Sending a large payment with Revolut in the UK

Need to send a large sum to a person or business, either in the UK or overseas? You might be making a large purchase like a car or a house, or paying a big bill.

In either case, you’ll need to find the safest, fastest and most cost-effective way to make your transfer.

In this guide, we’ll take a look at how large payments work with Revolut, the UK’s popular digital money services provider. This includes how to set up a transfer, how long it takes and how much it costs. Plus, those all-important security considerations.

We’ll also quickly show you an alternative, the money services provider Wise. You can securely send large transfers with Wise for low fees and fair exchange rates. This makes it ideal if you’re making a transfer across international borders.

Table of contents
Can you use Revolut for large transfers? Is Revolut safe for large payments? How to make a large payment with Revolut? How long do large transfers take with Revolut? What's the Revolut maximum transfer limit? Wise – A low-cost alternative to bank transfers

Can you use Revolut for large transfers?

Revolut does offer the facility to make large transfers. You can do it through the Revolut app, and there aren’t any sending limits on most currencies - although there are some exceptions for certain international transfers. These will be shown in-app before you send.

However, it’s worth bearing in mind that Revolut does have a fair usage policy when it comes to currency conversion.¹ This will apply when you send money internationally, as your GBP needs to be converted to the receiver’s home currency.

This means there’s a limit on how much you can send a month before an additional fair usage fee applies. The limits and fees depend on what Revolut plan you’re signed up for. We’ll look at these in more detail later.

It’s also useful to know that large transfers may take slightly longer to be processed, as extra security and anti-fraud checks will need to be carried out.²

And of course, you’ll also need to be a Revolut current or business account customer before you can send money.

📚 Read more: How to open a Revolut account online?

Is Revolut safe for large payments?

Revolut isn’t a licensed UK bank, but it is authorised by the Financial Conduct Authority (FCA) as an electronic money services provider.³

As such, it is required to use security measures to keep your money and transfers safe. This includes sophisticated fraud prevention systems, which flag up potentially fraudulent transactions.³

So, you can feel confident that using Revolut for large transfers is a sensible and safe choice.

However, it’s always wise to take steps to protect yourself when sending a large sum. These include:

• Double-check the recipient’s bank details.
• Avoid sending money to people you don’t know.
• Never feel pressured into sending a payment - it could be a scam.
• Avoid sharing your online or mobile banking details with anyone.

How to make a large payment with Revolut?

To send any amount of money with Revolut, you’ll need to have a few details ready for your recipient.

Here’s what you’ll usually need to provide, including details for sending money abroad:

• The recipient’s name as it appears on their bank account
• Their bank account number and sort code
• The type of account (personal or business)
• The International Bank Account Number (IBAN) - for international transfers
• The SWIFT/BIC code for their bank - for international transfers.

If you’re sending to a Revolut contact, you’ll already have their details saved. So all you need to do is select the person from your contacts list.

To make your payment, simply follow these steps:⁴

1. Login to the Revolut app
2. Go to ‘Payments’
3. Tap ‘Send’
4. Select the recipient from the list or tap the +New button to add a new recipient
5. Follow the on-screen instructions to set up and send your transfer.

You can make both domestic (within the UK) and international transfers via the Revolut app.

How long do large transfers take with Revolut?

Revolut transfer times all depend on where you’re sending money to. Here’s a quick look at how long you can expect your payment to take:⁵

Destination	Transfer arrives
Within the UK in GBP (via Faster Payments)	Up to 2 hours
Within the UK in GBP (via CHAPS)	Up to 1 working day
Europe in EUR (via SEPA Instant Credit Transfer)	Up to 2 working days
All other destinations and currencies	Up to 5 working days

What's the Revolut maximum transfer limit?

For domestic (within the UK) transfers, Revolut doesn’t have a maximum transfer limit. ²

But if you’re sending an international transfer, Revolut has fair usage limits on how much you can send per month before an additional fee is charged. It all depends on what plan you’re on:⁶

Revolut plan	Monthly transfer limit (foreign currency)	Fair usage fee when limit is exceeded
Standard	£1,000	1%
Plus	£3,000	0.5%
Premium	No limit	N/A
Metal	No limit	N/A
Ultra	No limit	N/A

It’s also worth noting that Revolut charges international transfer fees, which vary depending on the destination, currency and amount. You should also check the Revolut exchange rate before sending your payment.

Wise – A low-cost alternative to bank transfers

Looking for a secure, convenient and low-cost way to send large sums of money internationally? Take a look at the Wise account from the money services provider Wise. It’s not a bank account but offers many similar features.

With Wise, you can send large amount transfers worldwide, to 150+ countries for low, transparent fees. Best of all, you’re guaranteed the mid-market exchange rate with no markup added – only a small, upfront conversion fee. This means that more of your money reaches your recipient, and the transfer costs you less.

Wise uses sophisticated security measures to keep your money safe. This includes 2-factor authentication, a dedicated anti-fraud team and your money safeguarded with leading banks.

And if you need to send large sums overseas as a business, Wise has a dedicated service for that too.

Sign up with Wise today 💰

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Sources used:

1. Revolut - Help - What is a fair usage limit?
2. Revolut - Help - Are there limits for sending a bank transfer?
3. Revolut - Security
4. Revolut - Help - How do I send a transfer?
5. Revolut - Help - When will my outbound transfer arrive?
6. Revolut - Our pricing plans

Sources last checked on date: 19-Feb-2024