenever you're looking at financial products, it's important to consider rates, fees and charges. Not one product is right for everyone. Having said that, there are things we like about each of these companies.
The Currency Shop says:
- Currently, the Borderless Account is still available in more places, while we wait for Revolut to launch in Australia.
- TransferWise offer slightly better rates which don't change depending on the day of the week.
- Revolut have a wider range of products though, with support for Cryptocurrency and insurance products.
Our Pick?
The TransferWise Borderless Account and Debit Card.
From a purely Forex point of view, we think it's hard to look past TransferWise because of their rates and transparency. While Revolut offer more product versatility, what TransferWise does, they do well. Just make sure they have support for the currencies you need and that the account is available where you need it.