Wise (previously TransferWise) and Revolut are digital and international business accounts specializing in international money transfers. Wise supports 40 currencies and operates in 160 countries, while Revolut supports 70 currencies in 160 countries. Wise might be better suited for businesses that want market rates for currency exchanges, while Revolut is more suited for overall business management thanks to its perks outside money transfers.
Wise Business |
Revolut Business |
|
| Finder score | 4.7★★★★★ | |
| Fee | $0 per month | From $0 per month |
| Annual Percentage Yield (APY) | 4.85% | N/A |
| Minimum deposit to open | $0 | $0 |
| Monthly transaction limit | Unlimited | Unlimited |
| Software integrations | 29 including Adobe Commerce, Clear Books, FreeAgent, FreshBooks, Gusto and more | Ember, FreeAgent, FreshBooks, Oracle NetSuite, Quickbooks, QuickFile, RECASH and Xero |
| Branches | Online only | Online only |
| Currencies supported | Make international payments in over 70 currencies | Spend in over 150 currencies |
Revolut and Wise are both borderless accounts. If you frequently move money around in different currencies, either is a great option. Both fintechs issue accounts and get FDIC insurance coverage through their respective partner banks.
Wise functions more like a money-transfer service, which is fitting given it originally started as one. Revolut is more geared toward managing your everyday business with international perks.
Wise offers a no-fee business account. You can set up your local account details in one of nine currencies, costing a one-time setup fee of $31. You’ll get the mid-market rates on currency exchanges, letting you make international payments in over 70 currencies with no exchange rate markups, and you can hold up to 40 different currencies in your single Wise account. This feature is helpful if you frequently receive payments from international clients because you don’t have to constantly convert funds to USD.
You can also earn APY on your balance, with rates varying by currency, and receive Swift payments in 15 currencies with no fees. However, there are two separate fees when withdrawing cash from ATMs, and you have to pay $5 to get a debit card.
Revolut offers seven plans: Basic for $0 per month, Grow for $39.99 per month, Scale for $149.99 per month and Enterprise with a custom price based on what you include in the plan. There are also freelancer and sole trader plans, ranging from $0 to $39.99 per month. You can make your local account in USD, EUR or GBP with the main business plans. With the freelancer plans, you choose either GBP or USD. All plans let you spend in over 150 currencies.
The business Basic plan gets you no-fee local transfers, free transfers to other Revolut accounts, recurring and scheduled payments and up to $1,000 in exchanges at interbank rates. You can also add unlimited team members, create free virtual company cards, view expense management reports and get 24/7 customer support. Upgrading to a paid plan offers more perks, such as higher allowances for interbank rate exchanges, bulk payments, cashback rewards, no-fee international transfers and metal debit cards.
Revolut doesn’t charge any foreign exchange fees during the foreign exchange market hours within your allowances, and there’s a 1% fee outside exchange market hours. If you’re sending international payments outside of your allowances, there’s a $5 fee per transfer. Unfortunately, Revolut business accounts can’t send or receive international wire transfers and recommends its international ACH transfers instead.
Wise states that 90% of payments arrive within 24 hours. There are no fees to receive AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD from non-wire transfers. You can receive free Swift payments in 15 currencies. The fee for ACH transfers depends on the currency, starting at 0.35%. Wise can send and receive wire transfers, while Revolut lacks that capability. There’s a wire transfer fee that’s a percentage of the amount sent, depending on the currencies. These fees are much lower than other top business accounts that often charge a flat fee ranging from $10 to $45 per wire.
Wise also allows for bulk payments. You can use its batch payment tools to make multiple international transfers with one payment and automate these payments with its API. Revolut offers bulk payments as well, but only with the paid plans.
If you don’t want to pay a monthly fee for a business account, either Wise or Revolut can get you just that. Wise doesn’t charge monthly maintenance fees at all, and Revolut has its Basic plan for $0 per month and optional paid plans.
Wise has other fees to watch out for, including weird stipulations on ATM withdrawals. Revolut also charges fees on withdrawals. Wise has a $31 one-time fee to set up your account.
| Fee type | Wise | Revolut |
|---|---|---|
| Monthly fee | $0 | $0 for Basic |
| Overdraft | $0 | $0 |
| ATMs | Varies based on location;
| No surcharge fees at Allpoint ATMs, 2% fee on withdrawals |
| Debit card | $5 for debit card |
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Wise’s account is interest-bearing, depending on the currency: 4.85% APY on USD balance, 3.22% on GBP balance, and 2.29% on EUR balance.
Revolut offers 1.9% cashback rewards on debit card purchases, but only on the paid plans, and you have to be selected for the promotion. Earning caps range from $38 to $950 per month, depending on your plan.
Revolut also offers Merchant Rewards — but your customers earn rewards instead of you. Revolut customers on purchases they make with your business using Revolut Pay, online or in-store. You can choose what rewards you want to give customers, which can be cash back, discounts, loyalty rewards and so on.
Revolut can integrate with 29 different software applications, including Adobe Commerce, Clear Books, FreeAgent, FreshBooks, Gusto, Kashflow, Money Dashboard, NetSuite, OpenCart, Pandle, Quickbooks, QuickFile, Shopify, Slack, WooCommerce, Zapier and Xero.
Wise has eight software integrations available: Ember, FreeAgent, FreshBooks, Oracle NetSuite, Quickbooks, QuickFile, RECASH and Xero.
Both Wise and Revolut offer up to $250,000 in FDIC insurance coverage through their partner banks, so your deposits are covered.
But in 2022, Revolut was the victim of a fraud scheme. Around $23 million was stolen from Revolut due to a flaw in its payment system. Revolut experienced a net loss of over $20 million, but this event did not impact customers.
Wise has a poor F rating with the Better Business Bureau (BBB), and Revolut isn’t rated. For BBB complaints, Wise has received over 250, and Revolut has under 100. Complaints against the fintechs are pretty typical, with customers struggling with frozen accounts, experiencing difficulty contacting customer support and transfers not going through.
On Trustpilot, Wise and Revolut have great ratings, each holding above a 4-star rating based on thousands of customer reviews. Wise customers say they like the exchange rates, flawless payments, quick transfers, easy-to-use platform and transparent fees. However, some customers say they wish they could contact customer support outside of emails (though Wise does have a phone number). Revolut also gets raving reviews, with customers praising the speedy transfers, user-friendly app and virtual cards. They also say it has fair fees and claim quick resolution of any issues.
On Reddit, customers say Wise is fair on fees, and many consider it a reputable company. However, a few mention that if your account gets frozen, you can’t send or receive payments for around two weeks until the account is verified again. For Revolut, users mention they like the app and that its personal and business accounts are great for travelers and international transfers. Long-time customers say they’ve had their accounts for years with no issues.
It’s a tough call. Wise offers high APYs on three different currency balances, bulk payments and charges no monthly fees or overdraft fees. Plus, you can send and receive wire transfers. Revolut has more team management options, letting you create employee debit cards and virtual cards, view expense reports and spend in more currencies than Wise, but you can’t send or receive international wires.
In the end, Revolut is likely a better option as a full business account. You can also choose among seven plan options, two of which have no monthly fees. It has 29 software integrations, much more than Wise’s eight. You’ll have to pay to get cash back and bulk payments, but you’ll also get higher allowances for international payments at interbank rates. Revolut also lets you set up rewards for your customers.
That said, Wise is free to maintain. You’ll just pay a $31 one-time fee to set up your account, so you could use both Wise and Revolut to manage all your international transfer needs at fair rates.
Its business accounts are well-rounded, with no-fee and customizable plan options for large businesses and freelancers alike.
A no-fee business account well-suited for international payments and spending, but it falls a little short in terms of software integrations and perks compared to Revolut.
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