Due to the internet, many services have become much simpler and cheaper. One such service that transformed as a result of the internet is money transfer.
It has allowed many users to transfer funds online from the comfort of their homes without relying on financial institutions.
While there are many options that users have for online money transfer, there are two names that often come up, TransferWise and Revolut.
Both platforms offer similar services. However, there are still many differences between them about which users should know.
Both platforms are available in some major countries around the world. As of now, TransferWise supports transfers between approximately 60 countries with 750 currency routes.
Revolut, however, only supports 37 countries. Most of these countries are in Europe, which limits the services of the platform significantly. Revolut also does not support some major economies, such as China or India.
2) Currency conversion
When sending money between different currencies, users have to pay conversion fees as well. TransferWise does not charge its users any conversion fees unless the transactions are on weekends.
TransferWise provides its users with the ability to convert using real mid-market rates without markup. Revolut, on the other hand, charges its users 0.35%-2.85% markup on conversion based on the currencies involved.
3) Rates and fees
Both platforms are also different from each other in the fees they charge. TransferWise charges its users lower prices when it comes to online transfers.
The platform may charge fees close to 1%, which for some users, is negligible. On the other hand, Revolut charges its users a 2.5% standard fee, which can go to 1.5% for premium users.
4) Customer services
When it comes to assistance, both platforms provide users with high-quality customer support. These include support through email, live chat or phone. There isn’t a significant difference between the customer service quality of the platforms.
However, when it comes to speed more options on how to get assistance, TransferWise takes the win. Revolut, while good, still lags behind when it comes to prompt customer support.
Both TransferWise and Revolut have some restrictions to which users must abide. TransferWise has a complicated system for its limitations, for example, limiting European users to withdrawing only 1,000 GBP per transaction.
The maximum limit for online purchases is 10,000 GBP. For customers in the US, the limits are different. However, Revolut has a straightforward system. Users’ withdrawal limits are 3,000 GBP per day. It also provides bigger transfers of up to 100,000 GBP per day.
6) Transfer speed
The transfer speeds of both platforms also differ from each other. For TransferWise, the official transfer time is 1-2 days. While it may take even less time for the transfer to go through, 1-2 days is the maximum time in which the transfer completes.
On the other hand, Revolut takes 1-5 days for transfers. Similar to TransferWise, transfers may also take shorter. However, the maximum time of five days transfer is much longer than that of TransferWise’s two days.
7) Supported currencies
As stated above, TransferWise supports over 750 currency routes. Users of the platform can send money to and from 24 different currencies across the globe. With local transfers, the platform provides even more options to which users can send money.
On the other hand, Revolut has limited options when it comes to currencies for depositing funds. Revolut only supports 18 different currencies, which is lesser as compared to TransferWise.
8) Payment and receipt options
The payment and receipt options that users of both platforms have also vary from each other. TransferWise only allows transfers from bank accounts, either through bank deposit or payment cards.
Similarly, the recipient only gets the money to their bank accounts. With Revolut, users can transfer amounts to banks and Revolut accounts. Furthermore, Revolut users can use their Revolut account as a payment method.
TransferWise focuses on international transfers between bank accounts. On the other hand, Revolut revolves around its debit card service.
While TransferWise also provides users with the ability to order and use their debit cards, the focus still remains on international money transfers. Through TransferWise’s debit card, users can use their Borderless account balance to make transactions.
10) Secondary features
Apart from its primary money transfer features, TransferWise has limited options when it comes to secondary features. The only features it provides are to businesses and banks, which are basic.
In contrast, Revolut has many secondary features, such as a Vault feature based on saving accounts, budgeting features, cryptocurrency support, insurance, loans, direct debit, donations, etc. These features can play a critical role in which platform users choose.
|Availability||60 countries with 750 currency routes.||37 countries, most of which include European countries.|
|Currency conversion||Does not charge markup except on weekends.||Charges a 0.35%-2.85% markup based on currencies involved.|
|Rates and fees||1% or close.||2.5% standard fee.|
|Customer services||Relatively faster and more options.||Relatively slower with lesser options.|
|Limitations||Restrictions based on currency involved.||Lower restrictions.|
|Transfer speed||Comparatively faster, in 1-2 days.||Slower and takes between 1-5 days.|
|Supported currencies||24 different currencies.||Supports deposits in 18 currencies only.|
|Payment and receipt options||Bank to bank options mostly.||Bank to bank and inter-account transfers.|
|Focus||Focuses on international fund transfers.||Focuses on debit card service.|
|Secondary features||Limited secondary features.||More advanced features.|