Wise vs Revolut

If you need a way to hold, spend, send and exchange multiple currencies, you may have heard of multi-currency account and card services from Wise and Revolut.

This guide walks through how both providers perform on international transfers, account options, card services and more.

It’s useful to know upfront that Revolut isn’t available for Malaysian residents right now - so for this guide we’ll look at the Revolut UK services, in a side by side comparison with Wise, which is currently available in Malaysia.

Summary: Wise multi-currency accounts are opened and managed online and in-app, for convenient card spending, currency exchange and  international payments with the mid-market rate. Revolut also has a multi-currency digital wallet - but at the time of writing, Revolut is not available to Malaysian residents, while Wise is offered in Malaysia.

Wise Vs Revolut: side by side

Let’s start with an overview of Wise vs Revolut so you can get a feel for what services each provider has, and how they measure up.

As we have mentioned, Revolut is not available in Malaysia as yet - so while we’re waiting for services to roll out here, we’ll use the Revolut features and fees from their UK account as an example. Don’t forget to check all the Revolut fee information for your own country, if you’re based elsewhere.

So, to summarise:

• Wise is available in app and online, in most countries globally - Revolut is not available to Malaysian residents, but accounts can be opened from other regions and countries

• Both Revolut and Wise offer international accounts with linked cards

• Wise supports more currencies for holding and exchange

• Revolut accounts come with fee free currency exchange to plan limits, with fair usage fees after that. All Wise currency exchange uses the mid-market rate with fees from 0.43%

• Wise offers local account details for receiving 9 currencies including MYR - Revolut does not

• Both providers are fully regulated, and offer both personal and business services

The important bits

To summarise:

• Rates: Wise uses the mid-market rate, whereas Revolut applies a fair usage fee once plan limits for currency exchange are exhausted

• Fees: Free to spend currencies you hold with both provider - Wise accounts have no monthly fees, some Revolut account plans do come with ongoing fees

• Speed: Wise transfers may arrive instantly, and 90% arrive in 24 hours, while Revolut transfers could take 3 - 5 days depending on the destination

• Service: Both providers have online and in-app service

• Safetly: Both providers are fully regulated and licensed

• Reviews: Wise has an Excellent rating on Trustpilot from 192,000+ reviews, Revoluthas an Excellent rating on Trustpilot from 135,000+ reviews,

Revolut is not currently available to Malaysian residents, so to open an account you’ll need to be a customer from a supported country.

Malaysian residents can open Wise accounts freely. This guide will help you weigh up which of these providers might meet your personal needs best.

Pros and cons

Wise Vs Revolut: The verdict

Both Revolut and Wise offer personal account options which let you hold and exchange foreign currencies, and spend with a linked debit card. However, Revolut isn’t available to Malaysian residents, so which wins for you may simply depend on your location.

Revolut accounts have a broad range of features including savings, investments and budgeting tools. That makes them great for eligible customers who want to access extensive account features, and can stay within their account plan transaction limits.

On the other hand, Wise international accounts are a strong choice for customers looking for a fee free account with broader currency options and low, transparent transaction charges. The Wise account is more flexible when it comes to currencies, too - with 40+ currencies available, including the option to get local bank details for MYR and to hold a ringgit balance.

Compare both providers based on the services you need and the type of transaction you’ll make often to decide which suits you best.

About Wise and Revolut

Wise review: Wise was founded in 2011 with a focus on cross border transfers, and has subsequently grown to include multi-currency account services, debit cards and business products. Today, Wise has over 16 million customers globally. All Wise services are delivered online and in app, with transparent fees and low overall costs.

Revolut was founded in 2015, and has since expanded to offer accounts in a broad range of countries and regions including the EEA, UK, US, Singapore and Australia.. While the features you get will depend on exactly where in the world you are, Revolut accounts generally allow customers to hold and exchange around 25 currencies, and spend with a linked debit card globally.

How do they work?

You’ll need to register an account and get verified with both Wise and Revolut before you can start transacting. This involves providing a proof of ID and address from a supported country, but the entire process can be done conveniently online or in app, wherever you are.

Both providers have slightly different features on offer - with Wise you can hold, send, spend and exchange 40+ currencies, and order a linked payment card for use in 150+ countries.

You can also get local bank details for 9 currencies - including MYR if you’re a Malaysian resident - to get paid conveniently. Wise international transfers are available to 160+ countries, and as they’re processed through Wise’s own payment network, the fees are kept low for customers.

Revolut account features and fees will vary slightly depending on where in the world you’re based, but usually allow you to hold around 25 currencies and spend with your linked payment card more or less anywhere. There are different plan types, including some with no monthly fees and some which charge maintenance fees, but offer a broader selection of features.

Wise Vs Revolut fees

Let’s look at the key costs you’ll need to know about - you’ll also want to review the providers’ own fee schedules before you pick between Wise vs Revolut.

Fees correct at time of writing - 7th July 2023

Wise Vs Revolut: which is cheaper? 

Whether Wise or Revolut is cheaper for you will depend on the specifics of your transaction or transfer.

With both Wise and Revolut you can get an instant cost comparison on the provider website or app. You’ll see the rate and fees right away, so you can compare your options. It’s useful to note that Revolut adds the transfer fee to the total amount you want to send, while Wise deducts the transfer fee from the amount you’re sending. In both cases, however, you can see how much your payment will cost you in advance, and how much the recipient should get in the end.

With Wise you’ll also see the costs of your payment from a few other major providers. If a competitor within the comparison is cheaper than Wise you’ll always be informed to help you get the best deal.

Learn more about Wise fees.

Wise Vs Revolut exchange rates

Wise and Revolut work a little differently on exchange rates.

Wise uses the mid-market rate for currency exchange - that’s the exchange rate you’ll find on Google or using a currency conversion tool. All the costs you need to pay are shown separately so you can easily compare and check the total amount.

Revolut accounts all come with some currency exchange that uses the mid-market exchange rate. Once you exhaust the amount of exchange that comes with your plan, you’ll pay a fair usage fee - in the UK, this is 0.5% or 1% depending on the plan. If you choose a plan with a monthly fee you’ll unlock extra fee free conversions, and higher transaction limits.

Wise Vs Revolut: which is faster?

50% of Wise money transfer are instant, and 90% arrive in 24 hours. Revolut payments can often arrive quickly, within around 30 minutes - however, depending on the destination, they may take 3 to 5 business days to get to the recipient.

How long it takes for an international transfer to be deposited depends on the destination, how you want to pay, and the value of the transfer.

Wise Vs Revolut international transfer limits

If you’re sending money overseas with Revolut, most currencies have no maximum payment limit applied. Wise has limits on some currencies, but they’re usually set very high - at around the equivalent of 1 million GBP - so people can transact freely.

Wise Vs Revolut card

Both Wise and Revolut have linked debit cards you can use for local and international payments and withdrawals. Here’s a quick side by side feature comparison.

Related: How to get a Wise card in Malaysia

Wise vs Revolut card: Where can you use them?

You can use Wise card in 150+ countries, to spend 40+ currencies. Wise cards are issued on either Visa or Mastercard networks, which are widely accepted around the globe.

Revolut cards are usually issued on the Mastercard network, although the network used may vary depending on where in the world you’re based.

Related: How to use Wise card abroad

Wise Vs Revolut business

Both Wise and Revolut offer business account and payment services, including international debit and expense cards. We’ll look at the Wise Business Malaysia account compared to the Revolut UK Business account as an example of the features available.

Ease of use

• Creating an account: Create your account online or in-app with both Revolut and Wise

• Making a transfer: Wise typically allows local bank transfers and FPX payments, while Revolut’s top up methods vary depending on the country you’re based in

• Ways to send money: Send payments to your recipient’s bank account directly with both Revolut and Wise

• Languages: Revolut has multi-lingual websites, and its app covers 23+ languages. Wise offers 15 languages, plus multi-lingual support services

• Minimum & maximum amounts: Wise sending limits can vary by destination country, and based on your account type. Revolut usually has no maximum payment limit

Supported currencies

Wise accounts can hold 40+ currencies, Revolut supports 25 currencies.

Safety

Wise is regulated by Bank Negara Malaysia in Malaysia. As a global business, Wise is also overseen by other regulatory bodies in the countries and regions in which it operates.

Revolut does not trade in Malaysia, but is licensed in the other regions in which it operates, and is safe to use.

Conclusion: Comparing Wise and Revolut

While Wise and Revout have some similar services on offer, Wise is available for residents in Malaysia, while Revolut is not. If you’re not a Malaysian resident and live in a country supported by Revolut, it’s well worth checking out the services on offer. Revolut has varied account plans to suit different customer needs, a broad suite of services and a selection of linked payment card types.

Wise is available in Malaysia and in many other countries and regions around the world. You can open a Wise personal account for free online or in app, to hold 40+ currencies and get a linked Wise card for payments and withdrawals in 150+ countries. You’ll also be able to get local bank details to get paid for free in MYR, and can hold a ringgit balance in your account - making Wise a good pick both at home and abroad.