TransferWise VS Revolut (Which one is Better?)

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Today we're talking about the 2 most popular fintech virtual banks: Wise, formerly known as Transferwise, and Revolut.

What are the pros and cons of each app, and which one is better for you?
Even though they're similar, there are some differences between them which will make them more or less appealing to certain clients, depending on what someone is looking for.

When these platforms first came out people were skeptical on how safe they are. Over the years they've proven that not only they're very safe, but also much more convenient and faster than traditional banking.
When it comes to user experience both Wise and Revolut have amazing platforms that are easy to navigate. In the fintech world, these 2 probably have the best user experience.

The differences between these 2 are mostly in areas of availability, features and fees.

Wise is available in lot more countries - this is amazing!
Both are quite attractive when it comes to conversion rates.

How about the ease of sending money? I'd give a slight advantage to Revolut here, as it's more straightforward to do transfers.

When it comes to risk tolerance, neither of these companies are risk tolerant. if you're doing something that they might not like even remotely, your bank account will be shut down.
I've seen more people being shut down with Revolut, than with Wise.

Neither of them are good for larger amounts of money. Wise consideres transactions over $30 000 to be large transactions. Once you start sending or receiving larger transfers, there will be questions.

Wise has a yearly limit of 1 million dollars per year turnover for personal accounts, and 4 million for business accounts. So, it's clear that these services are not dealing with large amounts of money.

One extremely cool feature in Revolut, that Wise doesn't offer, is the ability to generate many virtual cards. This is good from the safety point of view, as you can use one card to facilitate just one transaction, and shut it down afterwards.

These are both amazing prodcusts, and if you don't have an account with either of them you should definitely consider getting one.

They both offer good debit cards, that are linked to your app and you can track your transactions seemlesly.
This is especially useful if you travel a lot and pay in multiple different currencies. Your conversion rates will certainly be better than if you're using your traditional bank's credit card.

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We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.

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Author: Michael Rosmer

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[tinglestingles]

Wise is a great. No issues at all - so far. I liked Revolut until they shut me down without reason. I did like Revolut’s proximity service when you use the phone for payment.

[alfinal]

Personal Banking: Monzo (UK) > Revolut
International transfers: Wise > anything !

[stickmanstocks]

As a multimillionaire, wise appears to be the best platform across every one I have ever used for all my international customers. Thanks for this video

[andyaptc]

Have seen my Transferwise (now wise) time frame of transfer UK-Malaysia reduce over the last few years from 5-3 days to recently 15 minutes approx, which I think is excellent.

[contemporaryspectrumoperat]

great commentry, not too fast life how many others speak...easy to understand

[RedgeNumber]

Been waiting for this one a long time, thanks Michael

[macdavid]

Very useful, have used Wise extensively over the years, great service relatively simple business model. Just getting to work with Revolut so looking forward to a deeper dive! Appreciate that you focused on the value not on the apps. :)

[Kimhjortsbjerg]

Good overview and interesting presentation. Very valuable.Thank you !

[reflexologista]

I had problems with both ! They block your transfers, and you don't even know why 'cause they refuse to tell you.
Looking forward to a new solution !

[stevemyers]

Wise as long as you move money from a Chartered Bank to a chartered bank...no problems. banks to people can be a problem - all my workers overseas have a bank account in the same bank (different branches), makes it easier.

[realalexmackenzie]

I have been using Wise for its wire transfer feature when indulging in my watch hobby. No issues there at all. I am wondering about storing some funds there in different currency. I am hoping to migrate to Dubai in the next year or so, and building up some AED when rates are favorable would be nice.

[JoeyBeeFit]

Hey, great video. Wondering if you would know whether or not you have to report to the IRS the money that you're moving back and forth using transferwise like you would have to do if you had a bank account in another country.

[FighterFred]

I got a Wise account. Zero instructions how to use their service, limitations etc. I also got their Visa card, only to discover that the payout limit per month is laughable. In addition, if I transfer a large amount to their service - what happens if they suddenly close my account? Is my money gone? Looks like their service is intended for tourists.

[muaawiyahtucker]

Revolut have a VERY LOW tolerance for anything. Closed me down multiple times. Hate them lol 😂

[lucasardelean]

Apparently, Revolut shut me down without a reason. Now I'm thinking to make a wise account. Has anybody had a bad experience with Wise?

[Trancer]

Would my bank get triggered if i suddenly started receiving money from Wise? Plan on selling my cryptos with Wise in the US

[H]

How is it available in more countries when revolut you can literally hold so many currencies ? Wise is mainly available in US UK and europe australia. Correct me if am wrong?

[Quantumfuturestrader]

Warning om Revolut faulty app. Communication is limited and you get error messages. Im locked out of my account because I changed my phone and there is a big problem trying to verify its me. Otherwise. Revolut is great. Just don't appreciate having a 100k I can't access.

[ahamadali]

Hi, which one of this card is accepted at Amazon seller?wise or revolut

[mariotomeh]

does any of them provide an Italian IBAN please?