Local Bank Transfers - Australian Bank Accounts

[tsolaaa]

Similar point to my other post about ACH transfers for US banks.

Revolut Support has told me on chat that sending money from Revolut to an Australian bank will be sent via SWIFT.

This causes fees at the receiving bank.

Would love to see future support to have these transfers sent via a local transfer (like Transferwise has been doing).

Thanks,

[capital]

@tsolaaa

Would love to see future support to have these transfers sent via a local transfer (like Transferwise has been doing).

Should be coming soon.

:R: expanding to the US and East Asia (Including Australia and New Zealand) by Q1 2018.

[tsolaaa]

Doh! I have known about the expansion for a while now. I should of placed two and two together.

[capital]

@tsolaaa

Doh! I have known about the expansion for a while now. I should of placed two and two together.

@capital

My understanding is that Revolut’s ultimate goal is to offer currency accounts for every single currency on the planet (Subject to financial regulation/global sanctions.).

@capital

These features are separate into two different parts.

There’s:

-1) Currency account: The 26 currencies (Due to expand.) that can be exchanged for, held in ‘cash’ and spent via debit card.
-2) Card top-up: Local currency top-up (Therefore not incurring conversion/FX exchange fees.).
-3) IBAN addresses: For both first-party top-up and third-party transfers.

@capital

I am sure that the long-term goal is 1:1 parity for currencies and IBANs/ACH–ABAs.

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[Tahi]

Is this still in pipeline? If so, when exactly (you gave exact details for UK IBAN rollout)?

Happy premium customer

[quentinb]

As far as we know, ABA are still in the pipes, they should come when they roll out to Australia, in Q1 2018. We think they will open to the US (with ACH) around the same time.