Withdrawing money with Revolut in Australia. The fees, options and details.

If you’re familiar with the FinTech scene, you may have heard of Revolut. One of several neo-banking solutions available in Australia, Revolut allows you to transfer, receive and withdraw funds both in Australia and overseas.

Offering multiple plans with variations in monthly fees, withdrawal limits and charges for exceeding these, knowing which Revolut plan, if any, is right for you can be a challenge.

In this guide, we’ll take a look at Revolut in Australia, how withdrawals work and the fees and limits involved with ATM withdrawals in particular. Let’s get started.

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Who is Revolut in Australia

Founded in 2015 in Lithuania, Revolut is a digital banking and financial technology company that first landed in Australia in 2019.¹

While not a bank in the traditional sense, Revolut can be used to send and request money electronically via their app or accessed using a Revolut card linked to a Revolut account.

In Australia, as a virtual financial solutions provider, they are authorised and licensed to act through the Australian Securities & Investments Commission (ASIC).²

Types of Revolut cards and accounts in Australia

There are three available tiered plans with Revolut in Australia. These are³:

• The Standard plan
• The Premium plan and
• The Metal plan

Each of these has the option to be linked with a Revolut debit card which can then be used to make withdrawals from ATMs or set up virtually within Apple Pay or Google Pay.

Ways to withdraw money from Revolut in Australia

There are two ways to withdraw money from a Revolut account in Australia, these are.

1. Withdraw from a Revolut account to a bank account

If you would like to withdraw funds from your Revolut account and deposit them into your bank account or someone else's you can follow these steps⁴:

• Log into your Revolut account
• Select ‘Transfers’ followed by ‘New’ and then ‘Bank Recipient’
• Choose Australia as the recipient country and currency, add in the account information and click ‘Add Recipient’.
• Once done simply return to the transfer window, select the chosen account, enter the amount to send and finalise by clicking ‘Continue’

As with all funds transfers, Revolut encourages its customers to carefully check all details. Once sent, these cannot be reversed or retrieved if the account information entered is incorrect.

1. Withdraw money at an ATM using a Revolut card

Revolut allows account holders to withdraw money at any ATM in Australia that supports Visa or Mastercard.⁵

Simply insert your Revolut debit card into the ATM and enter your PIN. Then select the account when prompted. Enter and confirm your withdrawal amount and you’re done.

How much does it cost to withdraw money at an ATM in Australia?

Revolut advises that so long as you do not exceed the monthly withdrawal limits outlined in your chosen plan, no ATM fees will be charged by them.³

A monthly charge may be applicable depending on your chosen plan, however, and fees will apply once you exceed these set limits as outlined below.⁶

All amounts in the following table are quoted in Australian Dollars.

As seen on 17 November 2023

Be sure to check whether your chosen ATM facility charges fees before making a withdrawal. Charges are frequently applied for non-bank-issued cards or those not issued by the bank providing the ATM.

While this may only be a couple of dollars per transaction it can still add up. Remember, these will be in addition to any fees you pay monthly for your plan with Revolut and any charges applied if/when your monthly withdrawal limit is reached.

What are the ATM withdrawal limits with Revolut in Australia?

As noted in the above table, Revolut does apply set withdrawal limits per month within their plans. It is worth mentioning that while a cash limit applies, a transaction frequency limitation also applies.

This means that the applied limit is either the set withdrawal amount or 5 ATM withdrawals, whichever comes first.⁶

However, they do allow you to exceed these limits, you will simply be charged the additional fees also noted in the above table.

In terms of daily limits when withdrawing from ATMs, Revolut allows a maximum of £3000 or AUD equivalent in a 24-hour period.⁷

Most ATMs in Australia will limit you to withdrawing $2000 at a time in any case.

What to keep in mind when withdrawing with Revolut in Australia

While Revolut may be well suited to some users, there are some watchpoints to be aware of:

• As a purely digital or online service, you cannot withdraw money in-branch with assistance from a teller
• 24/7 support is limited only to higher tier plans so if you experience difficulties with a withdrawal, finding help may be a challenge
• The free monthly plan has quite a low withdrawal limit and could quickly see you accruing added fees with each transaction
• All accounts apply fees once 5 transactions per month are reached, regardless of whether your cash limit has been reached
• Many ATMs will levy transaction fees for use by non-customers, typically this is around $2 per transaction
• If you are withdrawing from a Revolut card loaded with a currency other than AUD dynamic currency conversion may apply which will see your transaction processed by the ATM provider's exchange rate

How to contact Revolut in Australia

Should you need to contact Revolut in Australia, you can do so via the following methods²:

• Using the chat function in the Revolut app
• By calling 1300 281 208

Please note the phone number provided is only for reporting lost or stolen cards.

All other queries such as those around withdrawals and applied limits are to be submitted via the online chat facility.

The Wise Account

With a Wise Account you can hold money in over 40 currencies and spend it in over 150 countries. You can also order local account details in popular world currencies like AUD, NZD, USD, EUR, GBP to receive local and/or international payments like a local.

Whenever you exchange currencies it’s done using the mid-market rate with a conversion fee shown upfront.

To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you don’t have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a conversion fee.

The Wise card may suit you better if you’re to spend money that you’ve stored in different currencies within an existing Wise Account, and benefit from 2 or less free cash withdrawals under $350 AU, per month (keep in mind that ATM providers may charge their own fees). You can see our full fee breakdown for ATM withdrawals here.

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Sources:

Sources checked on: 17 November 2023