A closer look at Wise and Revolut's key features, and where they excel

[Liverpool Lou]

On 2/29/2024 at 9:39 AM, george said:

 

They only snail mail the physical card to Thailand at your request, but require an address in your home country, on file (TIN tax reasons). 

Not for a virtual card, though.

[Liverpool Lou]

On 2/29/2024 at 2:05 PM, BenStark said:

Wise has a license in every country it operates, as it does in my home country.

It does not have a banking licence in every country because it is not a bank.

[Liverpool Lou]

On 2/29/2024 at 1:57 PM, TroubleandGrumpy said:

In Australia Wise has a banking licence - they are a bank in Aust.

Wise does not have a full banking licence in Austrlalia, it has an Authorised Deposit-taking Institution licence.

[Liverpool Lou]

On 2/29/2024 at 2:09 PM, Powder said:

Also bec. of living in Thailand I cannot use Revolut!!

Why not?  

Edited March 3 by Liverpool Lou

[Liverpool Lou]

On 2/29/2024 at 2:29 PM, ukrules said:

I guess what I'm asking is do they open 'offshore' accounts for people living in Thailand?

Yes, they do but if you're British they'll ask for a post code (and no other address details unless you want a physical card) before approving your account.   I provided one that I have had no connection with since 1977 and was instantly approved with a virtual card.

[BenStark]

16 minutes ago, Liverpool Lou said:

On 2/29/2024 at 2:05 PM, BenStark said:

Wise has a license in every country it operates, as it does in my home country.

It does not have a banking licence in every country because it is not a bank.

 

Did I mention banking licence Lou ?

Edited March 3 by BenStark

[Liverpool Lou]

On 2/29/2024 at 5:42 PM, Digitalbanana said:

If your only home address is in Thailand the only option appears to be Wise rather than Revolut?

If you don't need an actual debit card (as opposed to a virtual card) Revolut does not ask for a specific address, just a post code (although that produces a number of addresses of which they ask you to tick one) no other address confirmation is required and completion of the account registration is instant.  The one I used could have been any random post code.

Edited March 3 by Liverpool Lou

[Liverpool Lou]

On 2/29/2024 at 5:56 PM, Surasak said:

You do need an address in your home country AND a telephone number.

No, you do not need a UK phone number or address with Revolut as long as you don't need an actual debit card (virtual cards are offered).  I opened my account with a Thai number and just a post code of a place I haven't lived in for 47 years.

[Liverpool Lou]

On 2/29/2024 at 8:55 PM, bradiston said:

I tried to sign up for revolut in Thailand. They said I couldn't. End of.

When?   They never used to but Thailand is on their list now.

Edited March 3 by Liverpool Lou

[Liverpool Lou]

.

Edited March 3 by Liverpool Lou

[Liverpool Lou]

On 3/1/2024 at 7:39 AM, zombie nights said:

Can I get a debit card from Revolut? I can use a relatives address in the UK.

Yes.

[Liverpool Lou]

8 hours ago, thaibreaker said:

On 2/29/2024 at 8:55 PM, bradiston said:

I tried to sign up for revolut in Thailand. They said I couldn't. End of.

You certainly can. But you must use a VPN connected to your home country, and give them an address (can be any, a friend's or a family member's), and a phone number.

A UK phone number is not a necessity, neither is a VPN to open the basic free account.  I did it on a Thai number and used a very old UK post code,

[MangoKorat]

I use Wise and my tranfers usually take seconds - 6 or 7 seconds to be precise. Once one took about 12 hours and as someone mentioned previously, I think that was because I chose a different 'reason for transfer' to that which I usually give.

 

One thing I also noticed about Wise since a recent update: When choosing the method of payment into the account, the default, at least on my account, is set to 'Debit Card'.  As it happens they don't have my Debit Card details so I can't make a mistake unless I enter them. Before the update, the default setting for payments in to my account was 'Online Banking'.

 

However, I noticed that when I changed the selection to my 'Online Banking' the exchange rate actually went up slightly.  So, the possibility is that if Wise have your Debit Card details or that is how you normally pay money into your Wise account, you might not be getting their best exchange rate.

Edited March 3 by MangoKorat

[MangoKorat]

53 minutes ago, Liverpool Lou said:

Yes, they do but if you're British they'll ask for a post code (and no other address details unless you want a physical card) before approving your account.   I provided one that I have had no connection with since 1977 and was instantly approved with a virtual card.

So that's not actually an offshore account is it?

[Liverpool Lou]

2 minutes ago, MangoKorat said:

56 minutes ago, Liverpool Lou said:

Yes, they do but if you're British they'll ask for a post code (and no other address details unless you want a physical card) before approving your account.   I provided one that I have had no connection with since 1977 and was instantly approved with a virtual card.

So that's not actually an offshore account is it?

Revolut does not claim to offer "offshore accounts", offshore accounts are offered by offshore banks, Revolut is neither.

[sandyf]

On 2/29/2024 at 7:46 PM, BenStark said:

If I select bank transfer, it isn't instant, and my bank also doesn't make a secret of that.

Garbage, your problems are not everyone else's.

[MangoKorat]

3 minutes ago, Liverpool Lou said:

Revolut does not claim to offer "offshore accounts", offshore accounts are offered by offshore banks, Revolut is neither.

Sorry to be pedantic but ukrules asked: 'I guess what I'm asking is do they open 'offshore' accounts for people living in Thailand?'.

 

Your reply was: Yes, they do but if you're British they'll ask for a post code (and no other address details unless you want a physical card) before approving your account.   I provided one that I have had no connection with since 1977 and was instantly approved with a virtual card.

 

As far as I can see that is neither an offshore account and nor is it one that is available to someone living in Thailand. What it seems to be is someone claiming to live in the UK and giving postcode for an area where they don't actually live in order to open an account.

[sandyf]

9 hours ago, Sheryl said:

Can any UKers advise if revolut card is widely accepted in UK?

 

I visit there pretty much yearly now and will soon have an extended visit. I find almost no place accepts cash anymore and while i have US credit cards, there is the currency conversion factor to consider so thinking of getting Revolut card to use in UK. ??

 

Also how does one add money, can it be through a direct bank transfer or do I have to use a credit card?

 

I am nto interested in doing fund transfers so that is nto a factor. Just looking for efficient way to pay for things while in the UK.

I believe the Wise card is available in the the US and I use that regularly in the UK as well as many other countries. Just got some cash from ATM in Halong Bay.

It's a godsend, wish I had it 50 years ago.

Edited March 3 by sandyf

[sandyf]

On 2/29/2024 at 7:00 PM, scottiejohn said:

Very similar to the Wise multi currency debit card.

Exactly. I don't know anything about Revolut and I don't need to, Wise does what I need.

I wouldn't normally advocate using a debit card but with Wise I keep some funds in an "Interest jar" and then it is only seconds to fund the currency required.

[Surasak]

11 hours ago, Liverpool Lou said:

No, you do not need a UK phone number or address with Revolut as long as you don't need an actual debit card (virtual cards are offered).  I opened my account with a Thai number and just a post code of a place I haven't lived in for 47 years.

What would you have me do? Sorry, but I'm all out of medals and a pat on the back is doubtful as my arms are not that long. However, having got what you wanted, good luck.

[Liverpool Lou]

3 hours ago, Surasak said:

15 hours ago, Liverpool Lou said:

No, you do not need a UK phone number or address with Revolut as long as you don't need an actual debit card (virtual cards are offered).  I opened my account with a Thai number and just a post code of a place I haven't lived in for 47 years.

What would you have me do? Sorry, but I'm all out of medals and a pat on the back is doubtful as my arms are not that long. However, having got what you wanted, good luck.

I don't want you to do anything, I was simply telling you how getting a Revolut account is easy without a UK phone number, something that you wrongly claimed was impossible.  

[dayo202]

21 hours ago, Greenwich Boy said:

I have just checked my last transfer from Revolut to Bangkok Bank. Revolut fee approx 30B. No charge from BB. Must admit I don't really know what a Swift transfer is

Here's a screenshot of the transfer, it's states my 200฿ transfer fee

[Surasak]

3 hours ago, Liverpool Lou said:

I don't want you to do anything, I was simply telling you how getting a Revolut account is easy without a UK phone number, something that you wrongly claimed was impossible.  

Where did I say it was IMPOSSIBLE/ SHOW ME THE QUOTE.

It was my experience at the time of acquiring my Revolut card. As I have not had to apply since, I have to assume the same rule applies. Then you come along all guns blazing. As the saying goes,  better to keep your mouth closed. etc, etc.

[Phulublub]

Unless time is absolutely of the essense, then a day or two is pretty meaningless.  The most important factor, usually (and IMHO) is how much arrives for the amount sent.  If you have several options, it can be worth shopping around to check which is best at that particular moment for the particular amount you wish to transfer. WISE has a handy compare feature that will tell you which method ill currently be best eg: 

 

 

and

 

 

PH

 

 

[Sheryl]

Having just opened a  Revolut account I can confirm it is possible to do with a Thai address and Thai phone number.

 

HOWEVER be forewarned that unless you have a Google Pay account, adding money to Revolut is far from easy. (I have been unsuccessful despite 2 days of trying).

 

They do not accept payment by credit card, and do not accept debit cards form many countries. Also do nto accept payment by PayPal.  There are options for direct bank transfer but takes 3-5 days to effect. Wire transfers of course would incur fees.

 

I do not know how this compares to Wise...but I am pretty close to just cancelling my Revolut account since I am unlikley to receive the card before my departure for the UK (due to inability to pay the shipping cost because of aforementioned difficulty in adding money to the card).

 

[Yellowtail]

8 minutes ago, Sheryl said:

Having just opened a  Revolut account I can confirm it is possible to do with a Thai address and Thai phone number.

 

HOWEVER be forewarned that unless you have a Google Pay account, adding money to Revolut is far from easy. (I have been unsuccessful despite 2 days of trying).

 

They do not accept payment by credit card, and do not accept debit cards form many countries. Also do nto accept payment by PayPal.  There are options for direct bank transfer but takes 3-5 days to effect. Wire transfers of course would incur fees.

 

I do not know how this compares to Wise...but I am pretty close to just cancelling my Revolut account since I am unlikley to receive the card before my departure for the UK (due to inability to pay the shipping cost because of aforementioned difficulty in adding money to the card).

 

Can you not just transfer it in from your bank account? 

[Sheryl]

16 minutes ago, Yellowtail said:

Can you not just transfer it in from your bank account? 

As mentioned, takes about  5 days for an initial direct transfer (all kinds of complicated verification checks first). And wire transfer incurs fees that rather defeat the purpise (and also  take a few days).  

[Yellowtail]

17 minutes ago, Sheryl said:

As mentioned, takes about  5 days for an initial direct transfer (all kinds of complicated verification checks first). And wire transfer incurs fees that rather defeat the purpise (and also  take a few days).  

I meant transfer from your bank account into your Revolut account. I'm pretty sure that's what I did with Transfer Wise, and I think it was free, and but it's been a while. 

[Sheryl]

4 minutes ago, Yellowtail said:

I meant transfer from your bank account into your Revolut account. I'm pretty sure that's what I did with Transfer Wise, and I think it was free, and but it's been a while. 

Exactly what I answered to. First time takes about 5 days. Presumably quicker after that. 

[george]

55 minutes ago, Sheryl said:

Having just opened a  Revolut account I can confirm it is possible to do with a Thai address and Thai phone number.

 

HOWEVER be forewarned that unless you have a Google Pay account, adding money to Revolut is far from easy. (I have been unsuccessful despite 2 days of trying).

 

They do not accept payment by credit card, and do not accept debit cards form many countries. Also do nto accept payment by PayPal.  There are options for direct bank transfer but takes 3-5 days to effect. Wire transfers of course would incur fees.

 

I do not know how this compares to Wise...but I am pretty close to just cancelling my Revolut account since I am unlikley to receive the card before my departure for the UK (due to inability to pay the shipping cost because of aforementioned difficulty in adding money to the card).

 

 

@SherylI topped up my Revolut account with a foreign VISA debit card, no problems, it was instant. I deposited a small amount to cover the DHL delivery fee to Thailand.

 

Are you saying it doesn't work to top up Revolut with a Thai debit card?

 

DHL took only 3 working days to deliver my card to Thailand.