Wise and Revolut are the two most popular apps for sending money internationally and spending abroad. They serve overlapping but distinct needs — and the right choice depends heavily on what you are actually trying to do with your money.
Wise was built from the ground up as a money transfer service. Its core proposition has always been transparent pricing and the mid-market exchange rate. Revolut started as a travel card and has expanded into a full-featured financial platform with investing, crypto, insurance, and savings alongside its international money features. This comparison is part of the Best UK Banks and Reviews hub, which covers all the main bank and fintech reviews. Both companies are significant players within the global payments industry — Visuwire’s payments sector overview covers the broader market dynamics, revenue breakdown, and major players.
At a glance
| Feature | Wise | Revolut |
|---|---|---|
| Best for | International transfers | All-round money management |
| Exchange rate | Mid-market (always) | Mid-market (limits and markups apply) |
| Transfer fee | ~0.3–1% (transparent) | Free within limits; small fee above |
| Monthly subscription | None — pay per use | Free, Plus (~£3), Premium (~£8), Metal (~£15) |
| UK banking licence | No (EMI) | Yes (since 2024) |
| FSCS protection | No | Yes — on banking products |
| Multi-currency support | 50+ currencies | 30+ currencies |
| Best use case | Moving money internationally | Travel, daily use, investing |
Exchange rates and fees in depth
Both Wise and Revolut use the mid-market rate — the rate you see on Google — as their baseline. The difference is in how they add costs on top.
Wise charges a transparent percentage fee (typically 0.3–1%) on every conversion. The rate you see is the rate you get, with the fee shown separately before you confirm. There are no weekend markups and no hidden margin in the exchange rate itself.
Revolut’s free tier offers fee-free exchanges up to £1,000 per month on weekdays, but applies a 0.5–1% weekend markup when the currency markets are closed. Above the monthly limit, a small conversion fee applies. Paid plans (Plus, Premium, Metal) raise or remove limits and reduce weekend markups.
Fee comparison for a £1,000 transfer to EUR
| Scenario | Wise | Revolut Free | Revolut Premium |
|---|---|---|---|
| Exchange rate | Mid-market | Mid-market | Mid-market |
| Fee | ~£4–7 | £0 (within monthly limit) | £0 |
| Weekend markup | None | ~£5–10 | Reduced |
| Effective total cost | ~£4–7 | £0–10 | ~£0 |
For a single transfer under £1,000 on a weekday, Revolut Free is often cheaper. For large transfers, weekend transfers, or amounts above Revolut’s limits, Wise is typically better value. For regular travellers who transfer frequently, a Revolut paid plan often makes the maths work in Revolut’s favour.
When each wins on cost
| Situation | Better option |
|---|---|
| Large one-off transfer (£5,000+) | Wise — percentage fees scale more favourably |
| Small transfer under £1,000 on a weekday | Revolut Free — often free within limits |
| Weekend transfer | Wise — no markup |
| Frequent transfers with Revolut Premium | Revolut — unlimited at mid-market |
| Business payments (predictable cost) | Wise — transparent and consistent |
Feature comparison
Transfers and multi-currency
| Feature | Wise | Revolut |
|---|---|---|
| International transfers | Core focus | Good |
| Currencies supported | 50+ | 30+ |
| Hold multiple currencies | Yes | Yes |
| Local account details abroad | Yes — many countries | Yes — fewer countries |
| Receive foreign currency salary | Yes | Yes |
| Recurring transfers | Yes | Yes |
| Business version | Wise Business | Revolut Business |
Wise has broader currency coverage and is often the better choice for receiving payments from abroad — for example, UK freelancers with US or European clients. Revolut covers the major currencies well but does not match Wise’s depth on less common corridors.
Card and spending abroad
| Feature | Wise | Revolut |
|---|---|---|
| Debit card | Yes | Yes |
| Virtual cards | Yes | Yes |
| Disposable virtual cards | No | Yes |
| Apple Pay / Google Pay | Yes | Yes |
| ATM withdrawals | Free up to limits | Free up to limits (plan-dependent) |
| Spending abroad | Mid-market rate + fee | Free within limits |
For travel spending, Revolut generally wins on everyday card use — particularly on paid plans where limits are higher and weekend markups are reduced. Wise’s card works well but the per-transaction fee on conversion makes it slightly less convenient for frequent small purchases. For a deeper look at how Revolut handles travel spending, see the Revolut UK Review 2026.
Everyday banking features
| Feature | Wise | Revolut |
|---|---|---|
| UK sort code and account number | Yes | Yes |
| Direct debits | Yes | Yes |
| Standing orders | Yes | Yes |
| Salary payments | Yes | Yes |
| Budgeting tools | Basic | Good |
| Savings vaults | No | Yes |
| Round-ups | No | Yes |
| Bill splitting | No | Yes |
Revolut is considerably more developed as an everyday banking platform. If you are looking at one of these apps as a supplement to your main bank — or even as a closer replacement — Revolut offers more of the features people associate with a current account. For a full-service digital bank comparison, see Online and Digital Banks UK.
Extra features
| Feature | Wise | Revolut |
|---|---|---|
| Stock trading | No | Yes |
| Crypto | No | Yes |
| Commodities | No | Yes |
| Travel insurance | No | Yes (paid plans) |
| Cashback | No | Yes (Metal) |
| Airport lounge access | No | Yes (Metal) |
This is the most striking gap between the two. Revolut has built out a significant investment and lifestyle platform. Wise has stayed focused on its transfer and multi-currency core. If you want stocks, crypto, or travel insurance in one app, Revolut is the only real option between the two.
Safety and regulation
Wise
Wise is authorised and regulated by the FCA as an Electronic Money Institution. It is not a bank and does not hold a banking licence. Client funds are safeguarded — held separately from Wise’s own money in ring-fenced accounts at major banks — but are not covered by the FSCS deposit guarantee.
| Aspect | Detail |
|---|---|
| FCA status | Authorised EMI |
| FSCS protection | No |
| Client fund safeguarding | Yes — ring-fenced |
| Listed company | Yes (London Stock Exchange) |
| Operating since | 2011 |
Revolut
Revolut received its UK banking licence in 2024 after a lengthy application process. This is a significant change — it means deposits held in Revolut’s UK bank account are now eligible for FSCS protection up to £85,000. However, some Revolut products are still issued under its older e-money licence. Always check the specific product terms.
| Aspect | Detail |
|---|---|
| UK banking licence | Yes (granted 2024) |
| FSCS protection | Yes — on banking products, up to £85,000 |
| FCA status | Regulated bank and EMI (for legacy products) |
| Operating since | 2015 |
The practical safety difference has narrowed substantially since Revolut received its banking licence. For amounts within the FSCS limit, Revolut’s banking products now carry the same deposit protection as a traditional bank.
Pricing plans
Wise has no subscription — you pay a transparent fee per transaction. There is no monthly charge.
Revolut offers four tiers:
| Plan | Monthly cost | Key benefits |
|---|---|---|
| Standard | Free | Basic features, £1,000/month exchange limit, weekend markup |
| Plus | ~£3/month | Higher limits, more features |
| Premium | ~£8/month | Unlimited exchange, travel insurance, no weekend markup |
| Metal | ~£15/month | Cashback, lounge access, best perks |
Whether a Revolut paid plan is worth it depends on how much you transfer and how often you travel. At £8/month, Premium breaks even against Wise if you are making regular international transfers or spending meaningfully abroad.
Real-world cost examples
Sending £5,000 to the USA
| Provider | Fee | Recipient receives (approx.) |
|---|---|---|
| Wise | ~£25 | ~$6,220 |
| Revolut Free (weekday, within limit) | £0 | ~$6,245 |
| Revolut Premium | £0 | ~$6,245 |
| Traditional bank transfer | £25–40 + poor rate | ~$5,900 |
For a transfer of this size on a weekday within limits, Revolut Free and Wise are comparable. For amounts above Revolut’s monthly limit, or at weekends, Wise becomes more predictable. For a comparison with other international transfer services, see How to Send Money Abroad Cheaply.
Two-week holiday spending €1,000
| Provider | Approximate cost | Notes |
|---|---|---|
| Wise card | ~£5–10 | Fee on conversion |
| Revolut Free | ~£0–10 | Depends on weekend use and limits |
| Revolut Premium | ~£0 | Within limits, no weekend markup |
| UK bank card | £30–50 | Poor exchange rate plus foreign transaction fee |
Receiving a USD salary of £3,000/month equivalent
| Provider | Approximate monthly cost |
|---|---|
| Wise | ~£15–20 via US account details and conversion |
| Revolut | ~£0–15 depending on plan and conversion timing |
| Traditional bank international wire | £50–100 |
Pros and cons
Wise
| Pros | Cons |
|---|---|
| Transparent, predictable pricing | Not FSCS protected |
| Mid-market rate with no hidden markup | Fewer everyday banking features |
| No subscription required | No investing or crypto |
| Strong coverage of currency corridors | Card less generous than Revolut for travel |
| Wise Business is excellent for freelancers | No travel insurance |
Revolut
| Pros | Cons |
|---|---|
| Feature-rich — investing, crypto, insurance | Free tier has limits and weekend markups |
| FSCS protection on banking products | Paid plans add a monthly cost |
| Disposable virtual cards | Customer service quality varies |
| Good budgeting and savings tools | Complex product range can be confusing |
| Improving banking status and regulation | Limits on free tier require monitoring |
Which should you choose?
| Your situation | Recommendation |
|---|---|
| Primarily sending money abroad | Wise |
| Frequent international traveller | Revolut Premium |
| Want one app for everything — transfers, investing, travel | Revolut |
| Transparency is your priority | Wise |
| Do not want a monthly subscription | Wise |
| Want stocks, crypto, or insurance in one app | Revolut |
| UK freelancer or business with international clients | Wise Business |
Many experienced users keep both. Wise for larger or less frequent international transfers where predictable fees matter; Revolut for everyday travel spending; a traditional bank for the main current account. This combination covers most international money needs at low cost.