How To Transfer Money To Revolut From Bank Account

Revolut Bank International Transfers

Traditional international depository financial institution transfers are costly, but thanks to digital challenger banks like Revolut, customers have been able to take command of these costs. The goal for Revolut is to enable customers to manage all their finances using a single app and one of the defining characteristics of the make is convenience. In this review, we will take a closer expect at whether the same convenient banking functions are carried across to Revolut's international money transfer services.

Updated: 25/01/2022

Read fourth dimension: vii minutes

About Revolut

The Revolut blueprint was a prepaid money card provided by Mastercard and "designed for a global lifestyle." Since beginning entering the market in 2015, Revolut has expanded their offerings and now host a range of products including virtual bank accounts and various tiers of membership to adjust personal and business organisation needs. The visitor has spoken openly almost its desire to build "the world's commencement truly global fiscal superapp" for their customer base of over 15 meg.

Revolut is a United kingdom of great britain and northern ireland-based company which is authorised to handle coin and currency exchanges, merely unlike young man challenger depository financial institution, Monzo, cannot offering financial services such equally overdrafts or loans. Although ordinarily referred to equally a challenger banking concern, Revolut is technically an electronic money establishment which safeguards all funds using tier i UK bank security, overseen past east-money regulations. Revolut is not covered past FSCS simply is considered a secure establishment, having acquired a European Banking License in 2018.

We will be taking a closer await at Revolut's international money transfer services, reviewing the various aspects which set it apart from its banking incumbents.

Exchange rates and fees

Due to the tier system of Revolut memberships, when sending funds internationally dissimilar transfer fees and exchange rates apply to personal and business users. The total price of your money transfer is determined by your membership program, the twenty-four hour period and time, the currency and country. However, although different prices apply to different customers, the overall cost of whatsoever Revolut transfer is substantially lower than traditional banks.

Exchange rate

If y'all send your coin transfer when the market is open, Monday – Fri, Revolut volition friction match the verbal mid-market charge per unit, calculation a maximum markup of 0.5%. The strongest substitution rates provided past Revolut are for smaller transfers sent in standard currencies including USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN and CZK. During weekends, or when requesting exotic currencies, Revolut applies a markup of 1%.

We would recommend initiating your international money transfer with Revolut equally soon every bit you receive the nigh competitive exchange charge per unit, as the value of your currency pairing will fluctuate during marketplace hours and may accept changed when you lot go to initiate your substitution. Substitution rates are displayed on the Revolut app and we e'er suggest reviewing the total cost, ahead of paying for any transfers.

Transfer fees

As with the exchange charge per unit, the transfer fee structure of Revolut differs between personal and concern accounts and is determined by currency and country. Equally previously mentioned, more remote, exotic regions and currencies incur higher charges.

Revolut strives to guarantee zero hidden costs and low-transfer fees; below is a list of the types of fees customers can expect:

Instant transfers betwixt Revolut users: costless
Local domestic transfers in the UK: free
Payments within SEPA zone: free
International payments outside of SEPA: £0.30 – £v.00 depending on size
Transfers sent on weekends and Britain bank holidays: 1% accuse
Payments over £1,000 per month: 0.5% fair usage fee

How do Revolut transfer fees compare to using a money transfer provider?

Revolut provides free money transfers to bank accounts in over 150 countries, which is enticing, merely this offer comes with its own terms and conditions equally outlined in the previous section. In regards to international coin transfer fees: every bit long equally remittances are arranged during the calendar week, sent in a standard currency and smaller than £1,000 (or equivalent) Revolut will match the mid-market rate, forth with competitive transfer fees. All costs are clearly displayed in the app, ensuring full transparency.

The costs may be similar to specialist money transfer providers, merely companies such as WorldRemit and Azimo take more experience sending money to remote parts of the world, and are therefore able to offer ameliorate deals for exotic currencies.

Revolut pros and cons

We have compiled a list of the pros and cons associated with Revolut'southward international money transfers, making information technology easier for you to compare the services to other providers:ProsRevolut business relationship holders can hold and manage 30 currencies, with over 150 destination countries supportedFees are calculated in real fourth dimension and displayed in the app earlier payment is made. Transfer fees volition differ simply maximum fees are cappedInternational bank transfers within SEPA zone are freeFree ATM withdrawal limit of £200 per monthConsAdditional costs for sending international money transfers to remote countries and currencies, every bit well as during weekends and bank holidaysCustomer service is merely available via in-app conversation and community forum; no support via phone

Answers to primal questions about Revolut

In this section nosotros volition review the finer details of Revolut accounts, outlining usually asked questions surrounding international money services.

Tin I open a Revolut banking company business relationship in whatever land?

Personal accounts are currently bachelor to individuals from the 31 countries within the European Economic Expanse (EEA), every bit well as Australia, Canada, Singapore, Switzerland, Japan and the U.s.a..

Revolut Business is currently available to concern owners registered in the European Economic Area (EEA) and Switzerland.

Does Revolut have an app?

Yep, Revolut has a mobile app that is free to download from the Google Play or App Store. The app is considered easy to navigate and user-friendly, having been rated 4.ix/5 stars in the App Store and 4.vi/v stars in Google Play Shop.

Are there transfer limits with Revolut?

There are some transfer limits for Revolut business relationship holders and boosted charges use to larger, more frequent transfers. It is worth considering the following:

Personal users cannot make more than l transfers in 24 hours, or more than 200 transfers in seven days
Personal users making a transfer to or from Nippon will have a limit of 1m Japanese Yen (JPY) equivalent per transaction
Business users making a transfer in GBP to a beneficiary in the Uk via Visitor Concern accounts, will experience a value cap per transfer, equally well as daily and weekly limits

How long do transfers take with Revolut?

Every bit a U.k. based visitor, Revolut transfers money between Britain accounts instantly. For payments made elsewhere, the average commitment time ranges between 1 – 2 business days for domestic transfers and two – 5 days for international transfers. Additional commitment speeds are available to customers on certain monthly memberships plans.

What client support options are available?

Revolut customer support is available via the in-app support chat, "Inquire Our Community" forum, Aid Heart or Blog. As an online-but entity Revolut does non offer customer service via phone.

Can I utilise a Revolut debit card when travelling away?

Revolut was originally designed to be "a improve way to handle your money" and this includes overseas spending. One time you accept prepare your Revolut account, you will exist able to hold and exchange 30 currencies which tin can be spent and sent to more than 150 countries. Frequent travellers interested in opening an account, can detect out more about unlike Revolut accounts here.

How to open an account and transfer money with Revolut

In this section we will outline how to open a Revolut account – using the app – and how to send money overseas.

Opening an account

It is free to open a Revolut account and your physical banking concern card tin be delivered direct to your front end door. Most customers commencement out with a standard account, which is a costless account, assuming you don't get over the limits. To gear up an account with Revolut, you will demand to download the app from the Google Play Shop or App Store.

Step 1: Open the app, select your country and enter your phone number. To confirm your account you will receive a 6 digit verification code via text, and so practice not skip this step.

Stride 2: Once yous take verified your contact number, you volition be asked to enter a 4 digit security passcode, also as your start and last proper name, date of nascence and domicile address.

Step 3: At this point y'all will exist asked if you lot'd like to Top Upwardly Your Account, adding funds to your Revolut residuum. You can select Non At present if yous would like to complete this stride later.

Pace 4: Now y'all must verify identity by reviewing your personal information and providing the relevant documentation for your country. This can be done past taking a photo of the relevant document. For example, British users will exist asked to submit a photograph of their passport, drivers license or identity carte.

Step 5: Take a selfie using your phone camera and once this has been submitted, Revolut presents confirmation that your documents and personal data will be reviewed inside 10 minutes. Some users have noted that this process typically takes up to 24 hours to be completed.

Step 6: In one case your account has been activated you volition be able to make your first coin transfer.

Transferring money

Step 1: Tap the Payments button at the bottom of the screen, and select Transfer

Stride two: You volition be asked to select the Transfer type from Friends – you lot volition be able to scroll through your list of contacts – or Bank Accounts. The Bank Accounts pick will crave y'all to enter the banking details of your recipient, by tapping Add Beneficiary

Footstep 3: At this stage yous volition be asked the recipient'southward country and currency, beginning and concluding name, IBAN and e-mail address. You will be able to review the details of your recipient before the side by side footstep.

Step 4: Enter the size of the transfer you wish to ship to your recipient, forth with a Reference annotation. Earlier sending you lot are given the option to schedule the transfer – by tapping the Calendar option – or yous tin transport instantly by clicking Send.SWIFT Transfer Charges

Customers please annotation: if the recipient's bank is located exterior of the European union, your transfer volition be sent via the SWIFT network which may issue in international wire transfer fees.

Summary

We would recommend Revolut to frequent travellers who are based in Europe and/or accept friends and family unit in other European union countries. The app is simple and intuitive, recipients can be set quickly and easily and coin transfers made inside the same country, using the same base currency, are cheap.

However, if you are looking to send money overseas to more remote foreign countries, such as Thailand, additional charges will apply when using Revolut services. If this is the instance for yous, nosotros would recommend checking out our reviews of other great international money transfer companies. We as well encourage customers to brand utilise of our comparing engine, to find the most competitive commutation rates and cheapest transfer fees.

Keith is a digital specialist with a groundwork in the financial industry, both every bit a marketeer and a journalist. Keith joined MoneyTransfers.com in order to take the concern to the next level and expand our offering in multiple international money transfer markets.

Source: https://moneytransfers.com/challenger-banks/revolut

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