Wise vs Revolut Business Accounts for Freelancers Abroad

Bureaucracy Without Pain, written by a cross-border accountant who still finds double-entry thrilling

“I became a freelancer to avoid meetings—why am I suddenly drowning in bank comparison spreadsheets?”

If that sounds familiar, you’re in the right place. I spend my days turning financial fine print into plain English for clients who work from Bali today and Berlin tomorrow. In this guide we’ll dissect Wise Business and Revolut Business—two fintech darlings that promise to banish wire-transfer headaches.

Grab a coffee (or a coconut) and let’s make the choice less painful than your last layover in Heathrow.

Contents

1. Why multi-currency matters
2. Fee structures compared
3. Account opening from overseas
4. Integrations with invoicing tools
5. Which one suits your freelance style? (decision matrix)
6. Final verdict & next steps

1. Why multi-currency matters

In 2024, “international” is baked into freelancing by default. My own spreadsheet tells me 63 % of my clients are billed in at least two currencies each quarter. If that’s you, sticking with a single-currency account is like insisting on dial-up internet—technically possible, painfully slow, and bound to cost you more in the long run.

The cost of traditional banks

• Swift fees: €15–€40 per incoming payment
• Exchange spread: hidden 2 – 4 % over interbank rate
• Settlement time: 3–5 business days (add more if there’s a public holiday you never celebrate)

Over a year, even a modest €5,000 per month in USD invoices could bleed €1,500+ in bank fees alone. That’s two months of co-working in Chiang Mai—or the ultra-compact stroller on the ultimate relocation packing list for families with babies.

What “multi-currency” actually means

1. Local receiving account numbers (e.g., a USD routing & account, a GBP sort code, an Australian BSB)
2. Real mid-market exchange rates—not the tourist counter markup
3. The ability to hold and spend those currencies until the rate looks friendly
4. Debit cards that auto-convert at said mid-market rate

Wise and Revolut both tick these boxes, but the devil—spoiler alert—is in the fee schedule.

Pull-quote: “The right multi-currency account frees up brain-space you can reinvest in pitching, not in stalking exchange rates at 2 a.m.”

2. Fee structures compared

TL;DR table

Numbers shift often. Think of this as your starting grid, not carved marble.

Drilling down—what hits freelancers hardest?

2.1 Foreign exchange (FX)

Wise’s transparent mid-market model is its claim to fame. The app shows you: - Interbank rate - Exact fraction of a percent as a fee - Arrival amount in the target currency

Revolut also uses interbank rates on weekdays but slaps on a 1 % markup from Friday 17:00 New York time to Sunday night. If you invoice international agencies who love Friday wires, that weekend difference adds up.

Example:
• €2,000 converted to USD on Saturday
– Wise fee 0.41 % ≈ €8.20
– Revolut weekend fee 1 % ≈ €20

That’s three margaritas—or a month of Notion subscription.

2.2 Incoming transfers

Wise charges $4.14 for USD wires (it’s the U.S. intermediary fee) but free for ACH. Revolut is free for USD wires if you’re on a paid plan; otherwise £4 per transfer.

Tip from the trenches: Encourage U.S. clients to send ACH. Boldly underline “no wires, please” on the invoice footer.

2.3 Card usage & ATM pulls

If you withdraw cash often (digital nomads in South America, I’m looking at you), Revolut’s £200 monthly buffer beats Wise’s $100. On POS transactions, both are free at the mid-market rate—yet Revolut stacks the weekend markup again.

Hidden fees radar

• Wise: dormant account fee? None.
• Revolut: fees for local business cards shipped outside EEA.
• Both: chargebacks are expensive (£15/€15). Avoid by using payment links with strong customer authentication.

3. Account opening from overseas

Nothing says “global freelancer” like completing KYC while perched under a hostel bunk.

3.1 Wise Business onboarding

1. Sign-up email & password.
2. Verify business type. Sole proprietors qualify.
3. Upload passport, maybe proof of address.
4. Video selfie (yes, in your pajamas).
5. Wait time: 1–3 days. My record was 7 hours from a cafe in Medellín.

3.2 Revolut Business onboarding

1. Choose free or paid plan first (annoying if you’re undecided).
2. Provide business registration docs.
3. Address proof & ID.
4. Live selfie too.
5. Wait: 1–7 business days. A UK client of mine got approved in 50 minutes; a Brazilian E-book designer waited 9 days due to “compliance checks.”

Supported countries

Both serve most of Europe, USA, Australia, Singapore. Wise supports 70+ countries for business, Revolut just 30+. If you’re a Belize-registered company, only Wise gives you a fighting chance.

Anecdote: A founder I coached for our solo female founders in Lisbon series moved her LLC from Delaware to Estonia’s e-Residency. Wise updated her details in two clicks; Revolut made her reapply. She still twitches at the memory.

Document checklist cheat-sheet

• Passport (valid 6+ months)
• Proof of current address (utility bill, bank statement, rental contract)
• Business registration or freelance certificate
• Invoice or website that proves “activity”
• Patience (not downloadable, unfortunately)

4. Integrations with invoicing tools

For most creatives, the bank is step zero—actual efficiency comes when invoices reconcile themselves while you nap.

Wise Business integrations

• Direct: Xero, QuickBooks, FreeAgent
• Zapier: 5,000+ apps (Freshbooks, Zoho)
• API: robust, well-documented; the nerds rejoice
• Marketplace payouts: Amazon, Upwork, Shopify

I connected Wise to Xero for a UX writer client. Bank feeds import hourly, FX splits post automatically. She texts me only to brag about her Airbnb view now.

Revolut Business integrations

• Direct: Xero, QuickBooks, Sage, Zoho Books
• Revolut <-> Stripe instant settlement (handy for SaaS)
• Payroll: Deel, Remote (Beta)
• API: slightly more hoops than Wise, but solid

Sweet perk: Revolut’s built-in invoice module sends branded PDFs and payment links. If you’re allergic to software sprawl, that’s one less subscription.

What about PayPal?

Neither provider eliminates PayPal’s notorious fees, but you can withdraw from PayPal to either in the same currency to dodge double conversion. Wise offers local USD routing numbers, so U.S. PayPal charges less for withdrawal.

5. Which one suits your freelance style?

Below is the decision matrix I use in client calls. Rate each criterion 1–5 for importance, multiply by provider score, see who wins.

Print, fill, and watch the numbers speak.

Persona snapshots

1. The Nomadic Designer
   • Works on Fiverr & direct clients in USD and EUR
   • Withdraws cash rarely
   ➜ Wise wins on low FX spreads and ACH receiving.

2. The UK-based SaaS Solo Founder
   • Charges via Stripe, heavy GBP flows, wants perks like metal cards
   ➜ Revolut (Grow plan) offers free GBP transfers and Stripe-to-Revolut sweeps.

3. The Emerging-Market Dev Shop
   • Registered in Estonia, devs across Asia, pays contractors weekly
   ➜ Wise’s mass payouts API simplifies it, while weekend FX fees in Revolut would hurt.

4. The Lifestyle Coach with a Course Launch
   • Collects via PayPal, needs SEPA payouts, minimal tech appetite
   ➜ Either works; Revolut’s invoice builder might tilt the scale.

6. Final verdict & next steps

When clients corner me for a binary answer, here’s my accountant-approved script:

• Pick Wise if your income is scattered across time zones, you obsess about hidden margins, and you’d rather piece together your own tech stack.
• Pick Revolut if you’re Euro-centric, like built-in bells (insurance, airport lounges, spare crypto dabbling), and prefer a “one super-app to rule them all” experience.

Worst case? Open both. Neither charges a monthly fee on the entry tier, and you’ll have redundancy when one inevitably flags your Thai IP as suspicious.

Call-out: “Spend less time decoding bank fees and more on the work that actually pays those fees.”

Bureaucracy doesn’t have to bite. Inside BorderPilot you’ll find currency analytics, visa timelines, even childcare cost calculators—everything I juggle in spreadsheets for private clients. Create your free relocation plan today and let the data do the heavy lifting, while you focus on, well, everything else.