In this assessment of Wise vs Revolut, we’ll inquire into which might be the better option for users:
- Wise vs Revolut safety
- Wise vs Revolut exchange rate
- Is Wise cheaper than Revolut?
- Wise vs Revolut international transfer time
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Which is better Wise or Revolut?
Wise vs Revolut safety
Is Wise legit?
Wise is regarded as a reliable and secure choice for currency exchange and international money transactions. It is a dependable option for both individuals and organizations owed to its excellent security measures and legal structure.
Several regulators around the world, including the Financial Conduct Authority in the UK, regulate Wise.
Is Revolut legit and safe?
Revolut has obtained a European banking permit and is also subject to FCA regulation.
Its legitimacy and safety are backed by stringent regulatory frameworks.
Like Wise, the platform offers real-time transaction alerts and 2FA.
Wise vs Revolut exchange rate
Exchange rate Wise
Wise applies the mid-market exchange rate, which is the real currency rate shown on Google.
This guarantees user transparency by removing any hidden markups from the rate.
Wise conversion has no extra costs for users who need to execute transfers on weekends or outside of market hours, which might be helpful.
Is Revolut exchange rate good?
Revolut provides competitive exchange rates, which on weekdays are frequently near the mid-market rate.
On weekends, though, it adds a markup of roughly 1% to reflect changes in the market during slower trading hours.
Is Wise cheaper than Revolut?
Wise costs
Wise charges a tiny upfront fee that usually starts at about 0.33% of the cost of the transaction in addition to a flat fee that varies by currency.
Users are aware of the precise amount that the recipient will get because this fee is subtracted from the amount being sent.
A fee of 1.75% and 0.50 pounds for each withdrawal will apply to ATM withdrawals totaling more than 200 pounds every month.
No fees are assessed for acquiring funds in most currencies using local account details.
Revolut fees
Revolut conversion fees are free, but with monthly caps:
- $1,000 for a standard account
- $10,000 for a premium account
A 0.5% fee is applied for any additional exchanges made within the billing cycle after such limits are hit.
Meanwhile, there are no restrictions on currency exchange for holders of Metal accounts.
Revolut levies a 1% fee on the exchange value if transactions take place outside of regular business hours. So, this can make it more costly than Wise if customers regularly need to transfer currencies at certain times.
The platform may impose different fees based on the transaction’s actual value and currency for overseas transfers.
Wise vs Revolut international transfer time
Transferwise speed
The majority of overseas transfers generally get processed in one to two business days. Many transfers even get completed in several minutes or hours.
Transfer times could be prolonged because of bank processing times, weekends, and holidays.
Is Revolut transfer instant?
When the currencies involved for transfers are the same, the processing time can be quite short. International transfers may take up to three business days.
Revolut may encounter difficulties for transfers made over the weekend or on public holidays, just like Wise.
Revolut and Wise both provide competitive transfer speeds for cross-border transactions overall. Ultimately, Wise offers quicker transfer speeds.
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Adam is an internationally recognised author on financial matters with over 830million answer views on Quora, a widely sold book on Amazon, and a contributor on Forbes.
