Revolut vs Wise - Which Is Better? The Definitive New Zealand Guide
We compare all aspects of Revolut and Wise in New Zealand - origins, fee structures, currency options, ATM fees, customer support, and much more to help save you money.
Updated 2 October 2024
Summary:
To compare the services side-by-side, our review looks at:
Summary:
- Wise is an established operator worldwide and has found favour among New Zealanders for its Debit Card which doubles as a Travel Money Card.
- Revolut is popular globally but launched in New Zealand in July 2023 and is a direct competitor to Wise. It offers a VISA prepaid card, global currency transfers, joint accounts, crypto and paid plans.
- Both options integrate with Apple Pay and Google Pay.
To compare the services side-by-side, our review looks at:
Revolut and Wise - A Brief History
Revolut
Wise
Overall, Revolut and Wise have seen incredible growth since their inception, driven by their ability to meet the needs of a new generation requiring flexible, transparent, and cost-effective foreign exchange solutions. With the launch of Revolut in New Zealand in July 2023, there is now an alternative to Wise and more evidence that the banks charge far too much for foreign currency transfers and that legacy travel money cards are uncompetitive.
- Revolut was founded in 2015 to create a platform to solve the frustrations the founders had experienced with traditional banking, particularly regarding foreign exchange fees and the limitations of financial mobility.
- Revolut launched intending to build a digital banking platform that was fast, convenient, and transparent. The flagship products remain the VISA prepaid card and foreign exchange app, both of which allow users to exchange currencies at leading rates and spend and transfer money with fees below any bank or legacy FX provider.
- While overseas users can access share trading, business accounts and even children's accounts, New Zealand users have access to the VISA prepaid card, foreign exchange services and cryptocurrency trading, all handled by an app. According to financial statements filed in the UK, Revolut had 40 million users at the end of 2023 and was profitable.
Wise
- Wise was founded in 2011 in London to reduce the cost of sending money abroad by eliminating high fees and lengthy wait times associated with traditional banking systems.
- Wise, first called TransferWise, was set up as a peer-to-peer platform initially focused on making international money transfers more affordable and straightforward. Over time, Wise grew and began to offer additional features, including the Borderless Account in 2017, which allows customers to hold, manage and send money in multiple currencies, and the Wise Debit Card in 2018. Today, Wise is listed on the London Stock Exchange and has over 16 million customers.
Overall, Revolut and Wise have seen incredible growth since their inception, driven by their ability to meet the needs of a new generation requiring flexible, transparent, and cost-effective foreign exchange solutions. With the launch of Revolut in New Zealand in July 2023, there is now an alternative to Wise and more evidence that the banks charge far too much for foreign currency transfers and that legacy travel money cards are uncompetitive.
MoneyHub Founder Christopher Walsh shares his views about the Wise Debit Card and Revolut:
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MoneyHub Founder
Christopher Walsh |
A Popular Alternative to Wise - Revolut
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Similar to Wise, Revolut offers versatile features and leading travel money card value. Our comparison of
Wise vs Revolut explains more. However, Revolut applies a 1% surcharge on currency transactions during weekends, meaning we're unable to compare it fairly in our tables. For more details about Revolut and why it's becoming popular with New Zealanders, explore our in-depth review and visit Revolut's website. |
Currencies, Account Loading Fees and Card Fees
Revolut and Wise provide access to multiple currencies and offer digital and physical debit cards. Wise supports a larger number of currencies and gives local bank details for ten currencies, while Revolut provides only NZD bank account details. However, despite these banking-like features, neither Revolut nor Wise are officially recognised as banks. Consequently, deposits, while held separately (on trust) from the companies' operations, are not regulated by the Reserve Bank of New Zealand.
The currency and card differences are outlined below:
The currency and card differences are outlined below:
Currency Options and Cards |
Revolut |
Wise |
Send Currencies |
40 including NZD, AUD, EUR, GBP and USD |
53 including NZD, AUD, EUR, GBP and USD |
Store Currencies |
37 currencies |
53 Currencies |
Local account details |
Local account details for NZD |
Local account details for NZD, AUD, GBP, EUR, AUD, SGD, RON, CAD, HUF and TRY |
Debit/Prepaid card |
The Revolut VISA prepaid card (physical, virtual and disposable) attaches to the Revolut account |
The Wise Debit Card (physical and virtual) attaches to the Wise Multi currency account. |
Revolut and Wise each have their own fee structures which can vary based on how you add money to your account. However, one commonality between the two is that transferring money directly from your bank account to your Revolut or Wise account will not incur any fees from either company.
The funding an account fee differences are outlined below:
The funding an account fee differences are outlined below:
Funding an Account |
Revolut |
Wise |
Debit/Prepaid Cards issued in NZ |
$0 |
Around 1.48% |
Credit Cards issued in NZ |
Up to 1% |
Around 1.48% |
Bank accounts in NZ |
$0 |
$0 |
Pay In Options to Fund an Account |
Debit or Credit Card Apple Pay Google Pay Bank transfer |
Debit or Credit Card Bank transfer Apple Pay Google Pay POLi Wise Balance |
Payout options |
Bank account External card |
Bank account |
You're issued a virtual card upon registration with either Revolut or Wise. However, obtaining a physical card involves distinct fees, as outlined below:
Card Fees |
Revolut |
Wise |
Physical Card + Delivery Fee |
$0 + $4.99 delivery fee |
$14 (card and delivery) |
Express Delivery Option (1-2 days) |
$33.99 (for first card) |
From $17.40 |
Virtual Card |
$0 |
$0 |
Card replacement |
$8.99 per card + $4.99 delivery |
$10 (card and delivery) |
More details can be found in our Wise Review and Revolut Review
ATM Fees and Transfer Fees
Revolut and Wise both offer free ATM withdrawals up to a certain limit, as outlined below:
Fees and Limits |
Revolut |
Wise |
Free ATM Limit |
Up to NZ$350 per month (start/end dates can be found in the app) 5 free withdrawals per calendar month |
Up to NZ$350 per calendar month 2 free withdrawals per calendar month |
Surcharge When Limit Exceeded |
2% of the value of the ATM withdrawal value + $0 fixed fee |
1.75% of the value of the ATM withdrawal value + $1.50 fixed fee per withdrawal (after two free withdrawals exhausted) |
Revolut and Wise each have distinct fee structures and allowances for various transactions, such as transfers to NZD bank accounts, foreign currency exchanges, and standard monthly exchange allowances.
Revolut offers a fee-free limit for currency exchanges per month, while Wise doesn't have such a limit. The cost for transactions outside of exchange market hours and foreign currency transfers also differ between the two platforms with Revolut imposing this fee while Wise doesn't.
The specifics are detailed in the following table:
Revolut offers a fee-free limit for currency exchanges per month, while Wise doesn't have such a limit. The cost for transactions outside of exchange market hours and foreign currency transfers also differ between the two platforms with Revolut imposing this fee while Wise doesn't.
The specifics are detailed in the following table:
Fees and Limits |
Revolut |
Wise |
NZD transfers to bank accounts in NZ |
$0 |
$0.54 per transaction |
Fee for foreign exchange |
0% up to $2,000. Then 0.5% after this. |
Varies by currency |
Exchange fees applicable outside exchange market hours* |
1% of the value of the exchange |
0% (no charge) |
Foreign currency transfers |
Percentage based fee on value exchanged |
Fixed Fee + Percentage based fee |
Must-Know Fee information:
*Without taking into account daylight savings, the equivalent time period in NZ is approximately Saturday 11am (NZDT) to Monday 12pm (NZDT).
Important: Wise has a different fee structure compared to Revolut. While Revolut has a flat percentage fee after a certain exchange limit (NZ$2,000 of transfers per month), Wise calculates its fees based on a percentage of the transferred amount. Specifically:
*Without taking into account daylight savings, the equivalent time period in NZ is approximately Saturday 11am (NZDT) to Monday 12pm (NZDT).
Important: Wise has a different fee structure compared to Revolut. While Revolut has a flat percentage fee after a certain exchange limit (NZ$2,000 of transfers per month), Wise calculates its fees based on a percentage of the transferred amount. Specifically:
- Revolut has 0% fees up until your plan allowance (for a free account, it's $2,000/billing cycle), with a 1% fee on weekends. Once you reach your plan allowance, there's a 0.5% fee for FX. Wise does not have a standard exchange allowance after which a fee is imposed. Instead, Wise charges a small upfront fee on each transaction. This fee is typically a percentage of the converted amount plus a small fixed fee.
- Important: The specifics of these fees can vary by currency, and both Wise and Revolut are known to update their pricing structures regularly. While we regularly update our guides and comparisons, the Wise website/app and Revolut app will show the latest pricing for your currency pair, e.g. NZD to AUD, GBP, USD etc.
- Know This: Fees are one factor, but the exchange rates offered by Wise and Revolut are different, and this can sometimes make more of a difference to the total cost of a transaction than the fees themselves.
Regulation and Support
Revolut and Wise operate under regulatory oversight and are registered financial service providers in New Zealand. Their company details, including NZBNs and company names are specified below.
As for customer support, both companies maintain active support channels through their respective applications, as well as on social media platforms like Facebook, Instagram, and Twitter:
As for customer support, both companies maintain active support channels through their respective applications, as well as on social media platforms like Facebook, Instagram, and Twitter:
Regulation and Support |
Revolut |
Wise |
Regulatory Details |
Company Name: Revolut Payments New Zealand Pty Ltd NZBN: 9429048733212 Registered Financial Service Provider (FSP766191) |
Company Name: Wise Payments Ltd NZBN: 9429041103456 Registered Financial Service Provider (FSP1001920) |
Customer Support and Contacts |
Frequently Asked Questions
Which is better for travel, Revolut or Wise?
- Revolut and Wise offer compelling features for travellers; Wise is a proven solution, as evidenced by these testimonials, and we hope to prepare a similar video in the coming months when New Zealanders try Revolut.
- Wise is arguably more suitable for travel as it allows you to hold and manage money in multiple currencies, making it an excellent option for those who work or travel across different countries regularly.
- Overall, the best choice between the two would depend on your personal travel needs and spending habits.
How fast is money transfer with Revolut and Wise?
The speed of money transfers can vary depending on various factors, including the country you're sending money to and the currency you're sending. Generally, Revolut claims that transfers in the same currency can arrive instantly, but international transfers may take up to 3 working days.
Wise states that most international transfers are completed within 1-2 business days; customers are provided updates and an estimated delivery time for each transfer.
Wise states that most international transfers are completed within 1-2 business days; customers are provided updates and an estimated delivery time for each transfer.
Which offers better exchange rates, Revolut or Wise?
- Both Revolut and Wise aim to offer exchange rates that are close to the mid-market rate, i.e., the "real" rate you see on independent sources like Google. However, their approaches differ slightly.
- Revolut offers a leading exchange rate for currency exchanges on weekdays, which is the rate banks use when trading between themselves. Over the weekends, they apply a markup to account for potential market fluctuations.
- Wise always offers the mid-market rate at the time of your transfer but charges a small, transparent fee for the transaction.
Are Revolut and Wise safe to use for sending money?
Yes, both Revolut and Wise are regulated by financial authorities in the UK, where they are based. Revolut is authorised by the Financial Conduct Authority (FCA), while Wise is regulated by the FCA and the Bank of England's Prudential Regulation Authority. These regulations mean that both companies must follow strict rules designed to protect consumers, making them safe platforms for sending money.
What are the sending limits for Revolut and Wise?
Revolut's sending limits can vary based on factors like user verification, but it generally has a high transfer limit. For standard customers, you can exchange up to a certain limit (e.g., NZ$2,000 per month) without any fee, with a 0.5% fee applied to the amount over that.
Wise, however, does not impose a specific sending limit, but the transfer limit can vary depending on the country you're sending money to, the method of payment, and other security factors. Wise charges a small upfront fee on each transaction.
Wise, however, does not impose a specific sending limit, but the transfer limit can vary depending on the country you're sending money to, the method of payment, and other security factors. Wise charges a small upfront fee on each transaction.
How are customer support services for Revolut and Wise?
Revolut and Wise provide customer support services, but the experience may differ. Revolut primarily offers support through in-app chat and expects to respond within a few hours. However, they provide a phone line for immediate assistance for card-related issues or emergencies, and have a comprehensive FAQ section on their website, as well as in the app for easy access.
Wise provides customer support via email, phone, and chat. Their website also features a comprehensive FAQ section. Response times can vary depending on the channel used and the complexity of the query.
Wise provides customer support via email, phone, and chat. Their website also features a comprehensive FAQ section. Response times can vary depending on the channel used and the complexity of the query.
Can I use Revolut or Wise to send money to any country?
Revolut and Wise support a broad range of countries for money transfers, but there are some limitations, so if the country or currency isn't commonly exchanged, you'll need to check the Wise and Revolut websites.
Can I withdraw money from any ATM with Revolut and Wise cards?
You can use Revolut and Wise cards at ATMs worldwide that accept Visa or Mastercard. However, remember that there might be ATM operator fees in addition to the free NZD limit.
Which is more expensive for regular international money transfers, Revolut or Wise?
Costs can vary depending on the amount of money and the countries involved in the transaction. Revolut offers free transfers up to a certain monthly limit, after which a fee applies. Wise charges a fee for each transaction, typically including a small fixed fee and a percentage of the converted amount. For regular international transfers, it's important to consider the fees and the exchange rate provided by each service.