Wise and Revolut
How can I pay securely in Brazil and withdraw money cheaply?
Wise and Revolut can be the longed-for answer to these questions and be the perfect addition to your credit card and bank account on your next trip.
Wise
Wise formerly Transferwise, as a payment provider, enables fast domestic and international transfers which are carried out inexpensively. A lack of transparency in service and costs is avoided. Wise can significantly reduce the fees and processing time for transfers with different sender and recipient currencies compared to banks.
With a multi-currency account (also known as a boderless account), the owner can have credit in several different currencies. With a Wise account you can avoid the usual bank charges or unfavorable exchange rates.
In addition to a simple account opening procedure, which can be carried out completely online, the customer receives a Mastercard debit card that supports Google Pay and Apple Pay. This card can also be used to pay for POS terminals and online shops. With the Wise debit card, you can pay anywhere in the world with low exchange fees and no transaction fees. It is currently available to customers residing in the European Economic Area (including Switzerland) in the UK, USA, Australia, New Zealand, Japan and Singapore.
What is the benefit of using it in Brazil?
The ingenious thing about the Wise solution is that, in addition to the significantly lower costs and rates, the debit card together with the mobile app gives the user a very flexible and individually controllable solution for use when traveling abroad. Let’s take a closer look at this in detail.
The Mobile app of Wise in combination with its multi currency account and debit card
- Enables fast money transfer in different currencies to 80 countries (including Brazil)
- Immediate notification via mobile app when the transaction is completed
- Account can be held as on a prepaid basis. A top-up can be ensured in different ways by credit card transaction, Apple pay, tape transfer or debit card. Different top-up costs (bank transfer is the cheapest and credit card is the most expensive)
- The Wise debit card can be activated and deactivated via mobile map using a click button. But you can also only lock and unlock the pin
- Granular setting options for payment methods (cash withdrawals, online payments, transactions with chip and PIN, mobile wallets, contactless payments, payments with magnetic strips)
- Granular setting options for card spending limits
- Granular setting options for payment methods (cash withdrawals, online payments, transactions with chip and PIN, mobile wallets, contactless payments, payments with magnetic strips)
- Separate virtual debit card for online payments only, which can also be configured granularly
- Payments can now also be made via email address or telephone number
- Wise card can also be integrated into Apple Pay, Google Pay.
- Account can also be linked to Amazon, PayPal and others
My Brazil use case: When I go out in Brazil, I only take the Transferwise card with me in addition to a little cash and top it up beforehand. This can be blocked immediately using the mobile app or internet access or every transaction can be displayed immediately. Due to the prepaid basis, the account credit cannot be overdrawn in the event of a robbery or cloning.
Pricing
| Account | Price |
|---|---|
|
Create Account |
free |
|
Get a UK account number and sort code
|
free |
|
Get a U.S. account and routing number |
free |
|
Get a European IBAN |
free |
|
Get an Australian account and BSB number |
free |
|
Get a New Zealand account number |
free |
|
Get a Hungarian account number |
free |
|
Get a Romanian account number |
free |
|
Get a Singaporean account number |
free |
|
Hold 50+ currency balances |
free |
|
Hold more than €15,000 in EUR balance |
0.40% annually |
| CARD | Price |
|---|---|
|
Order a Wise debit card |
5 GBP |
|
Replacement card |
3 GBP |
|
Spend in currencies in your account |
Free |
|
Convert a currency using your card |
|
|
First 2 ATM withdrawals up to £200 / month |
Free |
|
ATM withdrawals over £200 / month |
1.75% |
|
Over 2 ATM withdrawals / month |
50p / withdrawal |
| Receiving Money | Price |
|---|---|
|
Receive money in EUR, GBP, AUD, NZD, RON, HUF & SGD |
Free |
|
Receive USD using ACH or bank debit |
Free |
|
Receive USD wire transfers |
7.50 USD |
Revolut
Revolut is also a very well-known payment provider and offers similar services to Wise. In addition, Revolut has a banking license. Revolut offers different banking / account packages. As a company, Revolut also offers other services such as international health insurance and commodities as well as trading in crypto currencies.
Just like Wise, a simple account opening procedure, which can be carried out completely online. In contrast to wise, a normal account is opened at Revolut, as is customary at the bank.
The customer can choose between a Visa and Mastercard debit card that supports Google Pay and Apple Pay. This card can also be used to pay for POS terminals and online shops. Virtual cards can also be obtained and, very interestingly, one-time virtual debit cards that can be used once and thus increase security even more. An account can be currently opened in European Economic Area, Australia, Canada, Singapore, Switzerland, Japan and the United States. Revolut makes it easy to transfer money to bank accounts. You can also transfer money to other Revolut accounts in a matter of moments.
What is the benefit of using it in Brazil?
Also here both Revolut and Wise are similar with slight differences, in addition to the significantly lower costs and rates, the debit card together with the mobile app gives the user a very flexible and individually controllable solution for use when traveling abroad. Let’s take a closer look at this in detail.
- Can be used for account charge-offs and cash withdrawals in 120 different currencies. (including Brazil)
- Allows direct transfers in 26 currencies within the Revolut app.
- Google Pay, bank transfer, Apple Pay, and standard debit or credit cards can be used to fund your Revolut account
- Account can be held as on a prepaid basis.
- Immediate notification via mobile app when the transaction is completed
- Different top-up costs (bank transfer is the cheapest and credit card is the most expensive)
- Debit card can be activated and deactivated via mobile map using a click button. But you can also only lock and unlock the pin
- Granular setting options for card spending limits
- Granular setting options for payment methods (cash withdrawals, online payments, transactions with chip and PIN, mobile wallets, contactless payments, payments with magnetic strips)
- Separate virtual debit card for online payments only, which can also be configured granularly
- Big plus ONE time virtual debit cards for online shopping
- Mobile App 53 Crypto currencies can be bought
- Mobile App Vault capabilities with currencies, crypto and commodities
- Mobile App Group Vault to achieve your financial targets
- Mobile App Budget Analysis
- Different Account Plans
- flexible Travel insurance
- Rewards and Subscriptions
My Brazil use case: When I go out in Brazil, I only take the Revolut card with me in addition to a little cash and top it up beforehand. This can be blocked immediately using the mobile app or internet access or every transaction can be displayed immediately. Due to the prepaid basis, the account credit cannot be overdrawn in the event of a robbery or cloning.
Pricing
| Plan | Price |
|---|---|
|
Standard |
free |
|
Plus |
2.99 £ /month |
|
Premium |
6.99 £ /month |
|
Metal |
12.99 £ /month |
| Account | Price |
|---|---|
|
Create Account |
free |
|
Personal account bank details fee |
free |
|
Available currencies for convert and hold |
31 |
|
Bank details (currencies with account details)
|
AED, AUD, BGN, CAD, CHF,
CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RUB, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR. |
|
Annual fee for holding EUR balance |
free |
|
Currency exchange fee |
No cost up to 1000 GBP (or currency equivalent) per month and anything over is charged 0.5% + for the weekends 0.5% markup is applied |
| Card | Price |
|---|---|
|
Order a Revolut Debit Card |
approx. £ 5 (shipping) |
|
Withdrawing money from ATM fee |
Free up to £ 200 (or currency equivalent), then a 2% fee will apply. |
|
ATM limits |
Cash withdrawals from ATMs are limited to £ 3,000 or currency equivalent per 24 hours. |
| Receiving Money | Price |
|---|---|
|
General Remark |
Revolut does not charge a fee when you deposit funds into your account via wire transfer. However, it is important to pay attention to the foreign fees.
For all other SWIFT transfers, the expected cost is your bank's cross-border transfer rate, but there are a few things to keep in mind:
When your money is on the move, it can be processed by an intermediary bank. This can also deduct a processing fee.
Depending on which fee option (SHA, BEN, OUR, REM) you choose during a SWIFT transfer to Revolut, the intermediary bank, the originating bank and the recipient bank (Lloyds) may charge a processing fee for this transfer.
Since banks charge different amounts and these are not always transparent, we cannot give you an exact amount.
If your deposit is in a different currency than the one we support, your bank can convert the money using its exchange rate. This is likely not the interbank rate and you may also have to pay a currency conversion fee. |
| Sending Money | Price |
|---|---|
|
Local transfer |
free |
|
SEPA EUR |
free |
|
NON SEPA (1) |
For payments outside the SEPA region, customers receive free payments within their subscription exemption |
|
NON SEPA (2) |
|
Wise vs. Revolut what should I take now?
Before deciding on a provider, you should look again at the reason for the comparison and the evaluation. The aim was to find an inexpensive, flexible, fast and secure means of payment for traveling in addition to the normal, common means of payment. The “my brazil use case” described above was the important comparison criterion.
That has to be mentioned again here because it is really not about an all-encompassing evaluation. For example, Revolut offers various plan models that are widespread in the banking world, you can trade cryptos and, depending on the country of domicile, apply for loans. However, that is not really of interest in this comparison. But it can be exciting to know that you can take out travel insurance tailored to your individual needs through Revolut. The offers for business customers were also not looked at here.
Just as a quick reminder, this blog focuses on the beautiful country of Brazil and is not a payment transaction comparison portal. Nevertheless, as always, it makes sense to think about paying when traveling.
I also only mentioned two of the possible candidates who are very large and well-known but are not the only providers in this highly competitive market.
Before I come to the main points of comparison and conclusion, another point must also be addressed that has to do with the use case and travel directly.
Are banks and other cards/card providers the bad guys now?
Simple answer = NO!
They are not at all. One would have to consider them as an optimal addition. And I can touch on this in a few non-conclusive facts.
1. Wise and Revolut are not credit cards. Although they offer good preventive measures to protect against robbery, fraud and skimming, the “case afterwards” is very likely not as well covered as at the bank or credit card company.
2. Credit cards have the word credit in their name, which also perfectly describes functionality. Wise and Revolut don’t.
3. Although I have both Wise and Revolut through my job, I would only book the trip, a hotel, the flight with my credit card. For example, if I rent a car through American Express, the insurance packages are automatically included. If I book the trip (flight) using the credit card, I am automatically covered by travel insurance. Of course, this fact always depends on the credit card itself the credit card provider and the bank where you use such a product and does not apply to all credit cards at all. But mine is offering me these services included in my package.
4. Revolut does not have a full banking license, but what is known as an e-money license in the UK and Lithuania. The question then arises which is the applicable law in the case of if…..
Example. The money paid into the Revolut account is not subject to the Swiss deposit guarantee. You always have to pay attention to this if you want to hold larger sums on Wise or Revolut. Wise is also not a Swiss bank and only has a so-called e-money license in Great Britain and Belgium. It is therefore clear here that money paid into the Wise account is not subject to the Swiss deposit guarantee.
The above with Switzerland is only used as an example but laws and facts should also be checked and researched in the respective country of your domicile.
A 1:1 comparison of Wise and Revolut was not possible as they have som kind of uniqueness in their service offering although there are also some similarities
| Item | Wise | Revolut |
|---|---|---|
|
Price & Fees |
++++ |
+++ |
|
Availability Countries |
++++ |
+ |
|
Money Transfer Speed |
++++ |
++++ |
|
Money Transfer Range (countries & currencies) |
++++ |
++ |
|
Receiving Money (currency accounts) |
++ |
++++ |
|
Cards |
++ |
++++ |
|
Other Services |
++ |
++++ |
|
Support |
+++ |
++ |
|
Mobile App Usability |
++++ |
++ |
|
Account Opening Process |
++++ |
++++ |
|
Security |
++++ |
++++ |
|
Immediate Transaction Notification |
++++ |
++++ |
|
Web Application |
+++ |
++ |
Conclusion
There is a simple statement. Neither of the two providers can be rated better than the other. It always depends on the individual application. For a trip to Brazil and as a common means of payment on the road, both absolutely passed the test.
I have already used both in Brazil and the security aspects provided by the mobile app and the prepaid function are absolutely unbeatable. I have also to say that the banks are lagging far behind in these regards. Inexpensive withdrawals and transfers paired with online shop payment with the virtual card on the Brazilian website are absolutely top notch with both Wise and Revolut. However, I would not see either of the two as a complete replacement for the credit card and bank account, but as a very welcome and profitable addition.
Source by Dindu
