How do Wise (formerly Transferwise) and Revolut compare for their business account offerings?
While both providers offer competitive exchange rates, multi-currency account capabilities, and low-cost international payments, there are some key differences in features and costs exist.
I’ve spent time putting Wise Business and Revolut Business head-to-head, examining their key features, fees, supported currencies, security measures, and more.
My goal is to break down how they measure up so you can make an informed decision that will help your business thrive.
Wise vs Revolut Business: My Verdict
Both Revolut and Wise provide competitive fees and useful features for doing business across multiple currencies. Both brands have solid Trustpilot ratings and a sizeable user base. Nevertheless, they are notably different accounts.
Overall, I suggest choosing Revolut if you want the wider functionality and support offered by a more conventional bank account. Revolut is likely to gain full banking regulation within the UK in the next few years, having already done so in Europe. There is a lot more to the Revolut account, whereas Wise is a very paired-down account.
Choose Wise if you’re especially keen to save money on international transfers outside the EEA, especially at weekends when Revoluts fees become less competitive.
While price is the key consideration for many most people, it’s tough to say which is the cheapest, considering the rates are continually changing in this competitive sector.
At the time of writing this article, Revolut worked out as cheaper if you remain within the supported EEA currencies (30 plus) whereas Wise has the edge for international currencies outside this area.
A Brief Overview of Revolut vs Wise Business Accounts
Before diving into the detailed features and comparisons, let’s start with a quick overview of Revolut and Wise Business accounts.
|Features||Revolut Business||Wise Business|
|Account Opening Fee||Free||£45|
|Monthly Fees||Free (or £25 / £100 for premium plans)||No monthly fees|
|Local Account Details||GBP, EUR, and USD account details||Access to account details in 10 major currencies|
|Supported Currencies||Supports over 30 currencies||Supports over 50 currencies|
|Accounting Integrations||Integration with QuickBooks and Xero available||Integration with QuickBooks and Xero available|
|Security and Compliance||Regulated in the UK, the US, EU||Bulk payments are available, even with the free account|
|Mobile App||Separate Business app with dedicated features||Single app for both personal and business accounts|
|Bulk Payments||Bulk payment functionality available in paid plans||Bulk payments available, even with the free account|
Revolut Business Account
- Monthly Fees: The fees for Revolut Business accounts depend on the chosen plan, ranging from free to higher-tier paid plans at £25 or £100 per month. The free plan is enough to get you started, but if you’re sending at least 9 regular international payments, it makes sense to go to the Grow plan. You’ll be charged £3 per payment to do so on the free plan. Once you go to the Grow Plan you get up to 10 for free.
- Local Account Details: Revolut Business offers GBP, EUR, and USD account details, including a local IBAN. With these, any inbound local and international transfers in GBP, USD, EUR and CHF will not be counted towards your free allowance.
- Supported Currencies: Revolut Business supports over 30 currencies (AED, AUD, BGN, CAD, CHF, CLP, COP, CZK, DKK, EGP, EUR, GBP, HKD, HUF, ILS, INR, ISK, JPY, KRW, KZT, MAD, MXN, NOK, NZD, PHP, PLN, QAR, RON, RSD, SAR, SEK, SGD, THB, TRY, USD, ZAR.)
- Accounting Integrations: Integration with almost every popular accounting software like QuickBooks and Xero is available. To our knowledge, no digital bank account connects with so many third-party apps.
- Security and Compliance: Revolut Business is registered and regulated by major financial regulators, with additional security measures such as two-factor authentication and fraud protection systems.
- Mobile App: Revolut offers a separate Business app with dedicated features and access to an account manager. I like their APP; it’s well-designed, regularly updated and improved.
- Bulk Payments: Bulk payment functionality is available only in the paid plans.
Wise Business Account
- Monthly Fees: Wise Business accounts have no monthly fees, but they do charge a £45 set-up fee.
- Local Account Details: Wise Business provides access to account details in 10 major currencies, including AUD, CAD, EUR, GBP, USD, and more.
- Supported Currencies: Wise Business supports over 50 currencies, making it suitable for businesses with diverse international operations. (See their full list here)
- Accounting Integrations: Wise currently integrates with 6 accounting software providers: QuickBooks, Xero, FreeAgent, Freshbooks, Quickfile and Oracle Netsuite.
- Security and Compliance: Wise Business is registered and regulated under major financial regulators, ensuring the safety of funds. Security measures include two-factor authentication and fraud protection systems.
- Mobile App: Wise offers a single app that can be used for both personal and business accounts.
- Bulk Payments: Wise Business allows users to make bulk payments, even with the free account.
Pros and Cons
|Pros and Cons||Revolut Business||Wise Business|
|Pros||Competitive exchange rates, especially within EEA||No monthly fees|
|Different account packages||Extensive currency support|
|Business debit card||Seamless integration with accounting software|
|Integration options with popular platforms||Mass payouts available (free account)|
|Cons||Subscription fees||No dedicated business app|
|Limited currency support||Limited additional services|
Revolut vs Wise Business Costs & Fees Comparison
|Fees||Revolut Business||Wise Business|
|Monthly Fees||Free, £25 per month, or £100 per month. Each premium account opens up more free transfers, local payments, and foreign exchange at interbank rates.||Wise Business charges a fee of 0.41% for international payments based on the transaction amount.|
|International Payments||For a free account, you’ll pay £3 per payment; the Grow plan gives you an allowance of 10 free per month, and the Scale plan 50 per month.||Depending on the plan, local payments within the same currency typically incur lower or no fees.|
|Local Payments||Local payments within the same currency typically incur lower or no fees, depending on the plan.||You’ll pay an additional £45 to get local account details in each of 9 currencies. You’ll then be charged approx 0.65% of the amount to send money.|
|Foreign Exchange Markup||Revolut Business applies a markup of up to 0.4% on currency conversions.||No markup|
|Receiving and Sending USD Wire Payments||Revolut Business charges a $10 flat rate for USD wire payments.||Wise Business charges $4.14 USD for receiving USD wire payments.|
WIse vs Revolut Security
Let’s examine the security measures and regulations implemented by Revolut Business and Wise Business to protect businesses’ funds:
Revolut Business Security Measures
Revolut Business is registered and regulated by major financial regulators, providing an added layer of oversight and protection. The platform implements various security measures, including:
- Two-Factor Authentication: Revolut Business employs two-factor authentication to ensure secure access to accounts.
- Fraud Protection Systems: Advanced fraud protection systems are in place to detect and prevent fraudulent activities.
- Banking License and FDIC Insurance: Revolut Business holds a banking license issued by the European Central Bank, granting it the capabilities of a traditional bank. Revolut Business insures funds to the FDIC standard of $250,000 USD for US-based customers.
Wise Business Security Measures
Wise Business is also registered and regulated under major financial regulators, ensuring the safety and security of funds. The platform implements the following security measures:
- Two-Factor Authentication: Wise Business employs two-factor authentication to protect against unauthorized access.
- Separation of Funds: Wise Business keeps customer funds separate from operating accounts, safeguarding them from potential risks.
- AI and Anti-Fraud Measures: Wise Business utilizes artificial intelligence and anti-fraud systems to monitor and detect any suspicious activities.
- Stress-Testing and Risk Management: Wise Business conducts regular stress-testing and risk reviews to assess and mitigate potential risks.
Wise vs Revolut Prepaid Business Cards
Revolut Business Cards
When it comes to card options, Revolut Business offers both physical cards (available in sleek metal or durable plastic) and convenient virtual cards. You’ll be pleased to know that each team member can have up to three physical cards and a whopping 200 virtual cards, all at no extra charge.
Your first card is free! However, there’s a small delivery charge of 4.99 GBP (or equivalent) for any additional cards. And if you’re in a hurry, express delivery is available, though the extra fee will vary depending on your location.
Revolut Business cards are designed to make your financial transactions a breeze. You can use them to withdraw cash from ATMs, although a 2% fee applies, and there’s a generous daily limit of £3000. Plus, they’re accepted for spending in 140 currencies. Just keep in mind that some third-party providers may charge a withdrawal fee and additional fees for weekend transactions.
With Revolut Business, you can enjoy the convenience of both Mastercard and Visa cards, regardless of your chosen plan. And the best part? There’s no need to worry about monthly spending limits—go ahead and make your purchases without restrictions.
When it comes to online payments, Revolut Business has you covered. For UK cards, you’ll be charged a fee of 1% plus 0.2 GBP, while international cards involve a fee of 2.8% plus 0.20 GBP. It’s a small price to pay for the ease and security of online transactions.
Currency conversions are also a breeze with Revolut Business. Although a 0.4% fee is applied after exceeding the FX allowance included in paid plans, it’s a fair deal considering the convenience and flexibility it offers.
Revolut Business also understands that personalization matters. You have the freedom to name and label your cards, making them uniquely yours. It’s those little touches that make a difference.
Last but not least, Revolut Business offers cashback rewards to add a little extra boost to your financial game. The standard plan provides a 1.5% cashback rate, while the paid plan takes it up a notch with a 1.9% cashback rate.
Wise Business Cards
Wise Business supports both physical and virtual cards, as well as prepaid expense cards. The first card, provided to the main account holder, is free of charge. However, for team members, each card costs £3.
The cards allow spending and ATM withdrawals in an impressive 55 currencies and across 200 countries.
In the UK, Wise Business allows free ATM withdrawals of up to £200 per month. Beyond that limit, a charge of 1.75% plus 0.50 GBP per withdrawal applies. In the EU, the free withdrawal limit is 200 EUR, and thereafter a fee of 1.75% plus 0.50 EUR per withdrawal is imposed.
If you don’t have the local currency in your Wise Business account, a currency conversion fee starting from 0.41% applies.
Cashback Reward: In the UK, Wise Business offers a 0.5% cashback reward, allowing you to earn while you spend. It’s a little perk to enhance your business transactions.
Wise vs Revolut Exchange Rate
When it comes to money transfers, both Revolut and Wise utilize the mid-market exchange rate, ensuring transparency and fairness. However, there are some differences to consider. With Revolut, there is an additional 1.0% fee for transfers involving Russian Ruble (RUB), Thai Baht (THB), and Ukrainian Hryvnia (UAH).
Moreover, Revolut applies a fee outside of exchange hours, ranging from 0.5% to 2.0%.
On the other hand, Wise offers a straightforward approach where, regardless of the currency or the time of the transfer, you can always expect to pay the mid-market rate along with a small, transparent fee.
Overall, this supports my earlier conclusion that Revolut is the better choice if you’re sending within the EEA and during market hours. For countries outside that, Wise may be cheaper.