1. The Exchange Rate Battle
Both apps use the “Mid-Market” rate, but they apply different rules on when and how you can access it.
- Wise: Provides the true Mid-Market rate 24/7. They never add a markup to the exchange rate itself; instead, they charge a transparent, upfront service fee (typically 0.4%–0.6%).
- Revolut: Offers the Mid-Market rate on weekdays only.
- The Weekend Trap: From Friday evening to Sunday evening, Revolut adds a 1% markup for Standard users to protect against market fluctuations while forex markets are closed.
- The Limit: Standard users have a fee-free exchange limit (typically $1,000–$2,000 per month). Once you exceed this, a 1% “Fair Usage” fee applies.
2. 2026 Fee Comparison: Sending $10,000 AUD
For a large transfer like tuition, the “free” model of Revolut often becomes more expensive than the “paid” model of Wise.
| Feature | Wise (Personal) | Revolut (Standard) |
| Exchange Rate | Mid-Market (Always) | Mid-Market (Weekdays only) |
| Service Fee | ~$45 – $60 (Transparent) | $0 (Under limit) / 1% (Over limit) |
| Weekend Markup | $0 | ~$100 (1%) |
| Total Cost | Lower for large sums | Lower for small weekday sums |
3. Local Account Details
One of the biggest advantages for students is having local bank details to receive money without international wire fees.
- Wise: Provides local account details for 9+ currencies (including AUD, USD, GBP, EUR, and NZD). This allows you to receive money like a local in those countries.
- Revolut: Typically provides local details for 2–3 currencies (usually EUR and GBP), depending on your region. For AUD, you may still have to rely on a Swift transfer which can incur intermediary fees.
4. Which One Should You Choose?
- Choose Wise if: You are sending large amounts (tuition/rent), you need to transfer money on weekends, or you want a simple “pay-as-you-go” model without monthly subscriptions.
- Choose Revolut if: You are making small daily purchases, you want a “Premium” card with travel perks (like lounge access), or you plan to use their Metal/Ultra plans ($15–$55/month) which remove the weekend fees and exchange limits.
