Head to head
Revolut vs Wise Business
Both move money across borders better than any UK bank. Only one of them is a bank — and only one lets you receive a payment without paying first.
The short answer
Revolut Business
A licensed UK bank since March 2026, with expense management, spend controls and multi-currency accounts. No free tier, and no cash deposits.
Wise Business
Usually the lowest cost for straightforward cross-border payments, with local details in more than 20 currencies. But it is an e-money firm, not a bank, and there is no FSCS cover.
Side by side
| Revolut | Wise | |
|---|---|---|
| Our score | 3.4 / 5 | 3.4 / 5 (capped) |
| Is it a bank? | Yes, since 11 March 2026 | No — electronic money institution |
| Deposit protection | FSCS to £120,000, entity depending | None — safeguarded only |
| Monthly fee | Basic £10 · Grow £30 · Scale £90 | £0, plus a one-off set-up fee |
| Receive payments on the free tier | No free tier exists | No — needs the paid set-up fee |
| Local account details | Several markets | More than 20 currencies |
| Conversion | Interbank within a monthly allowance, then a margin | Mid-market plus a transparent fee |
| Interest on balances | From Grow, up to 2.15% | Fund-based, capital at risk |
| Cash deposits | Not supported | Not supported |
| Expense management and cards | Strong | Basic |
Verify all figures against each provider's own pricing page before relying on them.
The decision in one paragraph
If you want a business account that also handles currency, Revolut. If you want the cheapest way to move money and will keep your main balance elsewhere, Wise. The deciding factor for most businesses is not the conversion rate — it is that Wise holds no deposit guarantee at all.
The protection difference
Revolut Bank UK Ltd received full UK banking authorisation on 11 March 2026, so eligible deposits are FSCS-protected to £120,000. Migration from the older e-money entity was phased, so check in the app which entity holds your account rather than assuming.
Wise is an authorised electronic money institution and always has been. Funds are safeguarded in segregated accounts at partner banks — genuine protection, but recovery runs through an administration process rather than a statutory guarantee. Wise states this itself.
The free plan that cannot receive money
Wise’s entry plan opens for nothing, but receiving payments, direct debits and the getting-paid features are excluded until you pay the one-off set-up fee. A business account that cannot take an incoming payment is not free in any practical sense.
Revolut is at least honest about this: there is no free tier at all, and Basic starts at £10 a month.
Cost, on the thing each is good at
For a one-off transfer, Wise is usually cheaper. Mid-market rate plus a stated fee, with no plan to subscribe to.
For regular conversion, Revolut is competitive within its plan allowance and charges a margin above it. Work out your actual monthly volume: “interbank rates” means up to the allowance, and the allowance scales with a plan costing £10 to £90 a month.
Weekend conversions carry an additional margin at both.
What Revolut adds that Wise does not
Expense management, spend controls, corporate cards with per-person limits, payment approvals, and bulk payments. Revolut is trying to be your business account. Wise is a payments company that also gives you an account, and the feature set reflects that.
The arrangement most businesses end up with
A licensed UK bank holding the balance that matters, plus one of these for the currency work. Consolidating everything into an e-money provider optimises for conversion cost while leaving your entire working capital outside statutory protection — which is the wrong trade for most businesses.
See best international business accounts for the full comparison including HSBC, which is the licensed-bank answer for genuine trade finance.
Common questions
Is Wise Business FSCS protected?
No. Wise is an authorised electronic money institution, not a bank. Funds are safeguarded in segregated accounts at partner institutions, which is a contractual protection rather than a statutory guarantee.
Is Revolut Business a real bank?
Revolut Bank UK Ltd received full UK banking authorisation on 11 March 2026 and deposits held there are FSCS-protected to £120,000. Migration from the older e-money entity was phased, so check in the app which entity holds your account.
Which is cheaper for international payments?
Wise is usually cheaper for one-off and occasional transfers. Revolut is competitive within its monthly FX allowance, which scales with a plan costing £10 to £90 a month. Compare against your actual conversion volume.
Can I receive payments on the free Wise plan?
No. Receiving payments, direct debits and the getting-paid features require the one-off Advanced set-up fee. The entry plan opens for nothing but cannot take an incoming payment.
Do either accept cash?
Neither. Revolut and Wise both support no cash deposits at all. If you take notes and coins, neither is a candidate for your main account.