Erasmus payment

I will be living in italy for a year come august as i will be an erasmus exchange student. Can i use revolut to have erasmus pay my grant into while avoiding the fees my UK bank will charge because the grant is only paid in euro? if so can i use the GBP sort code and account number or do i use the iban and bic associated with a euro account?

Thanks

if they are going to pay you in EUR, use the local EUR IBAN (SEPA).
if they are going to pay you in GBP, use the local GBP UK account and then exchange to EUR within Revolut on week days.

but be sure to increase your top-up limit first.

Hi, thanks for responding,

they pay in euro so as long as i use the local iban on the euro account i shouldnt get any commission charges?

By increasing the top-up limit i presume you are referring to verifying my ID to remove the limit in which case i have done that :slight_smile:

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once there you should also consider opening a proper bank account with a continental fintech bank like fineco, chebanca, n26, … and move the EUR yourself in order to get free ATM withdrawals.

I thought revolut give free withdrawals anyway?

only £200 per month is free

Oh i see. it is unlikely ill be withdrawing more than that a month anyways but thanks for the advice i’ll look into opening a bank when there.

You will still have a limit - check it in ‘More’ -’ Profile’ - ‘Top Up Limit’

You must NEVER exceed this amount actually going into the account in the 12 month period commencing the date you opened it. If you do the account will be locked. If the limit is not enough apply to get it lifted well in advance.

Also, if it were me I’d make sure I had a backup source to draw on.

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Oh right. just checked and it says 75k a year. def wont be exceeding that any time soon ha. thanks for pointing this out though.

Good luck with your studies :+1:

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