Hey guys! Want to learn how to transfer money on Revolut? You've come to the right place! Revolut has become a super popular way to send and receive money, both locally and internationally. It's known for its competitive exchange rates, low fees, and user-friendly interface. Whether you're splitting bills with friends, sending money to family overseas, or paying for goods and services, Revolut makes the process a breeze. This guide will walk you through everything you need to know to transfer money on Revolut like a pro. So, let's dive in and get you sending money in no time!

Setting Up Your Revolut Account

Before you can start transferring money, you need to get your Revolut account up and running. Don't worry, it's a piece of cake! First, you'll need to download the Revolut app from the App Store (if you're on iOS) or the Google Play Store (if you're on Android). Once the app is installed, open it up and follow the on-screen instructions to create your account. You'll need to provide some personal information, like your name, date of birth, and address. Make sure everything is accurate to avoid any issues later on.

Next, you'll need to verify your identity. Revolut is a financial institution, so they need to comply with regulations to prevent fraud and money laundering. This usually involves submitting a photo of your ID (like a passport or driver's license) and taking a selfie to confirm that you are who you say you are. The verification process usually takes a few minutes, but sometimes it can take a bit longer, so be patient.

Once your account is verified, you'll need to add some funds to it. You can do this in a few different ways. The most common method is to link your bank account or debit card to your Revolut account. This allows you to easily transfer money from your bank to Revolut. Alternatively, you can also add funds using a credit card, but keep in mind that this may incur additional fees. Another option is to receive money from other Revolut users. Once you have funds in your account, you're ready to start transferring money to others!

Transferring Money to Another Revolut User

Sending money to another Revolut user is super simple and fast. Here’s how you do it: First, open the Revolut app and tap on the "Transfers" tab. Then, select "New Transfer" and choose "Revolut User". You'll then be prompted to enter the recipient's phone number, email address, or Revolut username. If the recipient is already in your contacts, you can simply select them from the list.

Once you've selected the recipient, enter the amount you want to send and choose the currency. You'll see the exchange rate (if applicable) and any fees associated with the transfer. Double-check everything to make sure it's correct, and then tap "Send". The money will be instantly transferred to the recipient's Revolut account. They'll receive a notification letting them know that they've received funds from you. It's that easy!

One of the great things about transferring money to other Revolut users is that it's usually free and instant. This makes it perfect for splitting bills with friends, paying for goods and services, or sending money to family members who also use Revolut. Plus, you don't have to worry about exchanging bank details or waiting for the transfer to clear. It's all done within the Revolut app, making it incredibly convenient.

Transferring Money to a Bank Account

Sometimes, you might need to send money to someone who doesn't use Revolut. In that case, you can transfer money directly to their bank account. Here's how: Open the Revolut app and tap on the "Transfers" tab. Then, select "New Transfer" and choose "Bank Transfer". You'll need to enter the recipient's bank details, including their account number, sort code (or routing number), and the name of the bank. Make sure you have all the correct information to avoid any delays or issues with the transfer.

Next, enter the amount you want to send and choose the currency. You'll see the exchange rate (if applicable) and any fees associated with the transfer. Revolut usually offers competitive exchange rates and low fees for international transfers, but it's always a good idea to compare them with other providers to make sure you're getting the best deal. Once you've reviewed everything, tap "Send" to initiate the transfer.

Bank transfers usually take a bit longer than transfers to other Revolut users. The exact timeframe depends on the recipient's bank and the country they're in. In most cases, domestic transfers will arrive within one to two business days, while international transfers can take up to five business days. You can track the progress of your transfer in the Revolut app. Once the transfer is complete, the recipient will receive the funds in their bank account. Keep in mind that some banks may charge additional fees for receiving international transfers, so it's always a good idea to check with the recipient's bank beforehand.

Transferring Money Internationally

Revolut is a fantastic option for sending money internationally, thanks to its competitive exchange rates and low fees. To make an international transfer, follow these steps: Open the Revolut app and tap on the "Transfers" tab. Select "New Transfer" and then choose "Bank Transfer". Enter the recipient's bank details, including their account number, SWIFT/BIC code, and the name of the bank. The SWIFT/BIC code is a unique identifier for the bank, and it's essential for international transfers. Make sure you have the correct code to avoid any delays or issues.

Next, enter the amount you want to send and choose the currency. Revolut will show you the exchange rate and any fees associated with the transfer. You can compare the exchange rate with other providers to ensure you're getting a good deal. Once you've reviewed everything, tap "Send" to initiate the transfer. International transfers usually take a bit longer than domestic transfers, typically between one and five business days, depending on the countries involved and the banks involved.

One of the advantages of using Revolut for international transfers is that you can often avoid the high fees charged by traditional banks. Revolut uses the interbank exchange rate, which is the rate that banks use when trading with each other. This means you're getting a much better rate than you would if you went through a traditional bank. Plus, Revolut is transparent about its fees, so you'll know exactly how much you're paying upfront. This makes it a great option for anyone who regularly sends money overseas.

Managing Transfer Limits and Fees

It's important to be aware of transfer limits and fees when using Revolut. Revolut has different account tiers, and each tier has its own limits and fees. The standard account usually has lower limits and may have fees for certain types of transfers, while the premium and metal accounts have higher limits and fewer fees. You can check your account limits and fees in the Revolut app by going to the "Profile" section and tapping on "Limits & Fees".

If you need to increase your transfer limits, you may be able to do so by providing additional information to Revolut, such as proof of income or address. You can also upgrade to a higher account tier to get higher limits and lower fees. Keep in mind that Revolut may charge fees for certain types of transfers, such as transfers to non-Revolut users or international transfers. These fees are usually a small percentage of the transfer amount, but it's always a good idea to check them before you send money.

To minimize fees, try to transfer money to other Revolut users whenever possible, as these transfers are usually free. You can also try to consolidate your transfers into fewer, larger transactions, as some fees are charged per transaction. Additionally, be aware of the exchange rates and fees when sending money internationally, and compare them with other providers to make sure you're getting the best deal.

Troubleshooting Common Transfer Issues

Even with a user-friendly platform like Revolut, you might encounter some issues when transferring money. Here are some common problems and how to troubleshoot them: If your transfer is delayed, the first thing to do is to check the status of the transfer in the Revolut app. You can usually find this information in the "Transactions" section. If the transfer is still pending, it may just be taking a bit longer than usual. Bank transfers, especially international ones, can sometimes take a few business days to process.

If your transfer is rejected, there could be a few reasons why. One common reason is that you entered the wrong recipient details, such as the account number or sort code. Double-check the details and try again. Another reason could be that your account has insufficient funds, make sure you have enough money in your Revolut account to cover the transfer amount and any fees. If you're still having trouble, contact Revolut support for assistance.

If you're having trouble verifying your identity, make sure you're using a valid form of ID, such as a passport or driver's license. The ID should be in good condition and not expired. Also, make sure the photo you submit is clear and in focus. If you're still having trouble, try contacting Revolut support for assistance. They may be able to help you troubleshoot the issue or provide alternative verification methods.

Conclusion

So there you have it! Transferring money on Revolut is super easy and convenient, whether you're sending money to friends, family, or businesses. With its competitive exchange rates, low fees, and user-friendly interface, Revolut has become a popular choice for anyone who needs to send or receive money quickly and securely. Just remember to double-check the recipient's details, be aware of any transfer limits and fees, and don't hesitate to contact Revolut support if you run into any issues. Now go ahead and start transferring money like a pro! You got this!