Has anyone successfully sent funds from Schwab to Revolut recently?
This is how I filled the “send wire” page on Schwab:
Then, I get this error:
I called SCHWAB, they told me that Revolut is not meeting their Regulatory obligations on confirmation of wire reception, so SCHWAB has blocked Revolut in August 2021, until Revolut provides Schwab with proof that Revolut is meeting their obligations.
Anybody else has the same issue? This is very annoying, I can’t send my funds to Revolut.
I did that transaction in Dec 2020, and it worked well. Now in Dec. 2021, it is being blocked.
REVOLUT support first told me the usual blabla, that REVOLUT meets all their regulatory duties, and that the problem must be with SCHWAB… but now they acknwoledge the issue.
I just let it go and will transfer the USD from Schwab to my WISE account instead. It is just shameful to be a Premium paying customer of a bank (Revolut) and I can’t even send money to my own account… all because Revolut does not meet its regulatory obligations.
Revolut should refund me my Premium fees, really.
Revolut refused to pay me back any of the Premium fees. You pay for a service and you can’t send money to your account. What a terrible customer service !
Oh no. It worked for me but that was in June last year. I think that’s what you get with ghetto Lithuanian banks UK was good.
Hi there, I’m having the exact same issue for about half a year now if not more. Same story from their support: they are aware about the problem but there is no ETA on delivering this feature. Can you please elaborate on what you did? Did you have to order a WISE card? Do they charge a lot of fees for the transfer?
This is what I did. I had a Wise account already. For what I can remember, a Wise account is free, nothing to pay. A Wise card comes with the account, but I did not use my Wise card for the transfer, I just use the Wise account.
The fee to send money from Schwab to Wise was 7.5 USD. Money arrives in less than 30 minutes, it is very quick (under normal US operating hours, weekday).
Then, the fee to send money from Wise to Revolut was 2.9USD for the SWIFT fee, plus 0.51USD fee (I unselected the 14 USD option to “protect the payment” that Wise offers).
So all in all, to get my money from Schwab to Revolut via Wise, it cost me 7.5 + 2.9 + 0.51 = 10.91 USD - quite a good deal.
I was able to go around this issue by using a different swift code RVUALT2VXXX in Feb 2022. With this code Schwab sends the money. But now Revolut started refusing and sending it back.
I had another problem with Schwab by the way. 6 months ago I sent 5000 USD to my wifes US Revolut account. But instead of wire transfer I used the external account feature of Schwab. Turns out this was only for cases where I was the owner of the external account - not my wife.
Anyway thats my fault. But what does Revolut USA do for 6 months? They sat (and are still sitting) on my 5000USD instead of immediately returning it back to my Schwab account saying they are investigating the issue. My wife wrote them so many times and we dont know what to do anymore. Behaviour like this must be a part of the reason why they are having regulatory issues. Are there any other public forums where we can complain about Revolut that might make them return us our money back?
I just contacted Schwab about this. They seems to follow some rules from the government which do not allow international USD wires to Revolut accounts anymore. They were talking about a hidden tax that Revolut doesn’t want to disclose while the US government demands full transparency. The support guy also told me that both domestic wires to a Revolut US account or international wires in currency other than USD to a Revolut account should still work.
On the Revolut side, they didn’t give me any details. I asked if I could transfer to a Revolut US bank account instead (if they have one). They told me that they have US account but only for US residents…
So the only solution seems to go with Wise or IBKR I guess.