Revolut is a popular online bank known with several features, including international money transfers. In this article, we discuss what you need to know about Revolut transfer fees, speed, and limits. You will also learn about Pesa, a simpler and cheaper alternative for both domestic and international money transfers.
What is Revolut Transfer Limit?
Revolut generally doesn't impose limits on transfer amounts for most currencies except for SEPA Instant Credit Transfers in Euros. SEPA transfers are fast (funds arrive in seconds) within the SEPA zone, but are limited to €100,000 per transfer. Exceeding this limit will result in a slower regular SEPA Credit Transfer.
Revolut Transfer Limit When Sending Money in the UK
As mentioned, Revolut doesn't have preset transfer limits for most currencies, but for transfers in GBP to UK business accounts using a Revolut Business account, certain limits apply:
- Single Transfer Limit: £250,000
- Daily Total Transfer Limit: £30,000,000
- Weekly Total Transfer Limit: £100,000,000
- Daily Number of Transfers: 25,000
- Weekly Number of Transfers: 100,000
These restrictions concern you if you're a Revolut Business user frequently sending large GBP transfers to UK businesses.
What are Revolut Transfer fees?
Revolut offers free transfers between its accounts, making it convenient to move money to other Revolut users. However, fees apply for transfers to other bank accounts. These fees depend on the transfer amount and there can be some external costs to consider:
- Your Bank's Fees: Your external bank might impose fees for making transfers to Revolut.
- International Transfer (SWIFT) Fees: For international transfers (SWIFT), your bank and intermediary banks may charge additional handling fees, typically ranging from $15 to $50.
- Currency Conversion Fees: If you're transferring a currency not supported by Revolut, your bank might convert it at its own exchange rate, potentially resulting in a currency conversion fee.
Other things to consider:
- Fee Variations: Transfer fees depend on the amount you send and your Revolut plan.
- Destination Country Checks: While most currencies are unlimited, there might be exceptions for specific countries. Revolut will inform you within the app if any limits apply to your transfer destination.
- Additional Checks for High Amounts: Revolut may require extra verification steps to ensure security for very large transfers.
Additionally, Revolut offers wire transfers, but these come with a flat fee of $10 regardless of the amount being transferred.
Pesa transfer fees are free which saves you money on every transaction. Another key advantage of Pesa is competitive exchange rates – you get the most out of your transfer with mid-market rates.
Revolut Transfer Fees When Sending Money in Canada
Here's what to expect when transferring money to Canada (CAD) with Revolut:
- Currency Exchange: Revolut won't add extra exchange fees on weekdays if your transfer falls within your plan's allowance.
- Transfer Fees: A transfer fee might apply depending on the amount you send and your plan's international transfer allowance.
- Transfer Speed: Transactions to other Revolut users and card transfers typically arrive in minutes, while bank transfers to Canada usually reach the recipient within the same business day.
Revolut Transfer Fees When Sending Money In the USA
Revolut transfer fees in the United States depend on the amount you send and whether it's an international transfer or a non-USD domestic transfer:
- For transfers of USD 200 or more: You'll be charged a fee of up to 5% of the total transaction amount.
- For transfers under $200: The fee is capped at $10, but the exact amount can vary depending on the transfer value.
Revolut Transfer Fees When Sending Money In Nigeria, Philippines, and Other Countries Abroad
Revolut offers no currency exchange fees for transfers to the Philippines (PHP), Nigeria (NGN), and many other countries. However, this benefit only applies if the transfer amount is within your plan's exchange allowance.
Revolut may still charge a transfer fee depending on:
- The amount you send: Larger transfers may incur higher fees.
- Your Revolut plan: Different plans offer varying international transfer allowances and fee structures.
Revolut Transfer Speed
- Instant: Transfers between Revolut accounts (domestic or international) are typically instant.
- Domestic Transfers (US): Most transfers to US bank accounts are completed within one business day.
- Wire Transfers: Wire transfers can be settled within a business day for faster delivery.
- International Transfers (Other Methods): These transfers can take anywhere from one to five business days, depending on the specific countries and payment methods involved.
Looking for an easier, more cost-effective way to send and receive money? Use Pesa.
You get:
- Flexible transfer limit with any currency of your choice
- Free transfers
- Send money within minutes
- No hidden fees
- Multicurrency wallet to manage all your transfers in different currencies in one place
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