Wise vs Revolut — Which Is Better for FX, Transfers and Travel in 2026?

Wise and Revolut are the two names that come up most often when UK consumers look for a cheaper way to move money across borders or spend abroad. They overlap on the surface — both offer multi-currency accounts, both issue debit cards, and both undercut traditional high-street banks on foreign exchange. But they are built for very different primary jobs.

Wise is, at its core, an international money transfer and multi-currency holding company. Its entire pricing model is structured around giving you the mid-market exchange rate and charging a small, transparent fee on top. Revolut is a financial super-app: a UK-licensed bank that bundles spending, saving, investing, crypto trading and currency exchange into a single product, with a free tier and a ladder of paid plans.

This comparison uses current pricing and features as of July 2026. Every figure below has been checked against Wise.com and Revolut.com, and both providers’ regulatory status was confirmed on the FCA register.

The headline difference

Wise — full review

Wise (formerly TransferWise) was founded on a single idea: that the real, mid-market exchange rate should be available to everyone, with fees shown up front rather than hidden inside an inflated exchange rate. That principle still drives the product today.

How Wise charges

Wise does not charge a subscription. You pay per transaction, and the cost is broken into two parts: a small fixed fee and a variable percentage that covers the cost of moving money through the payment rails in each currency.

For a standard personal transfer of £1,000 from GBP to EUR, the fee is roughly £0.42 fixed plus 0.35% variable — about £3.92 in total. The recipient receives the mid-market rate applied to the remaining £996.08, so there is no spread hidden inside the exchange rate. Larger transfers attract a lower percentage: moving £10,000 to EUR typically costs around 0.33%, and the percentage continues to fall in tiers above that.

This transparency is Wise’s defining advantage. A traditional bank quoting a “fee-free transfer” will usually apply a 2–4% margin to the exchange rate, which on a £10,000 transfer works out to £200–£400 in hidden cost. Wise’s fee on the same transfer is a fraction of that, and it is shown before you confirm.

The multi-currency account

The Wise multi-currency account lets you hold and manage over 40 currencies, with local account details (IBAN, routing number, sort code equivalents) for around 10 major currencies including GBP, EUR, USD and AUD. That makes it useful for freelancers and small businesses that invoice internationally — you can receive a USD payment into a US routing number, convert it to GBP at the mid-market rate, and withdraw it to your UK bank account without leaving the Wise app.

The Wise debit card (Mastercard) spends directly from whatever currency balances you hold, auto-converting at the mid-market rate when you spend in a currency you don’t hold. There is no weekend markup and no monthly exchange limit on personal accounts.

Wise Business

Wise Business extends the same infrastructure to limited companies, sole traders and partnerships. It adds multi-user access, accounting integrations (Xero, QuickBooks, FreeAgent), batch payments and invoice generation. Pricing works the same way as the personal account — pay per transfer, no subscription — though business accounts pay a slightly higher variable fee on card spending in currencies outside the held balance.

What Wise does not do

Wise is not a bank and does not offer a UK current account with a sort code and account number for receiving salary. It does not offer crypto trading, stock investing, or a rewards programme. “Wise Interest” pays a variable return on selected held currencies (currently available on USD and EUR balances), but it is not a savings account in the regulated sense, and balances are not protected by the FSCS — they are safeguarded in segregated accounts at regulated banks, which protects funds if Wise itself fails but does not provide the same deposit guarantee as a bank.

Wise pros

• Mid-market exchange rate on every conversion, every day of the week
• Transparent, per-transfer pricing with no subscription to maintain
• Hold and receive money in over 40 currencies with local account details
• Wise debit card with no weekend FX markup
• Wise Business with accounting integrations and batch payments
• Regulated e-money institution (FCA FRN 900508) with safeguarded funds

Wise cons

• No UK banking licence, so no FSCS protection on balances
• Not a current account — you cannot have your salary paid in by BACS in the traditional sense
• No crypto, stock, or commodity investing
• Per-transfer fees add up if you make many small transfers
• No premium tiers or bundled benefits

Who should use Wise?

Wise is the better choice if your main reason for signing up is moving money between countries — paying a foreign supplier, receiving freelance income from abroad, sending money to family overseas, or funding a mortgage in another currency. It is also the stronger pick for businesses that need international invoicing and batch payments without committing to a monthly subscription.

Revolut — full review

Revolut started life as a travel card and has grown into a full financial super-app. The most significant change in 2026 is regulatory: in March 2026 Revolut was granted a full UK banking licence (with restrictions lifted shortly after), meaning eligible deposits are now protected by the Financial Services Compensation Scheme up to £85,000 per person. This removes the single biggest objection UK consumers previously had to keeping larger balances in the app.

Plans and pricing

Revolut operates a freemium model with four personal tiers:

The free Standard plan is genuinely usable, but the £5,000 monthly foreign-exchange limit is the most common reason people upgrade. Once you exceed it, further conversions in that calendar month attract a 1% fee above the interbank rate — the same markup that applies to all weekend conversions regardless of plan.

Exchange rates and the weekend markup

On weekdays, Revolut gives you the interbank exchange rate with no markup, up to your plan’s monthly limit. This is effectively the mid-market rate, so for weekday spending within the limit Revolut and Wise are very close on cost — Revolut may even edge it on small card spend because there is no per-transaction fixed fee.

The catch is the weekend. Revolut applies a 1% markup to all currency conversions made between 17:00 New York time on Friday and 00:00 New York time on Sunday. This is to cover the risk of market movements while currency markets are closed. Wise applies no weekend markup at all. If you frequently spend abroad on weekends, this is a material difference.

Savings and interest

Revolut’s paid plans offer interest on flexible savings “pots”, paid daily. Standard earns around 2.5% AER; Premium around 3.85% AER; Metal around 4.1% AER on GBP balances (subject to a cap). These are competitive with — and in some cases better than — high-street instant-access savings accounts, though rates are variable and can change. As a licensed bank, Revolut savings deposits are now FSCS-protected up to £85,000.

Crypto and investing

Revolut lets you buy, hold and sell a range of cryptocurrencies directly in the app, with the selection of available coins expanding on higher tiers. Stock and commodity investing is available on Premium and Metal, allowing fractional shares in major US and European equities. Revolut does not currently offer a stocks and shares ISA wrapper, so gains are not sheltered from tax — a point worth noting for larger portfolios.

Revolut pros

• Full UK banking licence with FSCS protection up to £85,000
• Free Standard plan with interbank weekday FX up to £5,000/month
• Crypto, stocks and commodities in a single app
• Disposable virtual cards for secure online spending
• Competitive AER on savings (up to 4.1% on Metal)
• UK sort code and account number — salary can be paid in directly

Revolut cons

• 1% weekend FX markup on all plans
• Monthly FX exchange limit on Standard (£5,000) and Plus (£10,000)
• Best features locked behind paid subscriptions
• No ISA wrapper for investing
• Crypto custody fees apply on higher tiers
• Customer support can be slow on the free plan

Who should use Revolut?

Revolut is the better choice if you want a single app that handles everyday spending, travel money, saving, and the occasional dabble in crypto or stocks. It is also now a genuine primary current account thanks to the banking licence, FSCS protection, and a UK sort code.

Head-to-head on the numbers

Our verdict

There is no single winner, because Wise and Revolut solve different problems.

If your priority is international money transfer — sending larger sums abroad, receiving foreign income, paying overseas invoices, or funding a foreign-currency mortgage — Wise is the better choice. The mid-market rate with no weekend markup, the transparent per-transfer pricing, and the 40-currency multi-currency account are purpose-built for exactly that use case. Wise Business adds genuine value for freelancers and small companies trading internationally.

If your priority is an all-in-one money app — everyday spending, a current account you can be paid into, competitive savings, a travel card with crypto and stock investing bolted on — Revolut is the better choice. The March 2026 UK banking licence and FSCS protection remove the safety concern that held many people back, and the free Standard plan is hard to beat for weekday travel spending within the £5,000 monthly limit.

The pragmatic answer for many UK consumers is to use both. Revolut as the primary everyday account and travel card; Wise for any transfer where the mid-market rate and no weekend markup genuinely matter. There is no rule against holding both, and because Wise charges no subscription there is no cost to keeping the account open for occasional use.

FAQ

Is Revolut FSCS-protected now? Yes. Revolut was granted a full UK banking licence in March 2026, so eligible deposits are now protected by the FSCS up to £85,000 per person. Previously Revolut operated as an e-money institution in the UK, which meant funds were safeguarded but not covered by the FSCS.

Is Wise protected by the FSCS? No. Wise is regulated as an electronic money institution by the FCA (FRN 900508). Customer funds are safeguarded in segregated accounts at regulated banks, which means your money is held separately from Wise’s own and would be returned if Wise failed — but it is not covered by the £85,000 FSCS deposit guarantee that applies to licensed banks.

Which is cheaper for sending money abroad? For a straight international transfer, Wise is usually cheaper because it charges a small transparent fee (from £0.42 + 0.35% for GBP→EUR) and applies the mid-market rate with no spread. Revolut is free within your monthly FX limit on weekdays, but the 1% weekend markup and the monthly cap on the free plan can make it more expensive for larger or weekend transfers.

Does Revolut charge a fee on weekends? Yes. Revolut applies a 1% markup to all currency conversions made between 17:00 New York time on Friday and 00:00 New York time on Sunday. Wise applies no weekend markup.

Can I use both Wise and Revolut? Yes. There is no restriction on holding accounts with multiple providers. Many UK consumers keep a Revolut account for everyday spending and travel, and a Wise account for larger international transfers.

Does Wise offer crypto or stock investing? No. Wise does not offer crypto trading, stock investing, or any investment products. It is focused on currency exchange and international payments. If investing is important to you, Revolut (or a dedicated investing app) is the better fit.

Which has better savings rates? Revolut, on its paid plans. Standard offers around 2.5% AER on flexible GBP savings, rising to around 4.1% AER on Metal. Wise is not a savings product — “Wise Interest” pays a variable return on some held currencies but is not a regulated savings account and carries no FSCS protection.

Related guides

• Revolut vs Monzo
• Airwallex vs Wise vs Revolut
• Best UK Savings Account

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Last reviewed: 1 July 2026. Pricing and features verified against Wise.com and Revolut.com on this date.