I am from the UK and have a UK bank account, which my Norwegian employer currently pays into. The money is sent in NOK and converted to GBP by my bank. I am considering switching the bank account that my employer pays into to my Revolut account.
As far as I understand, I would receive the money in NOK and it would then be up to me to exchange it to GBP and transfer to my UK bank account. My hope is that by doing this, I will get a better exchange rate.
I have two questions.
- Is there any reason why this wouldn’t be a good idea? any hidden costs or risks etc.
- Is there any prep I need to do with my Revolut account to ensure this goes okay? (I have already requested an increased daily and annual limit be submitting the requested documents and I have converted 1GBP to NOK just so my account includes and can hopefully receive NOK)
Appreciate any help