28 Feb

Revolut vs Transferwise

Game changer in my investment portfolio

Revolut VS Transferwise

When it comes to comparing Revolut Vs Transferwise, we need to take in consideration how many of the products that they offer we need, and more importantly which currencies are we going to use the platforms for. I will use both for sure, according to the specific needs.

I have been reluctant for a while to open a Revolut account as at the past there were some negative reviews with regards money in transfer taking too long and not a very quick customer support system. After months of refusing to even consider the option and seeing more and more people around me sharing bills, having instant transfers and using Revolut for practically everything I got convinced I should give it a try.

I would say Revolut is thriving in Malta as the banks here make it impossible to open a normal bank account. There are two opposing forces in Malta – Blooming I-gaming industry with favorable legislation and conservative banking system (mildly put) which is very wary of any money laundering probabilities and money earned from “ungodly” activities, and I-gaming is one of them. Many of us were left with our funds frozen at the only bank, which was accepting foreign with open hands, after withdrawing the bank’s licence.

Feedback is important

My day job is in retail so I have a chance to ask a lot of people who use the card what is their honest opinion, and it is quiet positive. Transferwise is not very popular here, but there are Australian expats who would lean towards it. I was calculating a purchase from Turkey for the AirBnB project, and in that particular instance, Revolut won over Transferwise. When it comes to more exotic currencies though, users report that Transferwise could be more effective.

I have been happily using Revolut for almost two months and a half and just registered my Transferwise account.

What is my usage?

For the past month I have done 12 SEPA transfers, which would have cost me 12 eur, had they been done from my bank account. Most of them are micro-investments – every time I would have a spare change of few euros, I would send it to one of my investment accounts.

That for me is a game changer with regards in which P2P I would invest. As oppose to before when I would wait a month or two before I make a transfer, so I justify the one eur bank tranasfer fee, now I am making every euro work for me as soon as it hits my bank account. And I have opened 2 profiles – at Mintos and Envestio with a minimum start up transfer of 10 euros each. Subsequently I have made few more small transfers to both of them.

I top up free of charge directly from my bank account and then I send my small euro cents to work as hard as I do.

Which one would I use

Here is the comparison table between both of them – as I love saying “different horses different courses”. For some people Transferwise makes more sense. For me – I would say both – depending on the country i deal with and the goal I have.

FeeTransferWiseRevolut
Set up feeFreeFree
International Money TransfersInterbank rate at the time of the transfer, with a percentage fee depending on the currency. You can find their fees here.Instant Transfers Free – for all subscribtion plans. Turbo transfer – free for Premium and Metal
Transfer Time1-2 business days.2 business days. You have the option to pay an additional Turbo Fee of €6, which cuts this time in half.
Personal MembershipN/AStandard account access – Free
Premium account access – €7.99 per month
Metal account access €13.99
Business MembershipNew business program – check video hereStart Plan
(you have a Monthly Top Up Limit of £100,000 or equivalent in other currencies) £/€25
Standard Plan
(you can Top Up more than £100,000 but your Monthly Top Up Limit is £1,000,000 or equivalent in other currencies) £/€100
Professional Plan
(you have no Monthly Top Up Limit, i.e. you can Top Up more than £1,000,000 or equivalent in other currencies) £/€1000
International ATM Withdrawals€200 per month for free, 2% charge after.€200 per month for free, 2% charge after.
Currency ExchangeInterbank rate at the time of the transfer, with a percentage fee depending on the currency. You can find their fees here.€6,000 per month, 0.5% after.
Currency Exchange RatesInterbank rate at the time of the transfer, with a percentage fee depending on the currency. You can find their fees here.The interbank rate. Outside of FX market hours – 0.5% above the interbank rate on any exchange for USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN and MXN. Different weekend rates for other currencies
Services/productsMoney transfer
Online money account
Prepaid debit card
Credit
Cryptocurrency trading
Mobile phone insurance
Money transfer
Online money account
Prepaid debit card
Travel/medical insurance
Currencies availableGBP, EUR, USD, AUD, BRL, BGN, CAD, HRK, CZK, DKK, HKD, HUF, JPY, NZD, NOK, PLN, RON, SGD, SEK, CHF, BDT, CLP, CNY, COP, GEL, IDR, INR, ILS, MYR, MXN, MAD, PKR, PEN, PHP, RUB, ZAR, KRW, LKR, THB, TRY, AED, UAH, VND.ZWD, CKD, KID, PND, TVD, AMD, FOK, ERN, BTN, EHP, CUC, SHP, GGP, JEP, IMP, SDG, SYP, IRR, PRB, SOS, KPW.
Foreign Bank Account DetailsEurozone, United Kingdom, United States, AustraliaUnited Kingdom, Eurozone
Links to both of themSign up for TransferwiseSign up for Revolut

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