Introduction
If you are a business receiving payments in India, comparing Revolut vs Wise helps you choose the best alternative out there for your global payments. Both platforms allow you to move money across borders, but they work very differently in terms of fees, FX rates, and India-specific support.
Wise uses mid-market exchange rates and supports Indian users with digital FIRC. Revolut recently had a consumer-first launch in India, but confirms no business features like FIRC or global receiving for Indian enterprises.
In this article, we’ll cover Revolut vs Wise, their features, pricing, supported currencies, compliance needs, and best use cases.
Revolut overview
Revolut is a UK-based fintech application. It offers multiple banking services, including multi-currency accounts, debit cards, and transfers, and also supports crypto trading. It opened a waitlist for users in October 2025, and the initial rollout will be limited to a select group.
Revolut’s launch in India is purely consumer-centric. This focuses majorly on UPI integration, Visa partnership and subscription management. As an Indian exporter or a freelancer, you need Foreign Inward Remittance Advice (FIRA) and e-BRC (Electronic Bank Realisation Certificate) for receiving international payments. But Revolut has not confirmed whether these features will be available for Indian businesses.
This is why you can explore compelling alternatives to Revolut like Wise and Xflow, the latter exclusively designed for Indian businesses.
Wise overview
Wise, formerly known as TransferWise, is a payments platform that focuses on making global transfers affordable with low fees, transparent exchange rates, and fast transfers. It offers digital FIRC for every transfer at an additional cost to support Indian businesses receiving international payments.
You can use Wise for peer-to-peer and business-to-business transfers across the globe. It processes multi-currency transactions between enterprises.
Wise pricing involves a mid-market foreign exchange rate and no forex markup. It charges a conversion fee that varies from country to country. You can also get local bank account numbers and details like IBAN, ACH routing, or US numbers for payments.
Revolut vs Wise: Feature comparison
For a detailed comparison of Revolut vs Wise, it’s important to consider features like multi-currency accounts, cards, and business tools. Wise offers 40+ currencies with local IBAN and batch payments. Revolut has launched a waitlist for the Indian consumer market without any support for business accounts.
| Feature | Revolut | Wise |
|---|---|---|
| Multi-currency accounts | Available via app for personal use. | Available. Supports 40+ currencies with local details like IBAN. |
| Debit cards in India | Visa cards planned to be offered with UPI. | Not available for Indian residents. |
| Business accounts | Not confirmed at India launch. | Yes, these accounts come with batch payments and API. |
| India compliance (FIRC/eBRC) | Not confirmed for businesses. | Digital FIRC available (additional fee is applicable). |
| P2P transfers | Expected via UPI/wallet. | No bank fee applicable, fast transfers. |
| B2B payments | Business scope is unclear. | Multi-currency, bulk payouts. |
| API integrations | Not announced for India. | Yes. Offered for automation. |
| G2 ratings | 3.7/5 | 3.9/5 |
| Availability in India | 3.7/5 | Available. |
Revolut vs Wise: Fees comparison
Wise’s pricing comes with a currency-dependent conversion rate and 2 USD for eFIRC. Revolut’s pricing is undisclosed as there’s no support for receiving payments for Indian businesses yet.
| Fee type | Revolut | Wise |
|---|---|---|
| FX Rates | Not disclosed for India. | Mid-market rate, no FX markup. |
| Conversion fee | Not disclosed for India. | Around 1.6-1.7% for currencies like USD/EUR/GBP. Varies from currency to currency. |
| Receiving payments | Not available for India yet. | Free registration. 18% GST only on the Wise fees. 2 USD per transfer for eFIRC. |
| Compliance (FIRC/eBRC) | Not available at launch. | 2 USD for digital FIRC |
| Overall for $10K USD | Not available for Indian businesses. | 193.47 USD (fee + FIRC, including GST) |
Payments & settlement speeds
Comparing Revolut vs Wise payments and settlement speed for Indian users, we see that Wise supports batch payments and faster transfers with eFIRC for compliance. Revolut to Revolut transfers are instant, but cross-border business speeds for India remain unspecified at launch.
| Aspect | Revolut | Wise |
|---|---|---|
| P2P transfers | UPI/wallet expected, details to be disclosed. | 50% instant, 80% within 24 hours. |
| B2B payouts | Business scope unclear at launch. | Batch payments via local rails. |
| India settlements | Not specified for cross-border. | Quick to INR bank with FIRC. |
| Overall speed | Consumer UPI focus first. | Fast for global to India flows. |
Supported currencies & regions
Wise supports over 40 currencies with GBP/EUR/AUD local bank details for easy receipts. Revolut offers support for over 35 global currencies. Here’s a table outlining the support:
| Aspect | Revolut | Wise |
|---|---|---|
| Supported currencies | More than 35 global currencies like USD, EUR, GBP and more. | Over 40 different currencies in one account. USD, EUR, GBP, AUD with local bank details. |
| India inbound remittances | Not confirmed for Indian residents. | Available. You can receive the money in your Wise account, but can’t hold it. |
| Regions supported | Global, India consumer-centric launch. | 140+ countries, including India. |
| Local account details | Not confirmed for India. | Offered for GBP, EUR, and AUD. |
| India focus | UPI/Visa, domestic first. | P2P/B2B to India with compliance. |
Security & compliance
Both Wise and Revolut follow RBI standards with encryption and segregated accounts. Wise offers a digital FIRC ($2 USD fee) for compliance. Revolut secures a PPI license but lacks support for Indian businesses as of now.
| Aspect | Revolut | Wise |
|---|---|---|
| Regulation | RBI PPI license for wallets/UPI. | RBI approved for transfers. |
| Fund safety | End-to-end encryption, bank partners | Segregated accounts, trusted provider. |
| India compliance | FIRC/eBRC not confirmed at launch. | Provides digital FIRC. |
| Business needs | Export docs unclear for India. | Purpose codes, eBRC support. |
| Account security | 2FA for sensitive actions, biometric login, in-app card controls, and machine learning models for fraud detection. | Full stack security, 24/7 customer support, more than 65 regulatory licenses world-wide, 2-step authentication, and biometrics. |
Revolut vs Wise: Pros & cons
Comparing Revolut vs Wise pros and cons is necessary for Indian users to understand which payments platform fits your business needs. Here you’ll see features, Revolut pricing, Wise pricing, compliance, and speed side by side.
| Platforms | Pros | Cons |
|---|---|---|
| Revolut | RBI PPI license for wallets/UPI. Multi-currency app, multiple budgeting tools. | Waitlist only, no update for Indian businesses. No FIRC support yet for India. |
| Wise | Supports more than 40 currencies, mid-market rates and no FX markups. Faster transfers and batch payments. Owns over 63 local compliance licenses. | Can receive international payments but cannot hold it in the account. No debit card in India. Fee applicable for digital FIRC. |
Best use cases
Selecting the best payment collection alternative for Indian businesses depends on the support the payment platform provides. Wise is more suitable for businesses and freelancers with batch payments and API support. Revolut targets consumer UPI without any clear plans for business support.
Businesses
For Indian businesses and exporters receiving global payments, Wise offers batch payments across the globe at mid-market rates without any FX markups. It also generates a digital FIRC for USD payments at a 2 USD fee to meet RBI requirements. Also, Wise lets you receive over 40 currencies with local IBAN details for simplified payment collection.
Revolut, on the other hand, does not offer business accounts or eBRC support at its India launch. Its initial focus remains on consumer UPI services. This makes Wise an effective option when you compare Revolut vs Wise for your business.
Startups
Startups demand fast cash flow and automation tools for a one-stop payments solution. Wise supports this with API integrations for Zoho or QuickBooks. Also, the conversion fees vary from currency to currency and are generally low and shared upfront for transparency.
Revolut, another competitor of Wise, is planning for multi-currency accounts and Visa cards after launch, but details on business batch payments are still unclear. This is why startups benefit more from Wise’s current reliability.
Freelancers
Wise is perfect for freelancers. It allows you to manage multiple currencies without multiple bank accounts in different locations. With a Wise account, you can receive payments in over 40 different currencies, which opens the global marketplace for your services. It ensures quick transfer of funds along with purpose code mapping and instant FIRC for tax compliance. In this way, Wise helps you to avoid bank fees altogether.
Revolut is in the plans of entering the consumer-centric market and will soon be launching UPI wallets. But cross-border receiving and export documentation are not confirmed yet. Hence, when comparing Revolut vs Wise, the latter seems like a superior alternative for freelancers.
Xflow: A better alternative for global transfers and business payments
Xflow is an exclusively designed cross-border payments receiving platform for Indian exporters, businesses and freelancers. It helps you create virtual USD, EUR, GBP accounts to receive from more than 150 countries and share links for US card/ACH payments.
It offers live mid-market FX rates and guarantees 24-hour settlement of global transactions. It also auto-generates FIRA/FIRC for RBI compliance on every transaction.
For Indian users, Xflow offers QuickBooks/Zoho APIs and exporter workflows without any waitlists or additional charges for eFIRA. This makes it the perfect alternative for both Wise and Revolut.
Conclusion
Going through the Revolut vs Wise comparison, we saw that both platforms effectively cut bank fees. Wise offers transparent mid-market rates, digital FIRC, and fast transfers, while Revolut’s business plans remain unconfirmed.
At the same time, we see Xflow as a tailored cross-border payments receiving solution for the Indian market. It provides auto-FIRA/FIRC without extra fees, one-day settlements, and exporter workflows that better match RBI needs.
For a better and compliant global payments collection, visit Xflow’s site today!
Frequently asked questions
Revolut is better than Wise if you value an all-in-one money app with cards, budgeting, optional trading, or crypto. But if you’re an Indian business and your priority is low-cost, transparent international transfers, then Wise is a better option.
Wise offers cheaper international transfers because it uses the mid-market exchange rate with a separate, visible fee, instead of hiding markup in the FX rate. Revolut doesn’t offer payment collection facilities for Indian businesses.
For pure FX value, the Wise card is better. It uses mid-market rates with transparent fees, which keeps costs predictable when spending abroad. Revolut cards are for travelers who want extra perks, multiple card types, and app features. As of now, Indian businesses cannot obtain Revolut cards.
Yes. Wise provides better FX rates because it uses the mid-market rate with no markup and charges a separate percentage fee. Revolut uses its own rate with built-in markup after you cross the plan limit and may also add weekend surcharges.
Wise is a better option for small businesses and freelancers who care about cost and straightforward multi-currency collections. Currently, Indian businesses can’t obtain a Revolut card.
Revolut vs Wise both use robust security features and are regulated. Practical safety for your use case will depend more on your region, limits, and how comfortable you are with each provider’s risk controls and support process.
Wise can replace some bank account functions for international users, such as receiving money in multiple currencies and spending with a debit card. However, it is not a full traditional bank. It can lack products like loans, overdrafts or government-backed deposit insurance that local banks offer.
