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Today we're talking about the 2 most popular fintech virtual banks: Wise, formerly known as Transferwise, and Revolut.

What are the pros and cons of each app, and which one is better for you?
Even though they're similar, there are some differences between them which will make them more or less appealing to certain clients, depending on what someone is looking for.

When these platforms first came out people were skeptical on how safe they are. Over the years they've proven that not only they're very safe, but also much more convenient and faster than traditional banking.
When it comes to user experience both Wise and Revolut have amazing platforms that are easy to navigate. In the fintech world, these 2 probably have the best user experience.

The differences between these 2 are mostly in areas of availability, features and fees.

Wise is available in lot more countries - this is amazing!
Both are quite attractive when it comes to conversion rates.

How about the ease of sending money? I'd give a slight advantage to Revolut here, as it's more straightforward to do transfers.

When it comes to risk tolerance, neither of these companies are risk tolerant. if you're doing something that they might not like even remotely, your bank account will be shut down.
I've seen more people being shut down with Revolut, than with Wise.

Neither of them are good for larger amounts of money. Wise consideres transactions over $30 000 to be large transactions. Once you start sending or receiving larger transfers, there will be questions.

Wise has a yearly limit of 1 million dollars per year turnover for personal accounts, and 4 million for business accounts. So, it's clear that these services are not dealing with large amounts of money.

One extremely cool feature in Revolut, that Wise doesn't offer, is the ability to generate many virtual cards. This is good from the safety point of view, as you can use one card to facilitate just one transaction, and shut it down afterwards.

These are both amazing prodcusts, and if you don't have an account with either of them you should definitely consider getting one.

They both offer good debit cards, that are linked to your app and you can track your transactions seemlesly.
This is especially useful if you travel a lot and pay in multiple different currencies. Your conversion rates will certainly be better than if you're using your traditional bank's credit card.


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We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.

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Author: Michael Rosmer

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