Comparison between Wise debit Card and revlout debit Card
Both Wise (formerly known as TransferWise) and Revolut offer debit cards that can be used for everyday transactions and international spending. However, there are some important differences between the two.
1. Transfer fees and exchange rates: Wise is well-known for its competitive exchange rates and low transfer fees. They use the mid-market exchange rate and charge a small transparent fee for international transfers. Revolut also offers competitive rates, particularly for popular currencies, but their rates may not be as favorable as Wise's.
2. Account features: Wise offers a multi-currency account, allowing users to hold and convert funds in multiple currencies. They provide local bank account details for various countries, which can be beneficial for receiving payments or sending money domestically. Revolut also offers multi-currency accounts and supports several currencies, but they do not provide local bank account details.
3. International spending: Both Wise and Revolut allow users to spend abroad using their cards without incurring additional fees. However, Wise offers a physical debit Mastercard, while Revolut provides both a physical and a virtual card. This can be advantageous for those who prefer physical cards or for locations that do not accept virtual payments.
4. Mobile app and additional services: Revolut has a robust mobile app that provides various features such as budgeting tools, expense tracking, and the ability to categorize spending. They also offer services like cryptocurrency trading, stock trading, and access to travel insurance. Wise's mobile app offers a straightforward interface and focuses primarily on currency exchange and money transfers, with fewer additional services.
5. Security and customer support: Both Wise and Revolut have implemented security measures like transaction notifications, the ability to freeze cards through the app, and PIN protection. However, customer support experiences may vary between the two. Some users have reported issues with Revolut's customer support response times, while Wise is generally praised for providing efficient and helpful customer service.
6. Fees and charges: While both Wise and Revolut offer competitive rates, it's important to consider the fees and charges associated with their services. Wise typically charges a transparent fee for international transfers, and they provide an upfront breakdown of all costs involved. On the other hand, Revolut may charge fees for certain services, such as withdrawing cash from ATMs above a certain limit, or for currency conversions during weekends or outside market hours.
7. Limits and restrictions: Wise and Revolut may have different limits and restrictions on their debit cards. Wise offers higher initial transfer limits for new users, with the option to increase limits over time. They also allow higher daily spending limits compared to Revolut. Revolut, on the other hand, has some limitations on free ATM withdrawals, currency exchange limits, and certain features, which can vary based on your account type.
8. Available currencies: Both Wise and Revolut support a wide range of currencies. Wise offers more than 50 currencies, allowing users to hold and exchange funds in various denominations. Revolut also supports multiple currencies, although the specific number may vary depending on the account type you have.
9. Regulatory coverage and protection: Wise and Revolut are regulated financial institutions, but they operate under different regulatory frameworks. Wise is authorized and regulated by the Financial Conduct Authority (FCA) in the UK, which provides a certain level of protection for customer funds. Revolut, on the other hand, is authorized by the Financial Conduct Authority as an electronic money institution and is backed by the Financial Services Compensation Scheme (FSCS) up to a certain limit.
In conclusion, both Wise and Revolut offer debit cards with their own unique features and benefits. Wise is known for its competitive rates and favorable exchange rates, especially for international transfers. Revolut offers a broader range of services and features within their mobile app, including cryptocurrency trading and stock investments. Consider your specific needs, such as international transfers, currency availability, additional services, and customer support, when choosing between Wise and Revolut.