TransferWise Debit Card vs Revolut

Travel cards can be a really effective
way to access your money when you’re overseas but traditional prepaid travel
cards can often be a ripoff. We’re going to put two of your other options to the
test, TransferWise and Revolut. These are two of the most innovative foreign
exchange products and we’re going to put them head-to-head. In this video we’ll
give you an overview of each company, their products how much they cost and in
the end which we think is best. Before we get into it though we’d love to hear if
you’ve used either of these products before, just leave your thoughts in the
comments below but if you haven’t let’s get straight into an overview of the
company’s. Transferwise is a money transfer company based in the UK and
they’re pretty good at what they do. Known for their transparency in both
rates and fees, they stand out because they give you the interbank rate for any
transfer or currency conversion you do, but we’re not so interested in their
transfers, we’re more interested in their borderless account and the debit cards
that goes with it. This product lets you make and receive payments like you have
local accounts overseas and the debit card can be used anywhere to easily
access those funds by making EFTPOS payments or ATM withdrawals. Revolut are a pretty new company only founded in 2015, while they also make international
money transfers Revolute’s main products are their prepaid mastercards that can
be used wherever you travel. They have different tiers of membership and
products aimed at both individuals and businesses, which makes them pretty
versatile we’re going to focus on their cards in this video, but revolute also
offer insurance cryptocurrency trade and heaps of other stuff too. Now let’s find
out more about the products that both of these companies offer Firstly, they obviously both offer a
prepaid debit card TransferWise has one standard debit card or Revolut offers
different cards depending on whether you’re a business or personal customer
and again on the tier of membership you fall under. Both companies also offer
support for businesses and multi-currency accounts and they can
both make international money transfers. Where they really differ is in the
account details that they can offer you, both give you details for a UK and
European account which means you can make and receive payments as if you have
a local bank account there. TransferWise goes a step further though with accounts
available in the USA and Australia, although the debit card is still not
available in either of those locations. Finally if you’re looking for a company
that can also provide travel or device insurance or cryptocurrency trade
Revolut could be for you. TransferWise is focused purely on foreign
exchange. The fees are pretty different between these companies as well so let’s
find out how much it all costs. The cost of financial products is really
important to take into account, but it can be complicated to understand all of
the charges involved. We’ll try and explain everything as clearly as we can
because the fee structures of these companies are pretty different. The first
one is easy it’s the signup fee. It’s free to create
an account with both companies the cost for getting a physical card with
Transferwise is also free, while it costs four pounds ninety-nine with Revolut.
Technically though you do need to load your TransferWise debit card with twenty
pounds for it to become active. Now in terms of monthly fees TransferWise is
completely free and so is Revolut for a standard account, but it costs seven
pounds ninety-nine for a premium membership with Revolut or thirteen
pounds ninety-nine for their new metal membership so this cost depends on what
you choose to sign up to. And then there are the conversion fees. Unfortunately
this is unavoidable when it comes to currency exchange. If you’re exchanging
currency in your TransferWise Borderless account it will be done at the interbank
rate – but you will be charged a percentage fee and that fee depends on
the currencies you’re converting between. Revolut give you almost the interbank
rate but this can depend on the currencies, with them you can exchange up
to five thousand pounds per month without any fees, before you’re charged
0.5% for all additional conversions. Now when you’re using your card overseas,
particularly for ATM withdrawals, there are other fees to consider. With both you
can withdraw up to two hundred pounds or another currencies equivalent per month
without paying any fees. It’s when you’re withdrawing more than this that you need
to be careful. Revolut will charge 0.5% but TransferWise charge four times that
amount two percent for all withdrawals you make after you have already
withdrawn your monthly limit. That can add up. TransferWise will generally be
at the interbank rate though while Revolut might not be depending on where
you’re using it. As you can see calculating the costs can be
complicated. Our best suggestion is working out how and where you’ll be
using the card and seeing which one is going to be the most cost effective for
you. For example if you plan to make a lot of withdrawals while you’re overseas
Revolut might be better. So where does TransferWise come out on top? Well there
are more established company and they’re slightly more transparent about their
rates and fees. On top of this they’re Borderless account is available in more
countries, but what about Revolut? They do have a wider selection of products
and more options for business customers and if you’re going to be making lots of
ATM withdrawals while you’re overseas, their fees are proportionately lower. So
which product is actually the best? We think both companies are good in
different areas and the best one for you will depend on what you want it for.
If you purely want a travel card we think revolute is a great product they
have lots of card options, you can choose your level of membership with them, just
make sure you know the fees you’ll be charged and consider the currencies
you’ll be using it for, but if you plan to withdraw a lot of cash and don’t like
fees these guys might be better. On the other hand if you need to be making and
receiving payments and making international transfers AND would like
to use a card while you travel TransferWise is for you while Revolut
have more products available what TransferWise do, they do well and
they’re slightly more transparent about what they charge. Just be careful of
their monthly limits. Now this goes without saying, but it’s important when
you’re considering any new product that you look into the terms and conditions.
Make sure you’re thinking about why you need the card and what you’re hoping it
can do for you then, you can’t go wrong

100 thoughts on “TransferWise Debit Card vs Revolut”

  1. both of not working for Turkey. you know Turkey is not working with paypal so most of turkish sellers needs a way as a debit card and good services works with paypal transfers. but there is no solutions for tousands turkish people for now!!!

  2. I have Both and N26. Revolut is best for transfering money. I’m from Turkey but live in UK and I have GBP account in Turkey. With transferwise it is not possible to send GBP to my GBP account in Turkey. Only arrives there in a local currency to a local currency account.

    With Revolut you can send it in GBP to any GBP or other currency with no problems. N26 uses transferwise anyway.

    Revolut is the best the best for transferring money. No good for taking cash out. After fist £200 you will pay %2. Also Revolut premium accounts are worthless. Don’t waste tour money. Use the free account and you’re done.
    Saying all that. Transferwise isn’t any better in any category.

  3. Revoult take money by 0% cost of conversion of other account when main account is empty..
    If i have 1 USD and 20 GBP, asome cost 3 USD, take 1 USD and some cash from GBP account, when TrasnsferWise normaly take cash for it.

  4. I'm not familiar with TransferWise services, but I'm using Revolut for more than 1 year now. I successfully used it for my travels in Europe, Africa and Asia. I tried to avoid as mush as possible withdrawing money, but in some countries this is mandatory, as card payments are not so spread. However, with the good conversion rate Revolut gives you, even paying their withdrawal fee beats any foreign exchange house.

  5. With TransferWise you have usa account, so it means you are fatca eligible? TransferWise will send your personal information to US government?

  6. i've used N26, Revolut and Transferwise using EUR as base currency and Thai baht as payment currency. N26 payments in thai baht have no markup against Mastercard rate, Transferwise between 0.3-0.5% mid-market, Revolut the worst around 1.5% weekdays and 3% weekends. For interbank transfers to thai baht, Transferwise and N26 are the same, 0.5% + fixed fee, delivery within 2 days, my first Revolut transfer should have normally arrived in 5 days but got lost. For withdrawals in thailand i use local thai bank card, as foreign cards are charged 220 baht

  7. I use Transferwise to move money from the us to the Philippines which is cheaper than using my us bank atm card while in the Philippines

  8. I must share my horrible experience with Revolut personal and business
    accounts so that people who are considering opening Revolut accounts or
    current Revolut customers know what can happen to them and to their funds
    literally anytime.

    I've been using Revolut for more than 6 months and first 4-5 months everything
    worked flawlessly. Just ordinary verification documents were demanded and
    temporarily freezed account was usually unfreezed in less then 24 hours.

    Last month is really pure purgatory.
    Revolut freezed my personal account 1 month ago and during that time demanded
    various documents and rationales behind various outgoing transactions.
    Even that ALL documents were provided and ALL transactions were described in
    deep details with screenshots my personal account is still freezed and support
    demands same documents again and again.

    Few months ago I opened business account which was freezed just 2 days before
    christmas without any reason.

    So final outcome is ~3000GBP freezed in Revolut accounts without any help
    from support. I'm considering funds as stolen at the moment and will spread
    this experience all over the internet.

    So think twice before you open Revolut account or you are already using one.


    I can imagine how one wants to use Revolut card during travelling then Revolut
    blocks your account and demands tax return statement … yes I'm carrying my
    tax return statement every time I'm gonna for a jungle trek and every time I'm
    gonna for holidays.

  9. The Revolut App (as banking apps go) is the very best. Being able to control each element of security over the card immediately is Revolutionary and receiving notifications for every purchase made makes you more aware.

  10. Does your borderless account accept International Bills of exchange I am interested using Bank of England and Federal reserve Notes are valueless. If I send to your company bank my own private issued BofE of any amount will your company accept this.

  11. This soo called if it's a Fucking bastard' bank Revolut Scammers
    Owe Me 215 pounds nearly 3 months never seen my money Again my wages went in and Revolut Scammers block my card
    Do not Bank with Revolut Scammers Revolut Scammers Scammers fucking bastard's Scammers

  12. Revolut is by far a better option , and it feels a little bit that transferwise was pushed to look on the same level by this video. Transferwise pros – transparency ? Cmon , you can hardly find more transparent business than revolut, i can find all their financial metrics even though they are private company.

    Thumbs up for revolut!! ✔️

    P.s I have no association with revolut except from the fact that I love using their product!

  13. Fuck revalut from what ive heard,i use transferwise,good service never had a problem sending money to my asian accounts and get a good rate and great customer service ?

  14. Having used both Revolut and TransferWise, users should be aware that if you need to contact either company, Revolut can only be contacted through a chat facility within the app. Sometimes replies are fast but at other times it can take several hours. My Revolut account was recently blocked and it took nearly three days to resolve, which could potentially be disastrous if traveling. The account was blocked as I had transferred £500 from an account in somebody else's name to my Revolut account – something that is fairly common – and then I was required to provide photos of my passport etc.

  15. I’ve used TransferWise heavily for the past two years. It’s been a terrific service. Transfers from my GBP account to Malaysia and Nigeria sometimes occurs immediately. The instant alerts puts NatWest to shame and I’m seriously considering the Business account . Customer support is very effective and prompt. My only issue is eBay doesn’t want to use my TransferWise GBP account as my account for receiving payments. As for the fees on withdrawal, I’m yet to be affected adversely when travelling. I like the local account option. Truly borderless. Thanks for your informative video.

  16. I live in Africa and i'm looking for a debit card for online shopping, thats reliable and my two main concerns are are they eligible for ebay, amazon, etc.. and i need reliable atm withdraws..

  17. Revolut Premium card costs £6.99 pcm and the Metal one is £12.99. Revolut Business cheapest tier is £25 pcm and you must access from desktop, no App available yet.
    I am still looking for a Smart Business Account very similar to Revolut but with a dedicated App and lower costs. My HSBC bank charges me £11.50 pcm and I think it's a rip-off but at least they have a Business App (although very limited when it comes to the € account).

  18. Yes, Revolut does not offer local USD/AUD account, but instead it is expanding in Europe and since some time it offered Polish local PLN bank accounts and recently swiss CHF accounts shown up.

  19. Revolut is easily the best. Been using it for years. Actually used to to quickly transfer all my UK bank account to my new Australian account, quickly, easily, completely free and with a crazy good exchange rate. I actually got £1 = $1.875 when I did it. Also Revolut will be fully live in Australian territory very shortly with USA being added soon too! Their premium plan is also worth it. I'll get that again when they go live here.

  20. Might need an update to the video since things change quickly. Revolut were granted their EU banking license recently for example.
    Also can we stop calling it prepaid! It's no more prepaid than the institution your salary gets put into & speaking of, you can have that same salary deposited with Revolut… because they give you an actual bank account, not a 'communal' one

  21. I love Revolut and I usually transfer my Euro into Sterling when the rate is favourable before I travel so get good rates but wish they would add apple pay for convenience.

  22. I am currently in Vietnam and paying with TransferWise debitcard works very well. Paying charged my VND Account as expected without fee. My revolut card was not accepted somehow, but I tried only one time.

  23. Transferwise have been offering borderless accounts and transfers for businesses for a while, way before Revolut introduced Metal (as I believe you made that video around that time)

  24. REVOLUT and TransferWise is very ok for travel … if you have more cards, you can enroll in CURVE and you have only one in your wallet!
    It's free CURVE and you get a 5 pound gift with this code: QNBVX94D

  25. I have never heard of either company. I live in the UK and my family in Ireland. If they want to transfer money to me here in the uk what is the best way to do thos please

  26. I have both TransferWise and Revolut. TW is best for currency transfers. They have a very transparent fee, but there is a small thing for everything. Revolut is more for spending and banking, they are less transparent with the exchange rates, and very poor in some countries like Thailand, and they have actually not-low-cost premium services, too. I would suggest use both depending what is better for you.

  27. Revolut just closed my account after 6 months of “reviewing it” and didn’t return my money.. save yourself before you become completely broke!

  28. Careful you dont own the crypto and cant transfer it to another wallet it has to be kept on the revolout platform

  29. For EU citizens TransferWise is way easier and more price worthy.
    Revolut seems to be shocked by and struggling with Brexit – consequentially they demands bureaucratic nonsens (renewal and new ID) from us customers.

  30. Pay attenction, you have to use the invite link to register, otherwise you will have to pay 6€ for the shipping of the card. This is my referal code You will have your free card and if 5 people register I will have one year of metal card for free

  31. I just didn't understand where should the money be, at my bank or at TransferWise bank. Their debit card can't work with my bank anyway. So first I should transfer my money to their bank, shouldn't I? Is TransferWise a bank?

  32. I’m here to testify about Mr Mark blank ATM cards which can withdraw money from any ATM machines around the world. I was very poor before and have no job. I saw so many testimony about how Mark send them the ATM blank card and use it to collect money in any ATM machine and become rich. I email him also and he sent me the blank card. I have use it to get $155,000 dollars. withdraw the maximum of $5000 daily. Mark is giving out the card just to help the poor. Hack and take money directly from any ATM Machine Vault with the use of ATM Programmed Card which runs in automatic mode. email them on how to get it. [email protected] or Whats-app +13212372438

  33. Revolut aren't very honest company. Never had a problem with transferwise and Always received me very well in support service. But Revolut the customer service is so bad, and they block my account in Easter because I made a wire from the account in my name in UK to Revolut of 500£, yes 500£. I was 2000km away from home and they block my money . I spend Easter with 20€ in my pocket. If it wasn't friends I didn't know what to do…! With transferwise this kind of situation never happened, but with Revolut this maybe happen to you too. Be careful with Revolut!

  34. For the first sight you look someone really has a joy in comparing banking products. Then the second thought when I have realized that actually no one can have such a joy then I have realized that this is simply marketing. Good acting though.

  35. Merci pour la vidéo, j'ai une question s'il vous plaît, puis-je attraper mes bénéfices aux États-Unis via le compte bancaire européen fourni par transferwise

  36. I am doing a research about digital bankings for university. I would like to know why revolut allows to top up the cards with our own debit card? This impplies that a merchant fee will be applied to revolut each time I top up the card. Why don't they just allow bank transfer? Thank you! Great video!

  37. My wife had trouble opening a TransferWise account in her home country. We had no choice but to go with Revolut.

  38. Seriously cut the vocal fry, it hurts my ears. I don't want to hurt your feelings, you'r lovely, sweet and beautiful too

  39. I've used Transferwise for about three years or so now. Never had any problems. Super efficient – would definitely recommend.

  40. Thank you for this interesting video : plz I have money in my PayPal account I want send them to transferwise. How can I do that.?
    I should link my transferwise account to my PayPal account and withdraw them ? Or you have an other solution ?

  41. Active traveller on business in Usd/euro, also for holidays i attend South africa ZAR and Vietnam – VNd -> what will be the best option for me as a dutch national?

    I used to see only the good part of Revolut, an online bank start-up, located in the UK. But there is also a bad part.

    Since they have no physical retail banking offices, in any country where they operate, not even in the UK, you cannot meet in person with any of their agents, if you like to open a personal or business account with them. In lieu of that, they'll ask you for a lot of personal data and copies of personal documents. Up to the fringe of acceptable privacy intrusion.

    For instance, if your business has X number of shareholders who hold at least 25% of shares, they ALL have to provide their personal details, including copies of their national photo ID documents, even if they are not directors of the company. That is something that brick-and-mortar banks won't ever ask for.

    So, you'll have to make your mind about what you want and accept: (a) a new fancy online banking account, and maybe a 'metal' debit card, or (b) keep yours and others' (e.g. shareholders') personal information and personal documents (possibly, too much/many of them), from being shared with such online banking start-ups.

  43. I hold an account in Transfer Wise and Revolut. As for 2019, Transfer Wise charges me 4,20 CHF to change 1.000 CHF into EUR. So if I do this twice a month, I already got the 8 EUR covered, which Revolut takes for their premium Account, and this includes unlimited, no-fees currency exchange!
    Plus only Revolut has a Swiss bank license, which allows to receive Swiss salary directly without having it to exchange into EUR or USD before.

  44. Please people be wary of Revolut. They have an automated system do detect fraud and money laundering. If you get payments in from a legitimate source that they find in anyway dodgy, they will block your account. This has happened to both my partner and her mother and has left my partner without money for days, due to getting money paid to the account from Paypal. This wouldn't be a problem but their customer care are not very caring and they are asking my partner to jump through hoops to prove she isn't a fraudster. When i mean hoops I mean over 40 screenshots of all transactions in and all transactions out, including paying for goods and services. The service itself is really good, but if they block your card for literally no reason, then you are stuffed. I only thank she wasn't away or on holiday or else it would have been a real problem, which Revolut customer care really do not care about. To them you are a criminal until you prove otherwise.

  45. I've used Transferwise for about plus two years. Never had any problems. Super efficient – would definitely recommend!

  46. Definitely use revolut when traveling abroad(except weekend), why pay conversion fees when you can do it for free???

  47. I use Revolut in EEU (Europe) from August 2018. It's an amazing way to save money when you are abroad because the exchanges rate is very advantageous. And, of course, I use Revolut app for cryptocurrency trading.
    Follow free link below to apply for Revolut and you'll receive 12$ at your first transaction with Revolut. This promotion is available until 28 of August 2019.!G10D21

  48. Revolut Sale, by registering from the below link you get 5 EUR on the balance, free shipping and a free card (normal cost 5 EUR so you are 10 EUR ahead)!G10D21

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