Salary from UK


#1

Hello,

I want to receive my salary from my UK employer in my Revolut account but they say they need a British bank account held in my name and not a subsidiary/intermediary.

Is my Revolut personal UK current account OK for this?

Thank you in advance.


#2

You personal GBP account (the local one, not SWIFT) should be fine in your case.


#3

Wont REVOLUT LTD or PREPAY TECHNOLOGY LTD show up as the beneficiary when they look up the account?


#4

My understanding is that your name will show when you use your Personal Account.


#5

If you search the 23-69-72 short code, the beneficiary name that shows up is “PREPAY TECHNOLOGY LTD”…


#6

if you are UK resident better get your salary paid to a licenced bank like Starling

https://www.starlingbank.com/

if you aren’t, Transferwise borderless will also give you a proper local account and then charge you 50p to transfer the pounds to your revolut account


#7

That is my problem: I work in the UK but I don’t live there so I can’t get a proper bank account (banks require a permanent address).

I will try with Transferwise. I see from the site that they charge 70p for 200 GBP transfer.

Is it better to transfer to Revolut and then change to EUR or change directly from Transferwise?


#8

another option for you is monese


#9

Thanks for that too.
Do you know if there are any hidden costs/charges when transferring money from the Monese account and how safe it is?


#10

transferring the GBP to Revolut and exchanging them here will give you a better rate, but you always have the risk of getting your :r: account blocked unexpectedly…


#11

Why would something like that happen?


#12

Monese works well, basic U.K. current account functionality is good.


#13

monese is a very safe and well behaved challenger. but you might want to do your exchanging via transferwise, currencyfair or :r:evolut to receive more EURs

alleged security concerns, look around this forum. it happens quite often… sadly


#14

That’s too bad.

I guess transferring from Monese straight to my normal EUR bank account would be an option but I might loose some EURs due to their exchange charges (Foreign currency change:
2% fee).


#15

imo monese+transferwise will give you the best balance between:

  • making your employer’s accountant happy
  • keeping your money safe and without risk of been locked out
  • maximice received EURs

monese+revolut will give you more EURs but at higher risk. I take that risk :wink: