Wise vs Revolut in Canada 2024

Wise and Revolut both provide digital multi-currency accounts and cards for personal and business use. Wise is available to customers in Canada and in many other countries globally. Revolut is not yet available to Canadian customers. However, Revolut is rolling out services to more countries on an ongoing basis - this guide uses Revolut US account options as an example, to illustrate the services offered.

This guide looks at Wise and Revolut features and fees including accounts, cards and transfers, to help you understand and compare your options.

Summary: Wise accounts can hold and exchange 40+ currencies, and come with debit cards for payments and withdrawals, as well as easy ways to send and receive foreign currencies. Revolut isn’t offered in Canada - but where services are available you’ll be able to pick from different account tiers which all support 25+ currencies, and come with spending cards for ease of use.

Wise Vs Revolut: side by side

Wise and Revolut have some similar features, but aren’t exactly the same in terms of their functions and fees.

We will look at Wise vs Revolut features in more depth as we work through this guide. First let’s look at a features overview, using Revolut US as our example:

So, to summarise:

• Wise offers services to personal and business customers in Canada, Revolut is not available in Canada

• Revolut has 3 different personal account tiers for US customers, as well as 4 different business account options, Wise offers the same account features to all customers (personal vs business account features may vary slightly, though)

• Wise has a multi-currency account to support 40+ currencies - Revolut accounts support 25+ currencies

• Both providers offer payment cards which can be used globally

• Wise offers international transfers to 160+ countries, Revolut US customers can send to 140+ countries

• Both providers are fully regulated and safe to use in the countries where they offer services

The important bits

When you’re choosing between Wise vs Revolut you’ll need to consider costs, features and reliability. Let’s walk through a head to head comparison - again we’ve used Revolut US as our example here where discussing things like fees.

Rates: Wise uses the mid-market rate for all conversion, Revolut accounts have some no fee weekday conversion, with fair usage fees of around 0.5% after that

Fees: Wise has no ongoing or account opening fee, but does have transaction fees based on your account use. Revolut fees vary depending on the account you pick

Speed: Wise payments can be instant, with 90% arriving in 24 hours. Revolut transfers have varying delivery times

Service: Both providers offer service online, in-app and by phone

Safety: Both providers are fully licensed and regulated.

Reviews: Wise gets a 4.3 star, Excellent rating, from 213,000+ reviews on Trustpilot; Revolut gets 4.2 stars, for a Great rating, from 150,000+ reviews

Pros and cons

Wise Vs Revolut: The verdict

Wise and Revolut are both great options for international accounts and cards. You can open a Wise account in Canada, while Revolut is not yet available for Canadian residents.

Wise accounts have no ongoing fees and mid-market rate currency conversion. You can get a debit card, and also send international payments and receive money in foreign currencies. When you use Wise you’ll pay transaction fees based on the services you use, which are transparent and usually pretty low.

Revolut has different account tiers, so you can choose to either pay ongoing fees to get more features, or have a basic account with no monthly charge. This allows you to pick the account type which gives you the best value based on how you transact.

If you’re eligible for both Wise and Revolut accounts it’s worth comparing both options to see which works better for you. This guide will also give you lots more to think about in terms of Wise vs Revolut features, fees and accessibility.

Is Revolut available in Canada?

At the moment, you can’t open a Revolut account from Canada - but you can if you’re a legal resident of the European Economic Area (EEA), Australia, New Zealand, Singapore, Japan, Brazil, Switzerland, the United Kingdom, or the United States.

Because Revolut isn’t offered in Canada, we can’t show account services or fees for our local area - but to help you see what may be offered when Revolut rolls out further, we’ve used the account options you’d get if you were a US resident instead.

Is Wise available in Canada?

Yes, you can use Wise in Canada. You can open a Wise account to 40+ currencies including CAD, order a Wise card and send money internationally to 160+ countries with Wise.

About Wise and Revolut

Wise was founded as TransferWise in 2011, and offers personal and business accounts to hold and manage 40+ currencies, accept payments and spend using a linked Wise debit card. You can also send money to 160+ countries with the mid-market exchange rate and low, transparent fees.

Revolut is a financial technology company which launched in 2015 and is now available in countries and regions including the US, UK, and EEA. It is not yet available in Canada - but is expanding to new markets all the time. Revolut has different account tiers for personal and business use, with multi-currency functions to hold and exchange 25+ currencies.

How do they work?

Wise accounts hold and exchange 40+ currencies with the mid-market rate and low, transparent fees. You can order a Wise debit card, which lets you spend any currency you hold in your Wise account for free. If you don’t have the currency needed the card can exchange for you with the mid-market exchange rate and low fees from 0.43%. Learn more: How does Wise work?

Wise accounts are set up on a pay as you go basis, with no ongoing fees. Revolut accounts can work a little differently. You can choose a basic Revolut account which has no monthly fees - but if you transact regularly you may also choose to upgrade to an account with a monthly charge which offers more features and higher no-fee transaction limits. Revolut accounts all offer some no fee weekday currency exchange, with fair usage fees once you exhaust your plan limit.

Wise Vs Revolut: Fees

Let’s examine Wise vs Revolut fees. We’ve taken the Revolut US charges here as an example, as Revolut is not available to Canadian customers just yet.

*Information correct on March 27th 2024.

Wise Vs Revolut: Which is cheaper for international payments? 

Wise and Revolut both offer variable fees for international transfers. With Wise your CAD payment is converted to the currency needed for deposit with the mid-market rate, and there’s a fee for conversion which starts from 0.43%. Revolut has a fee of up to 10 USD when sending a payment from the US that’s 200 dollars or less, and you’ll pay up to 5% for transfers of a higher value.

In both cases you can see the costs of your payment before you initiate it so you can compare it to other options.

Wise Vs Revolut: Exchange rates

Wise and Revolut work a bit differently for currency exchange.

Wise uses the mid-market exchange rate when you switch currencies within your account, when you send a payment, and when you spend with your card. There’s then a conversion fee to pay, which is shown separately for transparency, and which starts from 0.43%.

Revolut accounts have varying levels of no fee weekday currency conversion. In the US, to give an example, a basic plan holder can convert up to 1,000 USD a month on a weekday with no extra fee. Once you’ve used up this allowance you pay a fair usage fee - usually 0.5%. There’s also a 1% fee to pay for currency conversion if you need to exchange outside of market hours - so at the weekend for example.

Wise Vs Revolut: Which is faster for international transfer?

If you’re sending money to a bank account, Wise transfers can be instant in about 50% of cases, and over 90% arrive in 24 hours.  Revolut has variable delivery times based on the country you’re sending to and from.

Both providers give you a delivery estimate when you set up your transfer so you can get an idea of when your money should be available to the recipient.

Wise Vs Revolut: International transfer limits

Wise international transfer limits can depend on whether you have a personal or business account, and the currencies involved. Usually you can send around 1 million GBP or the currency equivalent - some payment methods have lower limits, which you’ll see in the app or online when you set up a transfer.

If you have a Revolut US account you can usually send an unlimited amount to a bank account overseas. However, there are a few exceptions which can depend on the country and currency involved. If your payment is affected you’ll see a message in the app before you initiate the transfer.

Wise Vs Revolut: Payment methods

If you want to use Wise to send an international transfer, or if you’re topping up your account yourself, you can choose from:

• direct debit (EFT)

• online bill payment

• debit/credit card

• wire transfer

• Interac e-Transfer

• Wise account balance

You can add money to a Revolut US account with a bank transfer - such as an ACH - or with a debit or credit card. If you’re sending an international payment with Revolut you’ll see your payment options and the relevant fees on the screen when you set up your transfer.

Wise card Vs Revolut card for travel

Having an international account with a linked debit card is convenient for spending and making withdrawals when you travel. Here’s a quick head to head of the card options for Wise vs Revolut.

Learn more: Wise debit card review

Wise Vs Revolut cards: Where can you use them?

Both the Wise card and the various options for Revolut cards can be issued as either a Visa or Mastercard. You won’t be able to choose which network your card is issued on but both are very broadly supported internationally.

Wise Business Vs Revolut Business

Both Wise and Revolut offer business services in many countries around the world. As with personal account services, businesses in Canada can not choose a Revolut account, but Wise is available. Here we’ve looked at Revolut’s business account options in the US to give a feel for what’s available.

Learn more: Wise Business review

If you are not sure which account is better for you, this guide can help you: Wise personal vs Wise business account

Ease of use

• Creating an account: Wise accounts are opened and operated online or using the Wise app.  Revolut accounts can also be opened online or in app

• Making a transfer: Wise and Revolut international payments can be made online or in-app

• Ways to send money: Wise transfers can be funded by direct debit (EFT), online bill payment, debit/credit card, wire transfer, Interac e-Transfer and Wise account balance. Revolut shows you the options available when you set up your transfer - often bank transfer or card

• Languages: Wise and Revolut both offer support online, using the app, and by phone, in a selection of languages based on where you are

• Minimum & maximum amounts: Wise limits depend on which currencies you send to and from, and how you pay - typically where limits apply they’re set at around the equivalent of 1 million GBP per transfer. Revolut often does not have any payment maximum limit

Supported currencies

Wise accounts can hold 40+ currencies and come with local account details for 10 currencies.  Revolut accounts in the US can hold and exchange 25+ currencies.

Safety

Wise and Revolut are both safe and fully regulated providers. As we’ve mentioned, Revolut is not available in Canada, but where it offers services, it is properly licensed depending on the local laws and requirements.

In Canada, Wise is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and uses strong digital security measures on all accounts and transfers. As a global company Wise is also overseen by a selection of bodies all around the world.

Learn more: Is Wise safe to use?

Wise Vs Revolut: Customer service

Both Wise and Revolut have a self service model which means that most of the information you need to transact is available in the app, through prompts and on screen messages. If you ever have a question you can get individual support from both providers, 24/7 by starting an in app chat. You’ll be connected to the help you need depending on the specific problem you have.

Conclusion: Comparing Wise and Revolut for Canada

Wise and Revolut are both strong options for international accounts and cards. However, if you’re based in Canada you can’t open a Revolut account at the time of writing. Until Revolut rolls out its services to Canada you might want to check out Wise instead.

Wise multi-currency accounts support 40+ currencies and come with debit cards which you can use globally with the mid-market rate, no foreign transaction fee and low currency conversion costs from 0.43%. If you’re looking for easy ways to send, receive, spend and exchange currencies, Wise is well worth checking out.

Revolut vs Wise in Canada FAQs

What is the difference between Wise and Revolut?

Revolut is not available in Canada. Wise accounts are available for Canadian personal and business customers. Where they offer services, Wise and Revolut both have multi-currency accounts and cards for international spending and withdrawals.

Which is better: Wise or Revolut?

If you’re in Canada you can’t open a Revolut account at the time of writing. Where both providers are available they both offer strong options for multi-currency accounts and cards. Wise accounts support 40+ currencies with no ongoing costs and low, transparent transaction fees. Revolut has different account plans which support 25+ currencies, with differing fee structures depending on your transaction needs.

Is Wise or Revolut cheaper?

Both Wise and Revolut have their own fees which vary based on the services you need. Wise accounts have no ongoing charges and offer mid-market exchange rates with low conversion fees from 0.43%. Revolut US has basic accounts which have no ongoing charges, or you can upgrade to pay a fee monthly and get more services and higher no fee transaction limits.

Is Wise or Revolut faster for international transfers?

More than 50% of Wise payments to bank accounts are instant and 90% arrive in 24 hours. Revolut payments have variable transfer times, which you’ll be shown in the app when you arrange your transfer.

How many currencies do Wise and Revolut support?

Wise accounts can hold 40+ currencies and offer local bank details for 10 currencies. Revolut in the US can support 25+ currencies, with business options which include receiving foreign currency payments in various currencies.