Reviewing Fintech Providers
Organising easy access to your investments without unnecessary costs can be challenging. However, the use of fintech has contributed to financial management becoming increasingly effortless and convenient. Wise and Revolut are the main fintech I use to minimise fees and in this article I provide brief reviews of each. Note, I refer to the Standard Revolut account for this article.
Fintech Account Coverage
Wise multi-currency accounts can be opened in 230 countries and generate bank-to-bank payments from one currency to another. Revolut accounts can be opened in 120 countries including the European Economic Area, Australia, Canada, Singapore, Switzerland, Japan and the U.S.A. Wise facilitate 56 currencies to convert and hold whilst Revolut facilitate 31 currencies. There are no account fees for either provider and both are compatible with Google and Apple pay.
Debit Cards and Withdrawals
- Wise offer a physical Debit Mastercard (fee free) and you can create up to 3 virtual cards. You’re able to spend in over 200 countries with no hidden costs.
- Revolut provide 3 physical cards (Visa/Mastercard, £5 for card delivery) and you can create up to 5 virtual cards. You’re able to spend in over 100 currencies and withdraw in 120+ countries.
- With Wise, ATM withdrawals are free up to £200 (or currency equivalent) after which there’s a 1.75% fee.
- With Revolut the withdrawal limit is the same as Wise, after which there’s a 2% fee.
Wise commit to an exchange rate (mid-market) for up to 96 hours and their fees are totally transparent, between 0.2-0.5%. Revolut transactions are free (excepting weekends) up to £1000 p/m, after which the fees are 0.5% (also mid-market rate). Compare this to standard banks which commonly charge 1.5-2.5%. Generally, fee amounts for Wise and Revolut will depend on the currency you are sending and receiving.
Speed of Exchange
Wise cross-currency transfers routinely take 1–2 days, though often they are completed faster. Revolut cross-currency transfers within the SEPA region usually take around 24 hours dependent on the receiving bank. Cross-currency payments outside this region can take 3–5 days. Yet with both companies certain methods are slower or faster.
As Wise is a peer-to-peer platform, they enable you to receive money in 10 currencies with local bank details for each. Revolut enable you to receive money in 3 currencies and in another 25 currencies with SWIFT accounts.
With Wise can send money to 80 countries in 27 currencies. They have an effective pricing tool where you can calculate rates and fees before transferring. Revolut supports 29 currencies (bank transfer) and money can be sent to over 100 countries with their Mastercard. However, they charge between £0.30 – £5.00 outside of the SEPA region. In addition, transfers can be made through WhatsApp, SMS and email to people without a Revolut account.
Fintech Savings Features
Wise have ‘Jars’ where you can save spare cash and keep funds separate from your Wise account balances. Revolut have Vaults of which there are three types: Personal, Savings and Group. With Vaults you can round-up transactions depositing the spare change and create regular payments or make single contributions.
Recurring and Regular Payments
Wise has the option to complete batch payments to up to 1000 recipients, especially beneficial for regular payments to freelancers or contractors. Revolut and Wise offer the ability to set-up recurring and scheduled payments, including Direct Debits.
Conclusion – Fintech Assets
Wise has less features than Revolut but their focus is on currency exchange and international transfers, where they perform capably. If you want to invest in cryptocurrency and stocks in addition to making international transfers then Revolut provide these. Generally Wise is cheaper if you require large transfers, especially outside of Europe, as they use local bank account details. Revolut offers fast and international transfers yet their fees are not always visible and they are solely app based.
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