Preface

This should be the introduction where the author talks about how great our world is right now and how we can have a bank account (almost) without even leaving our phone, and all that.

This review covers the free versions of both services.

What Both Services Have in Common

  • Ability to create an account from your phone.
  • The option to make deposits and earn better interest rates than at your own bank.
  • The ability to exchange currencies more favorably than at your bank.
  • A higher risk of losing money compared to your bank. Let’s be honest, it all looks a bit scarier, right?

Cards

Both services offer physical cards. These days, everyone who can offers this option. With both services, ordering a card is a one-time payment (as long as you order it), around five euros.

Currency Exchange

For those who travel a lot or regularly make online purchases in foreign currencies (like buying on Aliexpress.com is cheaper in dollars than in your own currency), this is a relevant topic. Especially if you’ve checked your bank’s currency conversion fees, which are usually 2-3%. It may not seem like much, but it adds up over time. Why pay if you don’t have to?

  • Wise - roughly 0.45%, depending on the specific currency. You can check current rates here.
  • Revolut - no fees up to 1000 USD per month, only on weekdays. 1% over 1000 USD and on weekends.

Depositing Money

Both services have a similar situation. It’s hard to specify exact numbers since they constantly change. It’s unlikely that a 0.1% annual difference will be enough to make you switch from one app to the other.

Cash Withdrawals

Revolut - roughly 200 euros per month without fees. After that - 2%. Wise - Same situation as with Revolut. The amounts and fees vary significantly depending on the currency. More details here.

Who Has More Perks?

Definitely Revolut. They offer investments in palladium and cashback (not in all regions). You can buy cryptocurrencies, book hotels, and with a more premium plan - get access to Lounges.

Main Advantages of Wise

  • Currency conversion. Even though their rates are higher than Revolut’s, there’s no monthly limit, and no higher fees on weekends.
  • The ability to keep your money in stocks. So, every time you make a payment, you’re essentially paying with stocks. It’s a bit controversial but interesting.

Main Advantages of Revolut

  • Additional investment opportunities. If investing scares you, Revolut provides a good chance to try it out with small amounts and without the complexities of opening a brokerage account.
  • Bank transfers without fees. With Wise, this service costs 0.44 euros. More details here.