TransferWise vs. Revolut: A Swiss perspective

Base currency: CHF (Swiss Franc)
Spending currency: KES (Kenyan Shilling)

TransferWise: Transfer in CHF from Swiss bank account to TransferWise Swiss IBAN = Completely free!
Revolut: Transfer in CHF from Swiss bank account to Revolut GB IBAN = cost me CHF 30 for a transfer of CHF 7,500

TransferWise 1 - Revolut 0

TransferWise: Spend in KES or change CHF to KES at a constant and transparent 0.7% markup on the mid-market rate (as on XE for example). Same markup 24/7.
Revolut: Spend in KES at an arbitrary markup on the mid-market rate of between 1.7% (weekday) and 2.3% (weekend).

TransferWise 2 - Revolut 0

TransferWise: Create a KES account and change when rate is good.
Revolut: Not possible to create a KES account and keep the currency.

TransferWise 3 - Revolut 0

TransferWise: Spend EUR at a constant and transparent markup of 0.35% on real mid-market rate (24/7).
Revolut: Spend EUR at 0% markup on weekdays, and 0.5% on weekends.

TransferWise 4 - Revolut 1

So far, I’m pretty impressed with TransferWise. Let’s see how things develop both there and here.

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TransferWise is pretty awesome. Support actually exists with them.

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TransferWise : opened in 2011 and 1 millions customers

Revolut : opened mid-2014 and 2 millions customers

This may explain a lot : Revolut received a lot of publicity and new customers over the past few weeks/months and I agree the support could be more reactive. They are currently hiring a lot of new people, let’s be patient in the meantime :wink:

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  • TransferWise sends and receives (a lot) faster via swift, sepa or uk’s faster payments
  • TransferWise has local USD account
  • TransferWise offers real debit cards
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Honestly my transfers a quite fast from Switzerland ( Swift) and to France ( SEPA ) : 1 day

I am OK with that, is it less than that with TW ?

Regarding local USD and real debit cards : I agree Revolut should work on it ( and on Swiss IBAN :wink: )

Transferwise support is great and actually helpful. They even helped me track down an issue with a top up charge that Revolut charged and only after them getting details on it did revolut recognise the problem.

Revolut standard reply when you complain about the charge or fee is that they were not the ones charging the fee so they don’t help you. In this cause it turned out they were after all responsible.

It’s also a nice touch that transferwise has support in multiple languages, not just english

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This only shows that you have no clue about what’s going on.

You can’t hire enough people for 2 million customers. That’s not how you approach this problem.

You make your procedures more efficient and transparent, reducing unnecessary checks etc.

Half the issues are due to unwise expansion.

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TransferWise has actual same day transfers within EU.

I send money from my French account to my N26 account and my transfer is processed in max 6 hours.

On some days instantly.

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On the paper maybe, but when you count lack of support in and time wasted then Revolut is not worth it.

Not to mention a real chance of getting your account blocked for some stupid reason. Which is more time wasted.

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I’m with you here, the transfer speed of Revolut is more than adequate for me. I don’t see a need for same day or “instantaneous” transfers, at least for me. Of course it would be a nice feature to advertise but rarely is it needed.

Also most of my Revolut usage comes from exchanging funds between different currencies; when doing this during the week, Revolut’s rates have been pretty much exactly the same as Google reports (which is a lot cheaper than my bank) but TW charge 1% fee on every currency exchange.

It appears there are a few currencies that Revolut don’t provide decent rates on during weekends, but to use a phrase I don’t like hearing myself, but it doesn’t affect me so it doesn’t diminish my opinion of the service in any way.

I heard about TW after using Revolut for a while, looked into it but Revolut is doing everything I need and to my satisfaction so no reason to put time and effort into swapping services.

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==CONTINUATION==

TransferWise: Money left my Swiss bank account early Monday morning, arrived Tuesday before noon.
Revolut: Money left my Swiss bank account early Monday morning, arrived Tuesday before noon.

TransferWise 5 - Revolut 2

TransferWise: Asked a question in the morning through in-app e-mail and had a precise answer in my inbox later in the day.
Revolut: Well, just look around in this forum…

TransferWise 6 - Revolut 2

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Wrong. For some currencies Revolut doesn’t provide decent rates even during the week (like 1.6% markup).

with transferwise in my cases swift is next day, usually next morning. sepa usually instant or an hour, next morning at most. faster payments is instant.

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Would be really helpful to let us know what currencies are you referring to so we can investigate this. At the moment, KES is being investigated. We’re sure our rates are significant better than our competitors, with no commission (apart from the weekend mark up).

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Perhaps it’s because your accounts are in the UKs, like Revolut’s accounts ?

It’s impressive, even if I don’t really need such speed it will be nice to have it :slight_smile:

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Could you share the link to this table ?

I used to use TW though CurrencyFair and I was really happy.

Thanks :slight_smile:

I used to use TW though CurrencyFair during 2 years and I was never disapointed. I think the new card offer is really nice, and the pricing too.

Personally, I choose Revolut because I was able to order 2 cards ( for a relative ), the Vault and Crypto are nice features too. Sure the support needs more people but the future looks really nice ( Metal card, offers, cashback… )

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Then it’s just my usecase, I’m not transferring hundreds of thousands so their “Minimum fee” is sometimes equal to 1% of what I’m transferring.

Has that been reported somewhere? I’ve seen a couple of threads talking about weekend rates. If it’s something you’ve personally experienced then make sure you report it. Then you can complain and call the company out on it if it doesn’t change or they don’t look into it.

It’s interesting to see all the people talking about TW, I’ve never heard of them until it being mentioned on here so that’s helped open my eyes to what else is around in this tech space. Plus each seem to have their specialties at the moment

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I’ve used both Transferwise and Revolut for a number of years. Both have their advantages and disadvantages. The one thing they both have is they are massively cheaper than high street banks and currency exchange houses. I still see people queuing at airports to pay 20% hidden commissions and exchange cash!?!? What both transferwise and Revolut have in common is that they are relatively new to the scene, they’re trying new things, constantly growing and improving their products.

Consumers need to work out when one or the other better serves their purpose. In transferring funds from UK to NZ I know I will get an international charge from my local bank on Revolut transfers (and zero FX charge), while transferwise I get no international charge (as they have local accounts to fund) and 0.35% FX charge. A little maths and you can work out when one is better than the other.

For me Revolut was first to bring me a wallet that allowed me to determine when I exchanged my cash to the currency I needed for travels and purchases. It also allowed me to dabble in crypto without huge fees. Not to mention its a simple and easy app interface.

If you find big differences, let the Revolut team know…thats why you’re on the community. Hopefully the KES example as a blimp.

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