For UK expats sending money internationally or managing multi-currency finances, Wise, Revolut, and OFX represent three distinct models. According to Kaeltripton analysis, the right choice depends on transfer frequency, amounts, destination countries, and whether a multi-currency account or pure transfer service is the primary need.
Key Differences at a Glance
| Feature | Wise | Revolut | OFX |
|---|---|---|---|
| Model | Transfer + account | Neobank | Transfer only |
| FX rate | Mid-market | Mid-market (standard) | Negotiated rate |
| Fee structure | Transparent % | Plan-dependent | No transfer fee |
| Best for | Regular transfers | Daily banking abroad | Large one-off transfers |
| FCA regulated | Yes | Yes | Yes |
| FSCS protected | No | No | No |
Wise
Wise uses the mid-market exchange rate and charges a transparent percentage fee. For transfers under GBP10,000, fees typically range from 0.4% to 1.5% depending on currency corridor. Wise holds client funds in segregated accounts but is not FSCS-protected as it operates under an e-money licence.
The Wise multi-currency account allows UK expats to hold balances in 40+ currencies and receive local bank details in multiple countries.
Revolut
Revolut operates as a neobank with a tiered plan structure (Standard, Plus, Premium, Metal, Ultra). The mid-market rate is available on Standard plans up to a monthly limit, beyond which a 0.5% fair usage fee applies. Revolut received a UK banking licence in 2024 but FSCS protection rollout is subject to the Bank of England's transition timeline.
OFX
OFX targets larger transfers typically above GBP1,000 and charges no transfer fee, making revenue on the exchange rate margin. For transfers above GBP10,000, OFX rates are negotiable via their dealing desk. OFX is authorised by the FCA under the Payment Services Regulations 2017.
Which Is Right for UK Expats
- Regular small transfers under GBP2,000: Wise offers the most transparent pricing
- Daily banking replacement abroad: Revolut on Premium or Metal plan
- Large one-off transfers above GBP10,000: OFX negotiated rates
- Freelancers with multi-currency billing: Wise multi-currency account
Full comparison including fee calculators at kaeltripton.com/wise-vs-revolut-vs-ofx-expat. Primary sources: FCA register, published terms from Wise, Revolut, OFX.












