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In this article, you’ll learn the differences between Wise Business vs Revolut Business and which you should use for overseas payments.
If you have many overseas clients and are frustrated with the costs and time involved with making and receiving international payments, listen up!
The fear of hidden fees and unfavorable exchange rate markups can certainly be infuriating.
Luckily, there are two incredible payment processing platforms that can streamline your payment processes for overseas business operations.
Wise vs Revolut for business – which should you use as your overseas online payment processing choice?
Read more: My Top Recommend Online Tools For Small Business.
Quick Summary
- Both Wise and Revolut have business-specific plans that let you easily streamline your overseas business transactions.
- Wise is the cheapest option, with no hidden costs or monthly fees, and also has the lowest transfer fees.
- Although Revolut is more expensive, its multiple-account plan options are better for larger teams.
- Revolut offers dynamic features, in-depth analytics, and a dedicated account manager, whereas Wise Business is more of a business payment processing platform with a few handy finance tools.
- To learn more about Wise Business, check out my comprehensive video guide here.
Wise Business vs Revolut Business 2024
You may have heard of Wise vs Revolut, two popular payment transfer applications that allow you to easily spend money overseas and send and receive money online.
But did you know that both platforms offer specific Business plans, allowing you to streamline your business payment processes for overseas transactions and clients?
Wise and Revolut may seem alike at first.
They both have attractive exchange rates, provide detailed multi-currency account options, and offer affordable international payment services.
However, there are notable distinctions in both Wise Business accounts and Revolut Business accounts.
And this is exactly what I will uncover today in this Wise and Revolut Business review and comparison!
So, with that said, Wise Business vs Revolut Business – which is best for you?
Read more: How To Transfer Money Online With The Lowest Fees?
What Are They? Wise Business vs Revolut Business
Wise Business goes beyond being a mere online payment transfer service.
Imagine it as your very own international business bank account, enabling you to cut costs and simplify your payment procedures!
Like Wise Personal, a Wise Business account offers competitive transfer fees and exchange rates.
Say goodbye to hidden fees and excessive markups as you effortlessly transfer funds to over 70 countries with peace of mind!
But that’s not all.
Wise Business accounts provide a range of specialized tools and integrations designed to enhance your management of overseas operations.
On the other hand, Revolut Business was born in 2015 as a platform providing cost-effective currency exchanges.
Since then, Revolut has transformed into a ‘global financial super-app’ that caters to small and medium-sized enterprises (SMEs), freelancers, and self-employed individuals.
With over 28 million users and over 500,000 companies using Revolut in over 35 countries, Revolut is a top banking and payment processing choice for many!
Like Wise, Revolut offers multi-currency accounts, competitive exchange rates, and easy fund transfers.
So, what are the main differences between Wise and Revolut Business accounts?
Read more: Wise Business Review
What Are The Differences Between Wise Business And Revolut Business?
As I said, these payment processing platforms seem similar on the surface.
But that’s actually not the case! There are quite a few differences between the two.
Firstly, there are no monthly fees with Wise Business. Fees with Revolut depend on which plan you opt for (more on this soon).
The number of local accounts and supported currencies differ, with Wise Business accounts offering more countries and currencies overall.
Additionally, the transfer and payment fees also differ from both platforms.
Ultimately, Wise’s strength lies in low fees, whereas Revolut’s versatile and feature-rich platform is why so many businesses love and use Revolut.
Read more: How To Use PayPal.
Ease Of Use
Both platforms offer intuitive interfaces and straightforward processes that prioritize simplicity and efficiency regarding user experience.
With Wise Business, you can easily navigate the web version or mobile app to send and receive international transactions.
On the other hand, Revolut Business offers a user-friendly mobile app that allows businesses to conveniently manage their accounts, make payments, and track expenses.
However, you must download and use a separate mobile app for Revolut Business and Revolut Personal.
With Wise, you can use your personal and business accounts on one easy-to-use platform.
It’s difficult to determine a winner within this Wise vs. Revolut guide for ease of use.
However! In my opinion, it’s much more convenient to use one application. Therefore, Wise scrapes through as the winner!
Winner = Wise Business
Read more: How To Use Stripe To Collect Online Payments.
Pricing and Fees
Unlike Wise Personal, Wise Business requires a one-off payment to set up an account that varies from country to country ($31 USD for the USA).
There is a free ‘Essentials’ business plan, where you don’t have to pay the one-time payment fee, but it’s far more limited, so I don’t recommend it for business use.
In terms of monthly fees, you’ll pay absolutely nothing! That’s right, there are no monthly subscription fees or hidden costs with Wise Business.
You’ll only be charged when you pay your overseas clients, and these fees start from as low as 0.43%! (this can differ depending on the currency).
You won’t be charged anything for receiving non-wire payments, and USD wire payments are $4.14 USD.
And if you want to order a Wise physical or virtual debit card to send money worldwide, that’ll set you back just $5USD (to order the card).
Revolut Business offers four different business account plans:
- Basic: $0 ($3 per international payment, 5 free local payments, then 20 cents for every local payment).
- Grow: From $24 USD per month (10 free international payments, $3 for every payment after that. 100 free local payments, then 20 cents for every local payment).
- Scale: From $99 USD per month (50 free international payments, then $3 per payment after that. 1000 free local payments, then 20 cents for every local payment).
- Enterprise: Custom price.
All plans have a $10 flat fee for sending and receiving wire payments from the US.
Winner = Wise Business
Read more: How To Set Up Recurring Payments In PayPal.
Exchange Rates
A fair exchange rate is crucial when making and receiving international transfers. But, not all providers offer the best exchange rate, which can lead to unnecessary costs over time!
Wise Business stands out by using the real mid-market exchange rate for all transfers.
What does this mean? The Wise rate is the same rate banks utilize when trading currencies with each other.
Rest assured that with Wise Business, you’ll receive a fair and transparent exchange rate (with no nasty hidden charges!)
In contrast, Revolut Business uses an exchange rate determined by its market rate.
For currency conversions outside of foreign exchange market hours, Revolut Business increases their fees (4 pm on Friday to 5 pm on Sunday, Eastern Time).
During foreign exchange market hours, Revolut Business charges a fee of 1.0% for THB and UAH currency conversions, but there’s no fee for conversions for any other currency.
However, outside of foreign exchange market hours, the fees increase to 2.0% for THB and UAH conversions and 1.0% for conversions involving any other currency.
Winner = Wise Business
Read more: 21 Business Ideas That Require No Money.
Supported Currencies
It should come as no surprise that both Wise Business and Revolut Business cater to the needs of international businesses.
In fact, these platforms excel in global money transfers, currency conversion, and the capability to hold multiple currencies!
But there are a few differences. Firstly, Wise Business lets you send and receive from 70+ currencies, whereas Revolut only allows 30+ currencies.
Wise Business lets you access an extensive range of local account details, enabling you to receive money from abroad just like a local.
In terms of spending through each respective debit card, Revolut Business works with 140+ currencies. Wise Business connects with just 40.
Winner = Wise Business
Security
Wise Business and Revolut Business are both e-money institutions legally bound to separate your funds from operational accounts.
Unlike banks, Wise Business invests your funds in government-backed liquid assets and FDIC-insured banking institutions to provide protection.
Wise Business also uses two-factor authentication, AI, and anti-fraud teams that work around the clock to keep your money safe.
They also conduct frequent reviews of investment risk to keep your payments secure.
Similarly, Revolut Business (which operates with a banking license) takes your funds’ security seriously by providing up to $250,000 USD insurance for US-based customers.
Revolut Business also invests in security features like fingerprint identification and anti-fraud systems.
Winner = Draw
Read more: How To Collect Online Donations With Stripe?
Wise Business vs Revolut Business Key Features
Wise Business and Revolut Business offer additional features that add value to their respective platforms.
Wise Business lets you schedule batch payments, allowing you to automate recurring transfers and save time. Batch payments are only available on Revolut paid plans.
Both platforms allow you to set up recurring payments for clients you pay often, offer payroll services, and invoice tracking, and have their own API system to connect to third-party apps.
Wondering if you can connect Wise or Revolut with your favorite accounting software, such as Xero or QuickBooks?
You’ll be pleased to know that both platforms seamlessly offer this integration!
Plus, you can link your Wise Business Account with Stripe to receive payments.
On the other hand, Revolut Business offers expense management tools, enabling businesses to track and categorize their expenses easily.
Additionally, Revolut Business provides multi-user access, allowing teams to assign different roles and permissions to their team members.
And if you’re after:
- A dedicated account manager.
- Payment gateway capabilities.
- Cryptocurrency trading.
- In-depth analytics.
Revolut Business has you covered.
As you can see, Revolut offers far more unique features overall. Therefore, they win this round!
Winner = Revolut Business
Read more: 6 Best Accounting Software For Self Employed.
Wise Business – What I Like:
- No hidden monthly or subscription fees.
- One single account (plus the free account).
- Seamless integration with popular accounting software.
- Low-cost transfer fees.
- Easy sign-up process.
- Impressive worldwide currency support.
Wise Business – What I Dislike:
- No cash deposit option.
- Only one mobile app for personal and business accounts.
- Limited additional features.
Revolut Business – What I Like:
- Exchange rates are competitive.
- Multiple account plans are available to suit all business types and needs.
- Unique benefits with ‘Revolut Business Rewards.’
- Easy integration with popular apps.
- Dynamic and full-featured.
Revolut Business – What I Dislike:
- Monthly subscription fees.
- All international payments cost $3 per payment on the free plan.
- Limited currencies.
- Fees are generally higher than Wise Business accounts.
Wise Business vs Revolut Business – Who Are They Best For?
And it’s crunch time! Which international payment processing platform is best suited for your business?
Wise vs Revolut?
For large enterprises, if you don’t mind paying higher monthly fees, Revolut Business is by far the best choice.
Why? You have the flexibility to receive a customized number of free international transfers, access team, and expense management tools, and offers a dedicated account manager.
Additionally, Revolut Business offers cashback on paid subscription plans, with a set amount earning 1.9% cashback and any excess amount earning 1.5% cashback.
This can be an appealing offer for businesses that spend beyond the set monthly amount!
On the other hand, Wise Business provides all business features with no monthly fee attached.
If you’re a smaller business or want to avoid the Revolut Business subscription fee and the $3 international transfer fee, this is the way to go!
I’d recommend Revolut Business for teams looking for a feature-rich platform to assist with business transfers.
But if you’re just after a low-cost, convenient way to send and receive money to your international clients, Wise is your go-to!
My Final Thoughts
If you’ve been struggling to pick between Wise Business and Revolut Business, you’re on the right track!
Both Wise and Revolut Business are excellent options for businesses operating overseas.
And choosing between the two will ultimately depend on your business’s specific requirements.
I find Wise Business to be especially impressive.
As a Wise Business and Personal accounts user, it’s an all-encompassing solution for managing my overseas payments.
While it may only partially replace a primary business bank, Wise Business is a valuable tool for all small businesses to handle their international payments.
Wise Business is the most cost-effective solution out there for transferring and converting funds to overseas clients!
It should definitely be at the top of your list if you’re searching for an online payment solution!
Frequently Asked Questions
Is Revolut Better Than Wise?
Revolut and Wise are both excellent platforms for international money transfers and multi-currency accounts.
Revolut is better for large teams needing low-cost transfers, budgeting tools, cryptocurrency trading, and premium account options.
Wise is better for teams after low, transparent fees, competitive exchange rates, and multi-currency capabilities.
What is The Difference Between Wise and Revolut?
The main difference between these two payment transfer services is that Revolut offers subscription pricing plans, and Wise doesn’t.
What Is The Difference Between Wise Personal vs Business?
The Wise personal account is best for individuals wanting to make international low-cost payment transfers and hold money in one multi-currency account.
The Wise Business account is designed specifically for businesses operating overseas and offers additional tools for managing business payments and finances.
Is Wise Business Good For Small Business?
Yes! If you’re a small business and operate overseas, you’ll love Wise’s low fees and its ability to send money in over 160 countries.
