I would like to suggest that Revolut is more transparent with fees. When one makes an international money transfer, it is normal to compare Revolut’s offering with other providers, such as TransferWise. What is compared is the final amount that takes into account the exchange rate and all fees etc.
I have happily made transfers with Revolut from GBP to USD for the last two years, often for amounts over $6000.
But in March, I transferred £5000 and was told before transfer that I would receive $6482. But my US bank only had $6463 credited, and a $15 fee imposed. So I lost $36 altogether. I would prefer to be told this before I make the transfer.
The issue was that it went over as SWIFT rather than ACH. But I have no control over this, and all the previous transfers (for similar amounts) went through as ACH.
Revolut chat explains:
As it has been processed as an international transfer, it must have been sent through an intermediary bank, which charged the fee for taking part in the process. On our end there are no charges applied, so that would have to be the case. Previous transfers were under 5000 USD, which allows us to send them as ACH, while higher amounts go through a different route (SWIFT) which ended up being processed through an intermediary and applying fees by them. This is not entirely up to us, the ACH are being handled by one of our payment processors and it is up to their internal policies to accept USD transfers as ACH. It is guaranteed to go that way up to 5000 USD and, apparently, it could work as well for slightly higher amounts but not certain to be always available. The fees have not been charged by our processor, it’s the intermediary bank that works with your bank.
I copied this verbatim, but it contains an error. The comment “Previous transfers were under 5000 USD” is wrong - they were all over $5000.
Please can we have extra transparency at the time the transfer is requested? Something like a message saying “You might lose some of your money if you make this transfer and the receiving bank may impose a fee.”