Wise vs Revolut: The Hidden Secret in Multi-Currency Bank Accounts (for UK Businesses Receiving USD)
Disclaimer: this is not sponsored content and I have no affiliation to any of the businesses. This is not financial advice and please do your own research and use this information for reference only.
I have quietly embarked on a new adventure recently - setting up a new LTD business. Among the many many administrative tasks is the far-from-trivial job of setting up a Business Bank Account.
I set out to find the best multi-currency business account - something that would allow me to receive and hold USD at minimal cost. I expected a straightforward process: a quick comparison should show a clear winner - being a methodical nerd I have a decade of experience comparing personal bank accounts and credit cards. Instead, after hours and hours of research (and many very complicated and confusing pricing tables from different financial products’ websites), I ended up with more questions than answers.
I take pride for being thorough at understanding all the important features and fine prints when it comes to such decisions. Especially when the switching cost is high (not just financially but also administratively), I’d rather put in the time at the beginning to make a confident choice that I will not regret soon down the line and have to fix.
So when I came across this hidden secret, which I AM SURE not many people were aware of (especially before they became customers of these businesses), I had to share it.
Context (feel free to skip)
This story is anchored at the point when I was specifically looking for a mutlicurrency business account for a UK based business. I had already chosen a couple of other business accounts for other purposes (e.g. Tide for faster and cheaper company registration, and Mettle for free FreeAgent access).
At the beginning of this research, I quickly dismissed Wise because of the charge £45 opening fee - come on, really? Revolut offers £400 referral bonus (which is £200 if you split it with your referrer). So in comparison the £45 fee immediately swept Wise off the table.
Then, hours later after comparing Revolut to a few other multicurrency business accounts, I decided to go with Revolut. I was halfway through the application, practically finishing up the final step, where I was stopped to select a pricing tier. This was when I was give access to the detailed pricing table (of all the fees on transfers, payments, receiving payments, etc). And that’s when I discovered a well-hidden secret about Revolut’s business accounts, the kind of operational detail that’s almost invisible in comparison tables. It became a deal breaker once I understood this.
Here’s what I found (and what you’ll want to know before you open any multi-currency account to receive USD payment).
The Big Secret
Revolut’s USD account for UK business customers is domiciled in the UK.
This means that, it is not a real USA bank account.
You’re given a UK IBAN (for GBP and EUR) and a SWIFT/BIC for USD. You don’t get is a US routing number and a US account number.
And this entails that:
Receiving USD: Clients, including those in the US, can only send USD to your Revolut Business USD account via international SWIFT wire transfer, using the provided SWIFT/BIC and IBAN/account number. You can’t receive ACH transfers or US domestic wires as if you had a US bank account. And this is much more expensive.
Sending USD: All outgoing USD transfers from the Revolut UK-based account will go via SWIFT, not through the US domestic payment system. And this is much more expensive.
In contrast, Wise doesn’t have this limitation.
When you open a USD balance as a UK-based business, Wise gives you true US account details: an actual US routing number and account number.
And this means:
Receiving USD: You can receive both ACH transfers (free) and domestic US wire transfers (some fee) directly into your Wise USD balance using the local account details provided. For US clients and businesses, paying you is just like paying any other US-based account - avoiding the more expensive and slower international (SWIFT) wires.
Sending USD: You can send USD payments using Wise via local routes (ACH/domestic wire) within the US if the recipient is a US account, which is faster and cheaper. For non-US banks, you can still send via SWIFT.
SWIFT transfers are almost always more expensive than domestic ACH or US wire transfers. SWIFT payments can take days and are more prone to delays and intermediate bank fees. Local payments clear faster—sometimes within hours.
In essence:
With Wise, your business is functionally “present” in the US banking system.
With Revolut, your business is, sometimes inconveniently, based in the UK.
For anyone who expects their business to receive USD especially from US-based clients, the answer is clear: GO WITH WISE.
Summary: Which Business Account Is Best for UK Companies Receiving USD?
If you are a UK-based business and need to receive or pay USD internationally - especially with US clients or suppliers - Wise gives you local US bank account details for ACH and wire transfers. Revolut’s USD business account, being UK-domiciled, requires all cross-border (USD) transfers to go via SWIFT, which is more expensive, slower, and less convenient for US partners.
In 2025, “multi-currency account” is a phrase that hides as much as it reveals. Read the fine print, understand how and where your money moves, and always ask: what are they not saying in their marketing campaigns?
Next: Which Business Account Is Best for small UK businesses?
I will explain why a few long days (of research) later, I ended up with the 3 chosen business accounts: Tide, Mettle, Wise.
Spoiler alert: they each have their own reason!
For those looking for a WISE referral: https://wise.com/invite/ihpc/bingqiang1
