Revolut vs Wise

Revolut collects broad categories of personal data including IDs, financial details, device data, location, contacts, biometrics, behavioral signals, and inferred profiles. This creates a detailed picture of your finances and app use.

Revolut may use automated systems, including AI, to open accounts, detect fraud, and lock, restrict, or close accounts. In practice, users may face sudden service interruptions pending review.

Revolut expressly says it will not sell your personal data. That is a meaningful privacy commitment compared with many consumer platforms.

Users can access, correct, delete, restrict, object, withdraw consent, and request transfer of certain data. Practical controls are available in-app or by email.

Personal data may be kept for long periods after the relationship ends, and some fraud-related records may be retained even longer. Deletion requests may therefore only be partially honored.

Revolut shares data within its group and with service providers, payment networks, credit agencies, partners, authorities, and payment counterparties. Some recipients of your payments will receive identifying details like your name and IBAN.

If you enter the wrong account details or pay the wrong person, Revolut generally is not responsible and only says it will try to help recover funds. Users bear much of the risk of payment mistakes.

If an automated decision significantly affects you, you can ask for manual review and challenge the result. This matters because account opening, fraud checks, restrictions, closures, and credit decisions may be automated.

If you cannot resolve a complaint with Revolut, you may escalate to the Financial Ombudsman Service. This gives users an external dispute option beyond dealing only with the company.

You can download your payment and account information from the app while your account is active. That supports record-keeping and practical portability.

The terms say English law applies and court claims must be brought in England and Wales. That may make court action less convenient for some users, though it does not waive the right to complain to the Ombudsman.

Customer money is held as safeguarded e-money in segregated accounts or low-risk assets, which offers insolvency protection mechanics. But it is not covered by the UK Financial Services Compensation Scheme.

Money held in a Wise account is electronic money, not a bank deposit, so balances are not covered by deposit insurance like the FSCS. Wise says it safeguards funds, but that is not the same as insured bank protection.

Wise collects a wide range of personal, financial, device, location, communication, and behavioral data, plus information from banks, public sources, and social networks. That gives Wise a detailed picture of your finances and app usage.

Wise shares data with advertisers and social media networks to target or suppress ads. Even if framed as secure matching, this goes beyond service delivery and can expand marketing profiling.

Personal and transaction data may be kept for years after you close your account due to financial regulations. That limits how fully you can erase your history with the service.

Wise can suspend, restrict, or close your account if it has concerns about verification, misuse, fraud, or legal issues. This is common in finance, but it can leave users without access while checks are ongoing.

If an automated system rejects or limits you, you can ask for more information and a manual review. That is an important safeguard against purely algorithmic account decisions.

Wise offers access, correction, deletion, objection, processing restriction, portability, and marketing opt-out rights, with a direct privacy contact. This gives users practical tools to manage their data.

Wise uses automated systems to approve, reject, block logins, and even close accounts. Although human review is available, automated flags can still significantly affect access to your money and services.

Payments, payouts, and currency conversions are generally final once requested. If you enter wrong recipient details or are scammed, recovering money may be difficult or impossible.

Wise can update its agreement, with changes taking effect when posted or on the notified date. Users may have limited practical ability to negotiate changed terms.

Optional cookies are not switched on until you accept them. That is better than default-enabling non-essential tracking.