We found the card was great for travelling in Japan - admittedly, it’s still mainly a cash driven country, but the card worked in the same places as standard cards and had a much better rate for getting cash out (even when monthly limit was exceeded).
Friends in Japan were keen to try it for themselves, but the app doesn’t seem to be available there yet. Do you know when it’s likely to be available? It would be really useful for transferring cash to family out there too.
The main problem in Japan is that most of the cash machines don’t accept
any western cards, and a lot of shops/hotels/businesses like to deal in
cash. The ATMs in 7/11 shops or post offices are usually pretty reliable,
but get out plenty of cash when you find one. Revolut has no transaction
fee until you go over whatever the monthly limit is at the moment
(£500?),but even with fees it was better rates than my traveling
companions.
Has anyone tried transferring money to a bank account in Japan? How much did the charges turn out to be?
One of the main attractions for me was the ability to do this cheaper than banks, but I’ve just noticed the following in the FAQ’s:
“If your bank is located outside of the E.U. or is not in Euros, then your transfer will be sent via SWIFT (Society for Worldwide InterBank Financial Telecommunications) and you may incur international wire transfer fees.
…
We can provide an estimate of the potential fees for the following currencies:
…
7500 JPY”
i.e. no way to know how much it might cost, but their estimate is pretty d*mn large (over £50) if it’s a relatively small transfer.
I’ve done a transfer to a Japanese bank account. You still get charged the
standard SWIFT fee of about 25gbp, but I was getting a much better exchange
rate than through my bank (which would also charge that fee).
I note that my Revolut statement shows zero fee, but I think that’s because
they don’t charge a fee themselves, it’s the international swift system
that’s incurring the charge.
Correct. Revolut does not charge a fee for cross-currency transfers for up to £5,000 / €6,500 / $6,000 / Fr 6,000 / 20,000 zl (or equivalent) per month. A 0.5% fee will apply to any further cross-currency transactions performed during the same calendar month.
However, with SWIFT transfers, the beneficiary bank could also charge a fee to receive your transfer. When your money is in transit, it may be processed by an intermediary bank who may also deduct a handling fee. Therefore, the amount you receive in your bank may be less than the amount you sent. As banks are not always transparent about their fees, unfortuantely we cannot provide a conclusive amount that you could be charged.
We can provide an estimate of the potential fees for the following currencies: