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Wise, Revolut Or Monese: Popular Online Money Transfer Services Compared

Wise, Revolut or Monese: Popular Online Money Transfer services compared

Last Updated on July 9, 2021 by Mr. FightToFIRE

When my wife wants to receive from or transfer money to her family in her home country, it typically happens through Western Union as that is the most known way. But is it the best way? And if not, which European alternative is better? Wise (formerly known as TransferWise),  Revolut or Monese?

All three of these online money transfer fintech companies offer the same in the broadest sense:

  • Global online transfer for multiple currencies
  • Cheaper money exchange
  • Easy registration and use

While these points connect them, each has its selling points. These key points are what will make or break their service for your situation. Or is there one that steals the show?

In this comparison, I try to be as complete as possible when comparing the offers to make sure you can choose the right one for you.

Note that I’m not going to cover the business part. That would take us too far, and those are even more specific to your business needs.

Wise (formerly known as TransferWise)

Wise Logo
Wise is a financial technology company founded in January 2011 by Estonians Kristo Käärmann and Taavet Hinrikus.

Wise (formerly known as TransferWise) is a London-based financial technology company founded in January 2011 by Estonians Kristo Käärmann and Taavet Hinrikus. They have 14 offices around the world from where they provide a platform to easily send or receive money in various currencies.

Around 10 million customers worldwide made use of their service and transferred 67 billion pounds in 2020. And this number is growing year over year.

With so many customers and transactions, it’s bound to be good, no? 

What does Wise have to offer?

Accounts offering

Wise allows you to easily transfer any amount of up to 56 currencies to 111 countries in the world for a small, flat fee + fixed percentage of the transfer amount using a multi-currency account.

What does a Multi-currency account mean? You get up to 10 account numbers you can share with others to receive your salary, invoice payments, pension, and profit from shares. Anyone can use these to pay you just like they’d pay a local. All with your one Wise account.

On top of that, the account also offers a debit card if you want to spend in the local currency which is very useful if you travel a lot (post-corona 😉 ).

Wise Account features

Managing an accountFree
Currencies available 56
Exchange rate
Money transfer options Bank transfer, Debit card, Credit card, PISP, Swift
Holding currencies in your accountsFree (0.40% for >€15,000)
Creating multi-currency bank account detailsFree
Receiving direct money transfersFree in EUR, GBP, AUD, NZD, CAD, RON, HUF & SGD, and USD ACH or bank debit (7.50 UD for USD wire transfers)
Secure login
  • 2-factor authentication
  • thumbprint

The debit card is not available everywhere yet, only for residents of the below countries and regions with a Wise account.

It’s quite a long list already, but one glaring absentee is South America. It definitely offers services there, but a debit card is not yet one of them.

EuropeAustria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France (only Metropolitan), Germany, Greece, Hungary, Iceland, Italy, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, Gibraltar (British Overseas Territory) and the UK Crown Dependencies: Guernsey, Isle of Man, and Jersey
AsiaSingapore and Japan
OceaniaAustralia and New Zealand
North AmericaThe US — except for residents in Nevada and Hawaii

Card offering

If you are eligible, you have access to these features with the card.

Wise Debit card features
Order a Wise debit card (by MasterCard)£5 (or equivalent) and free in AUD
Replacement card3 GBP (or equivalent)
Virtual card(s)No
Supported currencies for spending200
Spending limitsFor EUR/GBP: between 2,500 chip & 30,000 online. It depends on transaction type (chip, atm, contactless, stripe, online) and currency type.
Spend in available currenciesFree
Spend in unavailable currencies See ‘Exchange rate‘ in The ‘Accounts‘ overview.
ATM withdrawalsEU and UK card:
  • ≤2x/month < 200 GBP/EUR = free
  • >2x/month = 0.50 GBP/EUR per transaction
  • >200 GBP/EUR per month = 1.75% extra

AUD, NZD, or SGP card:

  • ≤2x/month < 350 AUD/NZD/SGD = free
  • >2x/month = 1.50 AUD/NZD/SGD per transaction
  • >200 GBP/EUR per month = 1.75% extra

JPY card:

  • ≤2x/month < 30,000 JPY = free
  • >2x/month = 70 JPY per transaction
  • >30,000 JPY per month = 1.75% extra

US card:

  • ≤2x/month < 100 USD = free
  • >2x/month = 1.50 AUD/NZD/SGD per transaction
  • >200 USD per month = 2% extra
WirelessYes (NFC)
Apple/Google PayYes
Freeze cardYes
Max delivery timesSG: 3 working days
UK: 6 working days
EU or JP: 10 working days
US, AU, and NZ: 15 working days

Wise isn’t the only company that offers these services.

Time to take a closer look at the competition. What does Revolut have to offer? Is it the same or are there import differences?


The Revolut logo
Revolut is an online financial service provider based in the UK established in 2015.

Next up, Revolut!

Just like Wise, this company is based in London. It was founded a bit later than Wise, in 2015, by Nikolay Storonsky and Vlad Yatsenko. Also alike is that they initially offered an online currency exchange platform. However, over time, this has evolved to so much more.

One big difference is the banking license Revolut holds. Since the end of 2018, Revolut received a Challenger bank license from the European Central Bank, facilitated by the Bank of Lithuania.

This authorizes Revolut to accept deposits and offer consumer credits but not to provide investment services (Lietuvos bankas, 2018). However, they are working on getting an EEA investment license in 2021.

All of the above means that Revolut can offer more than Wise, but at what price?

What does Revolut have to offer?

Account offering

The difference in services kicks off with the account-offering. Whereas Wise has one free account with an optional debit card, Revolut offers different tiers. If you choose to pay per year you get 20% off.

With Revolut, I will look for the same features I covered for Wise. Looking at the table makes it apparent that Revolut has a more elaborate fee scheme. While at first glance they appear transparent as well, due to the extra tiers and the different lingo used, it’s not always as obvious how much each transaction will cost.

Revolut Account features
Managing accountFree€2.99/m€7.99/m€13.99/m
Currencies available31
Exchange rate
  • Real mid-market rate
  • Free between Revolut users, local accounts, and SEPA.
  • All other:
    • Mo-Fri: Free, but exception based on account type for international transfers:
    • Sat-Sun: 1% to all currencies during the weekend, but THB & UAH: 2%
  • No limit
  • 1 free international payment/m
  • No limit
  • 3 free international payment/m
Money transfer optionsBank transfer, Debit card, Credit card, Google Pay, Swift
Holding currencies in your accountsFree in AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, ISK, JPY, MAD, MXN, NOK, NZD, PLN, QAR, RON, RSD, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR
Creating multi-currency bank account details (like IBAN and routing numbers)Free
Receiving direct money transfers Free in EUR, GBP but you can also receive money from AED, AUD, BGN, CAD, CHF, CZK, DKK, HKD, HRK, HUF, ILS, ISK, JPY, MAD, MXN, NOK, NZD, PLN, QAR, RON, RSD, RUB, SAR, SEK, SGD, THB, TRY, USD, and ZAR. Except for Thai Baht (THB) where there’s a 1% markup. For other rates see ‘Exchange rate’.
Secure login
  • 2-factor authentication
  • thumbprint

Compared to Wise Revolut offers more in terms of online money transfer. However, they don’t always offer the lowest rates and to get some of the better rates or fewer restrictions you need to pay up, either through a subscription or a fee.

Boiling it down to ‘higher rates’ doesn’t do Revolut justice though. Besides an online money transfer service Revolut offers much more:

  • Budgeting tools
    • Planner
    • budget envelope system
    • Subscription overview
    • Vaults
  • Junior account
  • Crypto and commodities trading
  • Insurance

Going over each of these would take us too far. But you can find most details back on the site of Revolut.

Debit card offering

On top of all that, Revolut offers various card options for its users. Not only do you receive a physical card, but you can also have up to 5 virtual ones. Each offers similar features to Wise.

Revolut Debit card features
Order a Revolut debit card (by MasterCard)1stcard: Free (+ delivery fee)
  • 1st card: Free
  • 2nd card: Free
  • 3rd or more: €10
Replacement card€6 (or equivalent) + delivery feefree
Virtual card(s)Yes, 5
Supported currencies for spending140
Spend in available currenciesFree
Spend in unavailable currenciesSee ‘Exchange rate‘ in the ‘Accounts‘ overview.
ATM withdrawals€200/m or 5x withdrawal limit€200/m€400/m€800/m
More: 2% of the withdrawal min. €1/withdrawal
WirelessYes (NFC)
Apple/Google PayYes
Freeze cardYes
Max delivery timesNo estimated delivery dates given.

What a list! This seems like a foregone conclusion. But before we draw any conclusions, let us look at the third contender, Monese.


The Monese logo
Monese is an online financial service provider based in the UK established in 2015.

Our final contender is Monese. Probably the lesser-known member of the online currency exchange gang. Maybe because of that, a good alternative to the other two big shots?

Monese’s Founder and CEO Norris Koppel started the company after a horrendous experience trying to open a UK bank account as an Estonian immigrant.

It’s more similar to Wise than to Revolut since Monese doesn’t have a banking license either. The similarities end there as Monese has its own approach to the online currency exchange market. Unlike Wise who has one Multi-currency account, Monese offers three different pricing plans.

Could this be a better approach to providing lower fees? Time to find out.

What does Monese have to offer?

Accounts offering

You can choose from 3 tiers with Monese. The first one is free whereas Classic and Premium are €5.95/month and €14.95/month respectively.
The monthly prices for the two highest tiers are 30% cheaper if you opt for the yearly subscription.

Monese account features
Creating and managing an accountFree€5.95/m€14.95/m
Currencies available19
Exchange rateReal mid-market rate +2% (min. £2/€2/8lei)Real mid-market rate +0.5% (min. £2/€2/8lei)Real mid-market rate  (no fee)
Money transfer optionsBank transfer, Debit card, Credit card, PISP, Swift
Holding currencies in your accountsFree but GBP, EUR, and RON account are respectively limited to £40,000, €50,000, or 150,000 lei. Other limits on the Monese site.
Creating multi-currency bank account details (like IBAN and routing numbers)Free
Receiving direct money transfers Free in EUR, GBP, RON
Secure login
  • 2-factor authentication
  • thumbprint

The signup process is just as straightforward, and just as long-winded, as the other two. However, just like Revolut and unlike Transferwise, you need to install an app to register.

Card offering

When it comes to cards, Monese is simple like Wise and offers a virtual card like Revolut. Thanks to its relatively simple structure, the costs and fees are straightforward and easy to find.

Monese Debit card features
Order a Monese debit card (by MasterCard)
  • 1st card: Free (£4.95 standard delivery fee applies)
  • 2nd card: Free (£4.95 / €4.95 / 19.95 lei standard delivery fee applies)
  • 1st card: Free (£4.95 standard delivery fee applies)
  • 2nd card: Free (£4.95 / €4.95 / 19.95 lei standard delivery fee applies)
Replacement cardFree (£4.95 / €4.95 / 19.95 lei standard delivery fee applies)Free
Virtual card(s)Yes, 1
Spending limit£2000 / €2000 / 10,000 lei£9000 / €9000 / 45,000 leiUnlimited
Spend using available currencies on the cardFree between for GBP, EUR, RON, SEK
Spend in other currencies in your account
  • Real mid-market rate
  • Within allowance: Free
  • Above limit: 2% Per Transaction
  • Real mid-market rate
  • Within allowance: Free
  • Above limit: 2%/transaction
  • Real mid-market rate
  • No fees
ATM withdrawals
  • Within allowance of £200 / €200 / 1000 lei: free
  • After: 2%/Transaction
  • Within allowance of £900 / €900 / 4500 lei: free
  • After: 2%/Transaction
Apple/Google playYes
Freeze cardYes
Max delivery times
  •  UK and EU: up to 5 business days.
  • Everywhere else: up to 14 calendar days.

Monese also comes with a budgeting feature much like Revolut. Both work in a similar fashion.

With the main features of all three participants covered, which one should you go for? 

What about Western Union, Ria or MoneyGram?

A Western Union at Plaza Lima Sur
Western Union has many official offices spread across South America. Like here at Plaza Lima Sur.

This comparison wouldn’t be complete without looking at the more traditional money transferring service of Western Union, Ria, and MoneyGram.

They are still one of the biggest financial services companies globally. Most people use them to transfer money to families across the globe. However, all three traditional players fall short on cost, fees, and features when it comes to pure global money transactions. With many brick and mortar fronts still available worldwide who receive a part of the fee, they will never compete with the online players.

The key selling point of Traditional ‘offline’ money transfer services

What they do have is a particular set of advantages. Thanks to these physical agents or offices, they are easily reachable in many parts of the world that don’t or can’t rely on online services. They offer something the online transaction services are (still) lacking: recognisability, brand awareness, and accessibility.

In my wife’s home country, most still prefer and use physical offices. Heck, besides the younger generation (early 30’s and younger), nobody has ever heard of Wise (or TransferWise), Revolut, Monese, or any other online money transfer service. This will undoubtedly change over the following years, though until then, the dominance of the likes of WesternUnion will remain for some time. And who knows, maybe in 10 years from now, we won’t be talking about Wise or Revolut anymore but instead talk about the only tools of WU, MoneyGram, or Ria.

The bottom line

Which would I recommend?

First, the most obvious conclusion: I do not recommend Monese as a viable option for online money exchange.

Monese has:

  • Fewer currencies are available for transfer ‘to’ and ‘from.’;
  • Worse rates (but not always) for the available currencies;
  • Fewer deposit options;
  • Worse customer reviews on Trustpilot;

This leaves us with either Revolut or Wise. Which online money transfer service would I recommend? 

Who to choose?

You won’t like it, but …  it depends.

Both companies have pros and cons you can attribute to them, with each of them emphasizing something else. Their fee structure reflects this. It’s almost impossible to calculate how much exactly you will pay in fees as it depends on the to and from currency as well as the time.
However, We can draw some general conclusions:

  • For Wise, it’s clear, their online money transferring service and the optional debit Card by MasterCard are your go-to for international transfers. It’s also the only choice if Revolut isn’t available in your region or if they don’t offer your home country’s currency. Their overall fee structure is also straightforward.
  • Revolut, on the other hand, offers a more extensive service, especially for the EU and UK. They provide a complete package for day-to-day banking with good international transfers but less than Wise. This is an excellent alternative to many European banks shifting towards paid checking accounts (such as ING as of July). Their exchange rate (fee) structure is more complex but very excellent within the EU and UK.

My preferred choice

As for my personal choice, my wife and I will use Wise more from now on. The main reason being that Wise is the only service that actually offers the currency of my wife’s home country.

Wise Logo


As someone who has a partner that needs to transfer money in a specific currency abroad, my choice for money transfer is clear: Wise. With support for many South American currencies, it’s really my go-to.


Mr. FightToFIRE

I'm a developer for a major financial institution in Belgium that is present in over 40 countries. I have over 8 years of working experience in the development of customer applications focussing on all aspects of banking. This helped me gain a deep understanding of the inner workings of a commercial bank. All of this experience in both banking and life culminates in this blog about personal finance and my fight towards FIRE.

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