Wise card vs Revolut: A Full Comparison on Features and Fees – 2024
Wise and Revolut both offer powerful multi-currency accounts which come with linked cards for spending and withdrawals. But which is best between the Wise card vs the Revolut card?
This guide walks through everything you need to know about the features, fees, pros and cons of both the Wise card and the Revolut card so you can see if either suits your specific needs.
Key points:
- You can hold and exchange 40+ currencies with Wise, while Revolut supports 35+ currencies for holding and exchange
- Wise offers the same account features to all customers, Revolut has 3 different account tiers available in New Zealand, including some with no ongoing fees
- Wise converts currencies with the mid-market rate and fees from 0.43%, Revolut offers some no fee weekday currency conversion for all account plans, with fair usage fees of 0.5% after that
- Both Wise and Revolut offer some no-fee ATM withdrawals monthly, before any withdrawal charges begin
The Wise card vs the Revolut card card in New Zealand: Side by side
Throughout this guide we’ll look in detail at how the Wise card and the Revolut card work. First, let’s get an overview of some of the key features side by side as a comparison:
| Feature | Wise | Revolut |
|---|---|---|
| Card type | International debit card | International debit card |
| Network | Either Mastercard or Visa | Visa |
| Service availability | Available in most countries globally | Available in a broad selection of countries globally |
| Annual/monthly fees | None | No fee for Basic account plan – fees of up to 19.99 NZD/month for Metal plans |
| Multi-currency account | Hold and convert more than 40 currencies
Receive payments with local details, available in 10 currencies |
Hold and convert 35+ currencies |
| Spending overseas | Free to spend a currency you hold, conversion fee from 0.43% for other currencies | No fee to spend a currency you hold – all accounts offer some weekday no fee conversion, with 0.5% fair usage fees after that |
| Exchange rate | Mid-market rate | Mid-market rate on weekdays, to plan limit
0.5% fair usage fee
1% out of hours fee |
| ATM use | Some free ATM withdrawals monthly before fees begin | Some free ATM withdrawals monthly before fees begin |
| Transfer | Send money to 160+ countries, direct to bank accounts | Send money to a broad selection of countries, direct to bank accounts |
So, to summarise:
- The Wise Card is a debit card issued on either Visa or Mastercard – the Revolut card is a Visa debit card
- The Wise Card is available in most countries globally – the Revolut card is available in a large selection of countries, including New Zealand
- There’s no annual or monthly fee for Wise. Revolut has basic account plans with no ongoing fee, or you can upgrade for up to 19.99 NZD/month
- There’s no foreign transaction fee with Wise, and currency conversion costs start from 0.43%. With Revolut, you can convert currencies on weekdays to your plan limit with no fee, but then a 0.5% fair usage fee begins
- Wise multi-currency accounts support 40+ currencies – Revolut offers an account which can hold and convert 35+ currencies
- Wise uses the mid-market exchange rate to convert currencies – Revolut uses the mid-market rate to plan limits, with fair usage and out of hours fees
- Wise and Revolut both allow customers to make some no-fee ATM withdrawals monthly
- Wise and Revolut both support transfers to bank accounts in many other countries globally
Pros and cons
| Wise | Revolut |
|---|---|
| ✅Debit cards linked to multi-currency accounts to hold 40+ currencies ✅ Spend in 150+ countries, wherever you see the network logo ✅ Get some free ATM withdrawals monthly ✅No ongoing fees ✅ Mid-market exchange rates |
✅Multi-currency accounts which can hold and exchange 35+ currencies
✅3 different account plans to choose from, including some with no monthly fee ✅Get some no-fee ATM withdrawals monthly ✅Mid-market exchange rate currency exchange to plan limits
|
| ❌One time card order fee of 14 NZD applies ❌Currency conversion costs from 0.43% |
❌Monthly fees up to 19.99 NZD for higher tier accounts
❌Fair usage and out of hours conversion fees apply |
Wise card vs Revolut card: The Verdict
The Wise card and the Revolut card are both linked to a digital account which you can use to hold a multi-currency balance. They’re secure and easy to use for international payments and withdrawals, and have fairly low fees. However, they work a little differently to each other so comparing them both before signing up is a smart plan.
Wise supports 40+ currencies for holding and exchange and has cards which can be used in 150+ countries. There are no ongoing fees and all currency exchange uses the mid-market rate with fees from 0.43%. Revolut has different account plans, including a Basic plan with no ongoing fee, and some with costs of up to 19.99 NZD a month. Higher tier accounts unlock more features and have more no-fee transactions included.
Because there are no ongoing fees to pay, the Wise card can be handy for when you travel, or even for day to day use. If you choose a Revolut card you’ll need to make sure you pick the plan level which matches your transacting needs to get the best available value. This guide looks in more detail at how both the Wise debit card and the Revolut card work, so you can decide if either suits you.
How do they work?
With both Wise and Revolut you’ll need to register an account online or in app, and upload some images of ID and address documents for verification purposes. Once your account is up and running your card will be sent by mail, and you can start to transact instantly with a virtual card. View and manage your account and card in the provider’s app to keep on top of your finances even when you’re on the move.
Wise card limits
With Wise you can spend up to 52,500 NZD monthly, and make ATM withdrawals up to 7,000 NZD. You’ll be able to adjust your limits in the Wise app if you’d rather have a lower daily or monthly limit on your card spend. There’s not usually any limit to the amount you can hold in your Wise account.
Revolut card limits
With a Revolut card you can make daily cash withdrawals up to the currency equivalent of 3,000 GBP. There may be some limits on some transaction types – for example when betting or gambling. If these limits apply you’ll be notified in the Revolut app.
What type of cards are they?
The Wise card is a debit card issued on either the Visa or Mastercard network. The Revolut Card is a debit card which is usually issued on the Visa network in New Zealand.
Are Wise and Revolut cards available in New Zealand?
Yes. The Wise Card is available in New Zealand, and in most countries globally. The Revolut card is available for residents of New Zealand, and many other countries and regions around the world.
Wise card vs Revolut card: Fees
Here’s a quick summary of the costs with the Wise card vs the Revolut :
| Service | Wise fee | Revolut fee |
|---|---|---|
| Ongoing fees | No ongoing fees | 0 NZD – 19.99 NZD monthly fee depending on account type |
| Card order fee | 14 NZD | No card order fee, but delivery charges may apply |
| Spend in foreign currencies | No fee to spend a currency you hold
Currency conversion from 0.43% |
No fee to spend a currency you hold
Currency conversion uses the mid-market rate on a weekday, to your plan limit. After that a 0.5% fair usage fee applies
1% out of hours fee applies when converting outside of market hours (based on US time zones) |
| ATM fee | 2 withdrawals to the value of 350 NZD/month free, then 1.5 NZD + 1.75% | Varied by account type – Basic account holders can withdraw to the value of 350 NZD/month with no fee, then a 2% fee applies |
Fees correct at time of writing – 5th March 2024
Which card is cheaper?
As Wise and Revolut work a little differently it’s not possible to say which is cheaper – the right one for you will depend on your spending habits.
There’s a one time card order fee of 14 NZD with Wise, but you can then spend any currency you hold in your account for free. Currency conversion uses the mid-market rate with fees from 0.43%. You’ll also be able to make some free ATM withdrawals every month before a fee applies.
Revolut has several different account plans, including the Basic plan with no monthly fee, which allows you to exchange up to 2,000 NZD a month on weekdays with no fee. Once this allowance is exhausted there are fees of 0.5%, and you’ll also need to watch out for out of hours fees of 1% which apply if you convert money between Friday 5pm and Sunday 6pm (New York time).
The fees used by Wise can be easier to understand, particularly as there are no monthly charges or fair usage fees to remember – but ultimately which card is better for you depends on personal preference.
Are Wise and Revolut cards safe to use?
Yes. Both Wise and Revolut are reputable and trusted providers, which are regulated by a range of global bodies.
Ease of use
Creating an account: Both Wise and Revolut allow online and in app applications.
Ordering a card: Order your card online or in the provider’s app, and it’ll be delivered to you by mail
Where can be used: Use your Wise card wherever the network logo is shown, in 150+ countries globally. The Revolut card is issued on the Visa network in New Zealand, and is also globally accepted
Replacement: Cancel your card online or in the provider’s app, and have a replacement sent to you in the mail
Visa or Mastercard: The Revolut card is usually issued on Visa when you’re in New Zealand, while the Wise card can be issued on either the Mastercard or Visa network
Limits: With Wise you can spend up to 52,500 NZD monthly, and make ATM withdrawals up to 7,000 NZD. You can use a Revolut card to make withdrawals of up to the equivalent of 3,000 GBP a day
Can I use the Wise and Revolut cards abroad?
Yes. You’ll be able to use your Wise card wherever the network logo is shown, in 150+ countries globally. In New Zealand, the Revolut card is normally issued on the Visa network and is also globally accepted.
Supported currencies on Wise and Revolut cards
Wise supports 40+ currencies for holding and exchange, and also allows you to receive payments with local account details in 10 currencies. Revolut supports 35+ currencies for holding and exchange, and may offer local account details to receive money from others – this depends on the specific account type you select.
Alternative cards
If you’re looking for an alternative to Wise and Revolut you might want to consider the Cash Passport Platinum Mastercard. This is linked to a multi-currency account which you can use to hold 10 major currencies, and also has the advantage that you can collect your card in a physical location if you’re in a hurry and can’t wait for the mail.
Conclusion
Both Wise and Revolut have great multi-currency accounts with linked debit cards you can use easily at home and abroad. Both have fairly low fees and are safe to use – which is best for you will depend on your personal preference and spending habits.
You can hold 40+ currencies in a Wise multi-currency account, while Revolut accounts can hold 35+ currencies. The way account fees work can vary a lot between provider so it’s useful to compare your options carefully. With Wise, currency conversion uses the mid-market rate and low fees from 0.43%, while Revolut has some weekday no fee conversion, with 1% out of hours charges, and a 0.5% fair usage charge if you exceed your plan limit. Wise has no ongoing fees, while Revolut offers both account plans with no monthly fee, and some which have more features and fees of up to 19.99 NZD a month.
Whether the Wise card or one of Revolut’s cards is best for you will depend on your spending patterns.
FAQ – Wise vs Revolut cards
What is the difference between Wise and Revolut cards?
The Wise card is a debit card with a multi-currency account supporting 40+ currencies, while the Revolut card is a Visa debit card which has a linked account that can hold 35+ currencies. Both cards let you spend and make withdrawals overseas conveniently, with low fees and good exchange rates.
Is Wise a Visa debit card?
The Wise card is a debit card issued on either the Visa or Mastercard network. Both networks are globally accepted.
What type of card is a Revolut card?
The Revolut Card is a debit card which is usually issued on the Visa network for customers in New Zealand.
