Wise (formerly TransferWise) is a global money transfer solution provider that offers Wise business and personal accounts. Wise offers unique local banking details for supported countries and also physical and virtual debit cards.
Revolut offers similar services with a few extra such as crypto purchases. However, Revolut’s multi-currency banking does not offer local banking details in all countries. For example, their USD account is actually located in Lithuania. Therefore receiving USD outside of Revolut customer accounts can become quite costly. Their free currency transfers also has limits and increase to 1% outside of FX market operating times (i.e. the weekends and public holidays).
Therefore when choosing between Revolut and Wise for the purpose of global money transfers it can be beneficial to check out Wise.
Even if you use Revolut as your bank, you can still use Wise (formerly TransferWise) to transfer money globally. Hence the question, can I transfer money from TransferWise to Revolut.
In this article, we will show you how to transfer from Wise to Revolut and Revolut to Wise.
Can I transfer money from Wise (formerly TransferWise) to Revolut?
Yes! Whether it is your Revolut account, and friend’s or a business Revolut account… You can transfer money from Wise (formerly TransferWise) to Revolut. In fact as this guide will show you, it is incredibly easy and fast to do this.
Revolut Australia is the exception as they are not provided with local AUD banking details. However, you can upload funds to Revolut from a Wise Borderless account.
How to transfer money from Wise to Revolut
Just like any bank account, Revolut gives you banking details for their supported currencies. In this example we will be transferring from AUD to EUR but this will also work transferring from TransferWise Borderless account to the same currency (e.g. EUR to EUR) or internationally to GBP, USD etc.
Select the currency account from the Revolut App dashboard that you want to send money from Wise to Revolut. Then click the details button (see image below).
From here you will see the account details you need to provide to Wise when sending to Revolut.
Tip: Have the Wise App and the Revolut App on the same phone, then simple copy the details from Revolut App to the Wise app during the transfer to the Revolut account and when requested. This will be the same for Revolut Personal and Business accounts.
When you are in the Wise app transfer step and have entered in the destination account details (IBAN for this EUR example), you can see that the BIC that appears has automatically populated as REVOLUT21.
Complete the Wise transfer. And you’re done!
Transfer time sending money from TransferWise to Revolut
Once your funds are received by Wise (formerly TransferWise), it is instantly paid out in the Revolut account. If you hold funds in the TransferWise Borderless Account, then the whole process transfer time is the amount of time it would take to collect your Revolut currency account details and to follow the transfer steps in the Wise app.
Fees for transferring from Wise to Revolut
Transferring money out of Wise to any external bank account incurs transfer fees. The fee is minimal aand is approximately USD$0.39. Of course, if you are transferring out of Wise and in to Revolut bank account from one currency to another, then you will need to pay a Wise currency conversion fee also.
TransferWise to Revolut USD Accounts
This is also possible. However, the Revolut USD account is actually located in Lithuania. If you had a TransferWise account already, you may consider using the Wise Borderless USD account instead of the Revolut USD account. Sending money from Revolut USD to a USA located account would be considered an international transfer even if there is no currency conversion. Also receiving USD outside of Revolut customer could cost the sending whereas a Wise USD Borderless account provides you with local banking details. Look over the Wise vs Revolut comparison for more information.
UPDATE: Revolut for Business accounts have local USD account details. This will mean business Revolut customers can accept local USD payments.
TransferWise to Revolut AUD accounts
Revolut Australia does not give their customers local banking details. So you have to ‘upload’ or ‘Add Funds’ to Revolut from a traditional bank account through direct debit. But with Wise Borderless account, you get local AUD account details. Wise supports direct debits. So, you can configure your Wise AUD account as your source bank account to upload to Revolut Australia’s AUD account. (Note Wise does not hold a banking license)
Wise to Revolut Transfer Fee
The Wise to Revolut fee has a small fee when sending between the same currencies. Somewhere between USD$0.50 and USD$1.
If you are sending, for example, AUD in Wise to EUR in Revolut, you will pay the Wise currency conversion fees. For more information on Wise money transfer costs have a look at the Wise review.
Can I send money from Revolut to Wise?
Yes, you can transfer money from Revolut to Wise (formerly TransferWise). But there is a catch, explained later. It involves which country Revolut holds their currency accounts.
Most of the Revolut currency accounts are located in Lithuania. For example, AUD, USD and CAD are all located in Lithuania. So if you are holding funds in those currencies and want to send one of those currencies to Wise, it is actually and international transfer. The only local transfer currencies are EUR and GBP.
So, if you wanted to use Wise for international money transfers and send the funds from your Revolut account. You really need to be in Europe or the UK. Otherwise it gets expensive and complicated, fast.
If you have a TransferWise account you can open their Borderless account solution and open GBP or EUR local banking details, then if you have funds in Revolut not in EUR or GBP, you would need to exchange currency (at a cost) and then transfer / upload to TransferWise in EUR or GBP. Doesn’t make sense does it?
So, if you already have a Wise account open, you may want to consider just using Wise for local banking details, money transfers and debit card use. Read Revolut vs Wise on more details on the comparison.
How to send money from Revolut to Wise
You can transfer money to Wise in two ways (read above about sending to Wise outside of EUR and GBP):
- If you are sending money through Wise and you have to transfer funds to Wise to initiate the transfer. This is like traditional money transfer where you need to send money from your bank to TransferWise. The steps are explained clearly in the Wise app when you initiate a transfer. They provide the local banking details to send your currency.
- If you have a Wise Borderless account, you have local banking details for multiple currencies and as a local account in the country. So sending from Revolut GBP and EUR is as simple as transferring to a bank account outside of Revolut.
- Within TransferWise choose the debit card option to transfer money to Wise for the international money transfer. But using a debit card can cost quite a lot more in Wise fees. Also, consider if the funds you are transferring to Wise is not held in the same currency in Revolut! You will be charged for the currency conversion. Note that there may be spending limits on the Revolut debit card for your country of origin.
Transfer from Wise to Revolut can be quite straightforward between certain currencies. If you are transferring from Wise to EUR or GBP, this will work well. Sending to other currencies in Revolut is possible but can be more costly.
Transferring from Revolut to Wise can be quite straight forward for EUR, GBP and AUD.