Wise vs Revolut vs OFX 2026 -- Best International Money Transfer for Expats

Last reviewed: 26 April 2026

The Wise vs Revolut vs OFX comparison is one of the most common financial questions among UK expats in 2026. All three providers are authorised by the Financial Conduct Authority (FCA) and offer international money transfers at rates significantly better than high-street banks. The FCA Register confirms Wise Payments Limited (FCA reference 900507), Revolut Ltd (FCA reference 900562), and OFX (formerly UKForex, FCA reference 517165) as regulated e-money institutions. For UK expats managing regular income flows, property purchase transfers, or pension remittances across multiple currencies, the cost difference between these three providers can be meaningful over time. For the broader context of managing UK finances from abroad, see our UK expat banking guide, which covers offshore accounts, FATCA disclosure, and IBAN management.

The Wise vs Revolut vs OFX question has no single correct answer -- the best choice depends on transfer size, frequency, currency pair, and whether you need a multi-currency account or a one-off large transfer service. This guide covers the fee structures, exchange rate methodology, FCA regulatory status, transfer limits, and practical use cases for each provider as of April 2026. For context on how currency strategy interacts with your UK tax position as an expat, see our UK tax residency guide.

What changed for expat transfer providers in 2026?

The FCA published its review of the Payment Services sector in December 2025, covering 29 of the largest UK-regulated payment institutions including Wise and Revolut. The review found that consumer transparency on exchange rate margins had improved since the FCA’s Payment Services Regulations 2017 came into force but identified continued concerns about the presentation of total costs for complex transfers involving multiple currency hops. The FCA required all FCA-authorised payment firms to display the total cost of a transfer -- including exchange rate margin and any fixed fees -- in a standardised format before the customer confirms, effective from 1 March 2026. Wise had already adopted this format; Revolut and OFX updated their apps and websites to comply by the March 2026 deadline. The Bank of England publishes FX spot rates daily, which serve as the benchmark for evaluating exchange rate quality across providers.

Revolut announced in February 2026 that it had received full UK banking licence authorisation from the Prudential Regulation Authority (PRA), after a period of restricted licence operation. The banking licence allows Revolut to accept deposits covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 per customer -- a significant consumer protection improvement over its previous e-money institution status, under which customer funds were held in segregated accounts but not FSCS-protected. Wise and OFX remain e-money institutions; customer funds are protected under FCA safeguarding rules but not FSCS-covered. This distinction is material for UK expats holding large balances in these accounts.

Wise -- fee structure and exchange rate methodology

Wise (formerly TransferWise) calculates all transfers using the mid-market exchange rate -- the rate displayed on Google or XE.com -- and charges a separate, transparent fee for the transfer service. The fee has two components: a fixed fee per transaction (typically £0.30-£1.50 depending on the payment method and currency pair) and a variable fee as a percentage of the transfer amount. For GBP to EUR, the variable fee is 0.35-0.41%; for GBP to USD, it is 0.43-0.54%; for GBP to AED (UAE dirham), it is 0.67%; for GBP to AUD, it is 0.45%, according to Wise’s published fee schedule as of April 2026. These fees are shown upfront before transfer confirmation.

Wise offers a multi-currency account (the Wise Account) that holds balances in 40+ currencies simultaneously. The Wise debit card allows spending in local currency when abroad, drawing from the relevant currency balance and converting at the mid-market rate from the GBP balance if the local currency balance is zero. The Wise account has no monthly fee for the standard account; the Wise Business account costs £45 per year. Transfer limits vary by currency and verification level: standard personal accounts can transfer up to £1 million per day for most currency pairs after full verification (UK passport scan, proof of address). Wise is registered with HMRC as a money service business and complies with the UK Money Laundering Regulations 2017.

Revolut -- fees, plans and transfer limits in 2026

Revolut operates a tiered subscription model. The Standard plan is free and provides currency exchange at the interbank rate up to £1,000 per month (a fair usage limit), after which a 0.5% fee applies. The Plus plan at £3.99 per month increases this to £3,000; Premium at £9.99 increases it to £10,000; Metal at £15.99 provides unlimited currency exchange at the interbank rate. International transfers via Revolut are free to other Revolut accounts; bank transfers to third-party accounts cost from £0 to £5 depending on the plan. On weekends, Revolut applies a 1% markup on major currencies (EUR, USD, GBP) and a 2% markup on other currencies, as the FX market is closed -- a feature that catches some users off guard for weekend transfers, disclosed in Revolut’s published terms of service.

Revolut’s UK banking licence (PRA, effective 2026) means that deposits up to £85,000 are now FSCS-protected, unlike Wise and OFX. Revolut holds a banking licence and can therefore offer interest on GBP savings balances (its Savings Vaults product offered 4.75% AER on instant access GBP balances as of March 2026, according to Revolut’s product page). For UK expats who use Revolut as a primary holding account rather than purely a transfer tool, the combination of FSCS deposit protection, competitive savings rates, and low FX fees at the Metal tier makes it materially different from its 2021-era proposition. Transfer limits for bank-to-bank transfers at Metal tier are £1 million per transaction for SEPA EUR transfers and £250,000 for SWIFT transfers.

OFX -- best for large transfers and business use

OFX (formerly UK Forex and formerly HiFX) specialises in large transfers -- property purchases, pension rollovers, and business invoicing -- rather than everyday currency spending. OFX charges no fixed transfer fee for transfers over £5,000 (a £15 fee applies per transfer below £5,000). OFX’s revenue comes from the exchange rate margin: the difference between the interbank rate and the rate offered to the customer. This margin is typically 0.5-1.5% depending on the currency pair and the competitive situation, negotiated over the phone for larger transfers. OFX dealers can discuss rates directly for transfers above £10,000 and can offer forward contracts -- agreements to lock in a rate for delivery up to 12 months in the future -- which is a service Wise and Revolut do not currently offer for retail clients.

OFX is FCA-authorised (reference 517165) and also regulated by ASIC in Australia (AFS Licence 226 484), FINTRAC in Canada, FinCEN in the USA, and MAS in Singapore. This multi-jurisdiction regulation makes it particularly suited to UK expats who are transferring between the UK and jurisdictions where OFX is locally regulated, reducing cross-border compliance friction. OFX offers 24/7 telephone support in addition to its online platform, which is valued for large or time-sensitive transfers where a human conversation is preferable to a mobile app. Transfer limits at OFX are theoretically unlimited for verified business accounts; personal accounts have a default limit of £500,000 per transfer, with higher limits available on request and after enhanced due diligence.

Comparison: which provider for which use case

For day-to-day spending abroad -- restaurant bills, supermarket shops, ATM withdrawals -- Revolut Metal is difficult to beat within the EU and major markets, provided you stay within the unlimited interbank-rate allowance and transfer mid-week to avoid weekend markup. For regular monthly transfers of pension or salary income to an overseas account -- EUR 1,000-5,000 per month -- Wise’s transparent fee model makes total cost calculation simple and predictable. For a one-off large transfer such as a Spanish or Portuguese property purchase (EUR 200,000+), OFX’s forward contract capability and negotiated rate are valuable; the margin on a EUR 250,000 transfer at 0.7% is EUR 1,750 -- meaningful but comparable to Wise (0.35% on the same amount = EUR 875, no forward option) and much less than a high-street bank (typically 2-3% margin = EUR 5,000-7,500).

A plain comparison table of key parameters for UK expats in 2026:

FCA regulation and consumer protections

All three providers -- Wise, Revolut, and OFX -- are authorised by the FCA under the Payment Services Regulations 2017 or, in Revolut’s case from 2026, as a full bank under the Financial Services and Markets Act 2000. FCA authorisation requires each firm to: hold customer funds in segregated accounts (or, for Revolut as a bank, within FSCS-eligible deposit accounts), maintain minimum capital requirements, comply with AML and KYC obligations, and process complaints through an internal procedure followed by referral to the Financial Ombudsman Service (FOS). The FOS handles disputes between consumers and FCA-authorised firms free of charge; awards can reach £415,000 per complaint for eligible issues. The FCA Register at register.fca.org.uk is the authoritative source for checking the current authorisation status of any payment service provider before transferring funds.

Expats using these services should also be aware of HMRC’s anti-money-laundering rules as they affect large transfers. Transfers above £10,000 (or equivalent) to or from a UK bank account trigger automatic Suspicious Activity Reporting obligations on the sending or receiving institution under the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2017. This does not mean large transfers are problematic -- banks and payment firms report millions of transactions annually -- but it means that documentation of the purpose (property purchase, pension transfer, salary) and source of funds (savings, property sale, inheritance) should be kept and may be requested by the provider. Providing supporting documents proactively (sale contract, pension transfer authority, inheritance letter) speeds up large transfer processing significantly at all three providers.

Currency accounts and IBAN management for expats

Wise offers dedicated local account details (IBAN, account number, sort code or routing number) in 10+ currencies, allowing UK expats to receive overseas salary or pension in local currency without a local bank account. For example, a UK expat in Portugal can use a Wise EUR IBAN to receive salary from a Portuguese employer and then convert to GBP or spend locally with the Wise card. Revolut provides IBAN details in EUR and GBP; international IBANs in other currencies are available on the Metal plan for selected currencies. OFX does not offer multi-currency account IBAN facilities for retail clients -- it is a one-directional transfer service, not a bank account substitute.

For UK expats in the UAE, Singapore, or other non-IBAN jurisdictions, Wise’s local account details cover USD (ACH routing), AUD (BSB), CAD, SGD, HKD, and AED, according to Wise’s published supported currencies list as of April 2026. Revolut’s Metal plan covers USD, EUR, CHF, PLN, RON, and selected other currencies for local IBANs. For managing the flow of UK rental income, UK pension, or UK investment income to an overseas account, having a Wise multi-currency account avoids the need to maintain a local bank account in multiple jurisdictions and reduces the conversion spread paid on each receipt.

Tax reporting implications of using transfer services

Using Wise, Revolut, or OFX to transfer funds does not itself create a UK tax liability; the tax obligation arises from the underlying income or gain, not the transfer mechanism. However, UK expats should be aware that HMRC participates in the Common Reporting Standard (CRS), and financial institutions including e-money issuers in EU member states (which include Wise’s EU entity, Wise Europe SA, FCA-regulated in Belgium under passporting) are required to report account information for UK-resident customers. HMRC also participates in FATCA information exchange with the USA, and bilateral DTC information exchange with most major jurisdictions. An expat who holds a large Wise or Revolut balance in an overseas currency should ensure that balance is declared on the HMRC SA106 form if it represents undeclared foreign income or gains.

This article is for general information only and does not constitute tax, legal, financial or immigration advice. Rules and rates change; verify with the primary sources cited or consult a qualified adviser before acting.

FAQ

Is Wise or Revolut better for UK expats sending money abroad regularly in 2026?

For regular monthly transfers of £500-5,000, Wise’s transparent fee model (0.35-0.54% for EUR and USD pairs plus a small fixed fee, no weekend surcharge) makes total cost predictable. Revolut Metal at £15.99 per month provides unlimited interbank-rate transfers mid-week, making it cost-effective if you transfer frequently or spend abroad regularly. The Revolut Metal breakeven vs Wise for EUR transfers is approximately £3,800 per month based on Wise’s published GBP-EUR fee at April 2026 rates.

Which is safer -- Wise, Revolut, or OFX?

All three are FCA-authorised. Revolut, which received a full UK banking licence from the PRA in 2026, now offers FSCS deposit protection up to £85,000 per customer -- a protection Wise and OFX do not provide as e-money institutions. Wise and OFX safeguard customer funds in segregated accounts per FCA rules, meaning funds are kept separate from company money and protected in insolvency, but are not government-guaranteed up to £85,000. For balances above £85,000, all three carry similar insolvency risk.

Does OFX offer better rates than Wise for large transfers?

For transfers above £50,000, OFX’s negotiated margin (0.5-0.7% for EUR, USD) and zero transfer fee can be competitive with Wise’s published 0.35-0.54% fee. OFX’s primary advantage for large transfers is the forward contract: the ability to lock in a rate for up to 12 months. For a EUR 300,000 property purchase, fixing the rate 3 months ahead removes currency risk entirely. Wise does not offer this product for retail clients. For transfers below £10,000, Wise’s transparent published rate is typically more cost-effective than OFX’s margin-based model.

Is Revolut regulated by the FCA?

Yes. Revolut Ltd is authorised by the FCA (reference 900562) as an e-money institution and, from 2026, as a bank under PRA authorisation. The FCA Register at register.fca.org.uk is the definitive source. As a bank, Revolut is now subject to PRA prudential supervision in addition to FCA conduct supervision, representing a higher level of regulatory oversight than its previous e-money institution status. FSCS protection applies to Revolut deposits up to £85,000 from the date of banking licence activation in 2026.

Can I use Wise or Revolut to transfer my UK pension to an overseas account?

Yes, for regular pension income flows. A UK pension provider typically pays into a UK bank account; you then transfer to your overseas account via Wise, Revolut, or OFX. For direct QROPS (Qualifying Recognised Overseas Pension Scheme) transfers, the pension administrator typically uses a specialist pension transfer broker rather than a consumer app. HMRC requires QROPS transfers to be reported; using a consumer app for a QROPS transfer without proper authorisation could result in an unauthorised payment charge of up to 55% of the transfer value under HMRC pension rules.

What documentation do Wise, Revolut, and OFX require for large transfers?

All three require source of funds documentation for large transfers (typically above £10,000). Acceptable documents include a property sale completion statement, a bank statement showing accumulated savings, inheritance documentation (grant of probate, solicitor letter), or an employer letter for a salary transfer. HMRC requires UK-regulated payment institutions to comply with the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2017; providing source of funds documents proactively prevents transfer delays. OFX’s telephone team for large transfers handles this process through a structured conversation; Wise and Revolut use an in-app document upload workflow.

Sources

1. FCA Register -- Wise Payments Limited (FRM900507) (verified 26 April 2026)
2. FCA Register -- Revolut Ltd (FRM900562) (verified 26 April 2026)
3. FCA Register -- OFX (FRM517165) (verified 26 April 2026)
4. Bank of England -- Daily exchange rate statistics (verified 26 April 2026)
5. FCA -- Payment Services Sector Review December 2025 (verified 26 April 2026)