Revolut Business Account Alternative

TransferWise
07.05.20
4 minute read

Revolut is known for its flexible debit card attached to a multi-currency account. Personal users use it as a travel card as it's cheaper and more convenient compared to going to the bank or currency exchange points to get cash before traveling. The service also facilitates local and international transfers and conversion in 30 currencies.

Business customers can take advantage of the same benefits but with extra features like recurring and bulk payments which could come in handy if you’re running payroll to overseas contractors or paying multiple suppliers.

Revolut offers a lot of good features but TransferWise for business might be able to save you more time and money on international transfers.

Let’s find out how!

Key Comparison Points

Cost

Revolut’s price structure is mostly based on monthly subscriptions and restrictions on the number of local and international transfers you can make per month depending on it.

Here’s a quick price comparison for an international transfer of 15,000 GBP to USD:¹

ServicesTransferWiseRevolut FreeRevolut GrowRevolut ScaleRevolut Enterprise
Subscription fee00£25$100£1000
Conversion fee£56.05£60No fees for transfers below £10K (both inbound and outbound)No fees for transfers below £50K (both inbound and outbound)0
International transfer fee0$3£2000
Swift fees charged by banks0£20£20£20£20
Total fee per month£55.55£83£65£120£1020

Note: Revolut process transfers via Swift which goes through an intermediary bank who charges their own fee before it reaches the beneficiary account. This can cost around £20 - £40. However, this doesn’t apply to all intermediary banks as some banks might not charge anything.

It’s also important to keep in mind that Revolut’s monthly international transfer allowance counts both inbound and outbound transfers. For example, the Grow version only allows 10 transfers and if you need to transfer more than that, you’d need to pay £3 pounds per international transfer.

TransferWise on the other hand doesn’t have any allowances restricted by subscriptions. For every transfer you make, there’s a small, transparent fee which is displayed on the transfer page before proceeding. And as transfers are being processed locally, there are no intermediary banks involved, thus no extra charges. TransferWise also offers a batch payment tool for every registered business account to allow them to make up to 1,000 transfers in one go.

There are cases when Revolut might be cheaper especially for certain sums and conversion between currencies other than specified above, so it's better to ask for a quote first and do some research before taking the leap.

Speed

TransferWise always tries to process transfers as quickly as possible and manages to offer instant transfer for some of the major currency routes. Some currencies generally take 1 - 2 working days.

Revolut usually processes transfers via Swift or SEPA. Swift transfers normally reach the beneficiary account in 1 - 3 working days but in some cases it can take up to 10 working days depending on which countries the transactions involve. SEPA transfers (for accounts within the SEPA zone (Single European Payment Area) take up to 24 hours.²

Convenience

TransferWise

  • Lets you hold, convert and send funds in over 40 currencies. This brings a lot of convenience when you have to make transfers to different countries.
  • You can also receive local and international payments for free in USD, EUR, GBP, AUD, NZD and PLN all in one account.
  • You can connect the multi-currency account to Xero for accounting purposes
  • You can make both personal and business payments through the app
  • A debit card attached to your multi-currency account.

Revolut

  • Lets you to hold send and convert in 30 currencies
  • A debit card attached to the multi-currency account
  • Can receive payments locally in EUR and GBP
  • You can connect the business account to Quickbooks
  • You can make transfers on the app
  • Multi-user access

Security and reliability

Both services have a bank level security and are committed to protecting their customers money and personal information.

TransferWise, registered with the Financial Crimes Enforcement Network (FinCEN) in the U.S and regulated around the world, has extensive security measures in place to protect your payments. This includes business verification, 2-step login and dedicated anti-fraud teams.

Just like TransferWise, Revolut has the obligation to ‘safeguard’ their customers' money and have procedures in place to keep your money safe. They also have 2-step login and verification procedures.³

Revolut Pros and Cons

Pros

  • Multi-user access
  • Free transfers from one Revolut account to another
  • Multiple debit cards in one business account
  • Fast and convenience verification process
  • Virtual cards
  • Recurring payments

Cons

  • Exchange rate mark-up for anything over the monthly allowance
  • Inbound transfers count within the monthly allowance.
  • Can only locally receive transfers in EUR and GBP
  • Most transfers are being processed via Swift - can take longer and usually more expensive

TransferWise Pros and Cons

Pros

  • Real exchange rate for all currencies
  • No restricting subscription - users can use all the features available
  • Supports over 40 currencies
  • No intermediary banks involved - local transfers to beneficiary
  • No receiving fee
  • Can receive transfers in USD, EUR, GBP, AUD, NZD and PLN locally
  • High transfer limits
  • EUR and GBP direct debit

Cons

  • Verification process can take long
  • Multi-user access is not yet available
  • Recurring payments has to be initiated manually
  • Only one debit card available per account
Get started in minutes with TransferWise for Business.

Sources:

  1. Revolut website - plans
  2. Revolut blog post
  3. Revolut help page

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

TransferWise is the smart, new way to send money abroad.

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