In FAQ it says:
"There are some merchants that are not supported with your Revolut card. At the moment, this includes:
Financial securities brokers and dealers"
If I wanted to make an international (to US) bank transfer from Revolut account to, say, Interactive Brokers would that be ok?
Transfers to US are made via Currency Cloud and they are not sent in your name.
This means that most Brokers and dealers will reject the transfers, as they expect you to send the money from a bank account in your name.
Hi everyone. I think you both are talking about two different things. First, the guidelines for the card. So the Revolut card should not be used to pay at / transfer funds to “financial securities brokers and dealers”.
And second describes a limitation of the system that is used for international wire transfers.
Well the guidelines do not state that transfers to brokers are prohibited. It just says that it is not supported. So if I try transferring the funds it most likely would not work? Or maybe my name would appear in the description of the transfer and that would be enough?
Transfers ate not card payments. The guidelines are about card payments.
I have a broker called Firstrade in the USA. They told me: We currently do not support Revolut or Transferwise as they are third party transfers.
I replied this:
I’d like to inform you that in the end you were wrong.
I don’t know about Transferwise, but Revolut somehow does manage to transfer money from non USD dollar accounts to your brokerage bank account through Swift code you show for international transfers. It does not work for “domestic transfers” through their usd dollar account.
I tried to transfer 2 or 3 times before, from a USD dollar account there, with the routing number but it was always rejected by your US bank. After searching on Google, I found people succeeded but transferring from their non-us dollar account in Revolut too. That way swift codes where available in their app form, and I just needed to write as Reference my full name and firstrade account number, as you ask customers to inform about that.
They make the transfer through Barclays is seems, although I don’t know how expenses are calculated… I transferred 2050 eur (around 2264usd the day I transferred) and got 2205usd in my firstrade account, 59 usd dollars less (expenses not from Revolut, but from Barclays and your USD bank too, I guess).
You should write that down in your database, and in a Help section in Firstrade. This kind of information is useful for many foreigners in the end.
So it might be possible for any brokers, but you should try those with Swift codes from a different currency account.
Hi!
Did you manage to transfer cash from your Revolut to a Brokerage account?
I want to do the same. Broker provide ABA Routing number which is not supported by Revolut!
No, I have not tried to transfer from Revolut. Just used my local bank. Did not want the hassle of rejected payments.
I tried to wire some funds into my TD Ameritrade account this week and the transfer was rejected back to my Revolut account