When deciding between Revolut and Wise, it’s important to evaluate which features best align with your financial needs.
This comparison will highlight key differences, from mobile banking capabilities to specific benefits, helping you make an informed choice.
Revolut
Wise
How do Revolut and Wise compare?
Revolut and Wise are two well-regarded digital banking platforms, each tailored to different financial needs. Although both offer international money management, their focus, fees, and features set them apart.
Revolut, based in the UK, offers a versatile app that supports foreign currency exchange, international transfers, and cryptocurrency trading, making it ideal for users seeking a comprehensive financial tool. Customers can start with a free account, with premium plans available that offer benefits like free global transfers, higher ATM withdrawal limits, and additional perks, such as crypto access.
Wise, formerly TransferWise, specializes in low-cost international money transfers. Its multi-currency account allows users to hold and convert money across multiple currencies at competitive rates, catering to those who frequently move funds across borders. With Wise’s debit card, customers can spend abroad without additional fees, making it a go-to for international transactions.
Regarding fees, Revolut’s free account charges for select features, while Wise applies a small percentage fee for transfers, prioritizing transparent and low-cost currency exchange. Revolut offers a wider suite of services, including crypto, whereas Wise focuses on offering highly competitive transfer rates.
In summary, Revolut is well-suited for those needing diverse banking options, while Wise is ideal for individuals focused on affordable international money transfers.
Founded: 2015
Headquarters: London, UK
Users: +45 million
Countries available: 35
Available for: Personal users and Businesses
Go to Revolut
Founded: 2011
Headquarters: London, UK
Users: +16 million
Countries available: 56
Account plans: Personal users and Businesses
Go to Wise
Why use a neobank?
Affordable fees and attractive pricing
With their digital-first approach and reduced operating costs, neobanks often offer highly competitive fees compared to traditional banks. Many neobanks minimize or eliminate fees for services like account maintenance and transactions, and some even provide enhanced interest rates on savings and loans. This cost-efficiency appeals to individuals and businesses focused on maximizing financial value without the typical expenses of traditional banking.
Quick account setup and hassle-free onboarding
Opening an account with a traditional bank is often a slow, paperwork-heavy process. Neobanks streamline this experience by using technology to offer a quick, fully online onboarding. Some even provide instant approval, allowing users to start banking within minutes. This efficiency and ease make neobanks an attractive option for people who want fast, paperless access to financial services.
Intuitive design for easy navigation
Neobanks offer highly accessible, user-friendly mobile apps designed for a smooth, modern banking experience. Unlike traditional banks, which rely on complex processes and paperwork, neobanks provide a streamlined interface where users can manage finances, track transactions in real-time, and set up alerts with ease. This straightforward, app-based experience appeals to tech-savvy users and businesses alike, offering a practical solution for efficient financial management.
Advanced budgeting and financial tracking tools
Neobanks often come equipped with advanced financial tools built right into their apps, giving users insights into spending patterns, budgeting help, and real-time transaction categorization. For businesses, this translates into improved financial control and clear visibility over cash flow. With features like expense tracking and financial analysis, neobanks empower individuals and businesses to make informed, data-driven financial decisions, setting them apart with their strong focus on financial management.
Responsive support and community involvement
Neobanks focus on customer satisfaction with quick, accessible support through multiple channels like in-app chat, email, and even social media. Traditional banks can sometimes have slower, more bureaucratic service, but neobanks use technology to deliver faster, more tailored responses. Many also build a sense of community through online forums and events where users can exchange tips and insights, fostering a collaborative approach to banking.