Question regarding deposit and withdrawal with Revolut

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83

I assume card deposit top up will soon incur 0.7% charge. So is bank transfer now going to be the only costless method for people with Revolut? Will withdrawals successfully go back to the Revolut USD account? Does instant open banking work with Revolut?

I have a friend in the UK with a new USD Trading 212 account who wants to fund it from his Revolut USD balance.

I thought best to ask current Revolut users what they expect to be working best for them in 2021. Would be grateful for an update. Happy New Year!

84

Well I am not sure how Revolut works for UK folks, it should have instant deposit but I believe currently only for GBP.

I am even unsure if there is a plan to have USD on list of supported currencies for open banking.

From that PoV, only options you have is Card which is 0.07% fee and SWIFT transfer , which has fee from Revolut side, unless premium.

So conclusion, no free lunch with USD account starting 2021. It seems.

So would make sense to have either EUR/GBP or whatever currency you can have free with, ie SEPA via Revolut- EUR or GBP open banking.

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85

Thank you. Revolut Premium, which my friend has, comes with 1 free SWIFT transfer per month. I guess that is what he wll use to deposit USD. I see that their SWIFT fee is “£3 if the payment is in US dollars” - so that’s not too bad.

86

I use Revolut to fund another broker account in USD. It works fine and the Premium gives unlimited transfers with no fees.

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87

Premium doesn’t give unlimited SWIFT. Only 1 SWIFT for currency which is not local.

So USD SWIFT for EU folks is charged.(Premium gives 1 free).

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However there is plan for new “PLUS” Revolut membership. Which is around 2.99 Eur. Maybe this will also have 1 SWIFT.

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88

I don’t use SWIFT, just international bank transfers.

89

Transfer money(USD) from Revolut to T212 uses SWIFT transfer. There is no other “bank transfer” available for USD.

90

@Richard.W , after private deliberation with @Vedran and exchange of evidence, we are not sure how it will work from the UK. :smile: :slightly_frowning_face:

91

Crucial point is Revolut. How does person from UK, when selecting Bank transfer, to UK using USD currency, as EU person I am forced to set IBAN. Maybe UK folks can use Account number/sort code and thus it is free.

92

Thank for the investigation. I will report back later on practical experience.

93

I think we uncovered the mystery.

@Alien was topping up IB account in USD. However IB has US account for USD. Thus Revolut USD to US bank is free.

However for USD to non US aka EU country uses SWIFT thus 1 transfer per month is applicable via Premium.

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94

Do people really pay +160€/year to have a bank account? :flushed:

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95

It makes sense for someone who does a lot of FX transactions.

I use it for traveling, however I paid premium on discount. Ie 35e / year.

I save more then 35e on conversation rates just for business travels, on top saves money for leisure travel.

Traditional bank/credit card, has killer conversation rates for Non EUR currency.

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96

Yes. I pay for Revolut Premium. That unlimited fx makes it worthwhile. I keep a USD account with Interactive Investor and transfer out USD dividends to Revolut to avoid the 1.5% fx fee of Interactive Investor.

Revolut Premium comes with travel insurance. The payout I had on a delayed flight more than funded the cost of my Premium subscription.

Keeping a USD balance on Revolut (from past dividend payments received from Interactive Investor) I can partially mimic the multicurrency account that people have been asking for on Trading 212. If I buy $500 of US shares on trading 212 I can same day sell $500 from my Revolut balance, keeping my USD exposure constant if I wish.

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97

My friend has now funded his account. The Revolut app has given him the option to make a bank transfer of USD using a Barclays sort code and account number, so SWIFT is not needed. :smile:

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98

So bottom line, need to move residence address to UK. :slight_smile:

Seems all is free there. :partying_face:

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99

I bet taxis are a lot cheaper in Croatia. But for financial services we do seem to be blessed.

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100

Last time I made a deposit with (croatian bank) debit card it wasn’t such a big difference, for example, current revolut eur exchange rate for hrk 756,88kn, hpb exchange rate 7,61.

It’s cheaper with revolut, no doubt. Btw., little off-topic, which is the cheapest way to deposit, for example, 50k eur from non UK bank (customer)? Revolut will likely freeze account and ask for source of the funds, and that could last for weeks.

101

EUR is not that bad, try GBP/USD/CZK/HUF or any other via bank debit/CC. Awful rates.

Well lump sum anyone will have some checkup. TW might be 2nd option.

I usually do several smaller batches.

102

You also have to account the value of the premium subscription and compare to the amount of transfers you do.
If you do really multiple times within a year, then as @Vedran spotted, it will be cheaper to use Revolut for sure.