Wise vs Revolut: Which One is Better for Businesses?

While many enterprises around the US are expanding their business globally, the need for payment solutions for international payments and transfers is on the rise. Whether you are a small business owner, freelancer, or entrepreneur, you’ll always need a payment provider for your business transaction.

Wise and Revolut are popular and leading FinTech companies offering financial solutions to businesses. However, deciding on the one to explore could involve considering their distinct features and benefits. In this guide, Incorpuk explains all you need to know about Wise and Revolut payment platforms in order to make the best choice. Now let’s begin.

What is Wise?

Wise is a popularly known FinTech enterprise providing payment solutions across several countries of the world. It was established in the year 2011 with the aim of ensuring smooth, fair, transparent and cheap transfer of funds across borders. With Wise, you can send and receive payment for goods and services, hold funds in several currencies, transact across several nations, convert currencies, etc, with little to no charge.

As a business owner using wise, you can hold money in more than 50 currencies. Beyond using Wise for your payment processing purposes, you can always manage your cash flow and manage budgeting on it. If you are looking for a platform with a cheap and transparent fee charge and one that offers currency conversion with the real exchange rate, then Wise is one to consider. For every transfer made on Wise, you can expect a fee rate of 0.4% or above, depending on the complexity of the transactions.

Features of Using Wise

Here are some of the features of using Wise.

1. Ease of Money Transfer

With a Wise business account, you can send and receive funds across over 80 countries and in more than 50 currencies. Apart from that, you can rest assured that money transfer would only take a little time with fewer charges. In most cases, you'll be charged 0.4%, and this is great when compared to many traditional banks out there. In cases when you want your transfer delivery time to be so quick, then you could go for fast transfer options while also incurring more charges. Beyond that, you can also make up to 1000 bulk payments in just one transfer.

2. Multi Currency account features

Beyond sending and receiving money with Wise, you can also hold funds in more than 50 currencies in your business account. So with that, most customers won't have to go through currency conversion before sending you payment. Beyond that, you can always send funds in your preferred currency or make currency conversions within the platform, as the case may be.

3. Availability of Wise cards

With Wise cards, you can make both online and physical transactions with ease. You can easily get this for one or more members of your team. With Wise business cards, you can withdraw cash from ATM units, manage expenses, pay for goods and services and so on.

4. Budgeting feature

With a Wise business account, you can always set a budget for certain business bills, including emergency funds. This way, it becomes easier for you to manage business funds all in one dashboard.

5. Mobile App

Wise has an easy-to-navigate mobile app which is available on Apple and Google Play Store. With this app, you can send and receive payment, do currency conversions, withdraw funds, track and manage expenses, access customer service support, track member’s activities and so on.

6. API Integrations

Wise also allows you to connect to a third-party platform. You can also integrate Wise into your business mobile app and website. This way you will be able to automate payment for goods and services, allow customers to easily order and complete payment all in one dashboard and so on.

Pros and Cons of Using Wise

Here are some of the pros and cons of using Wise over Revolut.

Pros of Using Wise

1. One major reason why most business uses Wise is its transparent and fair fees. Compared to other payment providers, Wise allows both small and large business owners to carry out transfer transactions with just low charges.
2. With Wise, you can rest assured of a high-speed transfer. Depending on the country and currencies you are dealing with, Wise offers a relatively efficient and quick money transfer.
3. Wise payment platforms are generally easy to use. Whether you're trying out an online payment provider for the first time or wish to explore more options, you will be able to easily navigate the Wise platform.
4. Wise has a global reach, and this makes it easily accessible to businesses from different parts of the world.
5. Security is highly ensured with the two-factor authentication process.
6. It is relatively cheaper to open and activate a business account than Revolut.

Cons of Using Wise

1. Although Wise excels in effective money transfers across borders, it doesn’t offer other banking services, including crypto trading. For businesses who wish to hold digital assets, this may be a major challenge.
2. The verification process of Wise is usually strict and thorough, and this could cause delays in opening an account.

What is Revolut?

Revolut is another international payment solution providing businesses with the right tools and resources for their financial transactions. Revolut was founded in 2015 and, ever since then, has been providing an all-in-one solution for all things money. The platform has many users in more than 200 countries and it supports about 28 currencies.

With Revolut payment solutions, you can send and receive payments, make transfers, borrow, invest, spend and manage funds. With that, you can manage all your financial transactions in one account. Beyond that, you can hold several currencies in your account, use a prepaid debit card, and also utilise the saving vault feature, which allows you to earn interest. Depending on the country you are in, you can expect a varying fee structure for transactions.

If you are looking forward to using a payment solution that includes cryptocurrency exchange, joint accounts and many other business services, then you might want to consider Revolut. Its versatility in usage makes it attractive to businesses, and more so, you can select the plans to work with, which will influence the charges that will be incurred for transactions.

Features of Using Revolut

Revolut is quite a versatile payment platform providing several financial services to businesses across many nations. Here are some of the features of using Revolut.

1. International transfer

With a Revolut business account, you can send and receive money across many countries and in about 28 currencies. This way you will be able to receive payment without stress. Since Revolut operates in many countries, dealing with customers globally become relatively easier. Depending on the business plan you use with Revolut, you should expect a varying fee for transfers.

2. Access to Revolut debit cards

You will also be able to enjoy the Revolut debit card feature. With this card you can make online payments, track expenses, make ATM withdrawals etc.

3. API integration

Revolut also allows you to connect with a third-party tool like Xero and QuickBooks. Beyond that, you can also integrate Revolut into your business website and mobile app. This way, customers would be able to automate payments, convert currencies and so on.

4. Joint Account feature

Another great feature of using Revolut is the ability to manage a joint account. If you have business partners or teams and would like to manage expenses in one account with them, then you can always maximise this feature here. This way you would be able to track income and expenses, receive a physical card and manage the overall account together.

5. Multicurrency account

With Revolut, you also have a multi-currency account that allows you to carry out transactions in several currencies. You can receive, send and hold funds in a number of currencies. Beyond that, you can manage expenses incurred in different currencies and control all funds in one account.

6. Availability of mobile app

Revolut platform also has a mobile app that is available for Android and Apple users. With it, you can access your account dashboard, send and receive payments, manage funds, track expenses, invest and save, and lots more.

7. Ability to Invest

You can also invest and earn with the Revolut investment scheme. This scheme allows you to invest in stocks, cryptocurrencies, etc., and earn more money. You are also provided with a simple guide that helps you understand how an investment works on Revolut.

8. Saving vault

Apart from the cross-border transfer popularly known with most payment provider, Revolut also allows businesses to save their money in 3 currencies while they also earn interest on it. You will be allowed to save in USD, EUR and GBP.

Pros and Cons of Using Revolut

Here are some of the pros and cons of using the Revolut payment platform.

Pros of Using Revolut

1. Revolut allows you to enjoy a number of financial services, including cryptocurrency trading, saving vaults, budgeting, stock trading, etc., unlike Wise.
2. It also offers low fees for currency exchange compared to many traditional banks.
3. There are also many security features on Revolut. For example, you can freeze and unfreeze Revolut cards with just a few clicks.
4. There are a variety of subscription plans and packages to suit different sizes of businesses. You can upgrade to a more standard plan as your business grows.
5. With multi-currency accounts, you can transact with people from several parts of the world.

Cons of Using Revolut

1. Customer Service Support on Revolut is quite low.
2. While Revolut offers some free plans, many of the amazing features of the platform can only be accessed with the premium plan.

Differences Between Wise and Revolut

While Wise and Revolut remain popular payment providers with exciting features and benefits, there are quite a number of differences between them you should know.

Wise vs Revolut: Which one is the Best for Businesses?

Wise and Revolut are one of the top international payment platforms in today’s world. Each platform offers distinct features that make them attractive to users. While Revolut is concerned about offering a comprehensive financial solution that cuts across other services like crypto and stock trading, saving vaults, and many more, Wise is one payment platform that ensures a cheap, transparent international money transfer. As such, it is a payment provider that charges minimal fees while also maintaining stress-free payment solutions. You should consider using Wise if,

1. Your focus is mainly on international payment and transfer solutions with fewer charges.
2. You are looking forward to using a transparent and stress-free platform.
3. If you are a small business owner and are on a low budget.

On the other hand, you should use Revolut if

1. You want a payment platform with other financial solutions like stock trading, investment schemes and so on
2. You require advanced budgeting functions and expense management tools.
3. You don’t mind the charge that comes with premium plans.

Form Your Company with Incorpuk Today

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Conclusion

Wise and Revolut are both great payment providers offering stress-free international payment solutions across borders. While both have several amazing features, you should consider Wise if you’re looking out for a cheap and transparent platform, while you should consider Revolut if you value a versatile platform with several other financial services.