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Revolut is one of the fastest-growing digital banks. It started in 2015 as a travel card that provided cheap exchange rates but has now grown into a global financial superapp for handling all things financial.¹ In this article, we’ll look at how to withdraw money from Revolut, what the options are, fees involved and other tips to help you manage your international business’ money.
Revolut has multiple ways for you to withdraw money from the account. Here are a few ways to do that.
If you need cash in hand Revolut Business ATM withdrawal is the best option for you. But you need to be aware of the fees if you choose this option. Regardless of the Revolut Business plan you have active, every ATM withdrawal has a 2% fee.²
You also need to watch out for exchange rates when withdrawing money from Revolut Business account abroad, ATM machines can charge you other fees and mark-ups on the exchange rate. If asked, you should select to be charged in the local currency, to ensure Revolut exchange rate is used instead of the ATM rate.
Business accounts can withdraw 3000 GBP every 24 hours for all cards linked to the account. So if your business uses multiple cards or employee expenses cards, be aware that the daily limit is shared among all the cards.³
Revolut provides its users with debit cards, bothe Visa and Mastercard. They can be physical - plastic or metal - and also virtual cards for online purchases. The first card for each team member is free and additional cards are charged 4,99 GBP for standard delivery fee.⁴
You can withdraw your money from Revolut directly into your bank account. You can transfer money into your local personal account, or internationally into another account with a different currency.
Transferring to another bank account is pretty simple:
- Simply tap the Payments tab in the Revolut app, then click Send, followed by Add bank account.
- You will then be asked to add the recipient’s bank details, the amount and currency, and hit send.⁵
Transferring to a Revolut account is also very easy. All you need to do is either search for the person or business username or use their phone numbers if you have them. Just click payments, and then the + button, and you’ll see the right name with a big blue R in front. Just tap their name, select the amount you want to send, and the currency, and they’ll receive it instantly in their Revolut account.
In regards to the fees and costs to proceed with a money transfer, Revolut charges different fees for each plan they have available:⁶
|5 free, £0.20 per transfer after that
|100 free, £0.20 per transfer after that
|1000 free, £0.20 per transfer after that
|£3 per transfer
|10 free, £3 per transfer after that
|50 free, £3 per transfer after that
|Foreign exchange rate
|Up to 0,4%
|Free up to £10,000, up to 0,4% after that
|Free up to £50,000, up to 0,4% after that
If your business needs to withdraw money on a regular basis and send regular international transfers to other accounts, but you don't want to spend on a monthly subscription, consider using an alternative provider like Wise Business to take advantage of the real mid-market exchange rate for all transfers.
You can also take advantage of the multi-currency account and receive payments in EUR, USD, GBP, AUD, NZD, CAD, SGD, TRY, RON and HUF easily, like a local. This also comes with a multi-currency debit card that you can use while travelling or simply for purchases in different currencies.
- About us | Revolut
- Revolut help centre - ATM withdrawals
- Revolut help centre - ATM withdrawal limit
- Revolut help centre - Cards
- Revolut help centre - Bank transfer
- Business Account Pricing | Revolut Business
Sources last checked March 30, 2023
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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