Turbo transfer is no longer available

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

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.

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.

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

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

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.

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.

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

On the official website for instant payments

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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