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

Revolut is an excellent platform for money transfers (9.1/10) and one that Monito's reviewers recommend particularly for users who already use it to take care of other personal finance needs. On one of the most trusted and popular (9.8/10) and best-designed personal financial platforms on the market (8.2/10), Revolut offers competitive fees and exchange rates (8.6/10) all around. However, the app really shines when it comes to its customer feedback (9.7/10) where it remains one of the best-rated digital finance platforms of all.

What Monito Likes About Revolut Money Transfer

• Excellent exchange rates,
• Pricing is transparent and easy to understand,
• Excellent mobile app,
• Packed with features (see our full Revolut 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.

How We Review Money Transfer Providers

With more than 50 providers reviewed and 100 test transfers made over the past ten years, we pride ourselves on providing the best reviews of international money transfer services online. Curious how we make them and why you can trust us? Take a look at our process below:

Can I Trust Revolut Money Transfer?

Yes, Revolut is a safe and secure way to send money overseas. It's a fully-authorised financial institution in the UK, the USA, the European Economic Area (EEA), and all other countries where it operates, and has received a lot of investment and has developed a wide range of innovative online personal finance and money transfer services.

Revolut's policies and procedures are designed to protect personal information. Accordingly, Revolut stores and processes personal data using third-party servers in secure data centres protected by firewalls and has restricted access to comply with applicable regulations. All data passed between Revolut mobile apps, servers, and third parties are 2048-bit SSL encrypted.

Moreover, Revolut is a fully-licensed bank in all EEA (including France, Germany, and Italy). Therefore, it protects 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.

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 few 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 of many features that Revolut offers you. In addition, you'll get an online account (either in the UK, EU, or US depending on where you're based), a virtual or physical Mastercard or VISA debit card, savings spaces, as well as nifty built-in spending categorisation and money management features. To find out more about Revolut, see our in-depth review.

Revolut Money Transfer's Fees & Exchange Rates

Revolut’s fees are quite low, and its exchange rates are based on the real mid-market exchange rate (i.e. the exchange rate you see on Google). The mid-market exchange rate typically beats the consumer rate offered found elsewhere by around 3% to 5%, making Revolut a cheap option for international transfers.

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, and for all foreign exchange, fair usage limits and weekend surcharges may apply. Here's the rundown:

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 BRL, CLP, COP, KRW, LKR, NPR, RSD, or VND, 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.

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:

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 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. However, fair use limits and weekend surcharge may apply depending on your Revolut plan and the day of the week you transfer money.

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

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.