Hi guys Just opened a Revolut account today. Can I receive my salary in USD on my GBP Revolut account without any extra fees? I am a UK resident. I need the USD to be converted to GBP. It says on my Rev account that it can be used to receive salaries. Plus I have individual bank details. Just want to be extra sure. Thank you!
No. Receive your USD salary into your USD account and then convert it to GBP when you choose to. Never receive the wrong currency into a bank account. If you do so, then Lloyds (Revolut’s bank) will convert the USD to GBP at their own crappy rate with their own charges. Always use Revolut, not Lloyds, for FX.
What NFH said was spot on. Always receive currencies into their respective Revolut account whenever possible.
Just in case you haven’t figured it out yet, adding accounts alongside your initial GBP one is simple. Open the app and (on Android at least) click on the slider icon at the top left. At the start you’ll see the single account that’s been opened automatically for you, most likely in GBP. Click the Add button to add another one in USD and, once it’s in the list, click it again to see the account details for receiving your salary.
Enjoy the experience.
Shame no individual IBAN for USD accounts. Makes me nervous, sometimes the sending bank omits the ‘reference’ as its considered ‘incidental’.
Result the money could get lost in the ‘pooled’ account unless it is looked for manually by Revolut staff.
Thank you all for the answers. For some reason I believed I could only receive transfers onto the GBP account. I was looking at the French FAQ “Est-ce qu’un ami peut faire un virement sur mon compte Revolut ?” and the answer given is not accurate. It is in English though… Just a heads-up to the Revolut team. Now I know I can use my USD wallet, even though it is a pooled account. Other option I am considering: opening a USD account with my bank and then transferring the funds onto Revolut and convert to GBP for free… A bit more complicated, but then I know the pooled account won’t be an issue… Thank you all!
Please ensure the reference/description for your transfer is the 8-digit reference number highlighted in pink on this page with no other text. This will ensure that your funds go straight into your account. If you forget to use this reference, please message our in-app support team.
What I am saying is that sometimes the issuing bank does not include this reference. To them the IBAN is the most important. I have had instances sending money to TorFx where HSBC (abroad), have failed to include the reference.
It then becomes a pain for the recipient accounts dept (e.g. Torfx) to find the money manually, and it takes time.
It would be 1000x better if all individual accounts had unique IBAN, BIC etc. So do we have timescales for unique IBAN?