Wise vs Revolut Business Account UK (2026): What I Actually Use

Wise or Revolut Business: which is the better UK business account in 2026? I have been using both for over two years at Glide Marketing, my UK SEO agency, and the honest answer is that I use both for different things.

The short answer: if you regularly pay international suppliers or contractors, Wise is the better tool for that job. If you want FSCS-protected business deposits and team expense cards, Revolut is worth running alongside it. Most UK business owners will get more value from both accounts than from picking one.

What Has Changed in 2026

Two recent developments changed the comparison significantly.

Revolut received a full UK banking licence. This is the biggest change. Eligible deposits are now protected by the Financial Services Compensation Scheme up to £120,000 per person. Previously Revolut operated as an e-money institution, meaning funds were safeguarded but not FSCS-covered. That distinction mattered for anyone holding larger cash balances in the account. It matters much less now.

Wise launched a UK current account. In early 2026 Wise added a UK sort code and account number to its product range, making it a more credible everyday account. However, Wise remains an e-money institution (FRN 900507), not a bank. Deposits are still not FSCS-protected.

The net result: Revolut closed its biggest weakness. Wise became a more complete product but still cannot match Revolut on deposit safety.

Wise vs Revolut Business: At a Glance

Wise sign-up: no code to type. My Wise guide covers how signing up works.

Revolut: See my Revolut referral page for whether a campaign is running (the bonus is shown in-app at sign-up)

FX Rates and International Transfers

This is where Wise has a clear and consistent advantage.

Wise uses the mid-market exchange rate. You pay a small percentage fee (typically 0.5% to 1.5% depending on the currency pair). That fee is shown to you before you confirm the transfer. There are no hidden spreads.

Revolut has no extra conversion fee, but only within the free allowance included in your plan. Once you exceed that allowance, a 0.5% to 1% markup applies. On the Grow plan (£19/month) you get a set monthly allowance; on the free tier it is lower, and weekend transfers attract an additional fee on some plans.

For a UK business paying international contractors, Wise has been the better fit for me on FX, because the fee is shown upfront on every payment. Price your own route in both apps on the same day before you choose.

Round winner: Wise.

Fees and Pricing

This depends entirely on how you use the accounts.

Mike has never paid a Wise Business setup fee or a monthly fee, only a percentage fee per transfer plus small fees for card payments in a foreign currency, across UK account details, international IBANs and the multi-currency wallet. Some newer Wise Business sign-ups do see a one-off fee to add receiving features since Wise split its plans in November 2025, so check what your own sign-up screen shows before assuming it is free.

Revolut Business starts at free (with limited features and FX allowance), but the useful tier is the Grow plan at £19/month. That gives you expense cards, bulk payments, accounting integrations and a better monthly FX allowance. For businesses making fewer than five or six international transfers a month, Revolut's fixed monthly cost can work out cheaper than Wise's per-transfer model.

Run the numbers for your own usage pattern. If you transfer more than £2,000 internationally each month, Wise typically wins on total cost.

Round winner: Wise for high international volume. Revolut for low-volume or domestic-only use.

Safety and FSCS Protection

This used to be Revolut's weakest point. It is no longer.

Revolut now holds a full UK banking licence. Eligible deposits are protected by the FSCS up to £120,000 per person. This puts Revolut on the same regulatory footing as a traditional high-street bank for deposit protection. For UK businesses holding meaningful cash reserves, this is a material change.

Wise remains an e-money institution (FRN 900507). Funds are safeguarded in segregated accounts held at regulated UK banks, so you are not exposed to Wise's own credit risk. However, funds are not FSCS-protected. If Wise were to fail, recovery would be through an insolvency or wind-down process, not an automatic FSCS claim.

For normal day-to-day use the safeguarding model is genuinely very safe. But for holding larger business cash balances, Revolut's FSCS cover is now the clearly stronger option.

Round winner: Revolut.

Business Features

Both products have matured considerably. Here is how the main features compare.

Expense cards: both offer team expense cards with per-card spending limits and merchant controls. Revolut's expense card management has slightly more polished reporting tools, but Wise is a credible alternative.

Accounting integrations: Wise Business integrates with Xero and QuickBooks. Revolut Business connects to Xero, QuickBooks and FreeAgent, and includes payroll features on higher plans.

Bulk payments: both support batch payments via CSV upload on paid tiers. For paying multiple international contractors at once, Wise's batch payment process is particularly well suited.

UK accounts and IBANs: both now provide a UK sort code and account number, plus international IBANs in major currencies.

Round winner: Tie. Both products are genuinely competitive here.

App Experience

Both apps are well-designed and genuinely easy to use. Revolut's app is slightly more feature-rich with dashboards and analytics. Wise's app is cleaner and faster for transfer-focused workflows. Neither will frustrate you.

Round winner: Tie.

Sign-Up Bonuses

Wise: No sign-up bonus through this site. My Wise links are affiliate links, and they do not carry a reward for you. You get the same account and prices as going direct.

Revolut: The sign-up bonus is shown in the Revolut app at sign-up and varies by campaign. Revolut runs these in short windows with gaps between them, so there is not always one live. My referral page says which it is today.

See my Revolut referral page

Round winner: Revolut, when a campaign is live. There is no Wise bonus here, and Revolut's depends on the campaign window.

Round Summary

• Wise wins: FX rates, fees for international-heavy businesses
• Revolut wins: FSCS deposit protection, and the sign-up bonus when a campaign is live
• Tie: Business features, app experience

Neither wins on everything. That is why I run both.

Which Should You Pick?

Pick Wise if:

• You regularly pay international contractors or suppliers
• You want to pay as you go with no monthly fee
• Minimising FX costs is your main concern
• You want a clearly stated referral reward at sign-up

Pick Revolut if:

• You want FSCS-protected deposits for your business cash
• You manage a team that needs multiple expense cards
• You prefer a predictable monthly subscription over per-transfer fees
• Most of your business runs in GBP with limited international payments

Pick both (which is what I do):

• Use Wise for all international contractor payments (better FX rate, lower cost)
• Use Revolut for domestic business expenses and team cards
• Hold larger cash reserves in Revolut now that deposits are FSCS-protected
• There is no restriction on running both accounts simultaneously

How I Actually Use Both

I set this up properly about eighteen months ago after realising I was paying an avoidable FX spread on contractor payments through my main bank.

At Glide Marketing, I use Wise for all international contractor payments. We pay freelancers in the EU and the US regularly. Wise uses the mid-market exchange rate and shows the fee before I send, so I always know what a payment costs.

I use Revolut Business for domestic team cards and expenses. Each team member who needs to spend for the business has a Revolut card with a monthly limit set in the dashboard. The spend data feeds into our accounting software without any manual work. Since Revolut's banking licence became active, I am also comfortable holding a larger cash float in the Revolut account rather than sweeping everything out after each payment run.

For one-off larger international transfers, Wise every time. For day-to-day domestic spending and team expenses, Revolut.

This is not a sponsored conclusion. Both tools solve real problems, and the honest answer is that they complement each other rather than compete.

Frequently Asked Questions

Is Wise safer than Revolut in the UK?

Both are safe for everyday business use, but they differ on deposit protection. Revolut holds a full UK banking licence and eligible deposits are FSCS-protected up to £120,000 per person. Wise is an e-money institution (FRN 900507); funds are safeguarded in segregated accounts under FCA rules but are not FSCS-protected. For holding significant cash reserves, Revolut provides the stronger protection.

Is Revolut now FSCS protected?

Yes. Revolut received a full UK banking licence and eligible deposits are now FSCS-protected up to £120,000 per person. This is a significant improvement on its previous e-money institution status. Check Revolut's website for which account types are covered under the current terms.

Do I need both Wise and Revolut?

Not everyone does. If you only operate in GBP with no international payments, Revolut alone is likely enough. If you regularly send money internationally, Wise adds clear value on FX costs. Many UK business owners find both accounts work together well, with Wise handling international and Revolut handling domestic.

Which is cheaper for international transfers?

It depends on your plan and how much you send, so price the same transfer in both apps on the same day. Wise charges a percentage fee shown upfront and converts at the mid-market exchange rate. Revolut has no extra conversion fee within your plan's monthly allowance; once you exceed it, a markup applies. For regular international payments above that allowance, Wise has been the better fit for me.

Does Revolut charge fees outside its plan allowance?

Yes. Paid plans include a free monthly FX allowance. Once you exceed it, a 0.5% to 1% currency conversion markup applies. Weekend transfers may attract an additional fee on some plans. Always check Revolut's pricing page for the exact allowances on your plan before committing.

Can I use Wise as my main business account?

Yes, Wise Business provides a UK sort code and account number plus international IBANs, so it is fully functional as a main business account. The key limitation is that funds are not FSCS-protected. If deposit protection matters to you, Revolut is the better choice for holding your main business balance.

What is the Wise Business account setup fee?

Mike has never paid a Wise Business setup fee or a monthly fee on his own account, only a percentage fee per transfer. Wise's plans changed in November 2025 and some newer Business sign-ups now see a one-off fee to add receiving features, so check your own sign-up screen rather than assume it applies to you.

Which is better for sole traders and freelancers?

For sole traders, Wise Personal is often sufficient with no setup fee. If you send international payments regularly, Wise is better on FX costs. If FSCS protection matters for the funds you hold, Revolut's banking licence makes it the safer deposit account. Many sole traders run both for exactly this reason.

Does Wise have a referral code?

No. Wise does not use typed codes and there is nothing to enter at sign-up. My Wise guide covers how signing up works and what Wise costs.

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Open an Account Today

Wise Business: Open a Wise Business account through my link if you want the account on its merits. Wise pays me £50 when a business that signed up through it makes its first transfer between two currencies. It costs you nothing extra.

Open a Wise Business account

Revolut Business: Open a Revolut Business account through my referral link if you want the account on its merits. Worth being straight about the referral though: Revolut's business promotion terms describe it as "a one-sided campaign, where only the Referrer (not the Referee or Business) can be awarded the Reward", so when a campaign is running I get paid and you do not. If you want a sign-up bonus for yourself, Monzo Business pays you £50 and Tide pays you £100.

Open a Revolut Business account

That link carries a dated campaign code, C2B-SEP2-26-AR-H1, which closed on 6 October 2026, checked in my own Revolut app on 22 September 2026. Revolut runs the business promotion on short windows and rotates the code roughly monthly, so for now the link opens a standard Revolut Business sign-up with no campaign attached, until I put the next code in.

For more guides on UK business finance:

• Best UK Business Bank Accounts 2026: full round-up of all the main options
• Does Wise Have a Referral Code?: the full Wise review, fees and how sign-up works
• Wise Business Account Review: three years of my own use, with the fee on a real £1,300 transfer
• Tide Referral Code: £100 free with the fastest UK business account sign-up I have tested
• Monzo Business Promo Code: £50 free for new Monzo Business customers
• Tide vs Monzo Business vs Starling: the three main UK-only fintech accounts compared

Mike McDonnell. I write The Growth Toolkit, a free Sunday email on getting the most out of AI, with the setups I use explained in plain English.