When deciding between Wise and Revolut for money transfer services it’s important to note that both are valid options that rank well in our independent analysis.
Wise, formerly known as Transferwise, was founded in 2011, and offers app-based and online accounts (including a debit card) for personal and business customers. Wise has more than 10 million customers worldwide, and was launched in Australia in 2016. It is listed on the London Stock Exchange.
Meanwhile, Revolut launched in 2015 in Lithuania with a prepaid card and app-only payments service. It has since expanded rapidly and now offers a range of payment and banking services which aim to cater to “global lifestyles”. Revolut is a privately held company that was co-founded by Nikolay Storonsky and Vlad Yatsenko.
Revolut expanded its operations to Australia in 2019, and offers three tiered plans. The company boasts 30 million personal users worldwide, with nearly 500,000 here in Australia.
Both Revolut and Wise are authorised internationally by the Financial Conduct Authority under electronic money regulations.
As Charlie Short, head of growth for Revolut Australia, explained to Forbes Advisor Australia, Revolut operates in the country as a financial institution with a full AFSL licence.
“(However) Revolut in Australia is not a licensed bank yet, but partners with a licensed bank to provide services and protect user funds,” Short said.
Wise, on the other hand, is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL), while Revolut Australia is not a bank or authorised deposit-taking institution.
Ultimately, Wise and Revolut are both international fintech companies that offer financial services.
“One of the main differences between the two providers is that Revolut operates on a subscription model and Wise does not,” Wise ANZ country manager, Tristan Dakin, explained to Forbes Advisor Australia.
