UK € Bank A/C: Exchange £ to € then Transfer, or Transfer £ straight to €?


#1

Hi all,

I am new to Revolut so please bear with me…!

I am UK based and need to deposit into a UK based € bank account for a private investment fund denominated in €. My cash is currently in £ sterling so I wondered whether anyone could advise which of the following would be most cost effective route? Transactions amounts will vary between c£2500 -> c£7500 every few months.

1st Option

  • Top up Revolut a/c with £
  • Exchange £ to € within Revolut
  • Transfer € from € Revolut a/c to external € a/c

2nd Option

  • Top up Revolut a/c with £
  • Transfer £ in Revolut straight to external € a/c?

Are € to € external transfers within the EU (i.e in the UK) charged a fee when quantum is >€5k per month? Or is the 0.5% fee for >€5k transactions just on exchange transfers (i.e. £ to €)?

If I had to transfer €7500 to the external € account for sake of argument, what is the best/cheapest way for me to do this when starting in £?

Cheers for any guidance!


#2

If you want to avoid extra fee- only first option.
Revolut doesn’t take any fee for any quantum transfer, your bank may or may not- see it’s pricing.
FX are limited for regular user is 5000GBP monthly, above they aren’t free (0,5% fee).
And remember to check your annual limit- if you’re close to hit it- verify source of your incomes.


#3

@redi

Appreciate your help, thanks


#4

Hello

I set up a revolution account with irish address and number and have access to a euro account now. I added an additional GBP account within revolut (I get paid on sterling to a uk account and want to transfer over within revolut to avoid the banks xchange rates and spend euro in Ireland).

I tried to add my euro account as a payee/beneficiary but i got an unspecified error that it could not be completed. Is this because revolut knows that’s my main revolut account? Is there any easy way I can transfer to the EUR from the GBP revolut account (which I have transferred £10 from my bank wages account as a dry-run). Or, do I have to use google pay or something?


#5

You should have a UK Sort Code and Account number in Revolut you can transfer salary into?
When that happens, make the exchange in Revolut to Euro (do it during a weekday to avoid the weekend markup).

Then from the Payments tab in the Revolut app, add your Irish legacy bank account BIC / IBAN details and send it from there.

Is this the step you are having issues with? If so, suggest contacting support to get help adding the BIC / IBAN.

This situation is exactly one of the functions I use Revolut for (paid in UK, transfer to Ireland).
I use Ulster bank as the recipient account in Ireland, didn’t have any issues adding the account details and the transfer normally completes in a few hours (I use Metal plan).

Hope this helps