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 £85,000 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

Get the Wise referral offer: wise.com/invite/ihpc/michaelm11459 (free card or fee-free transfers up to £500)

Get the current Revolut bonus: See the latest Revolut offer (campaign bonus shown in-app at sign-up)

FX Rates and International Transfers

This is where Wise has a clear and consistent advantage.

Wise uses the real mid-market exchange rate with no markup. 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 also uses the real rate, 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 almost always works out cheaper on FX conversion. I have tested this with real contractor payments and the saving adds up over a year.

Round winner: Wise.

Fees and Pricing

This depends entirely on how you use the accounts.

Wise Business charges a one-time setup fee of £45 to activate the full business account, including UK account details, international IBANs and the multi-currency wallet. After that, you pay only for what you use: a percentage fee per transfer, small fees for card payments in foreign currency. No monthly subscription.

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 £85,000 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: Use my referral link to receive a free Wise card (worth £7.99) or fee-free transfers up to £500 on your first qualifying transfer of £200 or more.

Get the Wise referral offer

Revolut: The current sign-up bonus is shown in the Revolut app at sign-up and varies by campaign. My referral page always has the latest offer.

Get the current Revolut bonus

Round winner: Wise on immediate, clearly stated value. The Wise card or fee-free credit is a fixed, predictable reward. Revolut's bonus changes by campaign.

Round Summary

• Wise wins: FX rates, fees for international-heavy businesses, sign-up bonus clarity
• Revolut wins: FSCS deposit protection
• 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's mid-market rate means we consistently save 1% to 2% on each payment compared to a standard bank's rate. On larger payments that saving is meaningful.

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 £85,000 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 £85,000 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?

Wise is almost always cheaper. It charges a transparent percentage fee on the real mid-market rate with no markup. Revolut uses the real rate within its monthly plan allowance; once exceeded, a conversion markup applies. For businesses transferring meaningful amounts internationally each month, Wise typically saves more over a year.

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?

Wise Business charges a one-time fee of £45 to activate the full account, including UK account details, multi-currency wallet and international IBANs. There is no ongoing monthly subscription. You pay only per-transfer fees based on the amount and destination currency.

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?

Wise uses a referral link rather than a typed code. Sign up via wise.com/invite/ihpc/michaelm11459 and the reward (a free Wise card or fee-free transfers up to £500) attaches to your account automatically after your first qualifying transfer of £200 or more.

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Open an Account Today

Wise: Get a free Wise card or fee-free transfers up to £500 when you sign up via my referral link and send a first transfer of £200 or more.

Open a Wise account

Revolut Business: Check the current sign-up bonus via my referral page.

See the current Revolut offer

For more guides on UK business finance:

• Best UK Business Bank Accounts 2026: full round-up of all the main options
• Wise Referral Code: the full Wise review with referral offer details
• 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, Founder of Glide Marketing