Wise, Revolut, or Your Local Bank: Which Is Best for Receiving Foreign Client Payments?
Receiving the same payment through Wise, Revolut or your own bank can leave you with different amounts. Here is where the money goes.
A foreign client asks for your bank details. Depending on your location and eligibility, you may be able to use your local bank, Wise or a Revolut business product. The amount you end up with can differ. Here is where the differences come from.
How each one works
Wise: Eligible customers can receive money using account details in several currencies. Many domestic payments are free to receive, while Swift fees vary by currency. Wise lists $6.11 for a USD wire or Swift payment, 2.39 EUR for EUR Swift and 2.16 GBP for GBP Swift. Conversion fees vary by currency pair. Account details and business setup fees depend on the account and region.
Revolut: Eligible freelancers can apply for Revolut Pro, while registered businesses may use Revolut Business. UK personal accounts are not for business transactions. Pro is used through a personal account and its applicable personal plan fees and allowances generally also apply to Pro transactions. On the UK Standard plan, the exchange allowance is £1,000 per month and a 1% fair usage fee applies above it. The Standard plan also adds a weekend exchange fee. Other plans and regions differ. Revolut shows its exchange rate and any exchange fee in the app before confirmation; check that your Pro or Business account can receive the currency and route you need.
Your local bank: A client may send money by Swift to your bank. Intermediaries can deduct fees, your bank may charge to receive the payment, and it may apply its own exchange rate when currencies differ.
Worked example: $1,000 from a client abroad
These assumptions are illustrative, not universal. Assume all four routes accept a $1,000 USD Swift payment and an intermediary deducts $15 from each. Wise charges $6.11 to receive and a hypothetical 0.6% conversion fee. For an eligible UK Revolut Pro account on Standard, assume no receiving fee and no extra exchange fee shown on a weekday within the unused allowance; a weekend exchange adds 1%. The local bank charges $10 for the incoming wire and a hypothetical 2.5% exchange-rate margin. For easy comparison, the figures assume the same reference exchange rate apart from the stated costs; actual quotes can differ. All final amounts are USD-equivalent values, not dollar balances.
- Wise: $1,000 minus $15 intermediary fee, $6.11 receiving fee and approximately $5.87 conversion cost leaves about $973.02, a $26.98 total reduction.
- Revolut Pro, weekday within allowance: $1,000 minus the $15 intermediary fee and the assumed $0 extra receiving and exchange fees leaves about $985.00.
- Revolut Pro, weekend: $1,000 minus $15 and an assumed $9.85 weekend exchange fee leaves about $975.15.
- Local bank: $1,000 minus $15 intermediary fee, $10 receiving fee and approximately $24.38 exchange margin leaves about $950.62.
The allowance matters when you convert more. If £1,000 equals $1,300 for illustration, and $1,485 of a $1,500 payment reaches you after the intermediary fee, about $185 exceeds an unused Standard allowance. A 1% fair usage charge on that excess is about $1.85. A weekend charge can also apply. Paid plans have different allowances and subscription costs.
Speed
Swift transfers can take several business days and intermediary banks may cause delays. Wise says USD Swift payments usually take one working day and sometimes up to six. Local transfers can be quicker, but the sender's bank, currency, weekends and checks still affect timing.
Which fits your situation?
- Clients in the US, UK or Eurozone: Ask whether eligible local account details can receive their domestic transfer and avoid a Swift route.
- You convert often: Check monthly allowances and weekend fees, then compare the actual Wise and Revolut quotes for your currency pair.
- You keep the foreign currency: An eligible account in that currency may let you delay conversion.
- A client insists on a conventional bank: Confirm whether they accept your provider's receiving details. A local bank may be necessary.
- Large, rare payments: Compare the complete cost, including incoming and intermediary fees, before choosing.
What to check before deciding
Ask whether your country and account type are supported, whether client payments are permitted, what the receiving fee is, what rate and conversion fee will apply, and how long the route usually takes.
Track what actually arrives
Record the amount the client sent, each visible fee, the exchange rate and the amount received. The record shows how the routes compare for your own payments.
Summary
The example shows how receiving fees, allowances and conversion costs can change the result. Revolut's assumed weekday cost is lowest in this scenario; a weekend fee narrows the gap with Wise. The bank's assumed exchange margin is its largest cost. Compare live quotes and the whole payment chain for your own country and account.
Fees and availability vary by country and change. Check current terms before choosing. This is general information, not financial advice.
