Receiving an international transfer with Revolut in the UK

Revolut is one of the most popular neobanks in the world. It can be a great choice for everyday spending and savings, but also for sending and receiving international transfers. But how does that really work?

We’ll show you how you can use Revolut to receive an international transfer here in the UK. This will include fees, exchange rates and other details.

Another cost-effective option for international transfers is the Wise account from the money services provider Wise. It allows you to manage your money in 40+ currencies (including GBP) and convert it at the mid-market exchange rate with low, transparent fees* all day, every day.

Learn more about the Wise account 💰

Can you receive international transfers with Revolut?

The first question is - can you receive international transfers with Revolut? Luckily, that’s very much possible and easy to do, since it’s one of Revolut’s main features.

If someone wants to send money to the UK through their Revolut account, they have the following options:¹

• Bank transfer
• Card transfer
• Revolut-to-Revolut transfer
• Payment link transfer

Can you receive large transfers?

Yes, Revolut allows their users to send and receive large amounts of money. It’s as simple as receiving any other transfer. If using Revolut-to-Revolut transfer, the sender just needs to download the Revolut app, top up their account and send the funds.

There aren’t any limits for large money transfers. However, you’ll probably wait a bit longer to receive them, since they require some extra checks.²

Can you receive money on Revolut from a non-Revolut account?

Can you receive money on Revolut from a non-Revolut account? Or does it only work between Revolut users? The good news is that even those without an account can transfer money to existing users.³

How to receive international transfers with Revolut?

To receive international transfers into your Revolut account, you need to provide the sender your account details. You’ll also need to specify the currency in which you want to receive the funds.

Here’s how to do it:⁴

• Open the Revolut app
• Select 'Accounts'
• Select the currency you'd like to receive your money in (if you don’t see it on the list, tap '+ Add new’)
• Tap the account details on the home screen
• Tap the 'SWIFT' tab to see your details
• Share the provided SWIFT account details with the person or business who wants to pay you
• Track the transfer (international SWIFT transfers usually take 3-5 working days)

What details does the sender need for making an international transfer with Revolut?

If the sender opts for a bank transfer, these are the details they’ll need:¹

• Your name
• The name and address of your bank
• The number of your bank account
• The BIC (Bank Identifier Code) or SWIFT code for your bank

Let’s briefly cover other transfer methods as well:¹

• If you’ll be receiving your money transfer to your card, keep in mind that it has to be a Visa or Mastercard
• The Revolut-to-Revolut transfer is the easiest, since the sender will already have you in their contact list
• You can create a payment link to receive money and choose whether it will be through Revolut, your bank or your card

Fees for receiving international transfers with Revolut

Finally, let’s discuss how much Revolut’s fees are for international transfers. The exact amount depends on the transfer type, the Revolut plan and the currency.

Since you’re the receiver, you won’t pay any transfer fees. However, the currency and the exchange rate are something that might affect you. Let’s go through all transfer fees quickly and then move on to that.¹

When it comes to Revolut-to-Revolut transfer, there’s no fee. You can send the people in your contact list money in 36 currencies and not pay any transfer fees. If the person sending you money has you in their contact list, this is their best option.¹

When it comes to other transfer methods, the fee amount depends on the plan. Those who use the Premium, Metal, and Ultra plans can enjoy discounted international transfer fees.¹

On top of these transfer fees, you need to consider the exchange rates. If the sender transfers you money in a currency other than GBP, Revolut will convert the funds at their exchange rate. Additionally, they charge weekend exchange fees, so try to receive your transfer on a weekday. The weekend fees are an additional 1%, no matter which plan you have.⁵

Receive and convert your money with Wise at the mid-market exchange rate

With the Wise account, you can manage your money in 40+ currencies. It’s not a bank account but offers many similar features.

What’s more, you can convert your foreign currency at the mid-market exchange rate, only adding a tiny, transparent conversion fee* which stays the same regardless of the day of the week.

Sign up with Wise today 💰

Sources used:

Sources last checked on date: 27-Aug-2024