Banking 2.0 or the online revolution #Transferwise

By | May 25, 2018

Yes, now is the turn for Transferwise. My second online bank after #Revolut. As I already mentioned in a previous post , banking 2.0 is here.

I just received my Transferwise card, waited for it for 2 weeks πŸ™ , but oh boy it was worth it.

The envelope containing the card (inside the post envelope) is plane but nice, with a simple contour layout of the card.

Then inside you can see the wonder card πŸ™‚ The first sign that you are dealing here with a Bank 2.0 is the actual card. Who can resist the glowing green of the Transferwise card.

I mean just look at it :

I still cannot understand why the big expensive old banks have ugly as hell plastic cards. I have some company card from one of the biggest US banks and let me tell you, their card is ugly and expensive. A Bank 2.0 can make beautiful cards like the beautiful blue card from Revolut or this unbelievable glowing green card from Transferwise all for free.

This proves just that the big old banks simply DO NOT CARE about the looks of the card. They show discontent for their own customers treating them like numbers and entries in a file.

I think this is one fundamental difference between banks 2.0 and the “old” banks, not just technology and agile support, but a simple nice card that customers like to have in the wallet and a lot of other small details that show care for the customer.

Even the envelope has small details that show a new kind of company:

They give you advice on how to share the news that you got your card on the social networks. Again small free details that show care for the customer.

So enough with the parallels with the old banks. Let me compare Transferwise with another bank 2.0, Revolut:

Transferwise compared to Revolut:

  • Transferwise has a better conversion rate in the weekends
  • Transferwise offers you a UK local account: unique account number and sort code
  • Transferwise offers you a US local account: unique account number, wire routing number and ACH number
  • Transferwise offers you a DE local account: a German IBAN and SWIFT / BIC code, along with the local address listed with your details
  • Revolut offers just a UK IBAN
  • Transferwise has almost the same controls for your card (limits, activation deactivation of features etc.)
  • Transferwise has a higher ATM limit
  • Transferwise has some additional costs for exchange
  • Transferwise can be topped up only with EURO / POUNDS /DOLLARS directly , Revolut allows you more currencies for top-up
  • Transferwise has also a web page for the customer. This is something Revolut lacks. I know that both have rich mobile applicatiuons and Revolut application has more features but I miss a web account for Revolut.
  • Both Transferwise and Revolut are perfect for international payments when travelling, so you get rid of the exchange rate headaches.

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