As the financial landscape evolves, many individuals and businesses are reconsidering their payment solution options, particularly between Revolut and Wise. This article aims to provide a comprehensive overview of what Revolut and Wise offer, compare their pricing and features, and help you determine which service best meets your needs.
A quick overview on Revolut and Wise
What is Revolut?
Revolut is a digital banking platform that integrates various financial services into a single mobile application. It allows users to perform peer-to-peer payments, manage multi-currency accounts, and execute international transfers at competitive exchange rates.
Unique features include real-time spending notifications and built-in budgeting tools. Common use cases for Revolut include travelers benefiting from multi-currency accounts, freelancers managing international payments, and businesses handling expense management and payroll processing.
What is Wise?
Wise is a financial technology company that specializes in international money transfers and multi-currency accounts. It allows users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees.
Unique features include the ability to hold and manage over 40 currencies and local bank account details in multiple countries. Common use cases for Wise include individuals sending money internationally and businesses managing global payroll and payments to international suppliers.
Pricing of Revolut and Wise
Revolut offers a tiered pricing structure with three main plans: Standard (free), Premium ($9.99/month), and Metal ($16.99/month). Each plan provides different benefits, such as higher withdrawal limits and additional services like overseas medical insurance. However, users should be aware of potential fees for specific services, such as currency exchanges on weekends or transactions exceeding plan limits.
Wise operates on a transparent fee structure, charging a variable fee starting from 0.33% for sending money. Personal accounts are free to open, while business accounts have a one-time setup fee of £45. ATM withdrawals over £200 per month incur a 1.75% fee plus £0.50 per withdrawal. Holding and receiving money in certain currencies is free, but receiving USD wire payments costs $6.11 per payment.
Overall, Wise generally offers more transparent and potentially lower fees for international transfers compared to Revolut's tiered plans.
Features of Revolut and Wise
Revolut features
Revolut offers a range of unique features that cater to both individual and business needs:
- Real-Time Spending Notifications: Users receive instant alerts for every transaction, helping them stay on top of their finances.
- Built-In Budgeting Tools: The app includes features to set budgets, track spending, and analyze financial habits.
- Competitive Currency Exchange Rates: Revolut provides favorable exchange rates for over 150 currencies, making it cost-effective for international transactions.
- Multi-Currency Accounts: Users can hold and exchange multiple currencies seamlessly within the app.
- Cryptocurrency Trading: Unlike many traditional banks, Revolut allows users to buy, sell, and hold various cryptocurrencies directly from the app.
Wise features
Wise offers a range of unique features that cater to both individual and business needs:
- Multi-currency account: Hold and convert money in over 40 currencies with global account details.
- High speed, low fee transfers: Over half of the transfers arrive in under 20 seconds with competitive fees.
- Wise card: Spend and withdraw cash worldwide without foreign transaction fees.
- Interest-earning accounts: Earn up to 3.92% APY on USD balances with FDIC insurance.
- 24/7 customer support: Access help from specialists any time via email, phone, and chat.
Comparing Revolut, Wise and OneSafe
Why choose one over the other?
- Why Choose Revolut Over Wise: Revolut offers a more comprehensive financial platform, integrating services like cryptocurrency trading, stock investments, and personal loans, which Wise does not provide. Additionally, Revolut's built-in budgeting tools and real-time spending notifications make it easier for users to manage their finances on a daily basis.
- Why Choose Wise Over Revolut: Wise is ideal for those who prioritize low-cost international transfers and transparent fees. With the ability to hold and manage over 40 currencies and local bank account details in multiple countries, Wise offers a more straightforward and cost-effective solution for frequent international transactions.
Considering OneSafe vs Revolut and Wise
- Why Choose OneSafe Over Revolut and Wise: OneSafe is uniquely designed for businesses operating in the Web3 and crypto sectors, offering seamless 1:1 USD to USDC conversion on Polygon. This feature simplifies payroll and expense management for global teams, making it an optimal choice for companies needing reliable, adaptive banking solutions.
What are the customers saying?
Revolut reviews
Customer reviews of Revolut highlight several areas of concern. Users frequently mention challenges with customer support, including difficulties in resolving issues and delays in response times. Additionally, there are reports of account freezes and closures without clear communication, causing frustration and inconvenience. Check out more Revolut reviews here.
Wise reviews
Customer reviews of Wise highlight several areas of concern. Users frequently mention issues with account access and document verification, which can be frustrating and time-consuming. Additionally, there are reports of occasional delays in transfers, particularly during weekends or due to bank transfer issues. Some users have also expressed concerns about the level of customer support and increasing fees. Check out more Wise reviews here.
OneSafe reviews
Customer reviews of OneSafe highlight the platform's exceptional customer support, ease of payroll processing, and ability to simplify complex banking tasks for Web3 companies. Users consistently praise the seamless 1:1 conversion from USD to USDC on Polygon, which has become an essential tool for managing payroll and expenses.
Notable feedback includes:
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Revolut, Wise, or OneSafe: Which is the best platform for you?
In conclusion, whether you choose Revolut, Wise, or OneSafe, each platform offers unique benefits tailored to different financial needs. However, for businesses operating in the Web3 and crypto sectors, OneSafe stands out with its seamless 1:1 USD to USDC conversion on Polygon and exceptional customer support. We recommend OneSafe for its innovative solutions and commitment to simplifying complex banking tasks. Explore more about OneSafe and see how it can transform your financial operations.
