Changing Revolut account IBAN location

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I regularly move money from my UK NatWest account through Revolut to La Caixa in Spain. Up until last week I have never been charged and SEPA instant worked well. Now the transfer can take up to two days and I am being charged by La Caixa a minimum of 15 Euros per transfer which is unsustainable. Can you a) check why transfers are not always instant (was instant for many years and is to BBVA) and b) whether I can move my Revolut account location to Spain. I have residence. And if I can move the card to a Spanish IBAN will I be charged by Revolut to transfer money into the account from NatWest. Thanks

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Revolut does not charge fees for incoming transfers. The costs for the transfer will depend on how NatWest is going to send it.

But before closing your UK Revolut account and setting up a new Revolut account with Revolut Spain, I would try to understand what went wrong with the transfers to La Caixa. It sounds like the transfer was sent as a SWIFT transfer. What’s La Caxia‘s explanation for the fee? The fee is a strong indication that the transfer was not sent as a SEPA transfer.

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Thanks Frank. I have the transaction confirmation details and they were all annotated “SEPA Credit Transfers”. I have asked La Caixa and they tell me that the charges have now been picked up as “non resident” as they originated from a GB IBAN ie inside SEPA but outside the EU. Payments from NatWest into my current (GB IBAN) Revolut are simple UK interbank transfers it seems. Im meeting La Caixa to push them to revert to the previous longstanding arrangements

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I don’t know the legal implications of Brexit in terms of SEPA, but this is the first time that I hear about an imposed fee like this. This seems a little sketchy to me. The whole point of the SEPA area is to harmonise regulation. Swiss banks might charge a fee for incoming EUR SEPA transfers — but the local currency of Switzerland isn’t EUR. So this made more sense to me.

GBP transfers to your GBP account with Revolut Spain will be local transfers. But familiarise yourself with Revolut’s fee structure. Revolut defines international transfers and associated fees not from a technical perspective but based on residency.

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Much appreciated. I have to say that our local law firm has advised that these fees should not be charged. I’ll let you know what happens from my meetings

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