Revolut vs. Wise - 1 year later (Review)
TLDRThe video offers a detailed comparison of Revolut and Wise (formerly TransferWise), two financial services popular among frequent travelers. The speaker shares personal experiences using both services for a year, highlighting their benefits such as low fees, interbank exchange rates, and the ability to hold multiple currencies. Despite some limitations, like weekend fees for Revolut and limited features on Wise, the user appreciates having both for their unique strengths. The video also touches on the convenience of virtual cards and the security of the vault system in Revolut, as well as the ease of international transfers with Wise, ultimately recommending both for their cost-effectiveness and utility.
Takeaways
- 🌍 Both Revolut and Wise offer services beneficial for international travelers, providing multi-currency accounts and using interbank exchange rates for transactions.
- 💳 The speaker uses both Revolut and Wise cards, having them on free accounts and purchasing the physical cards for a small one-time fee plus shipping.
- 💰 The primary advantage of using Revolut and Wise is the cost savings on international transactions compared to traditional banks, with transparent fee structures.
- 📱 Revolut has a more traveler-oriented app with functional features like easy money addition, bill splitting, and virtual card creation for added security.
- 🔄 Wise is more suited for international money transfers, especially in countries like Brazil where Revolut may face issues.
- 💸 Both services offer free cash withdrawals up to a certain limit, effectively doubling the free cash amount per month when using both cards.
- 🚀 Revolut's Vault system acts as a savings account, allowing for quick transfers between the main account and the Vault for added security.
- 🌐 Despite some limitations, the speaker finds both cards extremely useful and takes them on every trip, but still carries a traditional Austrian credit card as a backup.
- 🛒 The cards can be used for purchasing software products online at better rates due to favorable exchange rates, especially when using gift cards from app developers.
- 📈 The speaker suggests that while both Revolut and Wise have their strengths and weaknesses, the overall experience is positive and they are valuable tools for minimalist traveling.
Q & A
What are the two financial services discussed in the video?
-The two financial services discussed in the video are Revolut and Wise (formerly known as TransferWise).
What is the primary benefit of using Revolut and Wise for travelers?
-The primary benefit of using Revolut and Wise for travelers is the ability to hold and exchange multiple currencies at interbank exchange rates, which often results in lower fees and better rates than traditional banks.
How does the speaker obtain the Revolut and Wise cards?
-The speaker obtains the Revolut and Wise cards by purchasing them for a small one-time fee plus shipping.
What feature does Revolut offer that allows users to save money while traveling?
-Revolut offers the feature of using the interbank exchange rate for transactions, which is typically cheaper than the rates provided by traditional banks, helping users save money while traveling.
What is the main difference between the Revolut and Wise apps in terms of functionality?
-The Revolut app is more tailored towards travelers with features like instant money transfers, bill splitting, and virtual cards, while the Wise app is more structured like a regular banking app, focusing on international money transfers and holding multiple currencies.
What issue does the speaker encounter with Revolut in Brazil?
-The speaker encounters issues with Revolut in Brazil where the card does not work with one provider's machines and is often rejected by Uber when used through the app.
How does the speaker use the vault system in Revolut?
-The speaker uses the vault system in Revolut as a savings account, transferring money in and out with one click. This provides an additional layer of security by keeping a minimal amount of money available on the card when out and about.
What is the main advantage of having both Revolut and Wise cards?
-The main advantage of having both Revolut and Wise cards is the ability to use each service according to its strengths. For example, the Revolut card is used for daily payments and shared expenses, while the Wise card is primarily used for international money transfers.
Why does the speaker still carry a traditional Austrian credit card while traveling?
-The speaker carries a traditional Austrian credit card as a backup in case the Revolut and Wise cards do not work or face issues during their travels.
How does the speaker utilize the good exchange rates offered by Revolut and Wise for online purchases?
-The speaker uses the good exchange rates offered by Revolut and Wise to buy software products online, especially through gift cards and direct purchases from app programmers' websites, which often results in significant savings compared to buying through app stores.
Outlines
🌍 Introduction to Revolut and Wise for Travelers
The speaker introduces the topic of discussion, which is the use of Revolut and Wise (formerly TransferWise) for international travel. They share their personal experience using both services over a year and across different countries. The speaker owns both cards and is on the free account for each, having purchased the cards with a small one-time fee plus shipping. Both Revolut and Wise offer similar features such as providing a European Bank account, holding multiple currencies, and using interbank exchange rates for transactions. The speaker highlights the benefits of using these services for travel, such as avoiding high fees from home banks and saving money. They also mention the need to have money on the account to use the cards and will discuss pros and cons in more detail later.
💸 Features and Limitations of Revolut and Wise
The speaker delves into the specific features of Revolut and Wise, discussing their strengths and limitations. They mention that Revolut is more traveler-oriented with a user-friendly app, instant money transfer from existing cards, and additional features like virtual cards for online purchases and a vault system for savings. However, they express dissatisfaction with the weekend transaction fees and occasional issues using the card in Brazil. On the other hand, Wise is better suited for international transfers, especially to countries like Brazil where Revolut does not facilitate wire transfers. The Wise card is described as more of an international business account with a structured app but lacks some of the traveler-centric features of Revolut. The speaker concludes that both cards are useful and they use them according to their respective strengths, with Revolut for daily expenses and Wise for international transfers.
Mindmap
Keywords
💡Revolut
💡Wise (formerly TransferWise)
💡Travel
💡Currency Exchange
💡European Bank Account
💡Interbank Exchange Rate
💡Prepaid Debit Card
💡Fees
💡Virtual Cards
💡International Transfers
💡Vault System
Highlights
The speaker discusses the use of Revolut and Wise financial services for international travel.
Both Revolut and Wise offer European Bank accounts and the ability to hold multiple currencies.
The speaker has used both services for a year and traveled extensively, providing a well-informed perspective.
Revolut and Wise use interbank exchange rates, which are more favorable than traditional bank rates.
The speaker is on the free account for both services and purchased the cards with a small one-time fee.
Revolut is more tailored towards travelers with a user-friendly app and additional features.
Wise is described as more of an international business account with a structured app.
Revolut allows for easy money transfer between users, similar to messaging on WhatsApp.
The speaker uses the Revolut card for daily expenses and shared bills with their husband.
The Wise card is primarily used for international money transfers, as it can wire to countries like Brazil where Revolut cannot.
Both services offer free cash withdrawals up to a certain limit, effectively doubling the amount with two cards.
The speaker appreciates the security of Revolut's vault system for savings.
Despite some limitations, the speaker finds both cards extremely useful and takes them on every trip.
The speaker suggests using these cards for purchasing software products online due to better exchange rates and potential savings.
The speaker would still travel with their Austrian credit card as a backup, despite the benefits of Revolut and Wise.
The video concludes with the speaker sharing their contact for further tips and discussing minimalist travel.