Wise Business vs Revolut Business: Best for International Payments?
Wise Business and Revolut Business both offer multi-currency accounts for freelancers and small businesses. This guide compares fees, transfer speeds, card features, and which is better for receiving international payments.
Wise Business and Revolut Business are the two leading multi-currency accounts for freelancers and small businesses receiving payments from overseas. Both let you hold, send, and receive money in multiple currencies. Wise uses the mid-market exchange rate with a transparent percentage fee. Revolut Business offers monthly plans with currency exchange allowances, after which fees apply. The right choice depends on your payment volume, currency mix, and whether you value predictable flat fees or plan-based allowances.
Wise Business vs Revolut Business: The Definitions
Wise Business (formerly TransferWise Business) is a multi-currency account and international transfer service. It uses the mid-market exchange rate with a small transparent percentage fee on currency conversion. You get local bank account details in major currencies (GBP, EUR, USD, AUD, and more) to receive payments like a local.
Formula
Wise conversion fee: typically 0.35%–2% of the converted amount depending on the currency pair. Example: converting GBP 1,000 to EUR at a 0.35% fee costs approximately GBP 3.50. No monthly account fee for basic use.
Example
A UK freelance developer receives a USD payment from a US client into their Wise USD account, then converts it to GBP at the mid-market rate, paying approximately 0.5% in conversion fees, saving significantly compared to a traditional bank.
Revolut Business is a financial platform offering multi-currency accounts, corporate cards, expense management, and international transfers. Plans include a monthly fee with a free currency exchange allowance; conversions above the allowance incur a 0.6% fee (or 1% on weekends).
Formula
Revolut Business plans (UK): Free plan (GBP 0/mo, limited transfers), Basic (GBP 0/mo with limitations), Grow (GBP 25/mo, GBP 10,000 exchange allowance), Scale (GBP 100/mo, GBP 50,000 allowance). Exchange above allowance: 0.6% fee (1% at weekends).
Example
A freelance agency on the Revolut Grow plan converts GBP 8,000 to EUR in a month within their free allowance, paying no conversion fee. A second GBP 3,000 conversion that month exceeds the allowance and incurs a 0.6% fee on the excess.
Key Differences
- 1Wise uses the mid-market rate with a transparent percentage fee on every conversion; Revolut offers a free allowance then charges 0.6% above it
- 2Wise has no monthly account fee; Revolut Business plans range from free (limited) to GBP 100/month for high-volume use
- 3Revolut Business includes expense management, team corporate cards, and integrations with accounting tools; Wise Business focuses on transfers and multi-currency receiving
- 4Wise local account details are available in more currencies (10+) for receiving like a local; Revolut also offers local details but in fewer markets
- 5Revolut applies a 1% weekend surcharge on currency conversions outside market hours; Wise does not have a weekend surcharge
When to Use Wise Business vs Revolut Business
Choose Wise Business for straightforward multi-currency receiving and converting with no monthly fee and the best available exchange rate. Choose Revolut Business if you want broader business banking features, team expense management, and your monthly conversion volume stays within your plan allowance.
Common Mistakes to Avoid
Ignoring Revolut's weekend conversion surcharge (1% instead of 0.6%): if you regularly convert on weekends, costs are meaningfully higher
Assuming Wise is always cheaper: at very high monthly volumes, a Revolut plan with a large free allowance can be more cost-effective than Wise's per-conversion fees
Using a traditional bank for international receipts instead of either platform: high bank conversion spreads (often 2%–4%) make both Wise and Revolut significantly cheaper for most freelancers receiving foreign payments
Sponsored
Frequently Asked Questions
Can I use Wise Business as my main business account?↓
Wise Business works well as a multi-currency receiving account but is not a full business bank account. It does not offer overdrafts, business loans, or FSCS protection in the UK. Most freelancers use Wise alongside a traditional bank or neobank: Wise for international receipts and conversions, and their main account for domestic transactions and savings.
Does Revolut Business have FSCS protection?↓
Revolut Business accounts do not have FSCS (Financial Services Compensation Scheme) protection in the UK for most account types. Revolut is an e-money institution, not a bank. Customer funds are held in safeguarded accounts with regulated credit institutions. Revolut obtained a UK banking licence in 2024, with full bank protection rolling out over time. Check current status on the Revolut website.
Which is better for receiving USD payments from US clients?↓
Both Wise and Revolut Business offer USD local account details, allowing US clients to pay you via ACH transfer as if you had a US bank account. Wise tends to offer more competitive exchange rates when converting USD to GBP or EUR. For receiving only, both are comparable. For converting large USD amounts regularly, Wise's mid-market rate approach typically wins on cost.
Are there limits on how much I can receive with Wise or Revolut Business?↓
Both platforms have KYC (Know Your Customer) verification requirements and may apply limits until verification is complete. Wise Business allows unlimited receiving once verified, with transfer limits varying by currency pair. Revolut Business has transfer limits tied to your plan tier. Both platforms may request documentation for large or unusual transactions as part of anti-money-laundering obligations.