When you run a business with customers or partners in different countries, sending and receiving money quickly and cheaply is important. Two popular online services for this are Wise Business and Revolut Business. Both are known for international money transfers, but they have some key differences. Choosing the right one can help your business save time, reduce costs, and work smoothly across borders.
Core Features Compared
Wise Business is built for sending and receiving money globally. It lets you hold money in more than 50 currencies, and you can get local bank details in many countries. Wise uses the real exchange rate, and their fees are clear before you send.
Revolut Business offers a wider range of banking tools. You can make international transfers, but also manage team expenses, issue cards, and automate payments. Revolut supports over 30 currencies and has multi-currency accounts, but its fees and limits can be more complex.
Here’s a quick look at both platforms:
| Feature | Wise Business | Revolut Business |
|---|---|---|
| Supported Currencies | 50+ | 30+ |
| Local Account Details | Yes (10+ countries) | Yes (fewer countries) |
| Expense Management | No | Yes |
International Transfer Fees
The cost of sending money abroad can make a big difference for your business.
- Wise Business charges a small percentage fee, usually between 0.4% and 1.5% depending on the currency. They always use the mid-market exchange rate—the same rate you see on Google.
- Revolut Business offers some free transfers with paid plans, but may add a markup to exchange rates after you reach your free limit. Additional transfers cost a flat fee plus a possible markup.
For example, sending €1,000 to USD:
| Service | Transfer Fee | Exchange Rate Markup |
|---|---|---|
| Wise Business | ~€5.00 | None |
| Revolut Business | €3.00 (after free limit) | 0.4% above mid-market |
A common beginner mistake is to ignore the exchange rate markup. Even a small markup can add up for large amounts or many transfers.
Transfer Speed
Both Wise and Revolut are fast compared to regular banks. Wise says over 50% of transfers arrive in minutes, and most are completed in a few hours. Revolut transfers can take from a few minutes to a day, depending on the currency and destination.
If you need local account details (for example, a UK GBP or US USD account number to get paid like a local), Wise offers more options. This can make it easier to collect money from customers in different countries.
Account Setup And Integration
Wise Business is straightforward to set up, with clear pricing and a focus on international payments. You can integrate Wise with accounting tools like Xero or QuickBooks.
Revolut Business has a more complex setup but offers more features, including team cards, expense management, and payment approvals. Revolut also connects to popular software, but some features are only for paid plans.
Which One Is Best For International Transfers?
- Choose Wise Business if you mainly need to send or receive money internationally, want low fees, and clear exchange rates. Wise is also better if you need local bank details in several countries.
- Choose Revolut Business if you want a wider set of banking tools, like team expense management and cards, or if you make lots of transfers within your free monthly limit.
One detail many beginners miss: Wise is not a bank, so it does not offer credit or overdrafts. Revolut is not a bank in most countries, but does have more business banking features. For more on their licenses and safety, see the FCA official website.
Frequently Asked Questions
Is Wise Business Or Revolut Business Safer For My Money?
Both are regulated financial services and use strong security. Wise is licensed in many countries. Revolut is also regulated, but check if they are a full bank in your country.
Which Service Is Cheaper For Large Transfers?
Wise Business usually offers better rates and lower fees for large international transfers, especially for less common currencies.
Can I Get Local Bank Account Details With Both Services?
Yes, but Wise supports more countries for local account details. Revolut offers this in fewer locations.
Does Revolut Business Or Wise Business Support Cash Deposits?
No, both are online-only. You cannot deposit cash or checks. Money must be sent by bank transfer or card.
Do These Accounts Work With Paypal Or Stripe?
Yes. You can connect both Wise and Revolut accounts to PayPal or Stripe to receive payments, but Wise’s wider local account options can make this easier for some countries.
Choosing the right service depends on your business needs. Wise is often best for simple, low-cost international transfers. Revolut gives you more business tools if you need them. Both can help you work globally, but understanding the fees and features will help you avoid surprises.
