WISE VS REVOLUT 📱💸 Which should you use in 2024? - Multi-Currency Banking, Travel Debit Cards
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- Опубликовано: 21 июл 2024
- Wise and Revolut are popular multi-currency platforms that are popular with travellers. In this video I explain the different features of both platforms to help you decide whether one of these cards is a good choice for you.
Despite many similarities between Wise and Revolut, there are some key differences between the two.
Wise, formerly known as TransferWise, is primarily a platform for sending and receiving money internationally with competitive exchange rates and low fees for international money transfers. Wise also offers a multi-currency account that allows users to hold and manage money in different currencies. This account can be used to receive payments in different currencies and to make payments in different currencies as well, both on a personal and on a business level. The Wise also offers a debit card can also come in handy when travelling, as it allows you to spend in different currencies.
Revolut is a digital banking platform that offers a range of financial services, including international money transfers, currency exchange, and a debit card. In addition to multi-currency spending, Revolut also offers a range of premium features, including travel insurance, cryptocurrency trading, and airport lounge access, which can be accessed through their various pricing plans.
In summary, while both platforms offer international money transfers and currency exchange services, Wise is primarily focused on these services, whereas Revolut offers a broader range of financial services and premium features.
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Mentioned in this video:
🔹 Wise - A cheaper, faster way to send money abroad: wise.prf.hn/l/708eRo8
🔹 Revolut - One app, all things money: revolut.ngih.net/millennials
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Chapters:
0:00 - Intro
0:54 - What are Wise and Revolut?
1:23 - Multi-currency features
1:55 - Exchange rate comparison
3:16 - Debit cards
3:44 - Wise Business and Revolut Business
4:59 - Pricing Models
5:25 - Wise IBANs
6:14 - Revolut plans
7:30 - Revolut saving, investing and payments
8:34 - Which one is right for you?
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🔹 Wise - A cheaper, faster way to send money abroad: wise.prf.hn/l/708eRo8
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About me:
Welcome to Millennials With Money!
My name is Jonny, I'm a financial analyst from the UK, currently living and working in Spain.
I created this channel to help and inspire young people to improve their financial situation and live life to the full by sharing my own experiences with money and living abroad.
I upload content on a weekly basis about personal finance, how to invest your money, tips to help you save more money, real estate and property, and travel and living overseas.
Everybody is welcome in the Millennials With Money community! Let's get this money!!!
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#wise
#revolut
#travel
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DISCLAIMER: The opinions and views shared on this channel are for entertainment and educational purposes only and are not to be taken as financial advice. Always conduct your own research prior to making any financial decision. Millennials With Money cannot be held responsible for any financial loss incurred from any decisions you make following this video.
Are you using Wise or Revolut? Leave a comment and let me know!
I use both!
youtube.com/@MillennialsWithMoney. I used your video to help me decide which card. Now, I am considering both. My main purpose is to find a card that can offload crypto, exchange it to fiat, and provide a more affordable means to withdraw it to my bank acct. or yielding reasonable ATM limits/fees. Thanks for giving me more info.
I've seen about five different videos on this topic, and this is by far the best one. Factual and clear, no strange lingo or sales-talk. Thanks!
Thank you for watching and for your kind words!! Happy to hear the video helped you 😁
Very helpful. I have both cards as one never knows what might happen on the road. I also have US accounts with Schwab and Fidelity for fee reimbursed ATM withdrawals. I do have the Premium Revolut for about $10 USD per month as I like the travel insurance included. Otherwise I find the ease of transfers to be great on both cards.
Nice!! Thanks for watching!!
5:46 yes that’s amazing
It is pretty clear spelled out that it is much more expensive to change money with Wise than Revolut. If I compare the Wise fees they are about as high as standard Swedish banks to convert and send SEK to GBP as an example. Difficult to understand how you can find this similar.
you have a very informative channel. Thanks a lot.
Very kind of you Annabella!! Thanks for watching 😁
Thank you very much for helping with this great vid.
Thanks for watching Alban!! Glad you found it helpful!!
0:13 I’m team Wise. That, in combination with a brick and mortar bank where I’ll live (Wells, Commerz, ABN and UBS) is the best choice!
I use Wise business and personal. What your video doesn’t say is that it also allows jars and free transfer to friends. And as it doesn’t have a subscription it is definitely the cheaper option for me.
Revolut is my favorite!
Nice!!
Hi, I have seen so many videos on RUclips about multi currency Card but still don't know what to go for, I really need help.
I will be traveling to Turkey from UK by road, I just need a card to pay for fuel,hotels,food and toll through out Europe and into turkey .any advice please,
Wise it is.
If i get payed using wise for side hustle money is it a way to avoid tax leaving the money in there?
Great video, still a little stuck on getting what card?
So I am from New Zealand and will be traveling to Europe and the UK for 1 month with some family.
We would like to get a card that we can deposit NZD and pay and Withdraw money with their currency so £ and €.
We probably mainly use the card itself to pay for essentials items such as food and accommodation.
What card would you recommend I get wise or revolut ?
Thanks Selena! Either would be good for you work, however with Wise you can get a physical card without a subscription, so might easier for the odd trip here and there. Whereas Revolut might be preferable for a more frequent traveller or someone who wants to have their investments on the platform as well. Hope this helps!
3:30 no? I have 2 physical revolut card. Free (only delivery fee)
Are both of them safe to receive payments for crypto transactions P2P?
Thanks for the comparison 👍
Thanks for watching!!
Hello I need some advice wise closed my account won't re-open it even though I can prove I kept my account secure. Shut revolut on my own now won't reopen it any advice as I've contested account closure at the highest level thanks :)
Hi, interesting video. Been binge watching your videos this weekend. Do you have any video that discusses ETF or stock choices for europeans in my case Spain. I have seen some articles where they say investing in us stocks is not tax efficient for europeans
Thanks Chinedu! I have a general video on ETFs and Index funds here: ruclips.net/video/Fyxm91KpVe0/видео.html. It all really depends on which country you live in and factors such as capital gains and dividend taxes, and also whether the country has a double taxation agreement with the US. It’s not necessarily bad but it all depends on a persons investing strategy. Hope that helps!
@@MillennialsWithMoney okay I'll watch it. I just moved to Spain and wanted to know the best options. Thank you
@@Chinedu311 welcome! Enjoy Spain, sure you’ll have a great time here 😁🇪🇸
Revolut for me 🔥
Nice!!
Revolut for me also subscription is 20% cheaper if yo pay annually, 0.1%cash back EU and 1% cash back out of EU on metal
Not bad!!
3:25 Wise gives you real bank details like a U.S. number and all so you can hook that up to your Amex USA and can have your card payments be direct debited while receiving a salary in EUR to the Belgian IBAN, Wise wins this by miles!
With Revolut, can you setup auto exchange where, when a currency hits a target price, my domestic currency will be converted into the foreign currency? (Wise has that feature.)
Revolut’s equivalent is stop and limit orders I believe, you can change to one of these from a market order when exchanging currency and that allows you to make the transaction at a specific exchange rate. Hope this helps!
Which is better for cash withdrawal from ATM both. If i get salary in theat card? Do they change for cash withdrawals? If then how much?
Speaking from a Wise perspective, it depends on the ATM whether you are charged or not. In most places though I have found at least one ATM where I can withdraw without paying a fee at the machine. I don't have a physical Revolut card so don't have as much experience with withdrawals to be able to compare properly. Hope this helps a little!
Im gonna use the wise when i go to Mexico
Great plan!! Enjoy!! 🇲🇽🔥
If both of them don’t charge you for spending abroad, what is the point in exchanging in other currencies? Just spend or send from your gbp account and is more simple.
Assuming you mean adding a balance to another currency, to give you an example when I was in Romania this year I had forgotten to exchange to RON and I did essentially pay with GBP as it was the next highest balance I had at the time. On top of the cost in GBP, it took the usual conversion fee, so not a major difference there. The main difference you have is spending from GBP balance or top up another balance, it will take whatever the exchange rate is at the time of the transaction. So you have a currency exchange fluctuation risk if making lots of small transactions in one week rather than one lump sum exchange. Ultimately the difference probably won’t be huge, but I hope this answers your question!
@@MillennialsWithMoney yes. I have been in Romania too, in June and the best exchange rates in RON it had Monese. I compared wise-revolut-monese and monese had the best rates (not by much) but if you spend more than £1000 is worth
@@acmramon very interesting, I’ll look into this!
We live in Asia and our local currency changes sometimes significantly. So we convert when the rate is interestingly high.
Is this safe keeping big amount of money in these platforms just as we do in normal banks? I mean what if I close my bank account and instead go for a revolute premium or metal?
Revolut has a “safeguarding” practice, where client money is stored in a separate bank account and would be paid out to clients in case of insolvency, so it’s not covered by the FSCS in the U.K., here’s a link, see section 8: www.revolut.com/legal/terms/. Personally I only put money for travel in the account and use that. Hope this helps!
@@MillennialsWithMoney thank you very much. I have revolute standard account. Can I apply for pro card and if I send do can I use it for payments and get cashback? If yes how much would it be?
You did not mention Wise stock investment or holding money that earns interest. You also didn't mention Wise Jars.
Good spot thanks for pointing out - I’ve not really used the jars feature, only opening new balances but a good way to put money aside indeed. The interest earning on balance seems to be a new thing that started late last year/early this year as I can’t remember getting anything before this, and from an investment perspective they essentially have low risk funds to earn a higher interest rate on your money. Thanks for watching and commenting!
@@MillennialsWithMoney I was thinking of MSCI stock market investments too. Higher risk but returns have been better lately. Excellent tracking of gains/ losses too both in terms of Currency and percentage performance as well.
Can't convert to Indonesian rupiah?? Is there a way to do this
Hmm Wise has the Rupiah as a currency you can convert to.. maybe contact support to see if there is a technical issue?
@MillennialsWithMoney yes I have wise. But revolut only lists about 30 currencies and idr is not one of them
Does Revolut work in the Philippines? Im traveling there soon.
I just had a look and found Philippine pesos were available so you should be good 😊
Cost is little bit hight wise
Is the virtual card given by Wise a Credit virtual card or Debit Virtual card?
It's a debit card, there's a virtual one but also a physical one for those who want it
@MillennialsWithMoney thanks!
But I won't be gaining very much from Wise because it's not available in my country..sigh🥲
@@joan_007 Oh sorry to hear that 😢
Anything with a ‘subscription’ mode, means I am out.
Thanks for the video. I'd just say the music is awfully loud
Thanks for watching! Feedback noted regarding the music
@@MillennialsWithMoney Could I also ask for help? I'm going to South Korea, Japan and Portugal this summer. I'm from Switzerland. Because card payment is getting more popular, I thought I should need a Wise or Revolut card to pay abroad. But I have no idea which card I should take? Obvisouly I want to pay as little fees as possible (by putting money on the card + by paying in a foreign country). Do you have any tips for me?
I have to add: I'm not a tech savy. I'm very bad with this kinda stuff. So sorry if my questions is stupid or doesnt make any sense.
@@charlotte6484 no problem! As I say in the video, it really depends on what you’re looking for as I find generally they’re both fairly comparable in terms of exchange rates, Revolut has more on offer but Wise is maybe more of a specialist in the currency exchange part. Also Revolut had (and May still have) weekend Exchange commissions. Have a look at both and see if the currencies you need are available, what are the rates, and look at what else they offer as well. Hope that helps!
All this banks ban my acc
@dizzyunique because of Crypto Arbetrage. If u make over 8500£ the Bank will freeze ur account