I’m from France, so I have euros on my Revolut account.
I would like to transfer 7000 USD to someone in the US.
They gave me their bank routing and account number. Is that all it takes?
I understand this will result in a Swift transfer. Is there anyway to anticipate fees?
I suppose my contact could ask their bank how much they would take but there may also be an intermediary bank, right?
Is there something I am missing? Is there a limit to such transfer?
That’s right. It’s a SWIFT transfer.
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:
16-32 EUR (outside of SEPA)
Thanks Andreas for your answer.
Could you give more details about the benefits of Turbo transfer? Is it also Swift?
I’m trying to weight how Revolut’s Turbo transfer performs against competing services that offer smart transfers that do not use Swift (and thus no corresponding fees).
(Btw the app tells me the limit for cross-currency without fees is 6000€, not 6500€.)
An ETA for turbo transfer with USD is up to a working day
@Andreas Would you be able to give some insight into how Turbo transfers work behind the scene? How/What makes them faster?
Would my bank apply fees on their end for a turbo transfer, and is it possible to anticipate the total amount?