If you are an expat living in the UK in 2025, your wallet probably looks very different from your parents’ wallet. Gone are the days of carrying thick wads of cash, traveller’s cheques, or a single debit card from a high-street bank that charges you £5 every time you buy a coffee in Paris.
Today, the modern global citizen relies on a new breed of financial tool: the Multi-Currency Account.
It is the superpower that allows you to live in London, get paid in Euros from a freelance client in Berlin, send money to your parents in Sydney, and spend Yen on a holiday in Tokyo—all from one app, often with lower fees than a traditional bank could ever dream of offering.
But in this crowded fintech arena, two giants stand head and shoulders above the rest: Wise (formerly TransferWise) and Revolut.
They both promise “borderless” banking. They both have slick neon-coloured cards. They both claim to be the cheapest. But which one is actually better for you, the UK-based expat?
In this comprehensive Multi-Currency Accounts Review: Wise vs Revolut for UK Expats, we are going to put these two heavyweights in the ring. We will strip away the marketing fluff and compare them on the metrics that actually matter to your bank balance: exchange rates, hidden fees, safety, and everyday usability.
The Contenders: A Brief Introduction
Before we dive into the decimal points, let’s understand the DNA of these two companies.
Wise: The Honest Accountant
Wise was born out of frustration. Its founders, Taavet and Kristo, were tired of losing money on bad exchange rates between the UK and Estonia.
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Philosophy: Radical transparency. They want to make moving money as cheap and fair as sending an email.
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Vibe: Functional, reliable, no-nonsense. It’s not trying to be a lifestyle brand; it’s trying to be a utility.
Revolut: The ambitious Rock Star
Revolut burst onto the scene in London with a “break things and move fast” attitude. It wants to be the only “Financial Super App” you ever need.
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Philosophy: Speed and features. Crypto, stocks, insurance, hotel bookings—Revolut does it all.
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Vibe: Fast, feature-rich, slightly aggressive, and constantly evolving.
Round 1: Local Account Details (Getting Paid)
As an expat, your first priority is likely receiving money—whether it’s your UK salary or transfers from home.
Wise
Wise shines here. When you open a Multi-Currency account, you don’t just get a “wallet.” You get local bank details for 10+ currencies.
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UK: Sort Code & Account Number.
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Eurozone: A Belgian (BE) IBAN.
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USA: Routing Number & Account Number.
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Australia, NZ, Canada, etc. This means you can get paid like a local in all these places for free.
Revolut
Revolut also offers local details, but the list is slightly shorter.
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UK: You get a proper UK Sort Code & Account Number.
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Eurozone: You get a Lithuanian (LT) IBAN. (Note: While “IBAN Discrimination” is illegal, some stubborn UK or French employers still struggle with LT IBANs, whereas Wise’s BE IBANs are sometimes more widely accepted).
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Others: Revolut is improving, but Wise historically has the edge on the sheer number of local account details available.
Winner: Wise (Just for the sheer breadth of local account details).
Round 2: Exchange Rates & The “Weekend” Trap
This is the big one. How much does it cost to convert £1,000 to €1,000?
The Mid-Market Rate
Both Wise and Revolut use the Mid-Market Rate (the real rate you see on Google). This is already miles better than Barclays or HSBC, which add a 3-5% markup.
Wise’s Fee Structure
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Rate: Always the Mid-Market Rate. 24/7.
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Fee: They charge a small, variable percentage fee (usually around 0.41% – 0.6%) on top.
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Transparency: You see exactly what the fee is before you convert.
Revolut’s Fee Structure
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Rate: Mid-Market Rate… mostly.
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Fee: No transfer fee for the first £1,000 (on the Standard plan).
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The Trap: Weekend Markups. If you convert currency on a Saturday or Sunday (when forex markets are closed), Revolut charges a 1% fee to protect themselves against volatility.
The Real World Impact: If you are sitting in a pub in Dublin on a Saturday night and need to move money to pay the bill:
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Wise: Charges you the standard low fee.
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Revolut: Charges you the weekend penalty.
Winner: Wise for consistency. Revolut if you are disciplined enough to only exchange money Mon-Fri.
Round 3: Spending Abroad (The Debit Card)
You are on holiday in Spain. You tap your card to buy Paella. What happens?
Wise Debit Card
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If you hold Euros in your account, it uses them free of charge.
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If you don’t hold Euros, it auto-converts your Pounds at the standard fee (approx 0.45%).
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ATM Withdrawals: Free up to £200 a month (max 2 withdrawals). After that, 1.75% fee + 50p.
Revolut Debit Card
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If you hold Euros, it uses them free.
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If you don’t, it auto-converts.
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Standard Plan Limit: You can spend/exchange up to £1,000 per month fee-free. After that, a 1% fair usage fee kicks in.
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ATM Withdrawals: Free up to £200 a month (or 5 withdrawals). After that, 2% fee.
The Verdict: If you are a heavy spender (spending more than £1,000 a month abroad), Wise is safer because it doesn’t have a steep “Fair Usage” cliff edge. But for short holidays, they are very similar.
Winner: Tie (Depends on your spending volume).
Round 4: International Transfers (Sending Money Home)
You need to send £5,000 to your parents in the USA.
Wise
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Speed: Often instant or same-day.
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Cost: The fee will be around 0.4% – 0.6%.
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Experience: Incredible transparency. They will even tell you if a competitor is cheaper.
Revolut
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Speed: Also very fast.
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Cost:
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Standard Plan: You might pay a fee for an international transfer to a non-Revolut account, plus a percentage if you exceed the £1,000 exchange limit.
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Premium Plan: Transfers are often fee-free (just the exchange rate), which can make it cheaper than Wise for frequent senders.
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Winner: Wise for one-off transfers. Revolut Premium for frequent heavy users.
Round 5: App Features & “Lifestyle” Perks
This is where Revolut flexes its muscles.
Revolut: The Super App
Revolut is not just a bank; it’s a lifestyle dashboard.
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Vaults: Round up your spare change to save money.
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Crypto & Stocks: Buy Bitcoin or Tesla shares directly in the app.
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Travel: Book hotels and get cashback (Stays).
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Insurance: Premium plans come with travel and device insurance.
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Disposable Cards: Generate a single-use virtual card number for sketchy websites. (This feature alone is worth downloading the app for).
Wise: The Utility
Wise is boring—in a good way.
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Jars: You can separate money for rent or bills.
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Interest: They now offer “Assets” where you can earn interest on your cash balances (invested in government bonds).
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No Fluff: You won’t find crypto or hotel booking ads here. Just pure money movement.
Winner: Revolut (Hands down, if you like gadgets and features).
Round 6: Safety & Regulation (Is My Money Safe?)
This is the question that keeps expats awake at night. “Are these real banks?”
The “Safeguarding” Model
Technically, in the UK (as of early 2025), both Wise and Revolut (for most users) operate as e-Money Institutions, not full banks.
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What this means: Your money is not covered by the FSCS guarantee (the £85,000 government protection).
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How they protect you: They use “Safeguarding.” By law, they must put 100% of your money into a separate, ring-fenced account at a big bank (like Barclays or JP Morgan). If Wise/Revolut goes bust, they cannot use your money to pay their debts. It should be returned to you.
The Revolut Banking License
Revolut has been chasing a full UK banking license for years. In some European countries (like Lithuania/France), they are a full bank with deposit protection. Check your specific account terms. In the UK, they are getting closer, but as of writing, most standard accounts are still e-Money.
Winner: Tie. Both are highly regulated by the FCA, but neither (yet) offers the full “sleep easy” FSCS protection of a high-street bank for their standard multi-currency accounts. Advice: Don’t keep your life savings in either. Use them for spending, keep savings in a real bank.
Round 7: Customer Support
When things go wrong—and they will—who picks up the phone?
Revolut
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Method: In-app chat.
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Reputation: Historically patchy. If their algorithm flags your account for “suspicious activity” (common with crypto or large transfers), you can be locked out for days with only a chatbot to talk to. It has improved, but horror stories exist.
Wise
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Method: Phone support (during business hours) and email/chat.
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Reputation: Generally considered more “human.” Because they don’t deal with high-risk crypto as much, they tend to be less “trigger happy” on freezing accounts.
Winner: Wise. Being able to actually speak to a human on the phone is a luxury Revolut rarely offers.
The Subscription Model: Do You Need “Premium”?
Wise
Wise is mostly “Pay as you go.” They don’t push monthly subscriptions hard. The account is free. You pay for what you use.
Revolut
Revolut pushes its tiers: Plus, Premium, Metal, Ultra.
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Metal (£14.99/mo): Gets you cashback, higher ATM limits, unlimited FX, and travel insurance.
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Is it worth it? Only if you exchange more than £1,000 a month or travel extensively. For the average expat staying in London, the Standard (Free) plan is usually enough.
The Verdict: Which One Should You Choose?
The truth is, as an expat, you shouldn’t choose. You should probably have both. They serve different purposes and act as backups for each other.
Choose Wise If:
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You are a Freelancer or Remote Worker getting paid in multiple currencies (USD, EUR). The local account details are superior.
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You want to make large, one-off transfers (e.g., a deposit for a flat).
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You value transparency and hate hidden weekend fees.
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You want a simple, “set and forget” tool.
Choose Revolut If:
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You want a “Day-to-Day” spending card for coffee and tube rides.
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You love tech features like disposable cards, crypto, and budgeting analytics.
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You travel frequently and want a travel card that acts as a global wallet.
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You plan to exchange small amounts regularly and can avoid the weekends.
Conclusion
In the battle of Wise vs Revolut for UK Expats, there is no knockout punch. They are both exceptional tools that have shamed the traditional banks into irrelevance.
If we had to pick just one for the sheer utility of “Expat Life” (moving money, getting paid, setting up life), Wise takes the gold medal by a slim margin due to its transparency and reliability. It feels less like a tech toy and more like a serious financial infrastructure.
However, Revolut is the more fun, versatile companion for your pocket.
Our recommendation? Download both. Keep your “serious” money movement in Wise, and your “fun” spending money in Revolut. That way, you get the best of both worlds—and you’ll never be stuck in a foreign country with a blocked card and zero options.
FAQs: Frequently Asked Questions
1. Can I get a UK Sort Code and Account Number without proof of address?
Yes, with both Wise and Revolut. They usually accept your proof of address from your home country (e.g., France or Australia) to open the account. Once open, they generate UK bank details for you immediately. You can then update your address to your UK one once you find a flat.
2. Which is better for large transfers (over £10,000)?
Wise is generally preferred for large transfers. Their fee model is linear and transparent, and they are less likely to flag a legitimate large transfer as “suspicious” compared to Revolut’s sensitive automated fraud detection systems.
3. Can I have my salary paid into Wise or Revolut?
Yes. Both provide legitimate UK bank details. Your employer will treat it just like a payment to HSBC or Barclays. However, some very old-fashioned payroll systems might occasionally glitch with non-high-street sort codes, but this is becoming very rare in 2025.
4. Do these cards work with Apple Pay and Google Pay?
Yes. Both Wise and Revolut cards can be added to your digital wallet instantly. You can often start spending with your phone before the physical plastic card even arrives in the post.
5. What happens if I lose my phone?
This is the downside of app-based banking. However, both have desktop websites where you can log in and freeze your cards. It is wise to have a backup “traditional” bank card kept in a drawer at home just in case you lose access to your digital life.
