Fees on bank transfer to Revolut IBAN?


#1

Hi,

This week I did a bank transfer from my Italian bank account to a friend’s IBAN in his Revolut account in UK.
I transferred 2650 euros into his account and he received £2352. If I take into consideration the exchange rate at the day he received the money he should have received £2408 instead.

I know that my bank does not charge me to transfer money up to 50,000 euro.

Why did he receive £56 less? Does Revolut keep any commission on bank transfers?
If anyone knows please let me know.

Thanks in advance.


#2

Maybe because you used his GBP IBAN instead of the EUR one?


#3

I made a smilar experience. In my case they took a fee in the amount of EUR 32 beside the fee from my bank. Revolut gave me the feedback that they did not charge. Probably Revoluts bank did charge (Barclay/Lloyds). Who did the exchange EUR to GBP? was the exchange made by Revolut or your bank?


#4

My friend who lives in the UK and using Revolut he gave me his GBP IBAN as he doesn’t have an EUR one.
I actually thought if I send the money in euro it would automatically create a new EUR account and put the money there and he could exchange them.


#5

I send money in Euro not in GBP so I guess Revolut did the exchange.


#6

Till now I had the same in my mind: You send EUR and the Revolut-user can exchange manually to GBP. If the entry to Revolut is GBP probable your bank made the exchange.


#7

Hi @solidsn2004,

You have faced additional charges as your bank automatically converted your Euros to GBP. This is because you have used GB IBAN for EUR currency.

You should have used EUR IBAN for EUR transfer.


#8

The sending bank doesn’t know the currency of the receiving account, so the sending bank didn’t do the conversion. Lloyds did the conversion from EUR to GBP, because they received a payment in EUR into a GBP account. Lloyds uses crap exchange rates. Always pay to the correct account for the currency, otherwise you will hit problems such as this.

Why didn’t your friend give you his Revolut EUR IBAN, which can be created in a few seconds? Madness.