Revolut Money Transfer Review - Money Transfer Costs and FXcompared’s rating

Revolut Transfer Fees and Costs

Revolut has fee-free transfers up to GBP 5000 per month and uses the real-time interbank exchange rate during the week, therefore providing a very competitive rate. Higher value transactions are subject to a small commission, with an extra mark-up of 1% on the Thai Baht and Ukrainian Hryvnia.

At the weekend, rates are fixed to protect against fluctuations, meaning there are mark-ups of 0.5% on all major currencies and 1% on other currencies. This is on top of any mark-up you may be charged for higher value transactions or extra fees on specified currencies.

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 incur a small fee, which is 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.

Usability

The Revolut website is easy to navigate, with a clean and simple interface. It is quick and easy to set up an account, with a choice of three account tiers, including a basic free account. It is also quick and easy to place orders for transfers and other transactions. Money can be sent or requested in seconds. Push notifications will alert you of the status of your transfer.

Mobile product

Revolut offers excellent, robust and intuitive apps for both iOS and Android mobile devices. The apps are free to install from the App Store and the Google Play store. They are extremely well-rated by customers and are very popular. The Revolut app has a rating of 4.4/5 on Google Play, across 2.74 million reviews, and 4.9/5 on the App Store, with over 700,000 ratings. Most reviewers report that the apps are very reliable, secure and easy to use.

Trustworthiness & Reliability

Revolut is regulated in the UK by the Financial Conduct Authority (FCA) and client funds are safeguarded at Barclays/Lloyds. Revolut segregates client funds so that in the event of insolvency, clients will be able to claim funds back, and client funds will not be treated as Revolut assets.

Business product offering

As well as offering personal accounts for individuals, Revolut for Business provides dedicated business accounts and is a business-specific platform for domestic and international payments. Business clients get exceptional rates, free cross border transfers and no hidden fees. The platform offers the possibility to automate routine work and streamline workflow, cutting down on unnecessary paperwork. Over 500,000 companies have already signed up for Revolut for Business.

Product Coverage & Service

Revolut currently supports residents in the European Economic Area (EEA), as well as 33 other countries, including Australia, Canada, Singapore, Switzerland and the United States.

Funds can be held in up to 36 different currencies, and sent to more than 160 countries. You can add funds to your account via bank transfer, debit and credit cards, cash, cheque, Apple Pay or Google Pay. Your Revolut account acts as a normal UK current account, so you can withdraw money into another account by transfer, or simply use your card to withdraw cash.

Transfer speed depends on where you are sending funds to and from. Local transfers in GBP will be less than 24 hours, and usually a couple of hours. Incoming international transfers can take up to 5 working days.

If you are using a Revolut Business account, there is a limit on single payments of £250,000 and a daily limit on the value of transfers at £30M. There is also a daily limit on the number of transactions at 25,000 and a weekly limit at 100,000. 

Customer Feedback & Satisfaction

Revolut is highly rated in customer reviews, with most customers expressing satisfaction with the service, functionality, user-friendliness, and convenience. Reviews mention that the service is fast, reliable, and secure and that the interface is simple and optimised.

Some customers are not happy with the fixed weekend exchange rate, but on the whole, the interbank rate offered during the week is considered a significant advantage. Customers are generally happy with the app and the website, and the ease of opening and running accounts.

Customer Help & Assistance

Most online reviews suggest that Revolut has excellent customer support, even though that support is offered mainly by in-app chat. Clients generally have a good experience with customer service, and issues are resolved fairly quickly. Logging in to in-app chat may connect you to a chatbot, which will often direct you to the information you need, but customers report that if that is not satisfactory, a live agent will take over, and they are very helpful. Customer reviews often mention that the support team is good or excellent. Customer support is available 24/7, with a priority service for Premium account holders.

Pricing Transparency

Generally speaking, the Revolut team is transparent when it comes to transaction costs. Charges and exchange rates are listed. They do vary, depending on the amount to be transferred, the countries and currencies involved, and whether you are transferring during the week or at the weekend. However, Revolut discloses all these variables clearly in advance, and there are no ‘hidden’ fees.