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 ?

 

 

[Tom100]

10 hours ago, RSD1 said:

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.

Smart advice. Thank you!!

[RSD1]

1 hour ago, Delta Shift said:

 

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.

 

First, I transfer a foreign currency (dollars, euros, pounds) into my Wise account. I then convert it to Thai Baht when the exchange rate is most favorable. After that, I maintain a Thai Baht balance in my Wise account to spend from. This ensures that all my transactions are made from my Thai Baht balance, avoiding conversion fees on each individual card transaction. Wise typically charges around 0.54% to exchange most major currencies into Thai Baht.

 

Revolut, on the other hand, allows you to exchange most major currencies into Thai Baht at the interbank rate with no exchange fee, but only up to $1,000 per month on the free plan. After that, they charge a 1% fee on exchanges.

 

In essence, if you were to spend the equivalent of $2,000 in a month using their cards, the fees would end up being roughly the same (around 1%) with both Wise and Revolut.

 

[Millian]

When using a Revolut card to mark card payments, either using physical card or online, is there a surcharge levied by the merchant for using a foreign card?  (not talking about atm fees, or currency exchange fees, just a fee for using a foreign card)

I've seen some people say yes, others say no, other say sometimes, so wonder if any one with actual experience?

[RSD1]

1 hour ago, Delta Shift said:

 

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 ?

As far as I know, IBKR does not offer conversions into THB from other currencies. 

[Millian]

10 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,

 

Although if there is no currency exchange fee from Revolut, then using Interactive Brokers or Revolut would be approx. the same right, as they both offer mid-market rate?

[RSD1]

2 minutes ago, Millian said:

When using a Revolut card to mark card payments, either using physical card or online, is there a surcharge levied by the merchant for using a foreign card?  (not talking about atm fees, or currency exchange fees, just a fee for using a foreign card)

I've seen some people say yes, others say no, other say sometimes, so wonder if any one with actual experience?

As far as I know, merchants never charge for using a foreign credit or debit card. The foreign card fees are normally levied by your bank.

[RSD1]

4 hours ago, mikebell said:

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?

If you have a Thailand address on your account then the feature to order both physical and digital cards won't be available to you. If you are able to use your UK address on your Wise account as your residence address then the card features will appear.
 

Basically Wise is only licensed to issue cards in the UK, European countries, the USA and possibly a few other countries. That's why it's all based on your residence address on your Wise account.

[RSD1]

2 hours ago, Moonlover said:

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.

Great, but none if what you wrote addresses the issue of fees on currency exchange from Wise versus Revolut, which is the point of this whole topic. Perhaps you seemed to miss that?

[RSD1]

4 hours ago, bunnydrops said:

"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

Thanks. Good to know. 👍🏼

[Moonlover]

3 minutes ago, RSD1 said:

Great, but none if what you wrote addresses the issue of fees on currency exchange from Wise versus Revolut, which is the point of this whole topic. Perhaps you seemed to miss that?

That's because I have never used Revolt nor do I know what they charge. So I can't comment can I.

[Jonathan Swift]

Wise is a lot faster than they used to be. I was shocked on Saturday when my transfer of $1000.00 US was instantaneous. Which is good because I need some emergency dental work. It isn't always THAT fast, I think the variables come about depending on business hours of the participating banks and the amount of internet traffic on any given time. Holidays usually cause an extra day. But at least they're up front about fees, and they always charge the actual exchange rate. I don't keep an account with them, I just go bank to bank directly. Been doing it for years. Their customer service is pretty good too. Wonder how much money Western Union has lost to these honest and efficient options? 

[RSD1]

22 minutes ago, Millian said:

Although if there is no currency exchange fee from Revolut, then using Interactive Brokers or Revolut would be approx. the same right, as they both offer mid-market rate?

Yes, they both offer the midmarket rate. But Interactive Brokers has no limit on exchanging at the mid market rate without fees whereas Revolut does have a limit and then starts charging fees. See below:

 

When converting US dollars (USD) to Thai baht (THB) in your Revolut account, the fees depend on your subscription plan, the amount exchanged, and the timing of the transaction.

 

Here’s a breakdown:

 

• Standard Plan:

• Exchanges up to $1,000 per month are free on weekdays.

• A 1% fee applies to amounts exceeding this limit.

 

• Plus Plan:

• Exchanges up to $3,000 per month are free on weekdays.

• A 0.5% fee applies to amounts exceeding this limit.

 

The plus plan carries a fee of £40 per year. So Revolut is free on currency exchange only up to a maximum of $1,000 per month on their free standard plan.
 

Revolut also charges a standard 1% fee on all weekend currency exchanges, regardless of plan or account type. 

[RSD1]

1 minute ago, Moonlover said:

That's because I have never used Revolt nor do I know what they charge. So I can't comment can I.

That's fine. But my point was this post is really about comparing currency exchange fees between the two services. Nothing to do with transferring money into your Wise account from a pension or to be used towards a retirement visa in Thailand. Just clarifying. 

[RSD1]

7 minutes ago, Jonathan Swift said:

But at least they're up front about fees, and they always charge the actual exchange rate.

Wise typically charges around 0.54% to exchange most major currencies into Thai Baht. Not particularly inexpensive any longer, but still convenient. 

[Millian]

17 minutes ago, RSD1 said:

Yes, they both offer the midmarket rate. But Interactive Brokers has no limit on exchanging at the mid market rate without fees whereas Revolut does have a limit and then starts charging fees. See below:

 

When converting US dollars (USD) to Thai baht (THB) in your Revolut account, the fees depend on your subscription plan, the amount exchanged, and the timing of the transaction.

 

Here’s a breakdown:

 

• Standard Plan:

• Exchanges up to $1,000 per month are free on weekdays.

• A 1% fee applies to amounts exceeding this limit.

 

• Plus Plan:

• Exchanges up to $3,000 per month are free on weekdays.

• A 0.5% fee applies to amounts exceeding this limit.

 

The plus plan carries a fee of £40 per year. So Revolut is free on currency exchange only up to a maximum of $1,000 per month on their free standard plan.
 

Revolut also charges a standard 1% fee on all weekend currency exchanges, regardless of plan or account type. 

Yeah thanks.  I have a free Revolut account I have been using for a few years. but thinking of upgrading to a Utra account to avoid the international transactions fees, unlimited currency exchange fees and £2000 fee free atm withdrawals.

I also have an Interactive Brokers account I use for investing, so just double checking the currency rate would be similar with no fees using Revolut

[Millian]

35 minutes ago, RSD1 said:

As far as I know, merchants never charge for using a foreign credit or debit card. The foreign card fees are normally levied by your bank.

This is the problem im having, people seem to be saying different things. I cant seem to find a concrete example of someone who has used them and weather they get charged additional fees or not.

Im thinking of getting a physical Revolut card and wondering if I could use it as a 'daily driver' for card payments here, like you would use a local debit/credit card. If there is a 3% surcharge,  then no, but if not then it's ideal

I suppose I could just order one and make some payments and see what happens. But would be good to know first.

[RSD1]

16 minutes ago, Millian said:

This is the problem im having, people seem to be saying different things. I cant seem to find a concrete example of someone who has used them and weather they get charged additional fees or not.

Im thinking of getting a physical Revolut card and wondering if I could use it as a 'daily driver' for card payments here, like you would use a local debit/credit card. If there is a 3% surcharge,  then no, but if not then it's ideal

I suppose I could just order one and make some payments and see what happens. But would be good to know first.

I can't say about Revolut, but I have a Wise card and I use it in Thailand daily and I have never gotten charged any surcharge at all by any vendor for using an overseas card. 
 

Perhaps where you're getting confused is that some vendors in Thailand, particularly if they are a small business, will charge a 3% fee for you to use a debit card or a credit card to make payment for your purchase. This policy has nothing to do with the card being from overseas or not and they would still charge you the same fee even if you were using a local card. It is merely the vendor tacking on a 3% surcharge to your purchase to cover their own fees that they will be charged either from MasterCard or Visa when accepting a payment from a customer who is using a debit or credit card.
 

In those cases where the vendor tells me that there is going to be a 3% surcharge for using my card, then I normally just pay in cash or via bank transfer by scanning a QR code. With bank transfer, they won't charge you the extra 3% surcharge because they don't incur any fee for receiving the money electronically using this method.

[RSD1]

17 minutes ago, Millian said:

Yeah thanks.  I have a free Revolut account I have been using for a few years. but thinking of upgrading to a Utra account to avoid the international transactions fees, unlimited currency exchange fees and £2000 fee free atm withdrawals.

I also have an Interactive Brokers account I use for investing, so just double checking the currency rate would be similar with no fees using Revolut

Interactive Brokers is great for getting the Interbank rate on all currency exchanges without fees or limit, but, as far as I know, they still don't offer exchanges into Thai Baht. Not yet anyway, but possibly they will offer it in the future.