Hi,
I have a Dollar account in Barclays UK. If I do a transfer from this account to my revolut USD account, will be going through intermediate banks (and fees) like a SWIFT or because the two banks are in UK it will be deal with differently?
Thanks
I topped my Revolut card in USD from USD account with HSBC UK in September.
No correspondent bank fees.
Correspondent banks only exist where two banks donāt have a direct agreement. Clearly Lloyds and HSBC do - I would imagine that Barclays and Lloyds do too.
1 Like
Did you use the UK Sort code and account # or did you use an IBAN? Curious since i have an USD account with HSBC Jersey and want to do something similar to what you did.
I have used the iban as suggested by the app. It worked fine, no bank charges (only fixed 3Ā£)
Good to know about the fee. Did your bank ask for a sort code? Oddly for a USD transfer it is asking me for an IBAN as well as a sort code. Not sure if the regular sort code provided on the GBP account is what they want.
To be honest I donāt recall and I canāt check it, but if they did I would have taken the sort code and the account number from the IBAN itself. What otherwise?
btw, what I did was a test transfer of few dollars, and once I was sure all was as expected, I did the large transfer.
1 Like
I am planning on a small transfer as well. Thanks for the feedback!
Hello,
For your info I did exactly what you are intending to do
HSBC Jersey charged me Ā£15 and and extra $20 has been taken from the transferred amount !
Clearly a lack of transparency from Revolut !
ouch, sorry for that, this is awful. To be honest, maybe the issue is that the bank is offshore or that hsbc doesnāt have an agreement with loyds? Mine was from Barclays and as I said only costed 3Ā£ fixed.
Yikes. I will avoid that. I am not sure if that charge would be something Revolut has any control over. Going into asking about this scenario i was afraid i would have to go through an intermediary bank and thus fees applied Revolut wouldnāt know about.
HSBC UK seems to offer a currency account however they charge Ā£6 per transaction. I am not sure if that is worth it.
6Ā£ per transaction? As in if I spend in America with a USD account then theyāll charge me 6Ā£ every time I buy something? Even if the item is 1Ā£?
I have USD accounts with HSBC in NY and the UK. Clients who hold over Ā£50k equivalent (āPremierā) are supposed to pay no fees for UK transfers, but when I covered a USD securities purchase held in a UK trading account, HSBC US charged me $25 as ānominal correspondent bankā. I disputed this and HSBC returned the money. While GBP is weak, I want to use USD held with Revolut to cover EUR (and other currency) ATM cash withdrawals in the Eurozone and elsewhere, funding the account from my USD account in London. Is this going to be fee-free? Will it work?
How long transfer took from USD HSBC account to USD Revolut account?