TransferWise debit card cheaper to use?


#1

The TransferWise debit card has been released recently and somebody was telling it’s cheaper to use (especially at week ends).
Has anyone been using the TransferWise debit card from their TransferWise Borderless account??
What are the pros and cons of the Revolut card comparing with the TransferWise card?


#2

Hey @KIMW :slight_smile:

I am sure there are some differences in availability, support quality, design, app quality and so on. Some favouring TW and some favouring :r:.

Regarding the price…

  • topping up with anything else than EUR in TW with a card is not free
  • currency exchange in TW is not free

So, with only those two considerations, I don’t think so :wink:


#3

I know TransferWise charges a fee when converting currency but even though, the person I’ve mentioned has both cards and he said it’s more costly to use the Revolut card than the TransferWise card especially at week ends. Why is that so??


#4

:r: charges a weekend percentage surcharge. However, overall a user using :r: may find it to be cheaper than TransferWise, as :r: has a fee-free quota per month (£3000(?)), whereas TransferWise charges a fee for every conversion.


#5

I have a Transferwise borderless card. I did a test top up of USD 10 to Revolut using the card, and it worked with no charges. When I made the transfer, it said my card was in GBP and did I want to use it in GBP or USD - I selected USD. Top up occurred to Revolut account with no fees from Transferwise or Revolut.

Conversion of USD 10 to GBP is too small to compare - both convert to GBP 7.03.

Looking at a higher conversion rate, for USD 1000 conversion here’s how they compare on this weekend. Transferwise has fees, Revolut doesn’t but the rate is lower.

Transferwise conversion today would result in GBP 703.17
Revolut conversion today would result in GBP 703.87

So Revolut still works out slightly cheaper for conversion USD to GBP than Transferwise. I’m going to check during the week to see what the difference is then.

Edit: I topped up Revolut USD 1000 using TransferWise debit card. Still no fee.


#6

So now it in Monday, and I thought I’d check the rate again for USD 1000 transfer to GBP. Here are the resulting amounts:

Transferwise: 698.87
Revolut: 702.85

So Revolut appears to work better during the week.


#7

I was playing in TransferWise app today and it seems that topping up their Borderless account with a range of currencies is free now.

For PLN:

Has this changed recently?

Considering that they’ve also stopped charging for transfering your money back to local accounts, it starts looking more and more interesting.


#8

Yes, it changed recently. There used to be a small fee


#9

Let’s put aside all the neo-banks like N26, Starling, Monzo, etc. The real competition will be between Revolut and TransferWise in the near future. Their offerings start looking more and more alike…


#10

Can you now top-up TW via credit card (EUR->EUR) without fee? Waiting for that to happen, then I will consider start using TW :slight_smile:


#11

Have a look at the last screenshot in my post above :grin: Their exchange rate for GBP/PLN this weekend is slightly better than Revolut’s as well.

Revolut:
500 GBP > 2438.45 PLN

TransferWise: 500 GBP > 2452.64 PLN

After deducting 0.55% fee for GBP/PLN exchange

2439.15 PLN

Tiny difference in fact but it would be interesting to compare other currency pairs…


#12

hmm, I find it a bit unpractical that their fx calculator (https://transferwise.com/gb/currency-converter/) does not include commision they take.


#13

Agree. At least you can see the commission fee in the app at the time of exchanging or transferring.

The thing is, it is about time Revolut did something reasonable with their weekend fees. MasterCard and TransferWise both seem to be cheaper for weekend card transactions. Who knows, maybe Visa works out cheaper on weekends as well? Come on Revolut!