Using Wise vs Revolut: Which Is Best for Expats?

Every month clients ask me the same question: “Should I move my money with Wise or Revolut?”
There’s a reason this comparison is the new Coke vs Pepsi for globally mobile professionals. The right choice can shave hundreds off FX spreads, keep tax authorities happy and, frankly, let you focus on the fun parts of relocating.

I’ve opened, audited or closed more than 300 e-money, multi-currency and offshore accounts in the last decade of tax practice. In this guide I’ll walk you through:

• What Wise and Revolut actually do—and why expats should care.
• Exactly how to open and fund each account, in the right order.
• Real-world fees, hidden costs and settlement timelines no brochure shows you.
• Four common mistakes I still see (including one that triggered a €12,000 VAT audit).
• My bottom-line recommendation based on different expat profiles.

Sprinkled throughout are quick personal anecdotes—because sometimes the best way to see the iceberg is to hear from someone who’s already dented the hull.

“Paperwork should never outlive the journey.”
—Field note #17, BorderPilot playbook

1. What Wise and Revolut Are—and Why They Matter

1.1 The Short Definitions

Wise (formerly TransferWise)
A UK-regulated Electronic Money Institution (EMI) specialising in low-cost international transfers and multi-currency balances with local bank details in 10+ jurisdictions.

Revolut
Originally a travel card startup, now a quasi-super-app offering everything from FX to crypto, stock trading and junior accounts, operating under multiple EMI and (in some regions) full banking licences.

Both platforms give expats three priceless superpowers:

1. Multi-currency wallets to pay rent in Madrid today and receive your Singaporean salary tomorrow.
2. Mid-market FX rates—saving 0.4%–2.6% per transfer compared to legacy banks.
3. Local account numbers that stop landlords, HR departments and gig platforms from rejecting “foreign” IBANs.

1.2 Why Your Future-Self Cares

Regulators can’t resist touching anything cross-border. The right EMI shields you from three bureaucratic nightmares:

• “Economic glue traps.” Many banks force you to maintain a local address. Move country and they freeze or close the account. (See our actionable playbook on keeping your home-country card alive.)
• Transfer reporting thresholds. In the EU, any single transfer above €10,000 triggers an automatic CRS report. Properly structuring smaller, scheduled transfers through an EMI often smooths the paper trail.
• Double conversion fees. Payroll in USD, rent in EUR? A bad FX spread feels like paying tax twice. There’s no refund.

Wise and Revolut tackle these pain points differently. Choosing blindly can turn your relocation budget into an unplanned “donation” to bank shareholders or tax advisors like me (thanks, but let’s avoid that).

2. Step-by-Step: From Download to First Transfer

Below I outline the fastest, least-error-prone sequence to open each platform, verified in four continents this year. Feel free to skim to the one you’re leaning toward—though some clients end up using both.

2.1 Opening Wise—The Minimalist Route

1. Install the app or use the web portal. Wise’s browser interface is cleaner if you’re uploading high-res passport scans.
2. Identity verification (KYC).
3. Passport or national ID (driver’s licences often rejected for non-EU nationals).
4. A 10-second selfie video.
5. Address proof. Utility bill, bank statement, or—my pro tip—a PDF rental contract with your name typed and signed. Wise accepts it 90% of the time.
6. Add your first currency balance. Start with the one you get paid in. Funding via debit card is fastest; wire transfers can take up to two days.
7. Generate local bank details (IBAN, sort code, ACH, etc.).
   Currently you can obtain details in USD, EUR, GBP, AUD, NZD, SGD, HUF, TRY, RON and CAD.
8. Order the physical debit card (optional). Delivery windows:
9. EU/UK: 4–7 business days
10. Asia-Pacific: 7–14 business days
11. Latin America & Africa: 14–21 business days

Elapsed time: 25–45 minutes of desk work, plus postal delivery if you want the card.

2.2 Opening Revolut—The “Swiss Army App” Experience

1. Download the mobile app. Unlike Wise, Revolut is mobile-first; you’ll need the phone anyway for 2FA.
2. KYC video selfie + document scan. Revolut’s AI sometimes flags glasses glare; remove specs to avoid a redo.
3. Address confirmation. Accepts the same docs as Wise but also a bank letter.
4. Select plan tier.
5. Standard (free)
6. Plus
7. Premium
8. Metal
   Upgrading later is painless, but initial choice affects your FX allowance and card perks.
9. Top-up a base currency. Debit/credit card or Apple Pay is instant; bank transfer speed depends on region.
10. Enable additional services.
11. Insurance add-ons
12. Crypto wallets (not available in some US states)
13. Junior accounts for kids
14. Order your card.
    Express shipping available for Premium and Metal users, making the card viable even if you’re between Airbnb stops.

Elapsed time: 15–30 minutes of thumb work.

Pull-quote:
“Opening Revolut on a train between Vienna and Bratislava remains my record: 18 minutes, including bad Wi-Fi and a coffee spill.”

3. Costs and Timelines: The Numbers Under the Hood

3.1 FX Fees

Wise is brutally honest: you always pay. Revolut rewards premium plans but can bite on weekends (FX desks closed) with a 1% surcharge.

3.2 Transfer Speeds

• Wise:
• Same-currency local transfers: Seconds to 2 hours

• Cross-currency: ~50% settle within one hour; exotic pairs may take 1-2 days.

• Revolut:

• Peer-to-peer (R2R): Instant
• External SEPA/ACH: Next business day
• Swift transfers: 2–3 days

If speed defines your cash-flow survival—say you’re closing on a rental deposit—Wise typically wins.

3.3 Card Usage Fees

Wise card
FX fee identical to transfer fee.
ATM withdrawals: First €200/month free, then 1.75% + €0.50.

Revolut card
Free allowance same as plan tier: €200 (Standard) to €800 (Metal).
After allowance: 2% fee.
* Weekend FX surcharge: 1%.

3.4 Hidden (ish) Costs I Track

1. Dormancy. Revolut charges £4.99/month after 12 months inactivity; Wise doesn’t.
2. Incoming transfer fees. Wise passes through some US wire fees (~$4.14). Revolut eats them unless Swift.
3. Regulatory country changes. Shift your tax residency and both may force reinvestigation—budget two days.

4. Common Mistakes to Avoid

As promised, here are four real-life blunders that still haunt tax folders worldwide.

4.1 Mixing Personal and Business Funds

A digital nomad client in Chiang Mai asked me why his Wise account got frozen. Turned out he’d funnelled affiliate-marketing revenue (a business activity) into his personal profile. Wise smelled AML risk and iced €16,000 for seven weeks.

Avoidance tip:
Open a separate incorporated account or at least a distinct sub-account. Both Wise and Revolut support business tiers.

4.2 Ignoring Tax Reporting Obligations

Remember: an EMI is not a secrecy vehicle. Under CRS, both companies report balances to your declared country of residence each year. One reader in Portugal faced a €12,000 VAT audit simply because his Revolut balance didn’t match declared invoices.

Avoidance tip:
Download annual statements every January. Reconcile them before your accountant asks.

4.3 Funding with a Corporate Card in Someone Else’s Name

Both platforms flag third-party top-ups. A client tried to use his father-in-law’s Amex to leapfrog Thai capital controls; account suspension followed.

4.4 Leaving the Card Behind During a Visa Run

A classic BorderPilot anecdote: An expat in Qatar (read our breakdown on residency routes for professionals) left his Revolut card in Doha, flew to Cyprus for a weekend, and discovered Revolut blocks new logins without the physical card for two-factor authentication. Stranded cashless at the beach bar—€11 mojitos taste worse when you can’t pay for them.

5. Wise vs Revolut: Which One for Which Expat?

Below is my cheat sheet, honed after hundreds of client scenarios.

5.1 The Salary-Earning Employee on Assignment

Profile: Paid monthly in USD or EUR, makes weekly local purchases.

Recommendation: Wise
* Faster payroll arrival.
* Transparent fees keep HR happy when auditing relocation allowances.

5.2 The Freelance Consultant With Multiple Clients

Profile: Invoices in three currencies, irregular cash-flow, wants analytics.

Recommendation: Use Both
* Wise for inbound invoices (local account details impress clients).
* Revolut Metal for fee-free card spend and analytics dashboard.

5.3 The Family Relocating With School-Age Kids

Profile: Needs budgeting pots, junior cards, insurance.

Recommendation: Revolut Plus or Premium
* Junior accounts mean pocket-money without bank branch drama.
* Instant pots help track tuition, groceries, holiday funds.

5.4 The High-Frequency Trader or Crypto Enthusiast

Profile: Moves money daily, hunts yield, wants API.

Recommendation: Revolut
* Integrated trading reduces transfer hops.
* But keep a Wise account as exit liquidity if crypto ramps choke.

5.5 The Minimalist Backpacker

Profile: Three T-shirts, one laptop, hates monthly fees.

Recommendation: Wise only
* No dormancy charges.
* Lowest effective spread under €1,000/mo volume.

Frequently Asked Questions

Q: Can I keep my Wise or Revolut account if I move to a sanctioned country?
A: No. Both comply with OFAC and EU sanction lists. You’ll need an alternate structure—ask before you buy that one-way ticket.

Q: Do they replace a traditional bank account?
A: Legally, no. Some landlords/embassies still request “bank statements.” Wise now issues them in a bank-like format, but confirm acceptance.

Q: Is my money protected if either collapses?
A: Not via deposit insurance (except Revolut Bank in EEA states). Funds are safeguarded in ring-fenced accounts. Historically effective, but not identical to FDIC/FSCS.

The Bureaucracy-Free Verdict

If you want the most cost-efficient transfer mechanism with audit-proof transparency, choose Wise.
If you crave an all-in-one finance cockpit and don’t mind gaming tiers to dodge fees, Revolut feels like a smart Swiss Army knife.

Personally, I run both: Wise handles my Romanian consulting invoices; Revolut Metal pays for airport sushi and my niece’s birthday Roblox credits.

Whichever way you lean, set them up before you land. Doing paperwork jet-lagged is a rookie mistake.

Still undecided? BorderPilot’s relocation engine weighs 40+ variables—tax brackets, banking regulations, even postal reliability—to recommend the best financial stack for your destination.

Take two minutes to generate your free, data-driven relocation plan and let bureaucracy become someone else’s problem.