Revolut international money transfer review
Our verdict
Revolut offers easy money transfers at very competitive exchange rates, but make sure to check for fees and your plan’s limits.
Founded in 2015, UK-based Revolut has made a name for itself with its suite of money management services and travel money solutions. Arriving in Australia in 2019, Revolut offers international transfers in over 30 currencies.
It's dead easy to send money from the Revolut app, and there are no exchange rate markups when you convert currencies during exchange market hours. But be aware that fees apply, and the plan you select affects how much money you can send.
Details
Product details
| Product Name | Revolut |
| Pay By | Bank transfer, Credit card, Debit card |
| Receiving Options | Bank account, Mobile wallet |
| Customer Service | Live chat |
| Maximum Transfer Amount | Unlimited |
| Number of Currencies | 36 |
Why should I consider using Revolut
- Great user experience. The app is as user-friendly as they come. Exchanging currencies and sending international transfers is quick and easy through the Android or iOS app.
- Get the real exchange rate (most of the time). When you exchange currency during market hours, you can take advantage of the mid-market rate. However, a markup applies outside of these hours.
- No maximum limit on most currencies. There is no transfer limit on most major currencies but other limits may apply depending on your plan.
- Revolut card. When you sign up for any Revolut plan, you get a debit card that's linked to your account. The Revolut card lets you spend in over 150 currencies around the world, while you can also get a virtual card to use for online and in-app purchases.
- Other money management services. Signing up for a Revolut plan also allows you to access features such as investment services, bill splitting, budgeting tools, and more.
What to be aware of
- Exchange rate markups on weekends. Currency conversions made between Friday 5pm (New York time) and Sunday 6pm (New York time) attract a 1% fee.
- Fees apply. As outlined in the costs section below, you'll need to pay a fee when you send an overseas currency transfer. The fee is calculated as a percentage of your transaction amount and varies depending on the plan you choose and the currency you send. The percentage is highest on the Standard plan, so Standard members will typically be best served using Revolut for smaller transfer amounts only.
- Plan limits apply. If you select a Standard plan, the maximum amount of currency you can convert fee-free during market hours is $2,000 a month.
- App only. You can contact Revolut customer support via in-app chat or an automated phone service. So if you're the type of person who likes to have the option of talking to a real person on the phone or visiting a branch, this is a drawback of Revolut's financial products.
Customer reviews and complaints
As of October 2023, Revolut has an average rating of 4.3/5 from over 143,000 reviews on Trustpilot. Those who left positive reviews praise Revolut for its ease of use and for offering fair exchange rates. However, customers who gave negative ratings sometimes complain about disappointing live chat customer service.
Is Revolut safe to use for international money transfers?
Revolut is a legit provider and is headquartered in London. It serves over 200 countries and has more than 25 million customers around the world.
In terms of regulation here in Australia, Revolut holds an Australian Financial Services Licence and is authorised by the Australian Securities & Investments Commission. Revolut Australia is also regulated by Australian Transaction Reports and Analysis Centre (AUSTRAC) and is listed on the AUSTRAC Remittance Sector Register.
How to make an international transfer with Revolut
Follow these steps to send an overseas transfer with Revolut:
- Download the Revolut app on your Android smartphone or iPhone.
- Sign up for an account by providing your name, address, email address, proof of ID and a selfie.
- Use your card or bank account to add money to your Revolut account.
- In the Revolut app, choose the wallet you want to transfer from and tap "Transfer".
- Choose "Send International".
- Choose your destination country and currency.
- Enter your transfer amount and then review the exchange rate and any fees that will apply. If you're happy with what you see, tap "Continue".
- Enter your recipient's details. You'll usually need to provide their name, bank account number and bank code. Confirm your transfer.
How much does Revolut charge for international transfers?
You can get the mid-market exchange rate on currency exchanges during exchange market hours — roughly Monday to Friday. However, exchanges made outside market hours, which means between Friday 5pm (New York time) and Sunday 6pm (New York time), attract a 1% fee.
The next thing you need to consider when calculating the cost of Revolut money transfers is the provider's monthly membership fee. There's no fee if you're on a Standard plan, but you're limited to transferring $2,000 per month without exchange fees. Above this $2,000 limit, a 0.5% fee applies. You get a higher monthly transfer limit with Premium and Metal plans, but you'll need to pay a monthly fee.
| Standard | Premium | Metal | |
|---|---|---|---|
| Monthly fee | $0 | $9.99 / month | $24.99 / month |
| Currency exchange limit | $2,000 / month | $20,000 / month | Unlimited |
Finally, you'll also need to consider Revolut's currency transfer fee. When you're sending an international transfer in the recipient's local currency — for example, if you're sending GBP to the UK — a percentage fee applies. The fee amount varies depending on the currency being sent and the plan you select, so check the table below for examples.
| Recipient currency | Standard plan fee (minimum and maximum limits) | Premium plan fee (minimum and maximum limits) | Metal plan fee (minimum and maximum limits) |
|---|---|---|---|
| EUR | 0.30% ($0.50-$45) | 0.12% ($0.20-$18) | 0.06% ($0.10-$9) |
| GBP | 0.30% ($0.50-$45) | 0.12% ($0.20-$18) | 0.06% ($0.10-$9) |
| INR | 0.35% ($0.50-$895) | 0.14% ($0.20-$358) | 0.07% ($0.10-$179) |
| NZD | 0.30% ($0.50-$45) | 0.12% ($0.20-$18) | 0.06% ($0.10-$9) |
| PHP | 0.35% ($0.90-$895) | 0.14% ($0.36-$358) | 0.07% ($0.18-$179) |
| THB | 0.40% ($0.90-$179) | 0.16% ($0.36-$71.60) | 0.08% ($0.18-$35.80) |
| USD | 0.30% ($0.50-$45) | 0.12% ($0.20-$18) | 0.06% ($0.10-$9) |
Alternatives
There are several other alternatives money transfer providers you should consider before deciding if Revolut is right for you.
One popular company is Wise, which offers transfers to over 75 countries around the world. Like Revolut, Wise offers the mid-market rate, while its fees vary depending on the currency you send (starting from 0.41%).
So, which is better? It depends — on the size of your transfer, where you're sending money, and what Revolut plan you select. Revolut's fees are generally lower, but Wise has much higher transfer limits and it's free to open an account.
For example, assuming you have a Standard Revolut plan, sending $1,000 to the UK, your recipient will get £2.32 more. But if you want to send a large transfer, Revolut's fee-free transfer limits on Standard plans could make Wise a more cost-effective option. Calculate the cost of your transfer with each company to find the best deal.
How does Revolut compare to other money transfer services?
Verdict
If you're searching for simple and affordable money transfers, Revolut is well worth a look. It's easy to use and offers very competitive rates and fees. However, the different membership tiers and fee structures it offers can be a bit confusing, so make sure the limits of your Revolut plan suit your needs.
Ultimately, be sure to compare Revolut with a range of other money transfer companies to find the right money transfer service that's right for you.
Frequently asked questions
Your reviews
Tim Finder
Writer
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