For Wise users comparing rival providers, this guide sets out how Revolut, Zing, Atlantic Money, PayPal and UK banks' own foreign exchange services compare on fees and exchange rates. On a £1,000 GBP to EUR transfer, Wise's fee runs to around £3.69 using the mid-market rate, a useful fixed point for comparing what rival providers charge on the same transaction.
TL;DR · LAST REVIEWED 21 July 2026
- This is a factual feature comparison for people already using or considering Wise, not a ranked best-of list.
- Wise charges a variable percentage fee, currently around 0.35 to 0.41 percent, and uses the mid-market exchange rate with no added markup.
- Revolut offers fee-free transfers to Europe on its standard plan but adds a rate markup, plus a weekend surcharge outside its trading hours.
- Bank-to-bank foreign exchange from a UK high-street bank is typically the most expensive route for a like-for-like transfer amount.
- Atlantic Money charges a flat fee regardless of transfer size, which can favour larger one-off transfers over percentage-based providers.
- Wise is regulated by the FCA as an electronic money institution, not a bank, so funds are safeguarded rather than covered by the FSCS.
How Wise compares with rival money transfer providers on a like-for-like transfer
| Wise | Variable, from around 0.35% to 0.41% | Mid-market rate, no markup | Electronic money institution (FCA) |
| Revolut (standard plan) | Free to EEA, fee outside EEA | Rate includes a markup, plus weekend surcharge | UK banking licence (FCA, FSCS-covered) |
| Atlantic Money | Flat fee regardless of amount | Mid-market rate, no markup | FCA-authorised payment institution |
| PayPal | Percentage fee plus currency conversion spread | Rate typically includes a markup | FCA-authorised e-money institution |
| UK high-street bank | Typically the highest fixed fee | Rate usually includes the largest markup | Bank (FSCS-covered up to £120,000) |
Source: Provider fee pages and independent fee comparisons, accessed July 2026
KEY FACTS
- Wise fee on £1,000 GBP to EUR: around £3.69 at the mid-market rate
- Revolut: no transfer fee to EEA countries on the standard plan, but a currency markup applies
- Revolut adds a weekend surcharge of around 1% outside its Monday to Friday trading hours
- Wise is FCA-regulated as an electronic money institution; deposits fall outside the FSCS protection scheme that covers UK banks
- Bank transfers from UK high-street banks are consistently the most expensive comparison point in independent fee research
How does Wise's fee structure compare with rivals
Wise charges a variable percentage fee, generally in the 0.35 to 0.41 percent range depending on the currency pair, and applies the mid-market exchange rate without adding a markup on top, which is the main structural difference from most bank and card-based transfer routes.
Most foreign exchange providers make money in one of two ways: charging a visible fee, or building a hidden markup into the exchange rate itself, and often a combination of both. Wise's model is to charge a transparent, usually smaller, fee while passing on the mid-market rate, which is the same rate seen on financial data services rather than a rate adjusted in the provider's favour. On a £1,000 transfer from GBP to EUR, that fee structure has worked out to around £3.69 in recent published comparisons, though the exact figure moves with the currency pair and the size of the transfer. For larger transfers, Wise's percentage-based fee can work out proportionally similar or slightly higher in cash terms than a flat-fee competitor, which is why the right comparison depends on transfer size rather than a single headline rate. Independent research comparing Wise against major UK banks on transfers of £50,000 and £100,000 has found Wise coming out several times cheaper across GBP, EUR and USD routes, reflecting how much markup banks typically build into larger transactions.
How does Revolut compare with Wise for European transfers
Revolut's standard plan offers no separate transfer fee for payments within the EEA, but applies a markup to its exchange rate and adds a surcharge for transfers made outside its Monday to Friday trading hours, which changes the comparison depending on transfer amount and timing.
Revolut holds a full UK banking licence, which means customer balances are protected by the Financial Services Compensation Scheme up to the standard limit, a point of difference from Wise's e-money institution status. On fees, Revolut's standard plan does not charge a separate transfer fee for payments within the EEA, but the exchange rate itself carries a markup rather than passing on the mid-market rate directly, and an additional weekend surcharge of around 1 percent applies outside Revolut's trading hours, which run to US market hours rather than UK time. For a same-day, weekday, within-EEA transfer, this can make Revolut competitive with or cheaper than Wise on small amounts. For larger transfers, transfers outside the EEA, or transfers made at a weekend, the combined effect of the rate markup and any applicable surcharge has tended to favour Wise in published comparisons, particularly on transfers above a few thousand pounds.
How do flat-fee providers such as Atlantic Money compare
Atlantic Money charges a flat fee regardless of the transfer amount and also uses the mid-market rate, which can make it a cheaper option than Wise's percentage-based fee for larger one-off transfers, though its currency and destination coverage is narrower than Wise.
A flat-fee model changes the maths for larger transfers: where Wise's fee rises broadly in line with the transfer amount, a flat-fee competitor charges the same amount whether the transfer is £1,000 or £20,000, which tends to favour the flat-fee provider as the transfer size increases. Atlantic Money is FCA-authorised as a payment institution and also passes on the mid-market rate rather than adding a spread, similar in principle to Wise's pricing approach. The trade-off is coverage: newer, smaller providers typically support fewer currency corridors and fewer receiving-account options than an established multi-currency provider, so anyone regularly sending money to less common destinations should check the receiving currency and country list before assuming a flat fee automatically works out cheaper once conversion is factored in.
How do PayPal and UK bank transfers compare on cost
PayPal and UK high-street bank transfers have consistently appeared as the most expensive routes in independent fee comparisons, combining a percentage-based fee with a currency conversion spread that is typically wider than either Wise's or Revolut's published rates.
For readers who already use PayPal for other payments and are weighing whether to also use it for currency transfers, the fee structure combines a percentage-based charge with a currency conversion spread, and that spread has tended to be wider than the mid-market-rate-based providers on this list. UK high-street banks generally come out even less competitive in published research: a comparison of sending £50,000 abroad found a major UK bank charging several hundred pounds more than Wise for the same transaction, once the bank's fixed transfer fee and exchange rate markup were combined. The advantage of using an existing bank account or PayPal balance is convenience and, for a bank, the FSCS protection that comes with standard banking status; the trade-off is a materially higher cost for the transfer itself, particularly on larger or more frequent international payments.
What should Wise users check before comparing providers
Anyone comparing Wise against a rival provider should check the specific currency pair, transfer amount and payment speed on the day, since published example fees move with all three factors and a provider that is cheaper for one transfer type is not always cheaper for another.
Fee and rate comparisons published by any provider, including Wise itself, are illustrative rather than fixed, because exchange rates move constantly and fee tiers can change with the size of the transfer. The most reliable way to compare options for a specific transfer is to check the live fee and rate quote from each shortlisted provider immediately before sending, rather than relying on a comparison published weeks or months earlier. It is also worth checking regulatory status directly: Wise, Revolut, Atlantic Money and PayPal are all FCA-authorised or FCA-regulated in different capacities in the UK, but only Revolut's banking product carries FSCS deposit protection in the way a traditional bank account does, since Wise and the payment-institution providers instead operate under safeguarding rules that keep customer funds separate from the company's own money rather than under the deposit guarantee scheme.
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DISCLAIMER
This article is editorial information, not financial advice. Kael Tripton Ltd is not authorised or regulated by the Financial Conduct Authority. Figures were correct at the last review date shown above; verify current rates and rules with the primary sources listed below before acting.
Frequently asked questions
Is Wise cheaper than Revolut for sending money abroad
It depends on the transfer amount, currency and timing. Revolut can be free or cheaper for smaller within-EEA transfers made on a weekday, while Wise's mid-market rate with no markup has tended to work out cheaper for larger transfers, transfers outside the EEA, or transfers made at a weekend.
Does Wise use the same exchange rate as banks
Wise uses the mid-market exchange rate, which is the reference rate used in financial markets, without adding a separate markup on top. Many banks instead add a markup to the exchange rate itself in addition to, or instead of, a separate transfer fee.
Is money held with Wise protected in the same way as a bank account
No. Wise is regulated by the FCA as an electronic money institution rather than a bank, so customer funds are safeguarded under FCA rules rather than covered by the Financial Services Compensation Scheme, which applies to standard UK bank accounts.
Are flat-fee providers always cheaper than Wise
Not necessarily. A flat fee tends to favour larger transfers, since the fee does not rise with the amount sent, but flat-fee providers often support fewer currencies and receiving countries than an established provider like Wise, so coverage should be checked alongside price.
Does PayPal charge more than Wise for currency transfers
Independent comparisons have generally found PayPal's combined fee and exchange rate spread wider than Wise's, though the exact gap depends on the currency pair and transfer amount, so checking a live quote from both before transferring is the most reliable comparison.
SOURCES
- Wise pricing and fee information – accessed 21 July 2026
- Financial Conduct Authority register – accessed 21 July 2026
- Financial Services Compensation Scheme – accessed 21 July 2026
