Revolut v Wise

[Viridis]

I note from The Times today that Revolut has been granted a banking licence

I've been a fan of Wise for quite some time.

Is there any benefit to Revolut when compared to Wise? Does it, for example, provide banking details (sort code, account number etc) when you have money stored in foreign currency. Can you set up DD to accounts in foreign currency?

Are transfers to accounts outside Revolut fast? Is receiving money from banks outside if Revolut fast?

I'd have to open my account based in Australia so the banking licence would be of no benefit - it just prompted me to ask the question.

Any other Revolut functionality that people see as valuable to them?

 

[asterix]

I signed up to Revolut a few months ago and used it initially for grocery shopping as they were giving 5% cashback. Now I'm just using it to cashout survey earnings. Transfers I've done from Revolut to ING have been instant.

 

[SCM]

I have both, but I primarily use revolut - I really love it for travel, and the metal can more than pay for itself, especially if you spend a lot of time overseas.

 

[henrus]

I have both but want to stress that the article relating to their bank license applies to the UK only. In Australia they have a financial service license (similar to Amex) but they clearly note "Revolut Australia is not a bank or authorised deposit taking institution regulated by the Australian Prudential Regulation Authority."

This means they aren't covered under the government guarantee of $250k however they claim that they do hold their own bank guarantee through GLAS, know idea how enforceable this is though.

You get a local BSB and account number (which appears to be apart of ANZ) and will give you cross border transfer details (to a revolut account/swift). I've never tried going outbound for transfers and often use wise or if not Up which is processed through wise anyway.

Two other random things I like is the ability to add to the account using apple pay/credit/debit cards, obviously being careful not to trigger any cash advances on credit cards but can be useful to get money in their quickly (and bonus points if the debit account earns points). The other is the disposable card, it'll generate a virtual mastercard which can be used one off as the card number is totally different from the actual visa card on the account.

 

[Viridis]

I have both but want to stress that the article relating to their bank license applies to the UK only. In Australia they have a financial service license (similar to Amex) but they clearly note "Revolut Australia is not a bank or authorised deposit taking institution regulated by the Australian Prudential Regulation

I'd have to open my account based in Australia so the banking licence would be of no benefit - it just prompted me to ask the question.
]

Yes, thanks, I was aware of that ……

 

[Robert K]

have been pretty happy with revolut. Pretty easy to set up and use. The metal cards are sexy.

I wouldn’t be caught dead with the fluro green wise card

I am vain.

 

[Pushka]

Family in the UK use Revolut so I use it for instant transfer of funds to their account. Used it extensively a few weeks ago when we were sharing expenses for a weeks holiday together. Also have Wise and have credited Yen to it for trip next year to Japan.

How do I get a metal card?

 

[Viridis]

How do I get a metal card?

You pay $25pcm ….

 

[henrus]

How do I get a metal card?

It's an annual subscription $299.88 per year (billed monthly at $24.99).

There aren't massive benefits in Australia with 1% cashback on foreign purchases (0.1% on AUD purchases), "fee free" currency exchanges on weekdays, no ATM fees on up to $1400 per month, flight delay lounge access and some other random reduced fees.

In the UK the price is the same but you earn points on spend (that can be converted to FF points) instead of cashback, get other things included like Financial times, a major VPN provider, travel insurance, eSim data etc.

 

[SYD]

It's an annual subscription $299.88 per year (billed monthly at $24.99).

There aren't massive benefits in Australia with 1% cashback on foreign purchases (0.1% on AUD purchases), "fee free" currency exchanges on weekdays, no ATM fees on up to $1400 per month, flight delay lounge access and some other random reduced fees.

In the UK the price is the same but you earn points on spend (that can be converted to FF points) instead of cashback, get other things included like Financial times, a major VPN provider, travel insurance, eSim data etc.

Most of these you get fee free with a 28° MC and, say a UBank DC

 

[QF_Flyer]

Most of these you get fee free with a 28° MC and, say a UBank DC

Agree, the only significant benefit of either is if you either want to hold or transfer between currencies, and to accounts in other countries. Wise USD checking account pays my US Amex cards for example.

 

[SYD]

Agree, the only significant benefit of either is if you either want to hold or transfer between currencies, and to accounts in other countries. Wise USD checking account pays my US Amex cards for example.

Yeah, I’ve commented several times that unless your doing FOREX transfers or hedges, there’s marginal benefit in either product for the casual OS traveller / online shopper.

I can’t see a reason for me to use one - even though I have a Wise account.

 

[QF_Flyer]

Yeah, I’ve commented several times that unless your doing FOREX transfers or hedges, there’s marginal benefit in either product for the casual OS traveller / online shopper.

I can’t see a reason for me to use one - even though I have a Wise account.

Yep, and although Transferwise, now Wise, has never given me any problems, Revolut has been very trigger happy with blocking funds for weeks/months in some peoples' cases (longest I've been stuck is a few days) and for that reason I don't keep money in there.

Revolut was originally used heavily for MS, admittedly the Aussie version/Aussie banks were a lot quicker to shut this down than the UK version/banks, but no doubt that's had eyes on them from regulators, given large sources of funds being pushed through looking like laundering, potentially, so I can't really blame them for being trigger happy.

Like you say, for the everyday traveller/online purchaser, a domestic card with no fees is the best option.

 

[Pushka]

You pay $25pcm ….

I don't need metal that much

 

[Robert K]

I don't need metal that much

they ran a 50% offer once. And the cashback covered the fee. I’m vein AND cheap.

 

[Franko Costa]

Wise has better FX fees, but still not as good as IBKR

 

[blacksultan]

Wise blocked my account and rejected my appeal. I made a few large conversions and then attempted a $50 k equivalent remittances after conversion to THB .they returned my find but with approx $500 less . I’m guessing as a result of reconverting the currency .
Their reasoning was that the amount of funds transferred were not proportional to to my annual income , however there’s funds were funded by my savings over the last 10 years and evidence for the same were provided .
What are my options with regard to claiming compensation for this loss and an explanation ?

 

[markis10]

Wise blocked my account and rejected my appeal. I made a few large conversions and then attempted a $50 k equivalent remittances after conversion to THB .they returned my find but with approx $500 less . I’m guessing as a result of reconverting the currency .
Their reasoning was that the amount of funds transferred were not proportional to to my annual income , however there’s funds were funded by my savings over the last 10 years and evidence for the same were provided .
What are my options with regard to claiming compensation for this loss and an explanation ?

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