Wise

Website

wise.com

Categories

#Online Payments #Money Transfer #International Money Transfers #Currency Exchange

Revolut

Website

revolut.com

Categories

#Online Payments #Payment Platform #Payments #Recurring Billing

Wise features and specs

• Low Fees
  Wise offers competitive and transparent fees compared to traditional banks and many other money transfer services.
• Real Exchange Rates
  Wise uses the mid-market exchange rate, meaning users get the real exchange rate without any hidden markups.
• Fast Transfers
  Many transfers through Wise are processed quickly, often within a few hours or a day, depending on the destination country and payment method.
• Multi-Currency Accounts
  Users can hold and manage money in multiple currencies with Wise's Borderless Account, making it easier for those who deal with international payments regularly.
• Transparent Pricing
  Wise is upfront about their fees and the total cost of a transfer, so users know exactly how much they'll pay and how much the recipient will receive.
• User-Friendly Interface
  Wise offers a clean and intuitive application and web interface, making it easy for users to navigate and complete transactions.

Possible disadvantages of Wise

• Limited Customer Support
  Wise's customer support is primarily online, and some users report difficulties in reaching live assistance or having slow response times.
• Transfer Limits
  There are limits on how much money can be transferred in a single transaction or over a period of time, which might be restrictive for some users.
• Lack of Physical Locations
  Unlike traditional banks, Wise doesn't have physical branches, which can be an inconvenience for those who prefer in-person banking services.
• Verification Process
  New users or those making large transfers may have to go through a lengthy verification process, which can delay the initial transaction.
• Not Available in All Countries
  Wise does not operate in every country, limiting its accessibility for some users looking to send or receive international payments.
• Occasional Delays
  While generally fast, some transfers may experience delays due to various factors, such as banking hours, holiday schedules, or compliance checks.

Revolut features and specs

• Multi-Currency Support
  Revolut allows users to hold and exchange multiple currencies, making it convenient for international travel and business.
• Fee-Free Spending
  The platform offers fee-free spending abroad, which can be a significant cost-saving advantage for frequent travelers.
• Real-Time Exchange Rates
  Users benefit from competitive exchange rates that are often better than those offered by traditional banks.
• Budgeting Tools
  Revolut includes built-in budgeting and analytics tools to help users manage their finances more effectively.
• Cryptocurrency Support
  Revolut allows users to buy, hold, and sell cryptocurrencies, making it a versatile financial tool.
• Instant Transfers
  The platform supports instant, free transfers between Revolut users, facilitating easy money transfers.
• Advanced Security Features
  Revolut offers advanced security features like disposable virtual cards and instant card freezing.

Possible disadvantages of Revolut

• Monthly Fees
  Some of Revolut’s premium features are locked behind monthly subscription plans, which can be a downside for budget-conscious users.
• Limited Customer Support
  Users often report that customer support can be slow to respond and sometimes unhelpful.
• Limits and Restrictions
  There are various limits on free withdrawals and spending, which can be inconvenient for heavy users.
• Currency Exchange Limits
  Free currency exchange is limited up to a certain amount each month, after which a fee is applied.
• Dependence on App
  The service is heavily dependent on its app, and any technical issues can greatly impact user experience.
• Geographic Restrictions
  Revolut is not available in all countries, limiting its accessibility for some potential users.
• Fees for Certain Transactions
  While many services are free, some transactions like international money transfers can incur fees.

TransferWise Review - 3 Must Knows (2020)

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