Wise Business and Revolut Business are the two FinTech-first UK business accounts most-used for international payments. Both undercut high-street banks on FX cost by 2–3 percentage points. They differ on the model — Wise charges a transparent margin per transaction; Revolut offers free FX up to a tier-dependent monthly cap, then charges above. This guide compares both honestly for UK freelancer use cases.
Side-by-side comparison
| Feature | Wise Business | Revolut Business |
|---|---|---|
| FX model | Mid-market rate + ~0.4% margin per transaction | Free FX up to monthly cap; ~1% above |
| Monthly cost | Free (per-transaction model) | Free (Basic) / £19–£79/mo paid tiers |
| Multi-currency receiving | USD, EUR, GBP, AUD, etc. | 30+ currencies |
| Setup time | Same-day | Same-day |
| Mobile app | Strong | Strong |
| Best for | Per-transaction freelancers | Volume-based freelancers |
Best for — pick by scenario
- Receiving overseas invoices in USD/EUR/AUD: Wise Business — local receiving accounts in major currencies
- Mostly EUR clients, predictable volume: Revolut Business — free FX often covers the volume
- Pay overseas suppliers regularly: Wise Business — predictable per-transaction FX margin
- Want broader business product range: Revolut Business — cards, expenses, integrations, multi-user roles
- Want simplest model: Wise Business — flat margin, no monthly fee tiers to worry about
Pros and cons
Wise Business
Pros
- Transparent flat FX margin
- Local receiving accounts (act like a US/EU bank account)
- No monthly fees on entry tier
- Best for unpredictable / one-off transactions
Cons
- No free FX tier — every transaction has a margin
- Less business-suite breadth than Revolut
- Limited team-collaboration features
Revolut Business
Pros
- Free FX up to monthly cap
- Broader business product suite (cards, expenses, payouts)
- 30+ currencies supported
- Stronger team-scale features
Cons
- FX cap is the trap — going above triggers ~1% fees
- Higher tiers can get expensive (£79/mo)
- FSCS protection structure is indirect
Pricing in detail
Wise Business has no monthly fee for the entry tier. You pay per-transaction: a small percentage margin above the mid-market exchange rate (typically 0.35–0.5% depending on corridor) plus a small fixed fee. There's no free FX cap — every transaction has a margin. Revolut Business has tiered monthly plans: Basic (free) through Grow (£19/month), Scale (£79/month) and Enterprise. Each tier includes a monthly free-FX cap; once you exceed it, transactions get a higher margin (~1%). For UK freelancers with predictable monthly FX volume that fits within the Revolut free cap, Revolut comes out cheaper. For unpredictable or volume-above-cap usage, Wise's flat margin wins.
Account opening and verification
Both are fast — most UK sole traders open in 15–30 minutes online. Wise Business requires UK business verification (HMRC reference for sole traders, Companies House registration for Ltds) and identity documents. Revolut Business is similar but its tiered plans mean you'll pick a tier upfront. Both are EMIs (not full banks); both hold client money with regulated UK partner banks. Verification time is comparable — usually same-day for clean applications, 1–2 working days if any flags.
Multi-currency receiving accounts
This is where Wise often wins. Wise provides local-currency receiving accounts in USD, EUR, AUD, NZD, SGD and others — your US client can pay you via a US bank account ACH (much faster and cheaper than SWIFT) and the money lands in your Wise USD balance without FX conversion. You convert at your chosen time. Revolut offers similar receiving accounts in 30+ currencies but historically with slightly more complex setup. For UK freelancers regularly receiving USD or EUR invoices, Wise's receiving account workflow is often smoother.
Business product range
Revolut Business has a broader product suite beyond payments: physical and virtual cards for employees, expense management, integrations with accounting software, payroll add-ons. Wise Business is more focused on the payment layer — multi-currency accounts, bulk payments, integrations with accounting software. If you're a solo freelancer who just needs cheap FX, Wise is the cleaner choice. If you're scaling toward small-team and want a broader business banking suite, Revolut Business has more product depth.
Common mistakes when picking
First — picking based on the free FX cap without modelling your actual volume. Most UK freelancers underestimate their monthly FX volume; the Revolut free cap often runs out before month-end, and the post-cap rate (~1%) is then worse than Wise's flat 0.4%. Run the maths against last year's actual transactions. Second — assuming Wise's local receiving accounts are 'a US bank account' — they are not. They're great for receiving USD/EUR via local rails, but they're held in your name at Wise's partner banks, not yours. Third — under-using either for outbound payments. Both let you pay overseas suppliers / contractors in their local currency at near-mid-market rates — much cheaper than your UK business bank account's wire transfer.
Real UK freelance scenarios
A UK designer with one US client paying $5,000/month: Wise Business — receiving USD via local account, converting on your schedule, predictable 0.4% margin. A UK consultant with €2k–€4k of EUR invoicing per month, predictable: Revolut Business — free FX often covers it. A UK developer paying overseas Fiverr contractors $200–$500 each: either; Wise simpler per-transaction, Revolut better if you also have team-scale UK use. A UK Ltd doing international payroll for a remote-hired Polish developer: Revolut Business — broader payroll integrations; or Wise with manual transfers.
How to choose between them
For most UK freelancers the right approach is to test both — most providers in this category offer either free tiers or free trials. The structural differences described above usually become clearer once you've used each for a week of real work. If you don't have time to test, the best-for matrix above maps the most common UK freelance situations to a recommended pick.
The recommendation framework here is editorial — we describe each provider's structural strengths and weaknesses rather than ranking them with fabricated scores. The right choice depends on your specific situation: revenue level, business structure, client mix, and what other software you're already using.
Where this fits in the wider stack
This comparison is part of the UK International Payments Hub. Related comparisons and deep-dives are linked from there. For the full UK freelance operating stack, see the recommended tools page and the freelance productivity stack guide.
Make the call
Both Wise Business and Revolut Business are credible UK options. Pick by best-for fit rather than headline marketing.
Depends on volume. Revolut's free FX cap (varies by tier) wins for predictable volume that stays within it. Wise's flat margin wins for unpredictable or volume above Revolut's cap.
Yes — many UK freelancers use Wise for receiving invoices (multi-currency accounts) + Revolut for the business product suite.
Both are widely accepted. Wise is more associated with international payments; Revolut more associated with broader business banking.
Both are EMIs (not full banks). FSCS protection is indirect — verify the structure on each provider's site.
Yes — both. Wise provides a USD receiving account that acts like a US bank account; Revolut similar via local accounts.
Wise — its per-transaction model is simpler. Revolut's tiered structure adds complexity for occasional use.
Yes — both have bank feeds for FreeAgent, Xero, QuickBooks.
Get started
Both options are free to try. Test each for a week of real work before committing.