Wise vs Revolut for Multi-Currency Banking: What Actually Differs

They're not the same product

Wise started as a currency conversion company and built banking-adjacent features on top. Revolut started as a banking app and built currency conversion on top. That history still shows up in how each one behaves under real usage.

Wise: built for holding and moving money across currencies

• The Wise account gives you local account details (account number/sort code for GBP, IBAN for EUR, routing number for USD, and more) so you can receive local payments like a local, without opening a local bank account.
• Currency conversion uses the real mid-market rate plus a transparent fee, typically 0.4% to 0.6% for major currency pairs, shown before you confirm.
• The Wise card auto-converts at the point of sale using whatever balance you're holding, and the first around $150-350 equivalent in ATM withdrawals per month is fee-free (limits vary by country and change periodically, check the app).
• Weak point: Wise is not a full bank in most jurisdictions. No overdraft, limited credit-building function, and support is asynchronous (chat/email), not a branch or phone line.

Revolut: built as a spending and lifestyle app first

• Free tier gives you a debit card and basic conversion, but currency conversion outside market hours (weekends) can carry a markup, and free conversion amounts are capped monthly on the free plan.
• Paid tiers (Premium/Metal, roughly $10-16/month) raise or remove the conversion cap and add perks like travel insurance and lounge access, which matters if you travel enough to use them.
• Revolut skews more consumer-app: budgeting tools, savings "vaults," crypto and stock trading built into the same app. Useful if you want one app for everything, riskier if you want your banking app boring and separate from your speculative investments.
• Revolut has had more visible regulatory friction opening in certain markets and occasional account-freeze complaints tied to automated fraud flags. Keep a backup account regardless of which primary you choose.

The decision in practice

• Getting paid by clients or employers in multiple currencies? Wise's local account details are the more mature tool for this specific job.
• Want one app for daily spending, weekend transfers to friends, and occasional investing? Revolut's broader feature set covers more of that in one place.
• Frequent flyer who values travel perks? Revolut Premium/Metal's insurance and lounge access can pay for itself.
• Freelancer invoicing overseas clients? Wise Business (separate from personal Wise) supports invoicing with those local account details attached.

The setup most nomads land on

Run both. Use Wise as the "back office" account: where client payments land, where you hold currency balances, where you do large conversions. Use Revolut (or a local debit card) as the "spending" account for day-to-day card use and ATM withdrawals in whatever country you're in. Never keep 100% of your runway in one fintech app; neither Wise nor Revolut is FDIC/FSCS insured in the same way a traditional bank account is in every jurisdiction, check the specific safeguarding terms for your country of account opening.

This is general information based on how these products currently work, both companies change fee structures and account terms periodically, so verify current terms in-app before relying on a specific number.