Revolut Money Transfer Review: Exchange Rates, Safety, Alternatives, and Monito's Verdict

Byron Mühlberg, writer at Monito.com
Mar 11, 2022
Affiliate disclosure

Revolut is an excellent platform for money transfers (9/10) and one that Monito's reviewers recommend particularly for users who already use it to take care of other banking needs. On one of the most trusted and popular (9.8/10) and best-designed banking platforms in the fintech space (8.3/10), Revolut offers fairly competitive fees and exchange rates (8.3/10) all around. However, the app really shines when it comes to its customer feedback (9.4/10) where it remains one of the best-rated digital banking platforms of all.

What Monito Likes About Revolut Money Transfer

  • Low fees on the mid-market exchange rate.
  • Pricing is transparent and easy to understand.
  • Excellent mobile banking app.
  • Packed with features in addition to money transfers (see full review)
  • Trusted by millions across the globe.

What Monito Dislikes About Revolut Money Transfer

  • Cash transfers are not supported.
  • Higher currency conversion costs on weekends.
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Because of its excellent exchange rates and ease of use, we think Revolut Money Transfer makes the most sense for regular users of Revolut who want to send money abroad, or for new users who'd also like to take advantage of Revolut's wider banking coverage in addition to money transfers. However, if you're simply looking for low-cost international money transfers, then Revolut isn't always the cheapest option and will probably also offer more than you need. In these cases, we recommend comparing money transfer services on Monito instead.

Who Is Revolut For?

Revolut cards and accounts are available to customers residing in the UK, the US, the EU/EEA, Australia, Singapore, Switzerland, and Japan.

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This review focuses on Revolut's money transfer service for 'Standard' account holders. Click below if you'd like to see our full reviews of Revolut's plans:

How Monito Reviewed Revolut's Services

As with all services reviewed by Monito, Revolut Money Transfer underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts opened a Revolut Money Transfer account to test out its functionalities, including the ease of registration and speed of transferring money, which provided a well-rounded overview of the platform's strengths and limitations. Next, we weighed this score against several other key criteria, including customer reviews, percentage of fees constituted by exchange rate margins, pay-in options, access to customer service, as well as business and legal metrics such as volume transferred, appropriate authorization, and company size. Finally, we analyzed tens of thousands of searches on Monito's comparison engine to determine how often Revolut Money Transfer was the cheapest service and how often it was competitive against its rivals over the past three months, giving a reliable overview of the service's pricing in relation to the market. As with all Monito Scores, Revolut's score was peer-reviewed by at least one Monito expert.

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Reviews are written independently by Monito's editors and recommendations given are our own. Services you sign up with using our links may earn us a commission. Learn more.

Trust & Credibility

9.8

Background check

Licensed as an E-Money Institution in the UK and registered in all countries in which it operates.

Security & reliability

Fully secured and in line with the latest industry protocols.

Company size

Very large company with over 16 million users.

Transparent pricing

Foreign exchange pricing is clear and transparent.

Can I Trust Revolut Money Transfer ?

Yes, Revolut is a safe and secure way to send money overseas. Licensed as an E-Money Institution by the Financial Conduct Authority FCA in the UK and duly licensed and authorised in every country in which it operates, Revolut offers bank transfers and receipts via SWIFT in over 30 currencies to more than 100 countries around the globe.

Revolut's accounts are also highly secure. The platform stores and processes personal data using third-party servers located in secure data centres protected by firewalls and have restricted access in compliance with applicable regulations. All data passed between Revolut mobile apps, servers, and third parties are 2048-bit SSL encrypted.

What's more, Revolut is a fully-licensed bank in many European countries (including France, Germany, and Italy). It therefore insures deposits in its current accounts up to a value of €100,000 if Revolut were to go bust.

For all of these reasons, we believe that you can be confident that your money transfers with Revolut will be delivered effectively and securely.

Service & Quality

8.3

Opening an account

Registration is simple, but requires a few verification steps.

Making a transfer

Transfers are seamless via the app.

Contacting support

Live support is just a few taps away.

Revolut Money Transfer's Service Quality

In our tests, we found Revolut to be an excellent online platform that makes sending money overseas easy and seamless. However, if you're not yet a Revolut member, you'll need to sign up from scratch, which can take a relatively long time because you'll need to wait for your ID to be verified (which can take anywhere from a matter of minutes to one working day).

Once you've signed up, you'll only be able to send international money transfers using the app, not the online interface. This can be done as follows:

  1. Log in to the Revolut app on your mobile phone;
  2. Tap the ⇄ Transfer button on the main screen;
  3. Tap the Send international button;
  4. Select the destination country (there are over 200)
  5. Select the amount you'd like to send, the account, and add a reference;
  6. Click Continue to add your beneficiary and confirm the transfer.

In the end, sending money internationally is one among many features that Revolut offers you. In addition, you'll get an online current account, a virtual or physical debit card, savings spaces, as well as a built-in stock, precious metal, and cryptocurrency trading platform. To find out more about Revolut more broadly, see our in-depth review.

Fees & Exchange Rates

8.3

Transfers to a bank account

Cheapest option on around a third of Monito searches.

Revolut Money Transfer 's Fees & Exchange Rates

Revolut’s fees are quite low and its exchange rates are based on the mid-market exchange rate (the base rate used by large banks to transfer currencies). The mid-market exchange rate typically beats the consumer rate offered by banks by around 3% to 5%, making Revolut significantly cheaper for international transfers than banks.

That said, there are still some fees for sending money abroad with Revolut. These are as follows:

Revolut Money Transfer Transfer Fees

Revolut charges different fees for international money transfers based on the following:

1 —Transfers in the Local Currency of the Recipient Country

If you send money to another country to be deposited in the local currency (e.g. sending EUR to France, etc.), then you'll be charged the following fees:

  1. 0.30% (at £0.30 minimum and £5 maximum) for transfers to most currencies.
  2. If you're sending to Brazilian reals, Chilian or Colombian pesos, South Korean won, Sri Lankan or Nepalese rupees, Serbian dinars, or Vietnamese dongs, you'll incur a different fee. This will fall between 0.45% and 2% at a minimum of £0.70 and a maximum of £60, making transfers to these currencies significantly more expensive.

2 — Transfers in Other Currencies

If you're sending money abroad that arrives in the recipient country in a currency that's not the local currency (e.g. sending USD to France), then you'll be charged the following fees:

  1. A flat fee of around £3 if the currency is USD, EUR, GBP, or CHF, paid in the base currency of your account.
  2. A flat fee of around £5 if the currency is any other, paid in the base currency of your account.

Take a look at the table below to get a better idea of how these fees work:

£10

£100

£500

£2,000

£10,000

In local currency

£0.30

£0.30

£1.50

£5.00

£5.00

In non-local currency (USD, EUR. GBP, CHF)

£3.00

£3.00

£3.00

£3.00

£3.00

In non-local currency (other)

£5.00

£5.00

£5.00

£5.00

£5.00

Last updated: 11/3/2022

Revolut Money Transfer Exchange Rates

The only fee you'll be charged for sending money internationally with Revolut will be a fixed or commission fee. This means that there's no markup on the exchange rate and Revolut will use the mid-market exchange rate to convert your money — one of the few money transfer companies to do so.

Still, Revolut is only sometimes the cheapest provider for international transfers. Compare them all below on Monito's real-time comparison engine:

Compare Revolut Money Transfer To Top Alternatives

Customer Satisfaction

9.4

Customer review score

Excellent 4.4 out of 5 stars on Trustpilot.

Number of positive reviews

Over 100,000 independent reviews to date.

Customer Reviews of Revolut Money Transfer

Revolut has excellent reviews on Trustpilot with a satisfaction score of 4.4 out of 5 stars. Over 104 thousand people have left reviews, and we provide a summary of positive and negative comments below:

Positive Revolut Reviews

  • Clear communication with responsive customer service;
  • The ease-of-use and convenience of the mobile app;
  • Good at dealing with issues and solving problems.

Negative Revolut Reviews

Some customers reported the following negative points of feedback:

  • Delays sending money internationally;
  • Accounts blocked due to cards expiring and not being replaced;
  • Difficulties contacting customer service.

How Revolut Money Transfer Works

  • Step 01

    Check Revolut Money Transfer's rates

    Use Monito's comparison engine to see how Revolut's fees and exchange rates weigh up against the rest and make sure they are indeed the cheapest option for your international money transfer. There, you'll be able to discover both the cheapest ways to fund your transfer and have the money received.

  • Step 02

    Download the app

    To send money internationally with Revolut, you'll need to use the app. Download it off the App Store or Google Play to get started.

  • Step 03

    Sign up

    Register a new account using your mobile phone number and personal details, such as your name, email, date of birth, and residential address.

  • Step 04

    Verify your ID

    Use the app to take a selfie, followed by a photo of an ID document.

  • Step 05

    Wait until you're verified.

    The ball will be out of your court for a short while. ID verification can take between 5 minutes and a full working day.

  • Step 06

    Set up your transfer

    Once you're logged in and verified, tap ⇄ Transfer and enter the amount you'd like to send, your payment method, and receiving currency.

  • Final step

    Review and pay

    Make sure your transfer details are correct and pay, which can be done using the balance in your Revolut app or using a manual bank transfer. Your money will then be on its way!

    Try Revolut

Frequently Asked Questions About Revolut Money Transfer

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