We are on a business ‘Grow’ subscription. We are based in the UK but operate internationally. We receive and pay money in Euros and Dollars. Revolut was picked specifically because of its FX functionally.
Today I wanted to pay 25k in Euros to a business based in Spain. I want to pay with the money in our Revolut USD account. I received an error that this is above the £5k maximum. Upon speaking to Revolut customer services I received these messages:
“This daily limit is only for transactions with currency conversion, it’s regulated by our banking partner and we cannot skip it I’m afraid.”
“Unfortunately, I double-checked and our payment processor updated the limits per transaction to 5 000 GBP. It means that you will need to split this 25 000 GBP payment into 5 or more payments under the limit of 5 000 GBP.”
1. Has anyone else experienced this? Surely there are lots of business (large and small) who need to make payments of over £5k to foreign companies? If we need to pay a larger invoices, i.e. 100k, surely we won’t be forced to say “Can I pay you £5k every day for 20 days?”???
2. Does anyone have a work around? If I convert send the Revolut USD to our old HSBC account, then transfer it from there (or maybe use Transferwise), I will have to pay two FX conversations plus other fees.