New BIC/Swift transfer fees


#1

I have been using Revolut to transfer money to my Canadian current account, which provided an excellent rate with no fees. However within the last few months Revolut introduced the requirement for transfers to canadian accounts to use a BIC/SWIFT code. (Presumably this reflects a change in the mechanism by which Revolut does transfers to Canada.) Since then, transfers to my Canadian account are now received as incoming foreign transactions (and my bank charges me a $15 fee for each transfer). In November 2017 they charged me no such fee. This has dramatically reduced the attractiveness of Revolut as a mechanism for transferring money.

Can anyone shed any light on why transfers to canadian accounts have changed and whether it is likely to continue like this in the long term?