Wise vs Revolut
Is Wise or Revolut better?
Both Wise and Revolut are great options for online payment processors. From both platforms we can manage our money on the internet and use them to make payments, collections, issue or receive transfers with total security.
Many users look for information about Wise and Revolut in the most relevant internet search engines. Some of them wonder which of the two platforms is better and it is a difficult answer to find because both are current benchmarks in the financial sector with excellent levels of transaction security and excellent capital management.
If we stick exclusively to the figures of both operators and take the latest published results as a basis, we can verify that Wise has 6 million customers spread over the world and a total of transactions in the year of 75,000 million dollars. Compared to these figures, we have Revolut with the total unpublished data but with more than 500,000 registered users in its Business version.
What is Wise?
Wise is the new trading name for TransferWise. A company that offers services associated with money management and online payments over the Internet. The company was founded in 2010 and its headquarters are currently located in London (United Kingdom).
Currently, the corporation has become one of the most relevant operators for managing money online. With its processor we can convert currencies and send money to more than 80 countries in the world. This platform is especially popular with people who work outside of their country and new digital nomads. This is largely due to its conditions of service, the ease of using the app and the fact that it offers lower commissions than traditional banking.
What is Revolut’s bank?
Revolut is not a conventional bank, but rather a neobank that offers its services of money management, international transfers, online payments and online currency exchange. Its foundation dates back to 2015 and its headquarters are in London (United Kingdom).
It currently offers its services in some countries around the world, although the list of them grows every year in order to serve more clients around the world. Its popularity is constantly growing with more than 18 million users and more than 500,000 business accounts. This is due to the ease of use, the low commissions applied and the trust generated in recent years.
How much does Wise charge per transfer?
The commission that Wise charges for each transfer made depends on the amount to be sent, the way in which we contribute the money in the transfers and the exchange rate in the case of needing conversions between currencies. In the first place, the greater the amount that we want to transfer, the higher the rate applied for this concept will be in a directly proportional way.
Regarding the way in which we pay the transfer at Wise, we have different options depending on the country where we reside. We will always see the easy options in the submission forms of each registered user. Finally, in relation to the exchange rate, it varies depending on the market price of the currencies that we need to convert.
We will always see this commission applied for each transfer made by Wise in a concise way each time we enter the data to make the transfer. Always prior to finalizing the operation to clearly know what the real cost of the transaction is.
How much does Revolut charge per transfer?
The cost of the commission applied by Revolut to the transfers made depends on different factors such as the sending country, the country of destination, the amount to be sent and exchange rates, among others. What can be firmly stated is that these commissions are lower than those applied in conventional banking entities.
We can see these rates that apply to international transfers in an updated way every time we use the money transfer form. This form can be found on the main navigation page on the web or the official app.
In general, you can see publications in the forums that speak of an average cost close to $3 or €3. With which it is positioned among the neobanks with the most adjusted transfer rates in the market.
Does Wise vs Revolut work better?
Both are excellent options for managing money online as long as our country of residence is within the list of countries admitted to the portal.
Wise (formerly known as TransferWise) is extremely easy to use and is one of the reasons it has such a huge following. Both from the desktop version for computers and in the version adapted for mobile devices, you can register and start using its services in a very simple way.
After completing the registration or beforehand, we can browse their platform to see all the options they offer for managing money online. One of the functions most used by customers of this online payment processor is sending money through international transfers. To make these shipments we only have to complete the information requested in the form for transfers that we find on the main page of the website or the official app.
Another of Wise’s most used tools is its card. Although it is not available for all countries or for all customers. It is true that in recent months their requests to acquire it have been increasing significantly.
The operation of Revolut is also really simple. For this, they have designed a web platform and official apps with comfortable and easy navigation when it comes to finding the option or tool that we want to use. Due to this, the functionalities offered by the neobank can be registered and used with extreme ease to send money, receive it or send it to any country in the world if it is included in the list of admitted ones.
Advantages of Wise
With Wise (https://wise.com) we have many advantages for creating a new user account and using its services. Some of these benefits are:
- Creating a new account is free
- There are no account maintenance fees
- It is easy to manage money online
- It has exchange in more than 150 different currencies
- Simplicity and speed in international transfers
- Link to start registration
Advantages of Revolut
It is a neobank with countless advantages for Internet users who open an account. It is one of the great upward trends in the financial sector and its figures do not stop growing.
- They offer free account or Premium account (with cost)
- Low commissions on international transfers
- Simplicity for managing money online
- Availability of the most relevant currencies in the market
Our opinion on Wise vs Revolut
When Internet users ask if Wise or Revolut is better, it is difficult to give them a specific answer because we are dealing with two companies with high notoriety in their sector. Notoriety earned by the work carried out by both, which as a result has given millions of clients on their platforms.
When asked about knowing which of the two options is better, it would be good to answer that it depends on what we want them for. If we want to manage money online, Revolut can be a little more complete with a neobank profile and dozens of tools offered to its users to manage our money online.
If what we are looking for is a perfect processor to dispose of money in different countries or to be able to make international transfers with currency exchange, Wise may be more complete.
We do these we point out to try to find an answer for Internet users but we affirm in the conclusion that we are before two excellent options to manage our capital online. What is especially relevant is to know if we can be registered users in one of the two because the creation of new accounts is not activated in all the countries of the world but in some of them.