Revolut Business vs Wise Business

Choosing the right business bank account could be the difference between seamless transactions with customers and suppliers and endless headaches resulting from the lack of functionality you need.

Nowadays, there are lots of options catering to different types of businesses. But if you work with international clients, you’ll have probably heard of Wise Business and Revolut Business. Both providers are designed to make it easy to do business with clients around the world.

Revolut positions itself as an international business account that allows you to transfer money “without borders”, while Wise calls itself the “fast, easy” international business account that takes your business to new places.

So, to sum up:

• Your funds are safeguarded with Revolut and Wise alike.

• You get live chat options with both providers, but Wise offers email and phone calls as well, while Revolut only offers these services in limited circumstances.

• Revolut doesn’t offer savings accounts, while Wise offers a low risk product called Wise Interest to help you save.

• Neither Wise nor Revolut offer overdraft options.

• Both Wise and Revolut offer a range of integrations as well as API options for further customisation.

Since its founding in 2015, Revolut has grown significantly, attracting over 28 million users worldwide with its innovative range of personal and business products. Their business account has already amassed over 500,000 users after launching in 2017. And with support for over 200 countries across 29 currencies, it’s widely accessible across the globe.

Wise is a financial technology company that has been providing personal and business accounts to help manage money seamlessly for over a decade. They support more than 300,000 businesses with their business account offering. They operate in 175 countries and support 50 currencies.

One of the core principles of Wise is to always deliver transparent and competitive international transfers at the lowest fees possible. Their “money without borders” mission involves making international transactions free in the long term.

Wise and Revolut both take the safety and security of their customers seriously as evidenced by the robust processes they have in place. Let’s take a look at them in a little more detail.

Deposit protection

With Revolut and Wise alike, your funds will be safeguarded. This means there is a separate pot of money where your funds are kept. Should the company become insolvent, this pot is kept safe from creditors.

Fraud prevention

Wise uses industry-standard HTTPS encryption to secure its customers' transactions, protecting their communications from potential fraudsters. In addition, the company employs two-factor authentication through a verification process, which adds an extra layer of security to its payment authorisation. Wise also uses the 3D secure feature, which requires customers to verify a payment separately through their app or by entering a code via text or call.

On the other hand, Revolut's anti-fraud system provides a range of protective features, including flagging suspicious transactions and requiring additional verifications. The company also uses 3D secure cards, which require customers to authenticate their transactions with a password or code. Additionally, the company offers users the ability to freeze their cards instantly via their phone line, in case they suspect any fraudulent activity.

Protecting user data

When it comes to privacy protection, both Revolut and Wise take the matter seriously. Both companies acknowledge that there may be occasions where they need to transfer their data out of the UK/EEA.  In doing so, they have put measures in place to ensure that your data is still protected and treated securely.

For example, Wise say they take all steps reasonably necessary to ensure that their clients' data is treated securely and in line with their data protection policy when it leaves the EEA. This may include specific safeguards and contracts too.

Similarly, Revolut also understands that there may be times where transferring a client's data is necessary. They take physical and technical measures to protect their clients' data. Additionally, Revolut has set up contracts with strict data protection safeguards to ensure their clients' data is "sufficiently protected".

Whether you choose Revolut or Wise, be assured that both take client privacy seriously and have in place the necessary measures to protect your data.

Wise and Revolut both have high scores across popular review sites. With a 4.7/5, Revolut has a slight edge over Wise’s 4.65/5. But it’s safe to say both accounts are popular with customers across the Google Play Store and App Store alike.With nearly 620,000 reviews, Wise has far more reviews than Revolut Business. But that’s partly because Revolut has a separate Revolut Business account on several review sites.

While Revolut offers a free business account, Wise’s business account costs £45 to set up. With Revolut, there are also paid options. You pay different fees based on whether you’re a freelancer, i.e. self-employed, or a business.

Plans differ, but you shouldn’t have to pay more than £100 per month with Revolut. For a cost of £100 per month, businesses can opt for the "Scale" option which comes with a dedicated account manager. Large enterprises are also catered to with customised options.

In contrast, Wise operates on a pay-as-you-go basis. Fees are based on a percentage of the transaction and depend on the type of currency being used. To make the deal sweeter, Wise offers 0.5% cashback on spending via its debit card.

So while Revolut offers added extras for businesses, Wise is a good option for those who want to keep fees low and earn cashback. Ultimately, the decision between the two will depend on individual circumstances and requirements.

At the time of writing, all systems were operational at Wise and Revolut alike. Revolut doesn’t publish incident history, but a quick scan through Wise’s website suggests that the experience is mostly incident-free.

There were a couple of issues with account top-ups in March and April, but both incidents were resolved promptly. This suggests that both services provide an overall reliable service to their customers.

Both Revolut and Wise offer several options to contact customer services. Their relevant help desks with frequently asked questions are typically the first port of call. Should this not answer your query, you will be able to use one of a number of options to get further help.

Revolut charges a flat fee of £3 for all international payments over the user's free limit (if applicable depending on the plan), and also charges £8 per additional transfer to a US local account if wire transfer is used. There is also a foreign exchange fee of 0.4% for all transactions once you exceed your free FX allowance.In contrast, Wise charges a fee that varies by currency for converting money, starting from 0.43%. For account details in 9 currencies, users must pay £45. Additionally, receiving non-wire payments is free, but receiving USD wire payments incurs a fixed fee of $4.14 per payment.

With Wise, you'll always get a delivery estimate to help you work out how long delivery will take.  Depending on the type of payment, it can take anywhere between a few seconds to a few days to get the money sent.

When it comes to ease of use, both Revolut and Wise have been successful in creating intuitive interfaces that allow customers to navigate through their platforms with ease. Both business accounts offer the opportunity to manage your finances through a dedicated app or via the website.

According to an accessibility audit conducted on Google's Chrome browser, Revolut emerged as the winner with a score of 96/100 on mobile and 98/100 on desktop. Wise, on the other hand, scored 83/100 on both mobile and desktop devices.

Despite the accessibility audit scores, both Revolut and Wise have received high ratings in the Google Play Store and App Store. Revolut has an impressive 4.9/5 and 4.6/5 rating on the App Store and Google Play Store, respectively. Similarly, Wise has a rating of 4.7/5 on the App Store and 4.8/5 on the Google Play Store. These high ratings attest to the customer satisfaction levels with regards to the usability and user experience of both platforms.

Neither Wise nor Revolut offer savings accounts in the traditional sense for their business users.

Revolut's savings account, known as the Saving Vaults scheme, is available to personal customers but not currently to business account holders. This scheme was introduced in 2022 for Metal customers and then made available to other non-business users. We don’t know whether  will be released to business users, however.

Wise doesn’t offer a traditional savings account either. However, Wise Interest is a feature that could be used in place of a savings account. This low-risk investment fund is government-backed and offers a current variable interest rate of 3.81%.

Revolut is known for its quick account application process. It should only take around 10 minutes to complete, and the company promises a speedy onboarding process for most businesses.

You may need to provide some information to get your application processed. This includes:

• A small blurb explaining what your business is about and the nature of your business.

• Proof of identification and proof that you can reside in the country where the business is located.

• If you’re applying for a corporate account, proof of identification and showing the right to reside in the country where the business is located.

Revolut may also ask for incorporation details and information about shareholders and directors if you’re applying for a company account.

Wise, on the other hand, requires a one-time set-up fee of £45 to open an account. While the account opening process is still relatively quick, it may take up to 10 working days to complete the process due to some of their verification requirements. Here’s some info you may need to provide when applying for an account with Wise:

• Information about the business, such as registration details, the location, your industry

• Personal details and identification for the account owner to verify their identity

• Additional info may be needed if the applicant is not a director of the company

Overall, both Revolut and Wise offer relatively straightforward business account opening processes.

Neither Revolut Business nor Wise allow cash deposits to their accounts. While this might be a bit frustrating for businesses that deal heavily in cash, both providers make their stance clear on the matter.Wise allows customers to make payments electronically or receive transfers directly to their account, while Revolut encourages clients with cheques to request payment via bank transfer instead. In terms of ATM withdrawals, Revolut charges a 2% fee for all cash withdrawals regardless of the amount, whereas Wise's charges only apply for withdrawals over £200.

The choice between Revolut and Wise ultimately depends on your specific needs and preferences. If you rely heavily on cash transactions, Revolut might not be the best choice for you due to its no-cash policy and withdrawal fees. On the other hand, Wise's lower withdrawal fees might make it a more attractive option, especially if you regularly withdraw small amounts of cash.

When it comes to sending large payments in GBP, both Revolut and Wise offer competitive options for their users. The maximum limit for Wise transfers is 5 million GBP per transfer, for instance. Customers who spend over £100,000 get a fee discount too.

Revolut offers a more flexible approach with varying limits depending on the type of account held. Freelancers can send up to 500,000 GBP per day while companies can send up to 30 million GBP per day. There are options to send more via SWIFT payments.

So both Revolut and Wise offer the opportunity to make large payments, with Wise even offering fee discounts for larger amounts.

When it comes to accounting integrations, both Revolut and Wise offer a range of options for businesses. Wise, for instance, integrates with popular accounting softwares such as:

• Quickbooks

• Xero

• Sage

• FreshBooks

• Wave

• Oracle

Wise also offers its own API to customers. This allows businesses to streamline their accounting processes by automatically sync their financial data between platforms. Wise's integration feature is available for all its customers, regardless of their subscription plan.

Similarly, Revolut offers integrations with well-known apps, including:

• Shopify

• Zapier

• Xero

• QuickBooks

• Coconut.

In addition, Revolut has an extensive Business API that permits users to develop custom integrations tailored to their requirements if they are on a paid plan. All in all, both accounts offer plenty of customisation options and integrations too.

All in all, both business accounts offer brilliant features for businesses that have an international presence. With Wise, you can open multiple currency accounts that make payments even easier. Revolut, on the other hand, offers a free basic account that lets you try out the platform before committing.

While neither account allows you to deposit cash directly, this can be managed via a third party if necessary.

Both accounts score highly on the App Store and Google Play Store alike, suggesting ease of use on the go too. All in all, you can’t go wrong with either Revolut or Wise if your business is mostly conducted via digital payments, and especially if you’re planning on going global.

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