Revolut vs Wise (formerly TransferWise)
TransferWise rebranded to Wise in 2021, but many people still search for "Revolut vs TransferWise" — so this comparison covers both names. Revolut is a digital banking app with international transfer features. Wise (TransferWise) is a dedicated money transfer service. Both offer competitive rates, but for very different users.
Revolut
FX margin: 0.5–2% (free plan); 0% within allowance (paid) · Typical fee: Monthly subscription (£0–£16.99) · Delivery: Instant to 1 day
Strengths
- All-in-one banking and transfer app
- Instant transfers between Revolut users
- Good for frequent travellers
- Competitive paid plans for heavy users
Weaknesses
- Free plan FX limits and weekend surcharge
- Subscription cost adds up for irregular senders
- Limited coverage in some developing market corridors
Wise (formerly TransferWise)
FX margin: ~0% (mid-market always) · Typical fee: 0.4–1.5% · Delivery: 1–2 days
Strengths
- Mid-market rate always — no subscription needed
- No hidden markup, ever
- Better for large amounts
- No weekend surcharges
Weaknesses
- Not a full banking app
- No instant transfers between users
- No cash pickup or mobile wallet support
Side-by-side: how much your recipient gets
| Corridor | You send | Revolut | Wise (formerly TransferWise) |
|---|---|---|---|
| GBP → EUR (£500) | £500 | ~€578 (free) / ~€583 (paid) | ~€583 |
| EUR → PLN (€500) | €500 | ~PLN2,115 (free) / ~PLN2,140 (paid) | ~PLN2,145 |
| USD → INR ($500) | $500 | ~₹45,800 (free) | ~₹46,300 |
Verdict
For dedicated international money transfers, Wise (TransferWise) is the more cost-effective choice for most users — especially for large or infrequent transfers. Revolut's paid plans are competitive for frequent users who actively use the app for everyday spending.
FAQs
Is TransferWise now called Wise?
Yes. TransferWise rebranded to Wise in 2021. The service is exactly the same — same mid-market rate, same transparent fee structure — just with the new name. If you're searching for TransferWise, Wise is the same company.
Is Revolut or TransferWise (Wise) cheaper?
Wise is typically cheaper for most users. Revolut on a free plan applies a 0.5–2% FX margin and weekend surcharges. Revolut on a paid plan (£4.99–£16.99/month) can match or beat Wise on rate, but only if you use the app frequently enough to justify the subscription cost.
Do Revolut and Wise use the same exchange rate?
No. Wise always uses the mid-market exchange rate with no markup. Revolut uses the mid-market rate on paid plans within your monthly allowance; on a free plan, Revolut applies a margin and a weekend surcharge (0.5–2%).
Can I use both Revolut and Wise?
Yes, and many people do. Some use Wise for large international transfers (best rate) and Revolut for everyday spending abroad (convenient card and instant conversions). There is no reason you can't use both for different purposes.