REVOLUT ACCOUNT REVIEW 2023

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WHAT IS REVOLUT

Revolut is a digital banking platform that has been gaining popularity in recent years for its convenient and cost-effective services. In this review, we will be taking a closer look at what Revolut has to offer, and why it's worth considering as your primary banking option.

Low foreign exchange fees: Revolut offers competitive exchange rates with minimal fees on foreign transactions.
Multi-currency account: Revolut allows users to hold and exchange multiple currencies within the same account.
Easy money transfer: Revolut allows users to transfer money to other Revolut users instantly and at no cost.
Mobile app: Revolut has a user-friendly mobile app that makes managing your account and making transactions easy.
Virtual and physical debit cards: Revolut offers both virtual and physical debit cards, which can be used for online and in-store purchases.
Additional features: Revolut offers additional features such as budgeting tools, cashback on certain purchases, and the ability to invest in stocks and cryptocurrencies.

REVOLUT VS WISE

Revolut and Wise (formerly TransferWise) are both digital banking apps that offer similar features to help users manage their money and make transactions more easily. However, there are some key differences between the two apps:

- Multi-currency account:

Both Revolut and Wise allow users to hold and exchange multiple currencies within the app, making it easy to manage money while traveling or working with international clients. However, Wise has more than 80 currencies available to hold, whereas Revolut currently offers more than 150 currencies.

- Spending analytics:

Both Revolut and Wise offer detailed spending analytics to help users understand their spending habits and budget more effectively. However, Revolut offers more advanced analytics, such as the ability to track expenses by category, whereas Wise does not.

- P2P payments:

Both Revolut and Wise allow users to easily send and receive money from other users, as well as make payments to non-users via bank transfer. However, Revolut has more P2P options, like Venmo-like feature to split the bills with friends and family, whereas Wise focuses more on international money transfer.

- Virtual and physical cards:

Both Revolut and Wise offer virtual and physical debit cards that can be used for online and in-store purchases. The Revolut cards are powered by Mastercard and can be used wherever Mastercard is accepted, while Wise card is powered by Visa, which can be used wherever Visa is accepted.

- Cryptocurrency Exchange:

Revolut allows users to buy, hold, and exchange multiple cryptocurrencies within the app, whereas Wise doesn't offer this feature.

- Stock Trading:

Revolut offers trading feature that allows users to buy and sell stocks and ETFs with zero commission, whereas Wise doesn't offer this feature.

- Insurance:

Revolut offers exclusive travel insurance, device insurance, and purchase protection insurance for the premium and metal plan customers, whereas Wise doesn't offer this feature.

- Business plan :

Revolut also offers a Business plan that allows small business owners and freelancers to manage and track business expenses, as well as process payments and manage finances, whereas Wise doesn't offer this feature.

- Fees:

Both Revolut and Wise have different fee structures. Revolut has a tiered pricing system based on the type of account you have, whereas Wise has a transparent fee system based on the type of transaction you're making.

Revolut offers more advanced analytics, more P2P options, cryptocurrency exchange, stock trading, insurance, and business plan, while Wise focuses more on international money transfers and has a transparent fee structure.

an image of a woman holding a paper shopping bags in her hand with a detail of Revolut Credit Card

CARD FEES DIFFERENCES

Revolut and Wise (formerly TransferWise) are both digital banking apps that offer virtual and physical debit cards for online and in-store purchases. However, there are some differences in terms of card fees between the two apps:

Revolut: Revolut offers a free virtual card for all account holders, and physical cards are available for a one-time fee of €5.99 or £4.99 depending on the country. For the standard account, there are no monthly or annual fees for the card, but for premium and metal plans, there is a monthly or annual fee.
Wise: Wise offers a free virtual debit card for all account holders, and physical debit cards are available for a one-time fee of €5.00 or £5.00 depending on the country. There are no monthly or annual fees for the card.
Currency conversion: Revolut's virtual and physical cards allow users to spend money in any currency with no foreign transaction fees or mark-up on the interbank exchange rate. Wise does charge a small fee for currency conversion, but it is transparent and always clearly shown before you make a transaction.
Withdrawal fee: Revolut charges a 2% fee for ATM withdrawals above €200 per month for standard plan, but Premium and Metal plans have a higher withdrawal limit, while Wise doesn't charge any fee for ATM withdrawals.
Acceptance: Revolut's cards are powered by Mastercard and can be used wherever Mastercard is accepted, while Wise card is powered by Visa, which can be used wherever Visa is accepted.

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SUMMARY REVOLUT VS WISE

In summary, Revolut and Wise both offer virtual and physical debit cards with a one-time fee. Both apps have no monthly or annual card fee. However, Revolut charges a 2% fee for ATM withdrawals above €200 per month for a standard plan and has a higher withdrawal limit for premium and metal plan. Wise doesn't charge any fee for ATM withdrawals. Revolut's virtual and physical cards allow users to spend money in any currency with no foreign transaction fees or mark-up on the interbank exchange rate, while Wise does charge a small fee for currency conversion but it is transparent and always clearly shown before you make a transaction. Revolut cards are powered by Mastercard and can be used wherever Mastercard is accepted, while Wise card is powered by Visa, which can be used wherever Visa is accepted.

WHY REVOLUT

Revolut is a digital banking platform that has been gaining popularity in recent years for its convenient and cost-effective services. In this review, we have taken a closer look at what Revolut has to offer, what are main differences between Revolut and Wise, and why it's worth considering as your primary banking option.

You may opt-in to choose both of them to fulfill different digital banking needs in your personal or business life which is completely convenient nowadays.