Hello, I have a UK Revolut account and was wondering if it’s possible to receive USD without paying any fees by using my USD Revolut account.
I see that it uses an IBAN number for receiving - Is it not possible to have a USA account to avoid any fees?
It’s going to be an international SWIFT transfer, fees from third party intermediary banks apply most likely.
US local accounts won’t be available before Revolut is becoming available there.
Thanks for the super fast reply Frank!
Is it possible for a USA person to signup to Revolut and then top up their Revolut account and then send money to my Revolut account - all without any fees?
This would be a suitable alternative to using USA Bank > Revolut if so!
Unfortunaltey, Revolut is not available yet outside EEA + Switzerland. Their plans are to start in the US in a couple of months.
I see, thanks again Frank!
that’s actually a pretty solid question.
What i do is have a debit card tied to my revolut. the fees kill me but its the fastest way to move money. But i think once a US launch becomes a thing, that’ll most likely go away.
I am not so sure about this. The merchant fees for card payments in the EU are regulated. They are capped at max. 0.3 %. But not for cards issued outside of the scope of the EU, obviously. Even after Revolut is becoming available in the US, merchant fees for US issued cards will still be higher.
There is a possibility of course that Revolut will waive these fees once they are issuing US cards as well (it would be cost neutral for them), but since they are also offering USD accounts for customers that use UK/EU issued cards … there are many details to consider.
Entirely valid. I keep forgetting the US is a completely different beast. So use to Chase waiving all my fees and transaction costs. They even give me free ATM withdrawals anywhere. But the rates are ehhhhhhhhh. But if Revolut Platinum proves to be good. I will close my ING account and use revolut exclusively.
EDIT: my thing is once ACH is a thing on revolut. it’ll be much easier. possibly even instant if Revolut joins ZellePay (aka Chase Quickpay). ACH even opens up the possibility to use Apple Pay Cash deposits for iOS users