Transfer Money from Revolut to Bank Account [Step by Step]
If you’re looking for a quick and easy way to transfer money from Revolut to a bank account, then the Revolut Bank Transfer might be the solution you’ve been searching for. It’s a simple process that allows you to send money to your desired bank account using either a Stored Card or External Account.
But before you start sending money left and right, be sure to double-check that you’ve entered the correct bank account details of the recipient. Trust me, you don’t want your hard-earned cash to end up in the hands of the wrong person
In this article, I’ll walk you through the steps of how to transfer money from Revolut to your bank account with ease and confidence.
Note: If you don’t want to send to a bank account directly, you can also send money to them using a Wise account [Transfer Wise].
How to transfer money from Revolut to bank account
Transferring money from Revolut to a Bank account is a pretty straightforward process. But first things first, let’s go over some of the terminology-
The person you’re sending money to is referred to as the “Counterparty”, and their bank account is the “Counterparty Bank Account.”
The “External Account” is a personal bank account you link to the Revolut app, and use to either send or receive money from other Revolut users or make payments on the app. While the “Stored Card” is a registered debit, credit, or payment card you use to send or receive money from other Revolut users or make payments within the app.
Now that we’ve got that out of the way, here’s a step-by-step guide on how to transfer money from Revolut to a bank account:
1. Log in to your Revolut account
To transfer funds, you’ll need to log in to your Revolut account via the mobile app or website.
2. Select “Bank Transfer”
Once you’re logged in, select the “Bank Transfer” option from the main menu. This will take you to the screen where you can enter the recipient’s (counterparty) bank account details.
3. Enter the recipient’s bank account details
To transfer money from Revolut to bank account, you’ll need to enter the recipient’s (counterparty) bank account details. This includes the routing number and account number (or, for international payments, the BIC and IBAN) of the bank account.
You also have the option of making a one-off payment or setting up a recurring payment.
4. Choose the source of funds to transfer money from Revolut to bank account
When you’re making a bank transfer, you can choose to send the funds from your stored card or external account. Select the source of funds that you’d like to use.
5. Verify the details
Before confirming the transfer, double-check all of the details to make sure that everything is correct. This includes the recipient’s bank account details and the amount of money you’re sending.
6. Confirm the transfer
If all of the details are correct, confirm to transfer money from Revolut to bank account. The money will be debited from your selected stored card or external account.
7. Check the transaction history
Once the transfer has been completed, you’ll be able to view it in your Revolut transaction history.
Please keep these in mind-
- Fees: Make sure you check the fees for the bank transfer before making a transaction. This is because depending on the country, bank transfers may be free or come with a fee.
- Business Days: Keep in mind that bank transfers may take longer to process on weekends or public holidays. So it’s best to initiate the transfer during business days. However, Revolut can take 3 business days for domestic bank transfers (where available) and 7 business days for cross-border bank transfers.
- Currency: Revolut supports over 140 currencies, so you need to ensure you select the correct currency for the recipient’s bank account.
- Error prevention: It is your responsibility to ensure that all the recipient’s details are entered correctly to avoid any delays or sending money to the wrong account. So you need to double-check the details before confirming the transfer.
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What is the maximum bank transfer for my currency on Revolut?
In general, Revolut doesn’t have any transfer limits for most currencies. However, some currencies may have transfer limits set by Revolut’s payment partners.
Unfortunately, Revolut does not disclose these reasons due to certain in-house policies. But it’s worth noting that these limits are in place to ensure that transactions are carried out in accordance with regulations and to prevent any fraudulent activity.
Nonetheless, according to the Revolut website, here are some specific limits as defined by Revolut:
- For transfers within the SEPA region in Euro (EUR), there’s a minimum limit of €2 and a maximum limit of €100,000 for SEPA Instant.
- Transfers in British Pounds (GBP) to UK beneficiaries are limited to £250,000 per transaction, £500,000 per day, and £1,000,000 per week. You cannot make more than 50 transfers in 24 hours, or more than 200 transfers in 7 days
- Transfers in Japanese Yen (JPY) to Japan have a limit of 1,000,000 JPY
However, you must keep in mind that if you need to transfer a large amount, it’s always a good idea to check if any limits apply before initiating the transfer.
How long do Revolut bank transfers take?
When you transfer money from Revolut to bank account, the time it takes for it to reach the beneficiary’s account depends on various factors, including the currency you’re sending and the country you’re sending it to. Here’s a breakdown of what to expect:
a. Local Euro (EUR)
Transfers to banks within the SEPA zone usually take up to 2 working days to reach your beneficiary. If the beneficiary bank is part of the SEPA instant scheme, the transfer might be received in a few seconds.
b. Local British pound (GBP)
Transfers to banks in the United Kingdom in GBP can take a few hours with Faster Payments transfers, or up to 1 working day with CHAPS transfers.
c. Domestic SWIFT transfers
For transfers to certain countries in their national currency with reduced time-frames and fees, it usually takes 2 to 5 working days.
d. International (cross-border)
Transfers done in currencies different from the bank’s country to banks almost anywhere in the world are done via the SWIFT network and typically takes between 3 and 5 working days to reach the recipient’s account.
Tip: Always double-check the beneficiary’s details before completing any transfer to avoid delays and additional issues with the transfers. Lastly, please note that the transfer time frame(s) mentioned above only starts counting once the transfer has actually been sent to the bank.
How much do Revolut bank transfers cost?
a. For local/domestic transfers
If you transfer money from Revolut to bank account within your country and use your own country’s currency, Revolut won’t charge you any fees. That’s right, it’s completely free.
b. For international transfers
If you’re sending money outside of the SEPA (Single Euro Payments Area) region, there will be a small fee applied. This fee is calculated in real-time and will vary based on what currency you’re sending and where you’re sending it.
c. Exchange Fees
When it comes to exchanging currencies, Revolut has some limits in place. For Standard and Plus accounts, you can send up to €1,000 each month without incurring exchange fees. If you exceed this limit, you’ll see a 0.5% fee applied. However, if you upgrade to Metal, you’ll be able to transfer unlimited funds globally with no foreign exchange fees.
d. Other Fees
It’s important to note that there may be other fees associated with a bank transfer, especially for international bank transfers. So it’s best you reach out to the Revolut team to gain more info before you go ahead with your transfer.
Although, Revolut will always show you the fees in the app before making a transaction, so you can make an informed decision.
The good news is that depending on the plan you have with Revolut, you may receive a discount on these fees. If you have a Premium account, you’ll get a 20% discount on transfers, and if you have a Metal account, you’ll get a 40% discount. Unfortunately, Standard and Plus accounts don’t have a discount on transfers.
What is a transfer confirmation?
Once you’ve completed a bank transfer with Revolut, you’ll receive a confirmation that you can use as proof of payment receipt. This is especially useful if you need to track your transfer and want to share the details with the recipient.
The confirmation contains all the essential information such as the transfer date, the amount transferred, as well as you and your recipient’s account details. To download it, all you have to do is select the relevant transfer from your transaction history and hit the ‘Confirmation’ or ‘Download’ button.
Issues sending money
Here’s a quick rundown of the likely issues you might face with Revolut bank transfer:
1. Why did my beneficiary receive an amount less than I sent?
When sending money, it’s essential to know that the recipient may receive less than the amount you sent. There are a few reasons why this can happen:
2. Exchange fees
If you sent the money in a different currency than the recipient’s account, their bank might apply an exchange fee when converting the funds into their local currency.
3. Incoming transfer fees
Some beneficiary banks may charge a fee for incoming transfers, depending on their account agreement.
4. Intermediary fees
If the transfer was executed as an international SWIFT transfer, it might go through intermediary banks, which can charge intermediary fees. These fees can be deducted from the transferred amount, and the recipient may receive less than what you sent.
5. Why is my transfer to a bank account still pending?
When making a transfer, it’s not uncommon for it to take some extra time to be sent to your recipient. This is known as a pending transfer, and it can happen for several reasons.
Let’s take a look at the most common reasons for a pending transfer and what you need to know.
6. No processing on weekends or bank holidays
Sometimes, transfers are not processed on weekends or holidays. If this is the case, your transfer will be marked as pending until the next business day.
7. Additional processing checks
Revolut’s payments partners, intermediary banks, or the recipient’s bank may perform additional processing checks, which can delay the transfer. These checks are necessary to ensure the transfer is legitimate and prevent fraudulent activity.
8. Additional information required
Sometimes, Revolut might require more information from you to process your transfer. If this is the case, Revolut’s support team will promptly contact you to request it. So, make sure you keep an eye on your email and respond as quickly as possible to avoid any delays.
9. Incorrect recipient details
If the recipient’s information, such as their name, account number, or bank code, is incorrect, it can cause a delay in processing or even a failure on the transfer. So, make sure you double-check all details before making a transfer.
Currency and payment scheme support
Revolut’s partners may check if the recipient’s bank supports the currency or payment scheme used for the transfer. If not, this can cause a delay in processing.
Now, you must keep in mind that usually a pending transfer will eventually be marked as completed. But, if the transfer was never sent, failed, or got declined, then the funds will be returned to your Revolut account almost instantly or in a matter of seconds.
Is Revolut safe for large transfers?
Yes, Revolut is safe for large transfers. Revolut is licensed and regulated by financial authorities, which means that they have to comply with strict security measures to protect their customers’ money and personal information.
Does Revolut charge for international bank transfers?
Yes, Revolut charges a small fee for international bank transfers outside the SEPA region to non-Revolut recipients. The fees are calculated in real-time and vary based on the currency you’re sending and the recipient’s location.
What is an IBAN number Revolut?
It’s a fancy acronym that stands for International Bank Account Number. Basically, it’s a special code made up of up to 34 letters and numbers that helps identify bank accounts all over the world.
Does Revolut have SWIFT?
Yes, Revolut does have SWIFT for international money transfers. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a global financial messaging network that allows banks and financial institutions around the world to securely exchange electronic messages, such as payments and transfer instructions.
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To sum it up… transfer money from Revolut to bank account
Sending money from your Revolut account to your bank account is a breeze and can be done quickly through the app. Revolut has reasonable rates and charges low fees for both local and international transfers.
You can also rely on Revolut’s instant payment notifications and transfer confirmations to ensure that your funds are being transferred safely and effectively.
So, whether you’re settling your bills, sending cash to your loved ones, or making international transfers, remember that Revolut provides a convenient and efficient way to manage your finances and move your money without any hassle.
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