Foreign Exchange Fees - why are they so high?

Hi all
I have a Revolut Business account - I have used it to make foreign currency payments from my GBP account. I am alarmed that this month alone I have been charged £600 in exchange fees because I have exceeded my £10k per month allowance per my plan. This is extortionate - please could you tell me whether I am doing something incorrect when setting up my payment. I can see an international payment option where I have 5 of these per month, should i be using this option instead? Thanks in advance

3 Likes

Hello @LDLB Welcome to the community. :wave:

The current monthly GROW plan comes with a €10,000 exchange allowance. Any exchanges exceeding this amount will incur our standard fees.

The fee is 0.6% for exchanges above your allowance and an additional 1% for weekend exchanges. For your reference, you can find more details on our fees here: Revolut currency exchange fees for business.

If your company regularly needs to exchange larger amounts, upgrading your subscription plan might be a good option. This would give you a higher exchange allowance. Our account managers can help you explore custom plans that better suit your needs.

If you need more clarification I would recommend reaching out to us via in chat. Hope this helps.

Veda | Community team

2 Likes

I note that we have 5 international payments each month we can make use of - how can we utilise these?alternatively would it be cheaper if we needed to pay a USD invoice from our GBP account, exchange GBP to USD in to the USD Revolut account and pay the invoice from that account? What would be the fees to exchange currency?

2 Likes

@LDLB Here’s a breakdown of your questions about the Grow plan and international transactions:

  • International transfer fees: After your 5 free transfers, a £5 fee applies to each additional SWIFT international transfer. This is because SWIFT transfers involve intermediary banks, and the fee covers their charges.
  • Inbound transfers: Luckily, inbound local and international transfers in GBP, USD, EUR, and CHF won’t count towards your free transfer limit. So, you can receive these currencies without any fees.
  • Intermediary bank fees: In some cases, an additional intermediary bank fee might be charged by the receiving bank. Unfortunately, we can’t see this fee beforehand, but here’s an estimated range for some common currencies:
  • AUD: $35
  • CAD: $20
  • AED: 50 AED
  • EUR: €16-32
  • JPY: ¥7500
  • NZD: $35
  • USD: $20-40
  • Exchange limits: Now, about your exchange limit. This stays the same regardless of whether you make a direct payment in USD from your GBP account (with automatic conversion) or exchange GBP to USD first and then pay. The Grow plan offers a monthly exchange allowance of $10,000 at the interbank rate. Exceeding this will incur our standard exchange fees.

Hope this clarifies things.

Veda | Community Team

2 Likes