Various questions about Revolut

Hello, I am considering getting a Revolut account.

I am currently in the US (from Europe), and have two bank accounts in the respective currencies.

If my understanding of the system is correct - would I be able to use Revolut to top it up with Euros, convert them to USD for free (on weekdays) and transfer the USD, still for free, to my American bank account (“free” besides fees charged by the original € bank and the receiving $ bank - the latter should not have fees)

Thus, using Revolut mostly as an intermediary of sorts?

And would I be able to, hypothetically, do the same process in reverse (I have read that some operations are currently NOT free for USD, but I would reasonably presume they will be when Revolut will support the USA soon)

Furthermore, I have read that there is a monthly cap of £5000, and a yearly cap that I could not find. Anyone know about the latter?

And, finally, for direct uses of the card for payments - is the weekend 0.5-1% fee charged on those too?

I have just got one today and you have to verify with photo I’D eg drivers license. The problem is you have to take a photo of your I’D and a selfie. They kept replying that it was not successful and so I uploaded a photo of my passport and it is now pending. I cannot get in contact with anyone to find out the problem. It will probably be pending for the next six months. I travelling to US 23rd May.

For your initial question, yes that is how I use Revolut. I recently moved from the UK to Sweden, and my UK bank charges a flat fee of about £30 to receive money from Sweden, so instead I transfer SEK to Revolut, exchange it to GBP and then transfer that out to my UK bank. I have no incurred any charges, other than whatever I get for the exchange. Revolut say they don’t add anything to the exchange rate during the week and if so, then it doesn’t cost me a penny for the whole process. I don’t know if there’s anything special or different about EU->US

@TJM I assume you’ve tried the in-app support? If you don’t get anything from them @AndreasKOn here can also help chase it down and also answer @Freddie95’s questions.

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@NerdyBiker Would you know about the yearly cap, if any? Also, tagging @anon33247966 for you since your tag failed

Thanks for your reply. I tried to use the in app support but I cannot access it. I used the chat but have not received a reply.

For this kind of work I’d rather use TransferWise - it is their business: transfer money between acounts with cheap conversion.

Revolut is mainly about spending money with their card. Top-up and spend (with cheap conversion). For this Revolut is excellent - physical and virtual cards, insurance, etc. But there is a lot of rumours the account was blocked just for “transfering” money only work.

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A couple of points:

  • There is an annual top-up limit, which is based on your KYC documentation. For example, this top-up limit is based on your salary.
  • The fee on weekends is charged on currency conversions only. Money spent in a currency which you already hold in your account does not have a currency exchange ‘fee’.
  • I agree with the previous poster, that Revolut was designed for primarily card payments but it works great as a bank transfer platform (but I do not believe it should be used only as an intermediary for bank transfers and currency conversions).
  • There is no ‘monthly cap’ of £5k which I am aware of. I am assuming you mean the fee-free conversion of currency exchange for Standard (free users), after which a % is charged.

Not sure about individual caps, I know I have a yearly topup limit of 300,000SEK, A limit of 50,000SEK per month for free, after that it’s charged at 0.5% fee apparently. And a limit of 2000SEK Free ATM withdrawals after that it’s charged at 2% fee

@rom35I’ve never heard of TransferWise, sounds like it may be interesting to look at for that use-case to see how it works and compares.

@yiango Not sure how the limits are decided as I’ve never given Revolut any of my financial figures.

Revolut does not charge you for transferring money. However, if you make a cross-currency transfer, you’ll be charged 0.5% on any amount exceeding your free foreign exchange allowance. Premium users benefit from unlimited free foreign exchange allowance and free turbo transfers.

If the beneficiary bank is located outside the EU or transfer is not in euros, then your transfer will be sent via SWIFT and you might incur international wire transfer fees.

The beneficiary bank could also charge a fee to receive your transfer. When your money is in transit, it might be processed by an intermediary bank who might also deduct a handling fee. Therefore, the amount received might be less than the amount you sent.

During the weekend (Friday 23:59 - Sunday 23:59) as the Forex markets are closed, we take the rate from Friday 23:59 and apply a markup of 0.5% on major currencies and 1.0% on other currencies. Please be aware that we pull rates from our provider, and they are obligated to present us with updated rates whenever they are informed of a change from one of their suppliers. This means that the weekend rate may fluctuate and not be the same as the exchange rate we use from Friday. For illiquid currencies like Russian Ruble and Thai Baht, there is a 1.5% markup on weekend.

You can find more info on our FAQ here:

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I see.

I would expect that when Revolut rolls out to the US, transfers will no longer go through SWIFT but be somehow domestic, like Transferwise does or something like that.

Is it an unreasonable assumption? It would be nice if it happened though.