If you’re considering using Revolut, it’s a smart idea to get to grips with how it works before signing up.
In this guide, we’ll look at how to withdraw money from Revolut, an essential thing to know if you plan to use the app to receive money from friends, family or for business.
We’ll cover the process for withdrawing funds and whether there are any fees involved, plus potentially money-saving alternatives such as the Wise multi-currency account.
Revolut describes itself as “the world’s first truly global financial superapp”¹. The digital-only fintech started life in the UK in 2015, offering money transfer and exchange services.
Over time, Revolut has evolved into a powerful alternative banking app from which you can send and receive money in 35+ countries¹. It now has over 15 million customers¹.
Geared towards travellers and those with a global lifestyle, Revolut also offers extra features such as currency exchange, a Revolut debit card, spending with Google and Apple Pay, in-app budgeting tools and crypto trading.
If you receive money from a friend, family member or client through the Revolut app, here are your options for withdrawing it:
Spending with your Revolut debit card. When you sign up for a Revolut account, you can also get a Revolut Mastercard or Visa debit card², which you can use to spend anywhere in the world where the card scheme is accepted. You can manage your card within the Revolut app, and even link it to Google or Apple Pay so you can spend using just your phone. There are also single-use Revolut cards, for use when online shopping³.
Withdrawal from an ATM. You can use your Revolut debit card to withdraw cash from ATMs worldwide. Revolut offers free withdrawals up to a monthly limit⁴ (depending on the plan you’re signed up to) but overseas ATMs and banks may charge their own fees.
Withdraw to another bank account. The final option is to send money from your Revolut account to an external bank account. You can do this in any of the 30+ supported currencies⁵, setting up the payment within the Revolut app using your bank account details.
Now, how much does it cost to access your money once it lands in your Revolut account? Here are the main fees you need to know about:
|Monthly subscription fee³||None||£2.99||£6.99||£12.99|
|Local transfers - incl. external bank accounts||Free||Free||Free||Free|
|International transfers||0.3% variable fee¹⁰ + extra fee for exchanges above £1,000 and those outside of business hours||0.3% variable fee + extra fee for exchanges above £1,000 and those outside of business hours||- 1 free a month⁴ - 0.3% variable fee + extra fee for exchanges outside of business hours||- 3 free a month⁴ - 0.3% variable fee + extra fee for exchanges outside of business hours|
|ATM withdrawals||- Free up to £200 a month or 5x withdrawal limit - 2% fee after||- Free up to £200 a month - 2% fee after||- Free up to £400 a month - 2% fee after||- Free up to £800 a month - 2% fee after|
If you receive money into your Revolut account, you can simply keep it there and use the balance for making payments, spending on your Revolut card and withdrawing cash from ATMs.
But if you have other bank accounts, you can easily arrange transfers from Revolut simply by making a payment through the app using your bank account details⁵.
Alternatively, you can link your bank account to Revolut to make transfers easier. Revolut supports links with most major banks and building societies operating in the UK, including NatWest, Lloyds, Barclays, HSBC, First Direct, TSB and Santander¹¹. The full list is available here.
Once you link an account, you can see balances and transaction histories for the account through the Revolut app. You can also send money back and forth between Revolut and your other accounts.
Revolut offers reasonably low fees and the real exchange rate for sending and receiving money internationally.
However, there are a few restrictions and extra fees to watch out for. For example, if you’re on a Standard or Plus plan, you may be charged an extra ‘fair usage fee’ of 0.5% if you send over £1,000 within a month⁶. And if you want to make an international transfer outside of business hours - such as at the weekend - there may be more fees to pay⁶.
If you don’t want to pay more to send money overseas on a weekend or evening, there is an alternative.
Open a Wise multi-currency account and you can make international transfers at any time of the day or night, and you’ll always get the same low fee. There are no monthly subscription fees, and you’ll always get the real, mid-market exchange rate.
Wise also offers an international debit card, for low fee spending all over the world. And there’s even a handy app to help you manage your money on the move.
After reading this guide, you should have a better idea of how to withdraw money from Revolut. Whether it’s spending, withdrawing from an ATM or sending it to another bank account, you have plenty of options and should find it pretty straightforward.
Sources used for this article:
- Revolut - about Revolut
- Revolut - getting a card
- Revolut - cards
- Revolut - pricing plans
- Revolut - sending money to a bank account
- Revolut - standard fees
- Revolut - plus fees
- Revolut - premium fees
- Revolut - metal fees
- Revolut - international payment fees
- Revolut - linked accounts
Sources checked on 9-August-2021.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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