Using revolut for foreign currency house deposits


#1

As a premium customer I thought there were no transfer limits. However, I am still stuck with a top up limit. I have had this increased a couple of times for general spending (I try to use the card for most expenses), but now needing to send a significant amount of money abroad, find myself limited and having to revert back to un-named competitor (who have higher fees).

How can you make it easier for people who want to transfer significant funds? Particularly when they are coming from a UK bank account - what is the issue? Why limit it?


#2

If you can show source of funds there is theoretically no limit.


#3

#4

It appears you are limited to your annual net salary. I’ve shared payslips,but still have a cap. Therefore if you want to move any wealth around different currencies you are limited. So there is currently a limit to the amount you can top up.

As I am trying to move deposit on house it’s more than my salary.


#5

Hi Craig,

I was wondering whether you were able to find a solution to this issue and use revolut to send larger amount of money abroad? if so can you share the outcome please and how to go about it?

I’m in the same position where I’m liquidating my UK holdings and moving abroad and was considering to use Revolut in both the interim period while I set up banking overseas as well as to move larger amount of money for property purchase. I am unable to move money ahead of time as i do not have a bank account overseas, while to do so later would require my physical presence at a UK bank branch, which is not possible as I’m not intending to fly back purely to make a transfer.

Best,
Peter


#6

Hi Peter,

Yes, I managed to set up. Basically if you have any documentation and balances you can share. So I shared my new lending agreement and the money flowing into my current account to get the limit increased. Once I uploaded these documents it took a couple of days. This might be helpful:

Source of funds: Sale of Property
If you’ve sold a property and used the proceeds to top up your Revolut account, you’ll need to send us a copy of the sale contract for the property; a bank statement showing the proceeds of the sale being credited to your bank account; and a statement showing the funds being transferred to your Revolut account.

I did save about £500 vs. using Transfer wise in the end (which was my back up if I didn’t get the limit increase in time). So well worth the hassle of chasing to get the limit changed.

I did still end up breaking down my transfers to minimize credit exposure (and also because I have a £20k limit on daily transfer out of UK bank account). It’s still not clear how easy it is to get your money back if something happens to Revolut, even if its ringfenced with Barclays.

Good luck.
Craig