Simple question: IF doing some work for a US firm, am I able to get paid directly in USD into my Revolut account?
No. unfortunately not yet, “current account” features are only available for GBP / UK.
Here’s some background on incoming transfers from 3rd parties.
Just to clarify, at the moment we offer only personal accounts, not for business purposes. Also, currently you can top-up your Revolut with EUR/USD only from a bank account registered in your name. Transfers from third parties, including but not limited to companies, friends & family, will be returned to the sender’s account after deducting processing fees of £5.
If someone else wishes to transfer money to your Revolut account, they can open their own account and then top it up via debit or credit card. They can then transfer this to you instantly via the ‘Send’ function.
Hi team, I have a similar requirement. I work in Germany and bank in the UK with various banks. Can I get paid in Euro into the Revolut EURO account and then convert to GBP via the app and send it from there to my UK GBP bank account ?
Are you referring to third party transfers?
Hi Andreas, The party paying into the Revolut Euro account ( at Lloyds) would be a Company in Switzerland i.e. my employer.
I was then intending to covert EU to GBP in Revolut and send the GBP to my UK GBP account.
For people paid in USD wanting to transfer money to Revolut, there is a trick. You can use https://transferwise.com/borderless and send the money (in GBP) to your local UK revolut account.
It costs 1% to Transferwise but after getting the money in Revolut, you can convert it to any other currencies and use it everywhere in the world.
Unfortunately I could not find any other easy way for doing this (if you know it, please share). I also expect Revolut to have personal IBANs available soon.
When using the TransferWise Borderless account, does the money appear to be coming from an account in your own name, or from “TransferWise”. I.e., will Revolut see it as a third-party payment or a first-party payment? If the latter, why not send in USD form your Borderless account to Revolut and do the transfer to GBP using Revolut’s slightly better rates?
TransferWise sends the money in first-party payment (so, in your name).
The problem is that they only send USD payments to US accounts and they don’t accept Revolut EUR IBAN as a destination (when you try to add it, they say that this recipient is not allowed).
Unfortunately, third party EUR transfers are not yet supported.
p.s. please tag me next time so I can get back to you once you have replied
OK, but have you tried sending from the TW Borderless account to the Lloyds Banks IBAN that Revolut provide for SWIFT transfers in USD (GB06 LOYD … 6472)? It’s different from the IBAN for topping up in EUR (GB98 LOYD … 8290). With that USD IBAN, you have to provide your Revolut reference number, and it has to come from a first-party account in your own name.
Yes, I tried this. Unfortunately it’s not working because TW blocks this IBAN (says that the recipient is not allowed)
Just to elaborate, it’s not that TransferWise blocks the IBAN, it’s that to send USD from TransferWise you need to enter a US account and routing number, not an IBAN, and an IBAN is all that Revolut supplies.
Sounds like this might not change even when US current accounts are available on Revolut — I’m still expecting to see an IBAN, which is a shame, the equivalent of TransferWise’s borderless accounts in Revolut would be a game changer.