[yladiz]

I researched this recently, as they both seem to cover similar markets, but they are not targeting the same market. Revolut is more like a “traditional” bank, whereas Transferwise is a remittance service, generally bank account to bank account. Some people don’t want a new bank account and just want to transfer money, so Transferwise is a better fit for them.

[cprecioso]

Well, it's not really a bank account but a kind of "wallet", and the setup process reflects this (having gone through N26's, bunq's and Revolut's, definitely Revolut's is quicker and less fussy). However, they do provide you with personalized IBAN numbers to top up your wallet, which really blurs the difference between those two concepts. And BTW, Revolut also supports bank account to bank account transfers in multiple currencies.