In today’s fast-paced digital world, managing money across borders has never been easier. Of course, it’s also never been more competitive.
Among the frontrunners in the financial technology space are Revolut and Wise, two UK-based companies that have redefined how we spend, send and save money internationally. Both platforms offer sleek mobile apps, low fees and innovative features designed to challenge traditional banks, but how do they actually compare when put head to head?
Whether you’re a frequent traveller, a digital nomad or simply looking for a smarter way to handle foreign currency, understanding the differences between Revolut and Wise can help you choose the platform that best suits your needs.
So, how do they actually compare in terms of some of the most important aspects, like fees, exchange rates, usability, and customer support?
What Is Revolut?
Revolut is a modern digital banking app that’s shaken up the way people manage their money. Launched in 2015 in the UK, it started out as a travel card offering great exchange rates, but since then, it’s grown into much more than that.
Today, you can use Revolut for everyday spending, saving, investing in stocks or crypto, and even budgeting your monthly expenses. The app offers multi-currency accounts, meaning you can hold and spend in different currencies without the hefty fees traditional banks often charge.
There’s a free account, but there are also paid plans with extras like travel insurance and airport lounge access. It’s super user-friendly, with instant spending notifications and clever tools to track your finances.
Whether you’re going on holiday, splitting dinner with mates or paying a freelancer abroad, Revolut makes it fast, simple and surprisingly affordable. It’s basically your bank, budgeting tool and travel buddy all rolled into one easy-to-use app.
What Is Wise?
Wise, which you might remember as TransferWise, is a money transfer service that’s become a favourite for people moving money across borders.
It was started in London back in 2011, and the app was created to solve a simple problem – international transfers were slow and expensive – so they built a smarter system.
Wise lets you send money abroad using real exchange rates (the same ones you see on Google), and its fees are refreshingly low and transparent. It’s great for freelancers, expats, businesses and pretty much anyone needing to send or receive money internationally without losing out to bad rates or sneaky charges.
The platform also offers multi-currency accounts, so you can get paid and spend like a local in over 50 currencies. You even get your own bank details for places like the UK, US, EU and Australia. It’s not a full bank, but when it comes to cross-border finance, Wise really does the job well.
Wise and Revolut: A Direct Comparison
Revolut and Wise are two of the UK’s most popular fintech platforms, both offering great tools for managing money in multiple currencies. They’re ideal for travellers, expats, freelancers and anyone who regularly sends or spends money internationally.
Both offer real exchange rates (the mid-market rate), which helps you avoid the inflated rates used by traditional banks, and both have user-friendly mobile apps with instant notifications and helpful budgeting features.
But, having said that, there are key differences. Revolut functions more like a digital bank, offering a wider range of features including budgeting tools, savings vaults, stock and crypto trading and even travel perks like airport lounge access.
Wise, on the other hand, is more focused on transparent, low-cost international transfers. It’s often the go-to choice for freelancers and small businesses needing to get paid from overseas.
Revolut offers several card tiers with varying benefits, while Wise keeps things simple with one global card.
So, if you want an all-in-one finance app, Revolut might be the better fit. But if your priority is reliable and low-cost cross-border transfers, Wise is hard to beat.
