Revolut Money Transfer Review

?
Est. 2013
Go to site
Fee: ? Currently no FX rate pricing
Bank Partner: ?
Speed: ? 1-3 days
Country Notes Available in 120 countries
Local settlement: ? Global
Transfer methods ? Phone and online transfer services
Regulated By: ?
General Notes Revolut allows you to send fast, free and secure money transfers to bank accounts in over 120 countries while saving you money by using the real exchange rate.

The pros and cons of using Revolut

pros

Manage your account online or through the mobile app

Contact the customer service bot to answer your questions or direct your enquiry through the social media direct messaging channels

Fee free transactions

Easy to set up an account, you can start using it quickly, although payments are to be paid for using the card

Easy to transfer money back off your card into your bank account

Crypto currency offering

cons

A young company who looks to be having teething problems as it tries to expand the business

Customer services are not available directly - it seems difficult to get hold of someone to report an issue

Uses the interbank rate for transactions at weekends, which misses out on any currency fluctuations

Not FCA regulated as a bank, so customers do not benefit from FSCS protection. They do hold clients money in segregated accounts, which means that you should be able to get your money back if anything were to happen as you rank above creditors. They have just applied for European Banking licence, so regulations may change in the future.

Revolut

Revolut is considered one of the fastest-growing fintech startups. Founded by former Lehman Bros. banker Nikolay Storonsky, the app and card now have 1 million customers. Plus Revolut has added new offerings including business accounts, loans, loyalty offers, mobile phone insurance, a bill splitting feature, a subscription "Premium" account, a chatbot, and more. It’s raised $66 million in financing and claims to get more than 3,000 new customers every month. And Revolut is now regulated by the Financial Conduct Authority. Revolut is also expecting to obtain a European banking license within the year.

App Overview

For money transfers, the solution includes an app and a card. Money can be sent globally without charge. Exchanging currency does cost money, but Revolut tries to keep the rate as close to the Interbank level as possible. The physical Mastercard which enables ATM access does cost a small fee – different in each country. But accessing the local currency at any ATM in the world is only subject to the very low foreign exchange fee. Overall, travellers find that the long list of fees they usually pay when they go abroad – transfer fees, exchange fees, ATM fees – are not charged when they use Revolut.

Unique Features of Revolut App

  • Fees are extremely low and clearly understood ahead of currency exchanges
  • No fees for transfers
  • Users can send and receive funds in a very large number of currencies
  • Business accounts are available for very low monthly fees
  • Interface is user-friendly and intuitive
  • Transfers are slow and may take several days
  • Customer service is sketchy

Ideal Uses

The app and card combination is ideal for travel. Funding transfers is rapid and simple, and access to local currency is cheap and easy. Those who seek additional financial services at reasonable rates will also appreciate Revolut.

 

Amount Received £ 10,000.00
£ 0.00 Avg. Saving vs. Banks ?
EURn/a
USDn/a
CADn/a
AUDn/a

Compare Other Currency Rates

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Other International Money Transfer Quotes

Bank Beating Rates

TorFX

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Est. 2004

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USD $12,845.34
GBP £239.73
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Moneycorp

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Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

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USD $12,780.79
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OFX (UK)

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Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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USD $12,770.46
GBP £181.73
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Bank Beating Rates

Currencies Direct

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Amount Received
USD $12,767.88
GBP £179.73
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WorldFirst

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Est. 2004

Transparency and security | Great customer feedback rating from Feefo

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Transparency and security | Great customer feedback rating from Feefo

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USD $12,845.34
GBP £239.73
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Global Reach (formerly FC Exchange)

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Amount Received
USD $12,793.70
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Western Union Business Solutions

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RationalFX

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Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
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Amount Received
USD $12,800.15
GBP £204.73
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Currency Solutions

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Currency exchange specialists ranking No.1 on Trustpilot for the past two years

Amount Received
USD $12,805.32
GBP £208.73
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Smart Currency Exchange

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Amount Received
USD $12,800.15
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Rates From The Average UK High Street Bank

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More InfoLess Info

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

Amount Received
USD $12,484.90
No saving vs. banks

PayPal

?
Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

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Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

Amount Received
USD $12,458.04
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.