Transfer to bank account in Brunei


#1

When you transfer money to an account abroad (Brunei in this instance), do you need to convert to the local currency first to get the best rate? If yes, how do you do this on the app.

Thanks very much!


#2

Whatever your base currency is when you make the bank transfer Revolut will automatically convert the money for you at Interbank rates. You don’t need to make the conversion.


#3

Depends on the originator currency and the recipient account currency. Some banks send in the original currency and then the receiving bank convert to the local currency (at the receiving bank’s rates).

If I were you, just to be safe, I’d convert first in Revolut (as long as it’s a Revolut supported wallet currency) and then send to the foreign bank already converted funds. That way you’re also certain of the exchange rate.


#4

Thanks for that. I am converting from gbp to brunei dollars so I will ensure that I convert on the app and send in brunei dollars. Is it easy to convert on the app?


#5

Unfortunately I don’t think Revolut support Brunei dollars to pre-convert in the App. So you will have to transfer in the original currency.

From the FAQs:

‘ You can currently only exchange between USD, GBP, EUR, PLN, CHF, DKK, NOK, SEK, RON, SGD, HKD, AUD, NZD, TRY, ILS, AED, CAD, HUF, INR, JPY, MAD, MXN, QAR, THB and ZAR on the app.’


#6

CZK is possible exchange too :-D.


#7

So if we have to go through the bank in Brunei do you know whether we would get a good rate i.e. would the Brunei bank just charge us a fee to transfer and we still get the Revolut rate?


#8

No, unfortunately you won’t get the Revolut rate. As Revolut doesn’t support conversion in app to Brunei dollars. In this case you will have to transfer the funds to Brunei and get the rate that the receiving bank sets.


#9

Do you know if Singapore dollars is supported by Revolut as Brunei banks also accept this?


#10

Yes they are. You can convert in the app to Singapore dollars and transfer in that currency. Make sure you transfer to an account denominated in Singapore dollars, or you will incur unnecessary conversion costs. Also there may be SWIFT fees to pay.


#11

From the FAQs:

“International transfers to bank accounts can be transacted in the following currencies: EUR, GBP, USD, AUD, CAD, CZK, DKK, HKD, HUF, ILS, MXN, NZD, NOK, PLN, RON, SGD, ZAR, SEK, CHF, THB, TRY, AED, BGN, QAR, SAR

Please note, if you transfer money to a bank account which holds a different currency (for example, if you transfer CAD to an account which holds GBP), a conversion fee will be applied. We will be adding more currencies very soon!

We currently do not support transfers to the following countries:

AFG, AGO, BIH, BDI, BTN, BVT, BLR, COD, CAF, COG, CIV, COK, CHN, CUB, DZA, EGY, ERI, FSM, GHA, GIN, GUM, GNB, GUY, HTI, IRQ, IRN, KGZ, KHM, PRK, KWT, KAZ, LAO, LBN, LBR, LBY, MDA, MNE, MHL, MMR, MNG, MNP, NAM, NGA, NIC, PAN, PNG, PAK, PRI, PLW, SRB, RUS, SDN, SLE, SOM, SSD, SYR, TJK, TLS, TKM, TUN, UGA, UZB, VEN, YEM, ZWE

Will I be charged to transfer money via Revolut?

Revolut does not charge a fee for cross-currency transfers for up to £5,000 / €6,500 / $6,000 / Fr 6,000 / 20,000 zl (or equivalent) per month. A 0.5% fee will apply to any further cross-currency transactions performed during the same calendar month.

You should also watch out for third party fees. If your transfer is sent in Euros and your bank is using SEPA (Single Euro Payments Area), then a transfer from Revolut is free. SEPA comprises of the 28 E.U. member states as well as Switzerland, Norway, Iceland, Liechtenstein, Monaco and San Marino.

If your bank is located outside of the E.U. or is not in Euros, then your transfer will be sent via SWIFT (Society for Worldwide InterBank Financial Telecommunications) and you may incur international wire transfer fees.

With SWIFT transfers, the beneficiary bank could also charge a fee to receive your transfer. When your money is in transit, it may be processed by an intermediary bank who may also deduct a handling fee. Therefore, the amount you receive in your bank may be less than the amount you sent. As banks are not always transparent about their fees, unfortunately, we cannot provide a conclusive amount that you could be charged.

We can provide an estimate of the potential fees for the following currencies:

35 AUD
20 CAD
50 AED
16-32 EUR (outside of SEPA)
7500 JPY
35 NZD
20-40 USD”


#12

Hi there.

To transfer any of our supported 26 currencies to your bank account, tap the “Payments” button on the main navigation screen in the app. Select ‘To bank account’ and tap ‘Add a new beneficiary’. Add your bank details, then you can simply enter the amount, currency and hit send.

Transfers to a UK bank account take a few hours if you have activated your personal GBP account. If not, your transfer should take 1-2 working days. International transfers take up to 5 working days.


Why is the Rate & Conversions different to rate I get for Bank Transfer?