topup via TransferWise


#1

As probably everyone knows, it is quite expensive, and I mean like 2-3% in fees, to topup your Revolut account with North American currencies. TransferWise, Revolut’s competitor, resolved this issue long time ago and one can do a USD or CAD topup at zero cost.

Would it be possible to topup a Revolut account using a TransferWise card with zero fees?

Thanks for the input.


#2

I dont see why not - TransferWise card is issued in EU :slight_smile:


#3

The TransferWise card is UK based. I am not sure if Revolut can charge an UK based card in USD or CAD instead of GBP. Maybe someone from Revolut can confirm.


#4

Did some testing and tried to register the TW card with my Revolut account. It fails during the registration with “your top-up request was declined by your bank”.

Just to be clear, it was not a “top-up request”, only the registration of the card. Is Revolut doing any real payment transaction during registration? I don’t think they should.


#5

Would it not be possible to just transfer from your TW USD account to Revolut USD account? Not sure of the fees doing it that way.


#6

the fee is $6.80 to transfer USD via SWIFT to Revolut’s polled USD IBAN. I’ve done it a few times


#7

It would be a SWIFT transfer. This is what TW says for USD:

To send USD outside the US, we need to use the SWIFT network. It’s more expensive and slower, so it costs $5.50 extra and the transfer might take a day or two longer. Also note that intermediary banks and your recipient’s bank might charge extra fees. Learn more.

and this for CAD:

Currently we can only send CAD to bank accounts located in Canada.

That’s why my plan was to use the card instead.


#8

If your card is issues within the EU then no fees will apply to your top up. Otherwise, I believe the fee is 2%.

You could, theoretically, use TransferWise to send USD to GBP and then to your Revolut account but that may look like suspicious behaviour.


#9

and pay the USD/GBP exchange at TW rates? what’s the point? it will be a lot faster though


#10

Maybe I was not clear enough. I was talking about the TW borderless account. As Revolut, TW issues Martercard Debit cards for the account and you are allowed to hold multiple currencies. Their T&C says that a card charge with a specific currency would be charged against that currency balance first.

So, I would first transfer let say 1000USD to my TW borderless account with zero fees. It might take couple of days until money shows up into my TW account. Second step is to do an 1000USD Revolut top up using the TW card. I would expect an 1000USD charge on the card which would debit the TW USD account.

Revoulut would see the TW card as an EU card and it should not charge any fees.


#11

I’ve heard people saying that they are charged and that they are not charged when using TW’s debit card to top up USD. 2% ($20) or $0 roulette, I don’t like gambling so I just pay $6.80 TW for a SWIFT

just be sure to check your top-up limit though :wink:

Allegedly :r: is working on domestic (ACH) USD accounts and they should arrive this year.


#12

how to check top-up limit, btw? Is it shown anywhere in revolut app?


#13

More -> Profile -> Top up limit.

and next to it, on Price plan, you can see your free FX and free cash withdrawl allowance


#14

hm, I can see only yearly limit under “verifications & limits” (but I’m not using latest version of revolut app. Still on 4.16.0). I’m more interested where I can see highest amount I can top-up in single transaction.


#15

That’s why I am looking for a Revolut person to confirm this.


#16

that would be @AndreasK


#17

@David928374 I have just attempted topping up my Revolut using a TW Borderless debit card for similar reasons you mention and the top up was declined by Revolut due to addresses not matching. As TW MC is UK-issued, I believe Revolut automatically runs a UK address check on it. Subsequently my account was deactivated (with 0 balance) for reasons unknown :rage::rage:


#18

Thank you, your post is very helpful. Do you plan to follow up with Revolut or TW customer service on this?


#19

Firstly with Revolut so they unblock my account but the in-app chat is taking ages


#20

@revolutuzer Please keep us posted.