Let’s start with European customers. However, I am not sure these features will appeal to everybody. Both companies … Both companies focus on money transfer as their primary service. Revolut never confirmed them. For instance, you could use Revolut for most currencies and TransferWise for exotic currencies. Reviews are much better than I thought. TransferWise is always better during the weekend, TransferWise is much better for large amounts, TransferWise is much better for special currencies, Revolut for small transfers in standard currencies, Accounts were disabled for apparently no reason, Accounts have been disabled for apparently no reason, Revolut is free during the week while Transferwise always have fees, Revolut is only free for the first 1000 GBP per month, TransferWise is available in more countries than Revolut, TransferWise is profitable, Revolut is not, TransferWise has a much better reputation. Revolut has always been faster than my bank account. As such, I would be more cautious if I were to deposit a lot of money into my accounts. Unfortunately, this is very poorly documented. Note: Revolut process transfers via Swift which goes through an intermediary bank who charges their own fee before it reaches the beneficiary account. There are almost no fees and the limits for ATMs are more than decent. Transferwise has a nice referral program where you get 60 EUR ($70) for each 3 friends you refer! In the first circumstance, you can send money from the app to any Revolut user by simply saving their … TransferWise always tries to process transfers as quickly as possible and manages to offer instant transfer for some of the major currency routes. In respect of TransferWise, European clients can withdraw £1,000 per … Both services have both a mobile application and a web portal. It is typically between 1.5% and 2.5% on each amount. A debit card attached to your multi-currency account. In the beginning, Revolut was only available in Europe. Both are … Both services are very well supported in Europe. Do they report the amounts themselves to the national tax agency, or is it completely up to yourself? TransferWise can help them save a lot of money on fees. Here are the main differences between Revolut and TransferWise: Sometimes, yes! This account costs 6.99 EUR per month. Looking at the negative reviews for Revolut, we can also see some recurring themes: Given that they have the same score, Revolut and TransferWise have the same good ratings by users! So, both solutions have their advantages and disadvantages. I would not worry too much about that. The last and the best option is to use a combination of TransferWise and Revolut. Finally, we can also take a look at actual user reviews for both companies. Can only locally receive transfers in EUR and GBP, Most transfers are being processed via Swift - can take longer and usually more expensive, No restricting subscription - users can use all the features available, No intermediary banks involved - local transfers to beneficiary, Can receive transfers in USD, EUR, GBP, AUD, NZD and PLN locally, Recurring payments has to be initiated manually, Only one debit card available per account. Both Revolut and TransferWise were founded within the past decade in the United Kingdom, with TransferWise having a longer operating history compared to Revolut. This account adds to the Premium account a concierge service and 0.1% cashback on European purchases and 1% cashback abroad. Revolut has one big advantage over TransferWise: For small amounts of money, Revolut can be free! On the other hand, Revolut has many features. TransferWise is very focused on the single service of transferring money at a low-cost between bank accounts or between TransferWise accounts. Indeed, they have a significant turnover. On the other hand, there has not been much controversy about TransferWise. Custom Paypal Button: A quick step-by-step guide, No fees for transfers below £10K (both inbound and outbound), No fees for transfers below £50K (both inbound and outbound), Lets you hold, convert and send funds in over. But I have never read any facts about this. And you can transfer a lot of money with Revolut. You can use your money on your account with the Revolut MasterCard. It adds to the Standard account with priority support, higher withdrawal, no more monthly limits, and several forms of insurances. Inbound transfers count within the monthly allowance. TransferWise has more advantages than Revolut. SEPA transfers (for accounts within the SEPA zone (Single European Payment Area) take up to 24 hours.². Moreover, some of the news have debatable sources. Revolut Vs. TransferWise. For instance, you cannot move them into your cryptocurrency wallet. Both of them allows the user to transfer from one account to another user’s account or their bank account. But be careful not to hold too much money on your account. Revolut can save them a lot of money. This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. Revolut announced that they had about four million users in 2019. These numbers are still a long way behind the banks, but they highlight that things … Both TransferWise and Revolut are significantly cheaper than that! This is particularly suitable for new or smaller businesses, but it has all the fea, follow these simple steps to receive payments from PayPal to TransferWise, There are 2 ways that you can add and customise PayPal checkout button, Quick setup using PayPal portal - no coding required, but basic and limited, Standard in, Product specifications is a document defining exactly what the product will be. So, you can still use them if you will not convert more than 1250 CHF per month. If you’re dealing with higher amounts and don't want to get a subscription, consider using an alternative like TransferWise … TransferWise provides its users with the ability to convert using real mid-market rates without markup. Revolut is a young company that still has to transition from a Fintech startup into a big finance company. For me, this is the thing I am looking the most into to compare these two services. In early 2019, the news reported that thousands of suspicious transactions were allowed to go through the Revolut system. We do not know why the system was not activated. So I am going to talk about the maximum limits you can set. On the other hand, 2% think it is average, 1% think it is poor, and 3% think it is bad! The most significant benefits of using Revolut are the ability to convert currency at the best possible rates, transfer money … TransferWise on the other hand doesn’t have any allowances restricted by subscriptions. For my usage, I never hit any of the limits. On the contrary, 2% say it is average, 1% say it is poor, while 6% say it is bad. Trustpilot is generally the place that has the most high-quality reviews for such services. The Story of Transferwise . As I pointed out earlier, if you want to minimize the fees to a maximum, you will need both cards. This makes them have different strengths. But Revolut could come around! So, TransferWise can hold more currencies. With TransferWise, you can also receive money in USD. Revolut currently supports these currencies: AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, JPY, NOK, PLN, RON, SEK, USD, ZAR. Shortly after this event, the Chief Financial Officer (CFO) of Revolut stepped down, increasing the controversy and conjectures around Revolut. Prior results do not guarantee a similar outcome. There is a difference when receiving money. I never have more than 500 CHF on my Revolut account. Indeed, you can withdraw a maximum of 3000 GBP per day. Many of my readers asked me why I was mainly using my Revolut card, where I could have only used my TransferWise card. 3 Likes. Revolut has a more straightforward system for limits. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. They are already available in Australia. Otherwise, TransferWise is much better! Overall, Revolut is available in 32 European countries. I am not worried enough with all this information to stop using Revolut. We can also compare the reputation of these two services. The main focus of TransferWise was for people working abroad. We can see the same recurring themes in negative reviews for both companies. Hi guys, How does it work with TransferWise and Revolut. Both services have different limits. If you want the best fees in every case, you will have to use both cards: If you enter several of these categories, you will need both a Revolut and a TransferWise. TransferWise 6 - Revolut 2. However, for most users, the limits of TransferWise should be more than sufficient. So, when comparing TransferWise vs Revolut, Revolut has many more features than TransferWise. You can charge your debit card from your bank account. From a pure money point of view, Revolut is superior. 86% of people are reviewing TransferWise as Excellent and 8% as Great. There has been some recent controversy about Revolut. TransferWise Debit Card Vs Revolut When it comes to currency, travel cards and transfers there is a lot of choice. It depends on the situation. Do you prefer TransferWise or Revolut? What is most impressive with these two services is their prices. He decided to cut on his expenses and increase his income. After this, they will cost you 4 USD. 79% of people say it is excellent, and 12% say it is great. PayPal, TransferWise and Revolut would operate under the new SVF regime, which would also include Facebook's proposal for a consortium to create a new digital currency Libra, if it gets off … Revolut supports 140 currencies, while TransferWise only supports 96 currencies. They can purchase for a maximum of  10’000 GBP per day or 30’000 GBP per month for online purchases. TransferWise is a peer-to-peer platform that matches buyers and sellers of currencies. It means they could become a bank in the future. The fact that it is profitable could say that it will last longer than Revolut. TransferWise offers a credit card with very low fees for currency exchange. Once you reach this limit, you will have to pay a 0.5% fee on each transfer. And you cannot get your cryptocurrencies out of your Revolut account. I am going to take TransferWise Borderless Card as an example. Revolut will only unlock cryptocurrencies for you, no referral incentive whatsoever. There are cases when Revolut might be cheaper especially for certain sums and conversion between currencies other than specified above, so it's better to ask for a quote first and do some research before taking the leap. Revolut usually processes transfers … To Paysera account you can send the EUR through Transferwise. It can be convenient to get a Maestro card in Switzerland. On the other hand, Revolut has many … And transactions during the weekend have become expensive. He said he stepped down because Revolut was becoming too big too fast and could not handle all these changes. If you are in Switzerland: a great alternative is to use the Swiss bank Neon. Standard credit cards make you pay a substantial fee for foreign currency exchanges. You can connect the multi-currency account to, You can make both personal and business payments through the app. For example, the Grow version only allows 10 transfers and if you need to transfer more than that, you’d need to pay £3 pounds per international transfer. So you need to compare for each currency pair. It was launched in 2011. We're going to compare TransferWise and Revolut because these two companies are … Here’s a quick price comparison for an international transfer of 15,000 GBP to USD:¹. There is not much of a difference in speed, but Revolut … Transferwise has local accounts for all their currencies. PayPal and Xoom don’t provide mid-market rates, and their fees are high compared to other providers. The business behind TransferWise is focused on offering cheap international money transfers between bank accounts through its money transfer … Not so long ago, Transferwise and Revolut were nothing more than an idea in some entrepreneur’s head. For instance, with Revolut, you are only allowed one SWIFT transfer outside of the SEPA region. Check out these Revolut alternatives, like N26, Bunq, Transferwise, and more! Revolut usually processes transfers via Swift or SEPA. Since Revolut increased their fees in June 2020, the results are more in favor of TransferWise rather than Revolut! 18 May 2018 13:17 #15. This blog is relating his story and findings. Revolut will … And do not forget: do not use either TransferWise or Revolut for your default currency! This can cost around £20 - £40. Just like TransferWise, Revolut has the obligation to ‘safeguard’ their customers' money and have procedures in place to keep your money safe. 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