Revolut international money transfer in the UK

Considering signing up for a Revolut account? The neobank is a popular choice, with more than 30 million customers worldwide.¹

One of its main benefits is easy, low-cost international transfers, letting you send money in 70+ currencies all over the world. But how exactly does sending money overseas work with Revolut, and how much does it really cost?

We’ll give you the lowdown on Revolut international transfers right here in this handy guide, covering everything you need to know. This includes fees, exchange rates and how to get started setting up your first payment.

But don’t forget that there are alternatives to Revolut out there, including the money services provider Wise - which lets you send money worldwide for low fees and fair mid-market exchange rates available 24/7.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

How do you make an international transfer with Revolut?

Here’s what you’ll need to do to make an international transfer with Revolut:²

1. Sign up for a Revolut account, if you don’t already have one (otherwise, you’ll just need to sign in). You’ll need to install the Revolut mobile app and follow the steps to sign up.
2. Make sure there’s money in your account
3. Tap ‘Transfers’ and then ‘New’
4. Select the destination currency and country
5. Choose a recipient from your contacts list, or add a new recipient’s account details.
6. Enter the amount you’d like to send
7. Check the fees and exchange rate
8. When you’re happy, tap ‘send’ and confirm the transfer.

You should then receive confirmation that your transfer has been initiated, and you’ll be able to track it in the Revolut app.

📚 Read more: https://wise.com/gb/blog/how-to-close-your-revolut-account

What details do I need?

Revolut requires bank details for international transfers, although it’s also possible to send money to Revolut friends, direct to a debit card or to a mobile wallet.

For bank transfers, you’ll usually need the following details for your recipient:

• Their full name
• The name and address of their bank
• Their bank account number or International Bank Account Number (IBAN)
• The BIC (Bank Identifier Code) or SWIFT code for their bank.

To send money to a card, you’ll need the recipient’s full name and card number.³

To send to a Revolut friend, you can search your friends and contacts list, or search using their mobile number or email address.⁴

If you want to use Revolut to receive international transfers, you’ll need to give the sender all of the above details for yourself.

You can find your account details in the app, and Revolut’s SWIFT code here.

How long do Revolut international payments take to arrive?

According to Revolut, the time it takes for transfers to arrive depends on a few key factors. Namely, the currency you’re sending and the destination country, as well as possibly the sending method.

But it should be pretty quick. For some transfer methods and popular currencies, your transfer could arrive anywhere between a few seconds to a day.²

Revolut also offers money transfer tracking in the app, in real-time.

Which countries can I send to with Revolut?

Revolut supports international transfers in 150+ countries, but not every single country or territory is included. This means there are some places you won’t be able to send money to, such as:⁵

• Afghanistan
• Angola
• Iran
• Iraq
• Cuba
• Haiti
• Belarus
• Uganda
• Zimbabwe
• Trinidad and Tobago.

You can see the full list of exclusions here.

📚 Read more: Does Revolut work in the USA?

Are there any sending limits with Revolut?

Revolut doesn’t have any limits on how much money you can send at once. However, it does advise that for some currencies, its transfer partners may have some limits.⁶

If there are any restrictions on how much you can send, it’ll be displayed upfront in the app.

And if you’re sending a very large sum, you may experience a slight delay in the processing of your transfer so that some extra security checks can be carried out.⁶

Revolut international transfer fees

Now we come to the really important question - how much does Revolut charge for global transfers?

There are two main factors to consider when comparing costs for international transfers. These are the upfront transfer fee, and the exchange rate. The latter will affect how much of your money reaches your recipient, so it really does have an impact on the overall cost.

Revolut does charge transfer fees, but these are available upfront in the app so you can see exactly what you’ll be paying. Fees vary depending on the transfer type and the currency you’re sending. You can check live fees here.

What exchange rates does Revolut use?

Revolut uses its own variable exchange rates, which means that they are constantly changing. You can compare the rate you’re offered with other providers, or against the mid-market exchange rate to see how much (if any) of a markup Revolut has added.

However, there is another fee to be aware of here. This is the Revolut’s weekend exchange fee, charged for converting currency on the weekend. This won’t be charged if you exchange currency on weekdays (as long as you’re within the limits of your plan), but it’s 1% on weekends.⁷

Revolut plans also have fair usage limits. Standard plan customers who exceed their exchange limit of £1,000 a month will be charged an extra 1%, while Plus customers (who have a limit of £3,000 a month) will pay 0.5% on top.⁷

A quick price comparison - Revolut vs. Wise

To give you an idea of how much these fees and rates affect the cost of your transfer, let’s do a quick example, comparing Revolut to Wise.

Let’s imagine you want to send £1,500 to France and paying in by bank transfer, to cover bills for your charming seaside holiday home in Brittany.

Here’s how much it’ll cost you to use Revolut, compared with Wise. For this example, we’re assuming you’re on a Standard Revolut plan with a fair usage limit for exchanges of £1,000 a month (so an extra fee will apply).

The fees and rates above are for transfers carried out on a weekday. Remember that Revolut charges a 1% currency exchange fee on weekends, so it could end up costing you more than this if you want to send money on a Saturday or Sunday.

📚 Read more: Revolut vs. Wise (UK): everything you need to know

Wise – a fast, secure and low-cost alternative for international transfers

Love the thought of low fees, great exchange rates and an easy way to send money worldwide? Open a Wise account online and you can start managing your money in 40+ currencies. It’s not a bank account but offers many similar features.

With Wise, you can send payments worldwide for low fees and mid-market exchange rates. All transfers are secure and trackable, and you can even send on the move using the handy Wise app.

There’s even a Wise card for spending in over 150 countries, where your pounds are automatically converted to the local currency at a great rate. This could be the ideal solution for holiday spending, whatever sun-soaked destination you’re heading to.

Sign up with Wise today 💰

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

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And there you have it - Revolut international money transfers in a nutshell. We’ve looked at how it works, as well as fees, exchange rates and transfer times.

Sending a transfer with Revolut is pretty easy in the app, and you can expect very competitive prices and rates too. Just make sure to stay within your fair usage limits and watch out for extra charges on weekends.

If in doubt whether a transfer is good value, do a quick price comparison with alternative providers. It takes just a few seconds, but it could potentially save you money.

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Sources used for this article:

1. Revolut - News - Revolut surpasses 30 million retail customers worldwide
2. Revolut - Money Transfer
3. Revolut Help - What account details do I need to send a bank transfer?
4. Revolut Help - How do I send money to other Revolut customers?
5. Revolut Help - What countries are supported for outbound transfer?
6. Revolut Help - Are there limits for sending a bank transfer?
7. Revolut Help - Currency exchange fees

Sources checked on 01-Feb-2024.