Wise and Revolut are the two most prominent digital platforms for international banking and currency transfers, and they come up in almost every discussion about expat banking. They are both genuinely useful — but they are better at different things, and choosing between them (or deciding whether to use both) depends on what you actually need.
This guide compares the two platforms head to head across the dimensions that matter most for expats: fees, exchange rates, account features, security, customer service, and regulation.
What each platform is
Wise (formerly TransferWise) is a UK-regulated Electronic Money Institution (EMI) authorised by the FCA. It was built specifically around international money transfers and has expanded into multi-currency accounts. Its core philosophy is transparency — it publishes the mid-market rate and charges a separate, visible fee, making it easy to see exactly what you are paying.
Revolut is a fintech platform that began as a multi-currency prepaid card and has expanded aggressively into a wide range of financial products. It was granted a UK banking licence with restrictions in 2024 and, after those restrictions were lifted in early 2026, Revolut Bank UK Ltd began operating as a full bank (customers are being migrated in phased batches during 2026). It also holds a banking licence in Lithuania (EU) and authorisations in several other jurisdictions. Revolut's philosophy is breadth — it offers more features than Wise across more product areas, including crypto, stock trading, and insurance.
Fee structures compared
Wise fees. Wise charges the mid-market rate (no markup on the exchange rate itself) plus a transparent combination of:
- A fixed fee (typically £0.40–£1.50 depending on currency)
- A percentage fee (typically 0.3–0.8% for major currency pairs; higher for minor or exotic currencies)
The fee is shown clearly before you confirm the transfer. What you see is what you pay.
Revolut fees. Revolut's fee structure is more complex and depends on which plan you are on:
- Free plan: Mid-market rate FX up to a monthly limit (approximately £1,000 per month as of 2026); above the limit a 0.5% fee applies. Weekends and international transfers may attract additional markups.
- Revolut Plus / Premium / Metal: Higher or unlimited mid-market FX; reduced or eliminated transfer fees; varying monthly costs (approximately £2.99–£16.99/month as of 2026).
The practical effect is that for occasional large transfers, Wise is often cheaper on a fee-only basis. For someone who transfers regularly and has a Revolut Premium subscription, the economics may differ.
Exchange rate transparency
Wise is notably transparent. The rate shown is the mid-market rate — the rate you can verify independently on XE.com or Google Finance. The fee is separate and itemised. You can calculate exactly what you are paying for the conversion.
Revolut shows the exchange rate in the app, which is generally competitive, but the fee structure is less immediately transparent — particularly around weekend markups, the monthly FX limit, and what applies when you are above the free plan threshold. Paid plan users tend to have a clearer picture.
For expats who make significant or regular international transfers and want to minimise costs without complexity, Wise's transparency is a meaningful advantage.
Account features
Both Wise and Revolut offer multi-currency balances and international debit cards. The key differences in account features:
| Feature | Wise | Revolut |
|---|---|---|
| Currencies supported | 40+ | 30+ (varies by plan) |
| Local account details | GBP, EUR, USD, AUD, CAD, NZD, SGD, HUF, RON, TRY | GBP, EUR (some others in selected markets) |
| Debit card | Yes — physical + virtual | Yes — physical + virtual |
| Cryptocurrency | No | Yes |
| Stock trading | No | Yes (Revolut Trading) |
| Savings | Limited (Wise Assets in some markets) | Yes (Revolut Savings accounts) |
| International transfers | Core product — fast, reliable | Yes, competitive rates on paid plans |
| Joint accounts | No | Yes (select markets) |
| Standing orders | Yes (some markets) | Yes |
Revolut clearly offers more product breadth. If you want to consolidate multi-currency banking, crypto, and investments into one app, Revolut is more capable in that sense. If your primary need is reliable, cost-effective international transfers with full currency coverage, Wise is more focused and reliable for that specific use case.
Regulatory status and deposit protection
Wise. UK entity is authorised by the FCA as an EMI. Customer funds are safeguarded — held in segregated accounts separate from Wise's own funds — but are not FSCS-protected. In the event of Wise's insolvency, safeguarded funds should be returned to customers, but this process would take time and is not the straightforward FSCS protection a bank provides.
Revolut. The UK banking entity (Revolut Bank UK Ltd) holds a full UK banking licence and offers FSCS protection up to £120,000 per person for eligible deposits (the FSCS deposit limit rose from £85,000 to £120,000 on 1 December 2025). However, it is important to understand that not all Revolut products or accounts are yet held with the banking entity — customers are being migrated in batches during 2026, and some products may still sit under the EMI entity, without FSCS protection. EU customers are with Revolut Bank UAB (Lithuania), where deposit guarantee protection is up to €100,000.
For significant cash balances, Revolut's UK banking licence makes it technically more protective than Wise. In practice, neither platform should be used to hold large savings — that function belongs with a regulated traditional bank with proper deposit protection.
Customer service
Neither platform is strong here by traditional banking standards, but Wise's support is generally more reliable:
Wise: In-app chat and email support. Response times are reasonable (typically hours, not days) for most issues. Account freezes and verification requests — common with large transfers — are generally resolved without excessive delay.
Revolut: Has faced significant criticism over customer service quality, particularly for account freezes, identity verification issues, and disputes. The combination of high growth, a wide product range, and customer support that has not always scaled proportionately has resulted in a pattern of complaints about inaccessibility when problems arise.
For expats who depend on an account for regular financial activity, the reliability of customer service during a problem is a meaningful consideration.
Which should you use?
Use Wise if:
- International money transfers are your primary need
- You want full transparency on exchange rates and fees
- You need local account details in multiple currencies (GBP, USD, EUR, AUD, etc.)
- You value straightforward, reliable account management
Use Revolut if:
- You want to consolidate banking, currency, crypto, and trading in one platform
- You make frequent smaller multi-currency transactions and want a single app
- You are on a paid plan and want unlimited mid-market FX with additional perks
- You want to earn on idle balances through Revolut Savings
Consider using both: Many expats use Wise as their primary multi-currency transfer account and Revolut for day-to-day spending, crypto, or other features. They are not mutually exclusive, and the marginal cost of maintaining both is low.
Use a specialist FX broker for large transfers: For transfers over £50,000–£100,000, a specialist FX broker will typically offer better rates than either platform, with a managed service appropriate for the amount.
How Global Investments can help
We advise clients on the full banking and transfer stack appropriate for their situation — combining offshore accounts, digital tools, and specialist FX brokers appropriately. For large individual transfers — property purchases, pension transfers, large investment moves — we can introduce specialist currency brokers who offer managed services at competitive rates.
Frequently Asked Questions
Is Wise or Revolut better for sending large amounts abroad?
Wise is generally better for large international transfers. It charges a transparent, low percentage fee plus a small fixed fee, uses the mid-market rate, and its transfer process is specifically designed for reliability and speed. Revolut's free plan limits mid-market FX to a monthly threshold (around £1,000 on free plan); above that a markup applies unless you are on a paid plan. For very large transfers (£50,000+), a specialist FX broker may be more appropriate than either.
Which is cheaper — Wise or Revolut?
For international transfers, Wise is typically more transparent and often cheaper on a fee-only basis. Revolut offers mid-market rates (on paid plans or within free plan limits) but the fee structure is less clear. For day-to-day multi-currency spending abroad, Revolut's paid plans can be competitive. For transfers, Wise's transparent percentage-plus-fixed fee model is easier to compare and typically competitive. Use both platforms' own calculators to compare the actual cost for your specific transfer.
Which has better customer service — Wise or Revolut?
Neither has the relationship banking support of a traditional bank, but Wise is generally regarded as having more reliable customer support. Wise offers in-app chat and email, with generally reasonable response times. Revolut has faced significant criticism for slow and inconsistent customer support, particularly for account issues and frozen accounts. For banking where reliable customer service is important, a traditional offshore bank is more appropriate than either digital platform.
Can I use Wise as a bank account?
Wise offers many bank account features — local account details in multiple currencies, a debit card, standing orders, and direct debit capability in some markets. However, Wise is technically an Electronic Money Institution, not a bank, and does not offer the same level of deposit protection as a regulated bank. It functions well as a current account substitute for most day-to-day purposes, but for savings, credit products, or formal banking requirements, a regulated bank is more appropriate.
This guide is for general information only and does not constitute financial advice or a personal recommendation. Banking regulations, tax rules, and product availability change — always verify current rules and seek advice from a qualified independent financial adviser or regulated banking specialist before making any decisions. The value of investments can fall as well as rise and you may get back less than you invest.