Wise vs Revolut - This is what I've found out

[Delta Shift]

Just wanted to share my experience with Wise and Revolut.

Some of you might be trying to figure out which one is best so...

 

• Revolut is the cheapest for card payments (physical cards and virtual cards)
• Wise is the cheapest for money transfers.
• Both are not great for ATM withdrawals as they both have very low free withdrawal limits and then charge you quiet a bit.
  [my main bank offers the official Visa rate (central bank rate+1%) with no markup and no limits]

 

Conclusion: Imo, you should open a free account with both Wise and Revolut.

[Negita43]

REvolut recently had a lot of publicity about people with their accounts being scammed.

https://www.bbc.co.uk/news/articles/cj6epzxdd77o

[Delta Shift]

2 minutes ago, Negita43 said:

REvolut recently had a lot of publicity about people with their accounts being scammed.

https://www.bbc.co.uk/news/articles/cj6epzxdd77o

 

The article is about a business account apparently held by the dumbest human being on planet earth.

Who cares ?

Do you think someone is gonna try and scam you if you open a personal Revolut account so that they can have access to the 300$ that you're keeping on there to pay by card when necessary.
Get the f3ck out of here :D :D :D
 

[KannikaP]

If you need the transfer to show as an International Transfer, then WISE to Bkk Bank is by far the best, Depending on the time you instigate the transfer, and from where can make a difference.

I did UK WISE to Bkk Bank last week, 08am here, arrived 14.01 same day,

[RSD1]

In my opinion, neither Wise or Revolut is ideal for exchanging money between dollars, pounds, euros, or for holding cash in multiple currencies.

 

A better alternative is an Interactive Brokers account, which can be set up online quickly. Once your funds are in the account, you can exchange between these three currencies as well as Australian dollars, New Zealand dollars, Canadian dollars, Japanese yen, Hong Kong dollars, and Singapore dollars. In total, Interactive Brokers supports 26 currencies, and all exchanges are done at the mid-market rate with no fees. By comparison, while Wise also provides the mid-market rate for most of these currencies, it charges an average fee of about 0.3% of the amount being exchanged.

 

Additionally, if you hold U.S. dollars in your Interactive Brokers account, they are FDIC-protected, unlike with Wise. For spending purposes, you can transfer funds from your Interactive Brokers account to your Wise account. Interactive Brokers allows one free transfer to Wise per month, with subsequent transfers costing just $1 each. It’s also very easy to link an Interactive Brokers account directly to a Wise account, and transfers typically arrive within 24 hours.

[RSD1]

4 hours ago, Delta Shift said:

Revolut is the cheapest for card payments (physical cards and virtual cards)

I don't understand what you mean. I make lots of card payments from my Wise account using both physical and digital Wise cards and it never costs me anything to use those cards. No fees of any kind. So how could Revolut be cheaper for this purpose?

[seank]

Wise THB to UOB has being instantaneous for me the last year so i use it as a currency account

 

Revolut has to option to invest in stocks and crypto so i use it as an investment account

[mikebell]

6 hours ago, RSD1 said:

I don't understand what you mean. I make lots of card payments from my Wise account using both physical and digital Wise cards and it never costs me anything to use those cards. No fees of any kind. So how could Revolut be cheaper for this purpose?

How do I get a Wise card?  I am a member from UK but live full time in Thailand?  I use Wise to transfer 5000 UKP to my BKK bank as & when I need it?

[bunnydrops]

6 hours ago, RSD1 said:

Additionally, if you hold U.S. dollars in your Interactive Brokers account, they are FDIC-protected, unlike with Wise.

"For our Wise interest feature — a feature of our Wise Account — we've established relationships with an FDIC-insured Program Bank* to offer FDIC pass-through insurance. This feature is available for eligible customers** that have opted in to receive the benefit and applicable only to Eligible Balances*."

 

https://wise.com/us/blog/is-wise-fdic-insured

[Moonlover]

8 hours ago, RSD1 said:

In my opinion, neither Wise or Revolut is ideal for exchanging money between dollars, pounds, euros, or for holding cash in multiple currencies.

 

A better alternative is an Interactive Brokers account, which can be set up online quickly. Once your funds are in the account, you can exchange between these three currencies as well as Australian dollars, New Zealand dollars, Canadian dollars, Japanese yen, Hong Kong dollars, and Singapore dollars. In total, Interactive Brokers supports 26 currencies, and all exchanges are done at the mid-market rate with no fees. By comparison, while Wise also provides the mid-market rate for most of these currencies, it charges an average fee of about 0.3% of the amount being exchanged.

 

Additionally, if you hold U.S. dollars in your Interactive Brokers account, they are FDIC-protected, unlike with Wise. For spending purposes, you can transfer funds from your Interactive Brokers account to your Wise account. Interactive Brokers allows one free transfer to Wise per month, with subsequent transfers costing just $1 each. It’s also very easy to link an Interactive Brokers account directly to a Wise account, and transfers typically arrive within 24 hours.

Ok, good. Now that we all understand that! (err do we?)

 

In its prime role, the one in which it was conceived and intended, Wise is absolutely perfect. I started using them following the demise of the embassy income letters some 4 years ago. I've been doing 2 or 3 transfers from my UK bank account via Wise ever since and they have never let me down.

 

And it's even more convenient now that they have developed standing orders for transfers. I can just sit back and watch the money roll in. What is they to complain about? Nothing as far as I'm concerned.

[Delta Shift]

8 hours ago, RSD1 said:

I don't understand what you mean. I make lots of card payments from my Wise account using both physical and digital Wise cards and it never costs me anything to use those cards. No fees of any kind. So how could Revolut be cheaper for this purpose?

 

It doesn't cost anything to use Wise or Revolut cards.

But if you pay in THB via your card using your base currency:

 

Wise --> interbank rate + small conversion fee (depends on the currency and day of the week - usually btw 0.5 and 0.7%)

Revolut --> interbank rate + no conversion fee (except on weekends)

 

Overall Revolut a cheaper when you pay by card.

[Delta Shift]

9 hours ago, RSD1 said:

Interactive Brokers supports 26 currencies, and all exchanges are done at the mid-market rate with no fees

 

Might be interesting for transfers...

I have no use for it as I have no Thai bank account but if IBKR allow you to convert money from a western bank and then withdraw it on a Thai bank account at no cost (or even at 1$), it's worth it.

Have you personally tried it ?