In today’s fast-paced and globalised business landscape, having access to efficient and cost-effective banking services is crucial for the success of any enterprise. Wise vs Revolut are two leading fintech companies that have revolutionized the traditional banking sector with their innovative digital solutions.
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In this article, we will compare and contrast the features, pros and cons, fees, and unique offerings of Wise and Revolut for business banking, helping UK businesses make an informed decision.
Wise vs Revolut
Before diving into the specifics of each bank, let’s take a quick look at a features comparison table to highlight the key differences between Wise and Revolut for business banking:
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| Features | Wise | Revolut |
|---|---|---|
| Multi-currency accounts | Yes | Yes |
| International transfers | Low fees, fast transfers | Competitive rates |
| Debit card | Yes | Yes |
| Expense management | Yes | Yes |
| Integrations | Limited | Extensive |
| Banking license | Yes (regulated by FCA) | Yes (regulated by FCA) |
Wise (formerly TransferWise)
Wise, originally known as TransferWise, has gained widespread popularity for its transparent and low-cost international money transfer services. It offers a comprehensive suite of business banking services that cater to the needs of small and medium-sized enterprises (SMEs).
Pros
- Competitive exchange rates and low fees for international transfers.
- Transparent pricing with no hidden charges.
- Multi-currency accounts that enable businesses to hold and manage funds in different currencies.
- User-friendly interface and intuitive platform.
- Regulation and oversight by the Financial Conduct Authority (FCA).
Cons
- Limited integrations with other accounting and financial software platforms.
- No physical branch network for in-person services.
Table of fees and charges
Wise offers transparent and competitive pricing for its business banking services. Here is a summary of its fees and charges:
| Service | Fee |
|---|---|
| Account setup | Free |
| Outgoing transfers | Variable (based on currency and destination) |
| Incoming transfers | Free |
| ATM withdrawals | Fixed fee per withdrawal |
| Currency conversion | Small percentage fee |
| International payments | Competitive rates |
| Card usage abroad | Fixed fee per transaction |
Unique and standout features
- Wise offers the Borderless Account, allowing businesses to hold and manage funds in multiple currencies, making international transactions seamless and cost-effective.
- The integration of Wise with popular accounting software, such as Xero and QuickBooks, simplifies expense management and reconciliation processes.
- Wise Business Mastercard provides businesses with a debit card that can be used globally, making it convenient for international travel and expenses.
Revolut
Revolut, one of the fastest-growing fintech companies, has made a significant impact on the business banking landscape with its range of digital banking solutions. It offers a wide array of features that cater to the needs of both startups and established businesses.
Pros
- Competitive rates for international transfers.
- Extensive integrations with various accounting and financial software platforms, enabling seamless financial management.
- Virtual and physical business debit cards that support multiple currencies.
- Regulatory compliance and oversight by the Financial Conduct Authority (FCA).
Cons
- Some users have reported occasional customer support issues.
- Certain advanced features are limited to higher-tier subscription plans.
Table of fees and charges
Revolut’s fee structure varies depending on the type of business account and subscription plan. Here is a general overview of its fees and charges:
| Service | Fee |
|---|---|
| Account setup | Free |
| Outgoing transfers | Variable (based on currency and destination) |
| Incoming transfers | Free |
| ATM withdrawals | Limited free withdrawals, then a fee per withdrawal |
| Currency conversion | Small percentage fee |
| International payments | Competitive rates |
| Card usage abroad | Limited free transactions, then a fee per transaction |
Unique and standout features
- Revolut Business integrates with a wide range of accounting and financial software platforms, such as Xero, QuickBooks, and FreeAgent, simplifying financial management and bookkeeping.
- Revolut offers advanced features like expense management, automated bill payments, and budgeting tools, empowering businesses to efficiently manage their finances.
- The ability to issue virtual and physical business debit cards in multiple currencies makes it convenient for businesses operating internationally.
Conclusion – Wise vs Revolut
When it comes to Wise vs Revolut for business banking, both platforms offer unique advantages to UK businesses.
Wise excels in its transparent and low-cost international transfers, along with its multi-currency accounts, while Revolut stands out with its extensive integrations and advanced financial management features.
Ultimately, the choice between the two depends on the specific needs and priorities of your business.
It is recommended to evaluate the features, fees, and unique offerings in detail to determine the best fit for your business’s banking requirements.
FAQ
Yes, both Wise and Revolut are regulated by the Financial Conduct Authority (FCA) in the UK, providing regulatory oversight and ensuring compliance with financial regulations.
While Wise has limited integrations with accounting software, Revolut offers extensive integrations with popular platforms like Xero, QuickBooks, and FreeAgent, making financial management seamless.
Both Wise and Revolut offer competitive rates for international transfers, but the specific rates may vary depending on factors such as the currency and destination of the transfer.
Yes, both Wise and Revolut provide business debit cards that can be used globally, making them suitable for managing travel expenses efficiently.
Remember, before making a decision, it is advisable to thoroughly research and compare the specific features, fees, and terms and conditions of each bank to ensure they align with the unique requirements of your business.