On Wise vs Revolut, most nomads should hold both, plus a traditional bank somewhere, and add a local account only when you’re staying long enough to pay rent, utilities or a visa application in that country. Wise is usually the better tool for receiving and converting money. Revolut is a strong spending card and, for UK customers since March 2026, a licensed bank. A local account is the only thing that reliably solves local life admin.
Last checked: September 2026. Fees below are from each provider’s UK pricing pages. Other regions differ.
In short:
- Most nomads should hold both Wise and Revolut plus a traditional bank somewhere, and add a local account only when staying long enough to pay rent, utilities or a visa application in that country.
- Wise is not a bank and safeguards customer money rather than insuring it, while Revolut Bank UK Ltd has been a licensed UK bank since March 2026, with FSCS protection up to £120,000 for eligible deposits.
- On UK pricing, Wise currency conversion starts from 0.24%, while Revolut’s Standard plan converts free up to £1,000 a month and then charges a 1% fair usage fee.
The short comparison
| Wise (UK) | Revolut (UK, Standard plan) | Local bank account | |
|---|---|---|---|
| Legal status | Not a bank. Customer money is safeguarded, not deposit-insured | Revolut Bank UK Ltd, a fully licensed UK bank since March 2026 | Licensed bank in that country |
| Deposit protection | Safeguarding (money held in cash or secure liquid assets) | FSCS up to £120,000 per person for eligible deposits. Stocks and crypto not covered | That country’s scheme, if any |
| Multi-currency balances | Yes, many currencies | Yes | Usually one currency |
| Local receiving details | Local details in 22 currencies per pricing page (including GBP, EUR, USD, AUD, CAD, SGD, NZD, HKD), some restricted by residency | UK customers: GBP sort code/account number, USD ACH/wire details, PLN IBAN; SWIFT for other currencies | Domestic details for that country only |
| Monthly fee | None for a standard account | None on Standard; paid plans exist | Varies |
| Currency conversion | From 0.24% | Free up to £1,000 a month, then 1% fair usage fee | Typically bank spread plus fees |
| Free ATM withdrawals | Up to £250 a month, then 2.69% on the excess | Up to 5 withdrawals or £200 per rolling month, whichever comes first, then 2% (min £1) | Free at own network, often |
| Card | £7 standard delivery | Varies by plan | Local debit card |
A few notes on that table:
- Wise is not a bank. Wise says so directly: it doesn’t lend out customer money, and it safeguards funds by holding them “in cash, secure liquid assets, or insured by a comparable guarantee.” That’s real protection against Wise misusing your money, but it isn’t a government deposit guarantee. Protection works differently in each Wise entity (UK, EEA, US and others).
- Revolut’s status depends on where you signed up. UK customers now bank with Revolut Bank UK Ltd, FSCS-protected up to £120,000. EEA customers with Revolut Bank UAB are covered by Lithuania’s deposit insurance scheme up to €100,000. Revolut’s investment and crypto products are not deposits and aren’t covered.
- Revolut’s UK fee structure changed for new customers on 11 December 2025, and existing customers moved over on 13 February 2026. Older forum posts about Revolut’s allowances may be out of date.
- Wise residency restrictions. Some receiving details depend on where you live. For example, PHP and MYR details are only for residents, and new PLN and RON details are currently unavailable.
When Wise is the better tool
- Getting paid by clients. Local receiving details in major currencies mean a client in Australia pays into AUD details and a US client pays by ACH, with no SWIFT fees on either side. Receiving domestic (non-SWIFT) payments in AUD, CAD, EUR, GBP, NZD, SGD, USD and a few others is free per Wise’s pricing page. Incoming SWIFT does cost money, for example 6.11 USD per USD wire.
- Large conversions. Wise’s fee is a transparent percentage from 0.24% on the mid-market rate, with no monthly cap to think about.
- Pay-as-you-go. There are no plans or subscriptions.
When Revolut is the better tool
- Day-to-day spending, especially for UK customers who now get a licensed bank account with FSCS cover.
- Small monthly conversions. Up to £1,000 a month on Standard costs nothing beyond the exchange rate. Above that, Revolut’s paid plans raise or remove the limit, while Wise’s percentage fee may work out cheaper.
- As a backup card. Having a second fintech with its own card means one frozen account doesn’t strand you.
The ATM allowances on both are modest. If you withdraw cash often, a local account or a home-bank card with ATM fee rebates will save more than either fintech.
When you actually need a local account
A multi-currency fintech account solves getting paid and spending money. It usually doesn’t solve life admin in a country you’re staying in. The usual triggers for opening a local account are:
- Rent. Landlords and agents often want payment from a local account, or a local account on file for direct debits. A foreign IBAN or card may be refused.
- Visa and residence applications. Many residence permits and long-stay visas ask for bank statements, and some specifically want a local account showing funds or income. Check your specific visa’s document list.
- Utilities, phone contracts and internet. Direct debits often only work from domestic accounts.
- Local salary or local clients who can only pay domestically.
- Tax payments in countries where you’re registered.
If you’re somewhere for under three months and renting furnished short-term, you almost certainly don’t need one. If you’re signing a lease or applying for residence, open one early. It often takes weeks and needs a local address and tax ID first.
A setup that works for most people
- Wise as your receiving and conversion account.
- Revolut as your main or backup spending card.
- A traditional bank in your home country or an expat arm, as the anchor for credit history and larger balances.
- A local account when your stay and paperwork justify it.
Keep balances above what you need for a month in at least two of these, so one freeze doesn’t stop you paying rent.
Related: Why banks close digital nomads’ accounts, and which are safer bets · Wyoming LLC for non-US residents: Form 5472, banking and tax (2026) · Best banks for digital nomads (2026): travel cards, fees and closure risk · Cheapest way to send money internationally (2026): providers compared · Offshore bank account (2026): what’s legal, costs, where to open
Quick answers
Q: Is Wise or Revolut better for digital nomads?
Most nomads should hold both. Wise is usually better for receiving and converting money, with local receiving details in 22 currencies and conversion from 0.24%. Revolut is a strong spending card, converts free up to £1,000 a month on the Standard plan, and for UK customers has been a licensed bank since March 2026.
Q: Is money held with Wise or Revolut protected?
Wise is not a bank: it safeguards customer money in cash or secure liquid assets, which isn’t a government deposit guarantee. Eligible deposits with Revolut Bank UK Ltd are FSCS-protected up to £120,000, and EEA customers with Revolut Bank UAB are covered up to €100,000. Revolut’s investment and crypto products aren’t covered.
Q: When do digital nomads need a local bank account?
Usually for rent, visa and residence applications that ask for local bank statements, utilities and phone contracts, local salary or clients, and tax payments. If you’re somewhere for under three months and renting furnished short-term, you almost certainly don’t need one. If you’re signing a lease or applying for residence, open one early.
Sources
- Wise pricing (UK)
- Wise card fees (UK)
- Wise, is my money safe
- Wise, which currencies can I add, keep and receive
- Revolut UK standard fees
- Revolut, launch of UK bank
- Revolut, FSCS protection
- Revolut Bank UAB deposit insurance
- Revolut, account details available
- FSCS deposit protection limit
This is general information from the Nomad Forums team, not tax, legal or financial advice. Rules change; check with a qualified adviser before acting.
Over to you: Which country made you open a local account, and what did the bank ask for? And for anyone who’s moved to Revolut’s UK bank this year, has anything changed in practice, such as limits, KYC requests or support?