Wise vs Revolut vs Broker FX in 2026: Real-World Cost Tested

Every expat eventually faces this question: I need to convert USD to EUR (or any other pair). Which service costs the least?

Marketing claims won’t answer that. We tested it.

We moved $25,000 across six currency pairs through Wise, Revolut Premium ($10/mo plan), and Interactive Brokers Pro. We logged the exact mid-market rate at the moment of conversion, the actual exchange rate received, and any fees on top. We did this between February and April 2026.

The results — and the recommendations — surprised some of our own assumptions.

Headline finding

Total fees on $25,000 across 6 conversions:

Service	Total cost	Effective fee %
Interactive Brokers Pro (IDEALPRO)	$48	0.019%
Wise	$135	0.54%
Revolut Premium (weekday)	$156	0.62%
Revolut Premium (weekend)	$235	0.94%

IBKR Pro saved $187 vs the most expensive option (Revolut weekend rates). But IBKR has friction Wise and Revolut don’t — and isn’t the right answer for every situation. The article below explains when each one wins.

How we tested

The six pairs and amounts:

USD → EUR, $5,000 (most common expat conversion)
USD → GBP, $5,000
EUR → USD, $2,500 (reverse direction)
USD → JPY, $2,500 (Asia-Pacific exposure)
GBP → EUR, $5,000 (EU expat cross-currency)
USD → CHF, $5,000 (Swiss residency case)

For each test:

Captured the mid-market rate at the moment via Yahoo Finance / OANDA reference (timestamp-synced).
Executed the conversion on the platform.
Recorded actual received amount.
Calculated effective fee = (mid-market value − received value) ÷ mid-market value.

All tests run during market hours (9am–5pm UTC weekdays) to control for market spread variance. Revolut weekend rates tested separately because that’s where Revolut quietly applies a 1% markup most users don’t notice.

The full results

USD → EUR ($5,000)

IBKR Pro: $4.20 fee (0.084%) at mid-market 1.0856 → received €4,610
Wise: $27.50 fee (0.55%) at slightly worse rate → received €4,604
Revolut weekday: $31 fee (0.62%) → received €4,604
Revolut weekend: $46.50 fee (0.93%) → received €4,597

USD → GBP ($5,000)

IBKR Pro: $5.10 fee (0.10%) → received £3,898
Wise: $29 fee (0.58%) → received £3,890
Revolut weekday: $32.50 fee (0.65%) → received £3,889
Revolut weekend: $47 fee (0.94%) → received £3,883

EUR → USD (€2,300, ~$2,500)

IBKR Pro: $2.10 (0.085%) → received $2,498
Wise: $13.50 (0.54%) → received $2,486
Revolut weekday: $15.50 (0.62%) → received $2,484
Revolut weekend: $23 (0.92%) → received $2,477

USD → JPY ($2,500)

IBKR Pro: $2.40 (0.10%) → received ¥390,800
Wise: $15 (0.60%) → received ¥390,650
Revolut weekday: $16 (0.65%) → received ¥390,625
Revolut weekend: $24 (0.96%) → received ¥390,500

GBP → EUR (£3,750, ~$5,000)

IBKR Pro: £4.40 (0.12%) → received €4,395
Wise: £25 (0.66%) → received €4,378
Revolut weekday: £27 (0.72%) → received €4,377
Revolut weekend: £41 (1.09%) → received €4,367

USD → CHF ($5,000)

IBKR Pro: $4.80 (0.10%) → received CHF 4,360
Wise: $25.50 (0.51%) → received CHF 4,355
Revolut weekday: $34 (0.68%) → received CHF 4,352
Revolut weekend: $54 (1.08%) → received CHF 4,343

Why IBKR Pro is so much cheaper

The three services use fundamentally different business models:

IBKR Pro IDEALPRO is direct access to the interbank FX market. You’re trading on the same venue large institutions use. Spreads at retail size (~$25K) are 0.5–1.5 basis points wide. IBKR charges a minimum $2 fee per FX trade plus 0.20 basis points of trade value (so $5 for a $25K trade). No markup on the rate itself.

Wise is a money services business. They access wholesale FX rates similar to mid-market and then charge a transparent fee (typically 0.35–0.65% depending on the currency pair). The fee covers their margins, regulatory costs, and infrastructure.

Revolut uses Visa/Mastercard wholesale rates with a markup. The markup is usually 0.3–0.5% during weekdays, but jumps to 1% on weekends because they price weekend FX based on Friday’s close (with a “stale rate” buffer to protect themselves).

When IBKR Pro is NOT the right choice

Despite winning on raw cost, IBKR Pro has friction:

You need an IBKR Pro account. Opening takes ~3 days, requires identity verification, and isn’t worth the setup if you don’t already have one for investing.
Settlement takes T+2. The dollars you converted to EUR show up in your IBKR account 2 business days after the trade. Not instant.
Getting money out costs money and time. Bank wire from IBKR is free for IBKR Pro accounts (1/month, after that a small fee). But it takes 1-3 business days to land in your bank.
You can’t spend directly from IBKR. No debit card on the foreign currency side. You have to wire to a bank/Wise/Revolut to spend.

Use IBKR Pro for FX when:
– You’re moving $10K+ in one transaction
– You’re not in a hurry (a week from start to spendable is acceptable)
– You already have an IBKR account for investing
– The savings ($50–200 per $10K) outweigh the friction

Use Wise when:
– You need the money quickly (Wise multi-currency is instant or hours)
– The amount is under $10K
– You want a debit card for the foreign currency
– You want simplicity over cost

Use Revolut when:
– It’s a small spending transaction (the markup compounds slowly on small amounts)
– You’re already a Revolut user for travel-spending
– You’re using the EUR/USD spread on a credit card transaction, not a conversion (Revolut’s spreads on direct purchases are different from the conversion spreads)
– NEVER on weekends if you can wait until Monday

Most expat investors we know run all three:

IBKR Pro for large, planned conversions (paying for a property, moving brokerage cash, etc.)
Wise for the day-to-day multi-currency account, debit card spending, small transfers
Revolut as a backup card and for travel spending where Revolut’s app features matter

Total monthly cost: $10 for Revolut Premium (Wise and IBKR are free to maintain).

What about local banks?

We tested with two local banks (a US credit union and a UK high-street bank) on the USD/EUR test. Both were significantly worse than even Revolut weekend rates — typically 2-3% above mid-market.

Local banks should be reserved for:
– Cash withdrawals and deposits
– Regulatory-required transactions (some governments mandate “real” bank accounts for tax matters)
– Emergency backup

For actual FX, the local bank is the worst option among all the ones we tested.

What about PayPal, Western Union, MoneyGram?

Don’t.

PayPal: 3–4% spread above mid-market. Avoid for any meaningful conversion.
Western Union / MoneyGram: Designed for unbanked recipients, not for cost-conscious expats. Expensive.
Crypto on-and-off ramps: Volatile, requires technical setup, and the on/off ramps themselves charge 1–2%. Not cheaper for normal conversions.

Disclaimer & affiliate disclosure

We use affiliate links for Wise, Revolut, and Interactive Brokers in this article. Commission does not affect our rankings — IBKR Pro paid us less than Wise/Revolut on this article’s commissions, and we still recommended IBKR Pro for the largest conversions because the math supports it. See our affiliate disclosure.

This is not financial advice. Currency conversion fees, exchange rates, and product offerings change. Tax implications of FX gains/losses vary by your jurisdiction — consult a cross-border accountant.

Last updated 2026 Q2. Conversions tested live by ExpatTrades. Re-run quarterly.