Wise, Revolut and XE Currency compared for the real mid-market rate, transparent fees, travel cards and offline conversion abroad.
The rate Google shows is not the rate you pay. Between the interbank figure and your card statement sit margins, fixed fees and, if you accept the conversion offered by a foreign card terminal, a surcharge that can reach five percent on every purchase. Two kinds of app attack that gap. Simple converters tell you the honest reference number so a price in a foreign currency becomes meaningful instantly, including offline when you land without data. Account apps go further, letting you hold balances and pay at rates close to interbank with the fee shown separately. The 2 apps reviewed in depth here do the second job; the FAQs cover the converters worth keeping alongside them.
Wise converts at the real mid-market rate with one upfront fee, and its multi-currency account and card let you hold and spend dozens of currencies.
Formerly TransferWise, it is built around transparency: the rate you see is the rate banks use with each other, the fee is stated before you confirm, and no hidden spread is baked into the conversion. International transfers are fast and cheap, and the multi-currency account comes with local details for getting paid from abroad as well as spending while travelling. The honest limits are that it is not a full bank, with no credit products or branches, and some routes carry a variable fee depending on currency and payment method. Support stays digital.
Revolut is the all-in-one travel finance app: hold multiple currencies, pay abroad at competitive rates within plan limits, and track spending instantly.
Rated around 4.8 stars by its users, it packs an account, a card, virtual cards, instant transfers between users, spending analytics and even shares and crypto into one place. Card payments and cash withdrawals abroad use a competitive exchange rate up to your plan's allowances, which makes it the everyday favourite for frequent travellers. The fine print matters: the strongest perks and highest allowances live on paid plans, weekend currency conversion can cost more, support is chat-only, and it remains an app-based service rather than a branch bank. Budget for the plan if you travel constantly.
Download price only. In-app purchases and subscriptions may cost extra.
Questions & answers
Why does the rate I'm charged differ from the app's rate?
Because converters such as XE show the interbank rate, the wholesale price available to banks rather than individuals. Your bank or exchange bureau then adds a margin on top, so the real cost is hidden in the rate. Wise and Revolut stay close to interbank and list their fee separately, which makes the actual cost visible and usually lower. Comparing on that all-in figure, not the headline rate, is what reveals the expensive option.
Should I accept the terminal's conversion offer abroad?
No. When a terminal or cash machine offers to charge you in your home currency instead of the local one, that is dynamic currency conversion, and it is consistently the worse deal: the merchant's own rate carries a margin, typically around three to five percent. Always choose the local currency and let your own bank or card do the conversion. A no-fee travel card then applies a rate close to interbank, often saving the entire margin.
Do currency apps work offline?
Yes, and that is when the simple converters earn their place. XE and similar apps store the last downloaded rates and keep converting on the plane or after landing with no data. The figure will be slightly stale, which does not matter for deciding whether a menu priced in thousands of local currency units is cheap or expensive; it only matters for large, exact transactions, where you should check a live rate first.
Is it better to pay by card or carry cash abroad?
With a card that charges no exchange fee, such as Wise or Revolut, card payment usually beats exchanging notes at a bureau, where margins are wide. Still carry some local cash for cash-only places, and withdraw it from a bank-owned ATM at your destination rather than changing money at the airport, where rates are worst of all. Decline the ATM's offered conversion for the same reason you decline it in a shop.
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