As the financial landscape evolves, many individuals and businesses are reconsidering their payment solutions, often weighing the benefits of Wise versus Revolut. This article aims to provide a comprehensive overview of both platforms, comparing their prices and features to help you determine which option best suits your needs.
A quick overview on Wise and Revolut
What is Wise?
Wise is a financial technology company that offers international money transfer services and multi-currency accounts. It allows users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees.
Wise is used by individuals for sending money internationally and managing funds in different currencies. Businesses utilize it to pay international suppliers, receive payments from global clients, and manage payroll for employees in different countries.
What is Revolut?
Revolut is a digital banking platform that integrates various financial services into a single mobile application. It offers users the ability 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, built-in budgeting tools, and the ability to hold and exchange multiple currencies seamlessly. Common use cases include travelers benefiting from competitive exchange rates, freelancers receiving payments in various currencies, and businesses managing expenses and international transactions efficiently.
Pricing of Wise and Revolut
Wise operates on a transparent fee structure, with no fee to open a personal account and a one-time setup fee of £45 for business accounts. Sending money incurs a fee starting from 0.33%, and holding money in your account is free. However, receiving USD wire and Swift payments costs $6.11 per payment, and ATM withdrawals over £200 per month are subject to a 1.75% fee plus £0.50 per withdrawal.
Revolut offers multiple pricing plans: the Standard Plan is free, the Premium Plan costs $9.99 per month, and the Metal Plan is $16.99 per month. Each plan includes different benefits, such as higher withdrawal limits and overseas medical insurance. Users should be aware of potential fees for currency exchanges on weekends or transactions exceeding plan limits.
Overall, Wise generally offers lower fees for international transfers, while Revolut provides more comprehensive service plans with additional benefits.
Features of Wise and Revolut
Wise features
Wise offers a range of unique features that cater to both individual and business needs:
- Multi-currency account: Manage money in over 40 currencies seamlessly.
- High-speed transfers: Over half of the transfers are completed in under 20 seconds.
- Low fees: Transparent and competitive pricing for international money transfers.
- Wise card: Use globally without foreign transaction fees, making it ideal for frequent travelers.
- Global account details: Provides local bank details in multiple currencies for receiving money like a local.
Revolut features
Revolut offers a range of unique features that cater to both individual and business needs:
- Real-time spending notifications: Instantly alerts users of transactions, helping them keep track of their spending.
- Built-in budgeting tools: Allows users to set budgets and track their expenses effortlessly.
- Competitive currency exchange rates: Provides favorable rates for currency exchanges, making it cost-effective for international transactions.
- Multi-currency accounts: Enables users to hold and exchange multiple currencies seamlessly within the app.
- Cryptocurrency trading: Offers the ability to trade cryptocurrencies directly from the app, a feature that sets it apart from many traditional banking platforms.
Comparing Wise, Revolut and OneSafe
Why choose one over the other?
- Why Choose Wise Over Revolut: If your primary need is low-cost international money transfers, Wise is the better option. It offers transparent fees and uses the real mid-market exchange rate, which can result in significant savings. Additionally, Wise's multi-currency accounts and local bank details in multiple countries make it ideal for managing funds across borders without incurring high fees.
- Why Choose Revolut Over Wise: For those seeking a comprehensive financial platform, Revolut stands out with its wide array of services. Beyond international transfers, Revolut offers features like cryptocurrency trading, stock investments, and built-in budgeting tools. Its user-friendly app and competitive currency exchange rates make it a versatile choice for both personal and business financial management.
Considering OneSafe vs Wise and Revolut
- Why Choose OneSafe Over Wise and Revolut: OneSafe is uniquely designed for businesses in the Web3 and crypto sectors, offering seamless USD to USDC conversion on Polygon for instant, borderless transactions. This feature, combined with end-to-end expense and payroll management, makes it an optimal choice for global teams needing reliable, adaptive banking solutions.
What are the customers saying?
Wise reviews
Customer reviews for Wise are mixed, with some users reporting issues with account access and document verification. Occasional delays in transfers and concerns about customer support are also mentioned. Additionally, some users have noted increasing fees. Check out more Wise reviews here.
Revolut reviews
Customer reviews for Revolut highlight several areas of concern. Users frequently mention challenges with customer service responsiveness and issue resolution. Additionally, there are reports of account freezes or closures without clear communication, causing frustration. Check out more Revolut reviews here.
OneSafe reviews
Customer reviews for 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 USD to USDC conversion on Polygon, which facilitates instant, borderless transactions, and the end-to-end expense and payroll management features.
Notable testimonials include:
- “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.
Wise, Revolut, or OneSafe: Which is the best platform for you?
In conclusion, while Wise and Revolut offer robust solutions for international money transfers and comprehensive financial services, OneSafe stands out for businesses in the Web3 and crypto sectors. Its seamless USD to USDC conversion on Polygon and end-to-end expense and payroll management make it an optimal choice for global teams. Any of these platforms could be a good fit, but we recommend OneSafe for its specialized features and exceptional customer support.
