Account-to-account (A2A) payments: how to move money between your accounts
Read our helpful guide to account-to-account (A2A) payments, including how they work, how long they take and the benefits.
Need to send a large sum to a person or business, either in the UK or overseas? You might be making a large purchase like a car or a house, or paying a big bill.
In either case, you’ll need to find the safest, fastest and most cost-effective way to make your transfer.
In this guide, we’ll take a look at how large payments work with Revolut, the UK’s popular digital money services provider. This includes how to set up a transfer, how long it takes and how much it costs. Plus, those all-important security considerations.
We’ll also quickly show you an alternative, the money services provider Wise. You can send large transfers with Wise for low fees and fair exchange rates. This makes it ideal if you’re making a secure transfer across international borders.
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Revolut does offer the facility to make large transfers. You can do it through the Revolut app, and there aren’t any sending limits on most currencies - although there are some exceptions for certain international transfers. These will be shown in-app before you send.
However, it’s worth bearing in mind that Revolut does have a fair usage policy when it comes to currency conversion.¹ This will apply when you send money internationally, as your GBP needs to be converted to the receiver’s home currency.
This means there’s a limit on how much you can send a month before an additional fair usage fee applies. The limits and fees depend on what Revolut plan you’re signed up for. We’ll look at these in more detail later.
It’s also useful to know that large transfers may take slightly longer to be processed, as extra security and anti-fraud checks will need to be carried out.²
And of course, you’ll also need to be a Revolut current or business account customer before you can send money.
📚 Read more: How to open a Revolut account online? |
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Revolut isn’t a licensed UK bank, but it is authorised by the Financial Conduct Authority (FCA) as an electronic money services provider.³
As such, it is required to use security measures to keep your money and transfers safe. This includes sophisticated fraud prevention systems, which flag up potentially fraudulent transactions.³
So, you can feel confident that using Revolut for large transfers is a sensible and safe choice.
However, it’s always wise to take steps to protect yourself when sending a large sum. These include:
To send any amount of money with Revolut, you’ll need to have a few details ready for your recipient.
Here’s what you’ll usually need to provide, including details for sending money abroad:
If you’re sending to a Revolut contact, you’ll already have their details saved. So all you need to do is select the person from your contacts list.
To make your payment, simply follow these steps:⁴
You can make both domestic (within the UK) and international transfers via the Revolut app.
Revolut transfer times all depend on where you’re sending money to. Here’s a quick look at how long you can expect your payment to take:⁵
Destination | Transfer arrives |
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Within the UK in GBP (via Faster Payments) | Up to 2 hours |
Within the UK in GBP (via CHAPS) | Up to 1 working day |
Europe in EUR (via SEPA Instant Credit Transfer) | Up to 2 working days |
All other destinations and currencies | Up to 5 working days |
For domestic (within the UK) transfers, Revolut doesn’t have a maximum transfer limit. ²
But if you’re sending an international transfer, Revolut has fair usage limits on how much you can send per month before an additional fee is charged. It all depends on what plan you’re on:⁶
Revolut plan | Monthly transfer limit (foreign currency) | Fair usage fee when limit is exceeded |
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Standard | £1,000 | 1% |
Plus | £3,000 | 0.5% |
Premium | No limit | N/A |
Metal | No limit | N/A |
Ultra | No limit | N/A |
It’s also worth noting that Revolut charges international transfer fees, which vary depending on the destination, currency and amount. You should also check the Revolut exchange rate before sending your payment.
Looking for a secure, convenient and low-cost way to send large sums of money internationally? Take a look at the Wise account from the money services provider Wise. It’s not a bank account but offers many similar features.
With Wise, you can send large amount transfers worldwide, to 160+ countries for low, transparent fees. Best of all, you’re guaranteed the mid-market exchange rate with no markup added – only a small, upfront conversion fee. This means that more of your money reaches your recipient, and the transfer costs you less.
Wise uses sophisticated security measures to keep your money safe. This includes 2-factor authentication, a dedicated anti-fraud team and your money safeguarded with leading banks.
And if you need to send large sums overseas as a business, Wise has a dedicated service for that too.
Sources used:
Sources last checked on date: 19-Feb-2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
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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