Turbo transfer is no longer available

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Revolut is removing “Turbo Transfer”. Not sure if it is going to be available for Metal Plan.

I received the following email today:

We just wanted to send you a quick note that an older feature of ours, the Turbo Transfer, is no longer available.
What does this mean for you?
*Well, not a whole lot. You’ll still be able to instantly send money to your fellow Revoluters. For recipients who aren’t on Revolut yet, you’ll be able to send either a payment link or a bank transfer if you input their routing details (both of these take about 3-5 business days to process). *
If you have any questions, we’ll be happy to help through our in-app customer support.
Team Revolut

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For the SEPA region they’re implanting SEPA INSTANT as of june 1st

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And then of course SWIFT Instant that is also moving glacially forward.

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Yeah, I don’t think turbo transfers ever really saw much love, for the simple reason of: payments can only go as fast as the country standard

Countries standards now are becoming within 20 seconds (Hong Kong, UK, SEPA Instant), how much faster could they get??

It’s right to kill it off rather than selling it as a feature when it doesn’t exist.

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It is a big deal here in US as it normally takes 3 days for interbank transfer :frowning_face:

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Good idea. The other party is also expected to have venmo.

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It’s what I always use with friends… it’s the best

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In the US they can only go as fast as transfers in the US go though… which is going to be 1-3 days?

Revolut to Revolut transfers will still be instant and Venmo or Cashapp (which are very very widely adopted) will also follow as instant :slight_smile: it’s not really something they can improve on until the US starts going for instant transfers

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Zelle is almost instant, and free. Like Faster Payemnts. It’s a system developed for mobile banking by most of the mayor US banks. It started as a separate app but is now available via apps and online banking of the partner banks, depending on how they’re making this available to their customers.

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Here’s a list of supported banks,

https://www.zellepay.com/get-started

With many big players and over 800 individual banks, it’s a de facto instant transfer standard for a large number of US account holders.

That’s what I would integrate for US customers.

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12

Where did you get this information about instant SEPA transfers from June 1st?

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On the official website for instant payments

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14

Let’s hope it becomes available for customers soon. Having the backend connected and live doesn’t necessarily mean it’s live for customers as well. Fingers crossed.

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15

I just sent money from Revolut to bunq. Both state they support SEPA Instant payments which should reach the destination within 10s regardless on which day or time they are made.

A screenshot from https://www.revolut.com/en-IE/the-fastest-way-to-pay-and-get-paid
image
Even after 15 mins, I can still see the payment in Pending status in Revolut with a button called “unsend”. On the bunq side, I don’t see anything yet. Very disappointing!

Can anyone confirm SEPA Instant works with Revolut? I am based in Ireland with Irish contact details, however, I originally ordered the card when I lived in Germany. As the above statement was from the Irish website, it should already work there.

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Bunq is infamous for not enabling SEPA Inst for new banks at once when it becomes available. If I remember correctly, it was 3–4 months before Bunq enabled SEPA Inst to work with N26.

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18

Ah, I didn’t know that not just both banks had to support SEPA Instant but they also had to activate new banks individually.

I think the issue was actually rather with Revolut. I chatted with support and then it only took a few mins until the payment was marked as processed/sent and another short while later it had reached bunq. Before that, nothing had happened in over an hour. Apparently, something went wrong on Revolut’s side but once it was looked at, it got transferred within minutes. Still not the 10s it is supposed to take but at least not until the next day.

I also sent a payment from bunq to Revolut over 70 mins ago and while bunq shows it as sent, I am still waiting for it to reach Revolut.

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To be honest, I don’t know how it works exactly. But I would think that banks use the reachability list published by the ECB/EBA. Some banks are just slower at updating their cached copy of that list I would presume??

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