Is Transferwise the same as Revolut?

I'm looking to transfer a few thousand from a US bank to HSBC for the first time.  I've always heard Transferwise was the place to go and planned to use that, but when I looked at the site it appears to be very similar to Revolut.  I've already got a Revolut card and wouldn't want to go through the trouble of setting up Transferwise if it doesn't give me anything more. 

Anyone experienced who can give me some advice?

I can't help you with the Revolut part of the question but if it is the same or similar, you should still do a comparison to see which gives you more for your money. 

I use Revolut for travel but transferwise for going between bank accounts in US and UK.

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Revolut is a virtual bank account with a pre-paid credit card that you open yourself. You can add money to the Revolut account from your debit card/regular bank account,  exchange it to another currency at a good rate and use it to pay for things in that currency. Or you can transfer it to a different account either in the UK or abroad. I have transferred money between my US and UK accounts using Revolut and also transferred money to friends in other countries as well.

On the other hand, Transferwise is a company that allows people to arrange cheap international money transfers without all the usual fees. They way they work is that they pair your international transfer amount with a transfer in the recipient country that is going the other way and then transfer your money to the other person's recipient, and the other person's money to your recipient.

For example:
- Person A in the UK wants to send £100 ($124) to Person B in the US
- Person C in the US wants to send  $124 (£100) to Person D in the UK
- Person A and Person C transfer their £100/$124 to Transferwise in the UK and the US respectively.

Transferwise then sends Person C's $124 to Person B within the US, and they send Person A's £100 to Person D within the UK... therefore no money is transferred internationally, and costs/fees are kept low.

Revolut is a virtual bank account with a pre-paid credit card that you open yourself. You can add money to the Revolut account from your debit card/regular bank account,  exchange it to another currency at a good rate and use it to pay for things in that currency. Or you can transfer it to a different account either in the UK or abroad. I have transferred money between my US and UK accounts using Revolut and also transferred money to friends in other countries as well.

On the other hand, Transferwise is a company that allows people to arrange cheap international money transfers without all the usual fees. They way they work is that they pair your international transfer amount with a transfer in the recipient country that is going the other way and then transfer your money to the other person's recipient, and the other person's money to your recipient.

For example:
- Person A in the UK wants to send £100 ($124) to Person B in the US
- Person C in the US wants to send  $124 (£100) to Person D in the UK
- Person A and Person C transfer their £100/$124 to Transferwise in the UK and the US respectively.

Transferwise then sends Person C's $124 to Person B within the US, and they send Person A's £100 to Person D within the UK... therefore no money is transferred internationally, and costs/fees are kept low.

  Hmmm, your explanation of how Transferwise works is exactly how I always thought that Revolut works as well.   When I saw that Transferwise is offering some kind of card I started thinking that they are the same thing. 

But the big question as asked by Larrabee, which is cheaper?  I'm trying to avoid spending hours running the numbers. 

  Hmmm, your explanation of how Transferwise works is exactly how I always thought that Revolut works as well.   When I saw that Transferwise is offering some kind of card I started thinking that they are the same thing. 

Maybe Revolut works the same way, I don't know. There's no third party with Revolut though - it's supposed to be mainly used as a personal bank account/credit card when travelling abroad or making international payments, whereas Transferwise involves transferring money to a separate company who then transfer the money on your behalf.

But the big question as asked by Larrabee, which is cheaper?  I'm trying to avoid spending hours running the numbers.

Going by today's exchange rate, if I were to exchange £15 GBP unto USD in my Revolut account (which is about all I have in the account at the moment), it would give me $18.56.

If I were to transfer £15 to my US account through Transferwise, after fees, I would get $16.78 (paying by debit card) or $16.82 (by bank transfer).

So, looks like Revolut has the better rate.

It might be different for larger amounts though.

Jim, run the numbers here on Transferwise. It'll take you no time at all.

https://transferwise.com

Thanks Ksand and Larrabee, you have both been super helpful