Effortless Money Transfers: A Complete Guide to Sending Money with Revolut
Revolut has revolutionized the way we manage and send money, offering a seamless and often cheaper alternative to traditional banking methods. Whether you’re splitting bills with friends, sending funds to family abroad, or paying international freelancers, Revolut simplifies the process. This comprehensive guide will walk you through every step of sending money with Revolut, ensuring you can confidently navigate its features and optimize your transfers.
## What is Revolut and Why Use It?
Revolut is a financial technology company offering a wide range of services, including multi-currency accounts, cryptocurrency trading, stock trading, and international money transfers. Its key advantages include:
* **Competitive Exchange Rates:** Revolut often offers interbank exchange rates, which are significantly better than those offered by traditional banks, especially for international transfers.
* **Low Fees:** While some transfers are free, others incur minimal fees, especially compared to the hefty charges levied by traditional banks and money transfer services.
* **Speed and Convenience:** Transfers are typically processed quickly, often within minutes, and can be initiated directly from your smartphone or computer.
* **Multi-Currency Accounts:** Hold and exchange multiple currencies within your account, avoiding conversion fees when spending or sending money in different currencies.
* **Security:** Revolut employs robust security measures, including two-factor authentication and instant transaction notifications, to protect your funds.
## Getting Started: Setting Up Your Revolut Account
Before you can send money with Revolut, you’ll need to create an account. Here’s how:
1. **Download the Revolut App:** Visit the App Store (iOS) or Google Play Store (Android) and download the Revolut app.
2. **Create an Account:** Open the app and follow the on-screen instructions. You’ll need to provide your phone number, email address, and personal information.
3. **Verify Your Identity:** Revolut will require you to verify your identity to comply with regulatory requirements. This typically involves submitting a photo of your government-issued ID (passport, driver’s license, or national ID card) and a selfie.
4. **Choose a Plan:** Revolut offers various plans, including Standard (free), Plus, Premium, and Metal. Each plan has different features and fees. Choose the plan that best suits your needs. The free Standard plan is sufficient for basic money transfers.
5. **Top Up Your Account:** Once your account is verified, you’ll need to add funds to it. You can do this using a debit card, credit card, or bank transfer.
## Sending Money with Revolut: A Step-by-Step Guide
Now that your account is set up, let’s explore how to send money using different methods:
### 1. Sending Money to Another Revolut User
This is the easiest and often the fastest way to send money with Revolut. Transfers to other Revolut users are typically instant and free.
**Steps:**
1. **Open the Revolut App:** Launch the Revolut app on your smartphone.
2. **Tap ‘Transfers’:** In the bottom navigation menu, tap the ‘Transfers’ icon (usually represented by two arrows pointing in opposite directions).
3. **Select ‘New’:** Tap the ‘+ New’ button to initiate a new transfer.
4. **Choose ‘Revolut User’:** Select the ‘Revolut User’ option.
5. **Find the Recipient:** You can find the recipient in a few ways:
* **From Contacts:** If the recipient is in your phone’s contacts and they also have a Revolut account linked to that phone number, they will appear in the list.
* **By Phone Number:** Enter the recipient’s phone number associated with their Revolut account.
* **By Revtag:** If you know the recipient’s Revtag (a unique username), you can search for them using their Revtag.
6. **Enter the Amount:** Enter the amount you want to send.
7. **Choose the Currency:** Select the currency you want to send. If you’re sending to a Revolut user who holds multiple currencies in their account, they can choose which currency to receive it in.
8. **Add a Note (Optional):** You can add a note or description to the transfer.
9. **Review and Send:** Review the transfer details carefully. Make sure the recipient’s information and the amount are correct. Then, tap ‘Send’.
10. **Confirmation:** You’ll receive a confirmation message once the transfer is complete. The recipient will also be notified instantly.
### 2. Sending Money to a Bank Account
Revolut allows you to send money directly to bank accounts in many countries worldwide. This is a convenient option for sending money to people who don’t use Revolut.
**Steps:**
1. **Open the Revolut App:** Launch the Revolut app on your smartphone.
2. **Tap ‘Transfers’:** In the bottom navigation menu, tap the ‘Transfers’ icon.
3. **Select ‘New’:** Tap the ‘+ New’ button to initiate a new transfer.
4. **Choose ‘Bank Account’:** Select the ‘Bank Account’ option.
5. **Select the Country:** Choose the country where the recipient’s bank account is located.
6. **Enter Bank Details:** You’ll need to provide the recipient’s bank account details. The specific information required will vary depending on the country, but it typically includes:
* **Account Number:** The recipient’s bank account number.
* **Bank Code/Sort Code:** A code that identifies the recipient’s bank (e.g., Sort Code in the UK, Routing Number in the US).
* **SWIFT/BIC Code:** An international bank code used for international transfers.
* **Recipient’s Full Name:** The full name of the account holder.
* **Recipient’s Address:** The recipient’s address as it appears on their bank statement.
7. **Enter the Amount:** Enter the amount you want to send.
8. **Choose the Currency:** Select the currency you want to send. Revolut will convert the funds to the recipient’s local currency.
9. **Choose a Transfer Method (Optional):** Depending on the country and currency, you may have the option to choose a transfer method. Common options include:
* **Local Transfer:** This uses the local payment network in the recipient’s country and is typically faster and cheaper.
* **SWIFT Transfer:** This uses the SWIFT network for international transfers and may be slower and more expensive.
10. **Add a Note (Optional):** You can add a note or description to the transfer.
11. **Review and Send:** Review the transfer details carefully. Make sure all the bank details are accurate. Incorrect information can lead to delays or failed transfers. Tap ‘Send’.
12. **Confirmation:** You’ll receive a confirmation message with the estimated delivery time. Bank transfers typically take 1-5 business days, depending on the destination country and the transfer method used.
### 3. Sending Money Using a Payment Link
Revolut also offers the option to send money using a payment link. This is useful if you don’t have the recipient’s bank details or Revolut account. The recipient will receive a link that they can use to claim the money.
**Steps:**
1. **Open the Revolut App:** Launch the Revolut app on your smartphone.
2. **Tap ‘Transfers’:** In the bottom navigation menu, tap the ‘Transfers’ icon.
3. **Select ‘New’:** Tap the ‘+ New’ button to initiate a new transfer.
4. **Choose ‘Payment Link’:** Select the ‘Payment Link’ option (it might be under ‘Request’ instead of ‘Send’).
5. **Enter the Amount:** Enter the amount you want to send.
6. **Choose the Currency:** Select the currency you want to send.
7. **Set an Expiry Date (Optional):** You can set an expiry date for the payment link. If the recipient doesn’t claim the money before the expiry date, the funds will be returned to your Revolut account.
8. **Share the Link:** Revolut will generate a unique payment link. You can share this link with the recipient via email, SMS, or any other messaging app.
9. **Recipient Claims the Money:** The recipient will click on the link and follow the instructions to claim the money. They will typically need to provide their bank account details or create a Revolut account to receive the funds.
10. **Confirmation:** You’ll receive a notification once the recipient has claimed the money.
## Managing Currency Exchange
One of the biggest advantages of Revolut is its ability to hold and exchange multiple currencies. This can save you money on currency conversion fees, especially when sending money internationally.
**Exchanging Currency:**
1. **Open the Revolut App:** Launch the Revolut app on your smartphone.
2. **Tap ‘Exchange’:** In the bottom navigation menu, tap the ‘Exchange’ icon (usually represented by two arrows forming a circle).
3. **Choose the Currencies:** Select the currency you want to exchange from and the currency you want to exchange to.
4. **Enter the Amount:** Enter the amount you want to exchange.
5. **Review the Rate:** Revolut will display the current exchange rate. Review it carefully.
6. **Confirm the Exchange:** If you’re happy with the rate, tap ‘Exchange’.
7. **Confirmation:** You’ll receive a confirmation message once the exchange is complete. The exchanged funds will be added to your account in the selected currency.
**Tips for Currency Exchange:**
* **Monitor Exchange Rates:** Keep an eye on exchange rates and exchange currency when the rate is favorable.
* **Avoid Weekend Fees:** Revolut charges a small markup on exchange rates during weekends. If possible, exchange currency during weekdays.
* **Consider a Premium Plan:** Premium plans often offer better exchange rates and higher fee-free exchange limits.
## Understanding Revolut Fees and Limits
While Revolut offers competitive fees, it’s important to understand the different types of fees and limits that may apply.
**Types of Fees:**
* **Exchange Fees:** As mentioned above, Revolut charges a small markup on exchange rates during weekends and for certain currencies. Premium plans often offer lower or no exchange fees.
* **Transfer Fees:** Transfers to other Revolut users are typically free. Transfers to bank accounts may incur fees, especially for international transfers. The fees vary depending on the currency, destination country, and transfer method.
* **ATM Withdrawal Fees:** Revolut offers a certain amount of free ATM withdrawals per month, depending on your plan. After exceeding the free limit, you’ll be charged a fee per withdrawal.
* **Card Delivery Fees:** If you order a physical Revolut card, you may be charged a delivery fee.
* **Account Maintenance Fees:** The Standard plan is free. Other plans have monthly subscription fees.
**Transfer Limits:**
* **Daily Limits:** Revolut may impose daily limits on the amount you can transfer.
* **Monthly Limits:** Similarly, there may be monthly transfer limits.
* **Account Verification Limits:** Unverified accounts may have lower transfer limits. Verifying your identity will typically increase your limits.
**How to Check Fees and Limits:**
You can check the fees and limits applicable to your account in the Revolut app. Go to ‘Profile’ > ‘Plan’ > ‘Fees’ or ‘Limits’.
## Troubleshooting Common Issues
Even with a user-friendly platform like Revolut, you might encounter occasional issues. Here are some common problems and how to troubleshoot them:
* **Transfer Delays:** If your transfer is taking longer than expected, check the following:
* **Recipient’s Bank Details:** Ensure that you entered the recipient’s bank details correctly. Incorrect information can cause delays or failed transfers.
* **Transfer Limits:** Make sure you haven’t exceeded your transfer limits.
* **Bank Processing Times:** Bank transfers can take 1-5 business days, depending on the destination country and the transfer method.
* **Contact Revolut Support:** If you’ve checked everything and the transfer is still delayed, contact Revolut support for assistance.
* **Failed Transfers:** Failed transfers can occur for various reasons, including:
* **Insufficient Funds:** Make sure you have sufficient funds in your Revolut account to cover the transfer.
* **Incorrect Bank Details:** Double-check the recipient’s bank details.
* **Account Restrictions:** Your account may be restricted due to security reasons. Contact Revolut support to resolve the issue.
* **Account Verification Issues:** If you’re having trouble verifying your identity, make sure the ID you submitted is valid and clearly visible. You may need to try submitting a different ID.
* **App Issues:** If the Revolut app is not working properly, try the following:
* **Restart the App:** Close the app completely and reopen it.
* **Update the App:** Make sure you’re using the latest version of the app.
* **Clear the Cache:** Clear the app’s cache in your phone’s settings.
* **Reinstall the App:** If all else fails, try uninstalling and reinstalling the app.
## Tips for Secure Money Transfers
Protecting your financial information is crucial when sending money online. Here are some tips for ensuring secure money transfers with Revolut:
* **Use Strong Passwords:** Use a strong, unique password for your Revolut account.
* **Enable Two-Factor Authentication:** Enable two-factor authentication for added security. This requires you to enter a code sent to your phone in addition to your password when logging in.
* **Be Aware of Phishing Scams:** Be cautious of phishing emails or messages that try to trick you into revealing your login credentials or financial information. Revolut will never ask you for your password or PIN via email or phone.
* **Verify Recipient Information:** Always double-check the recipient’s information before sending money. Make sure the bank details or Revolut account details are correct.
* **Monitor Your Account Activity:** Regularly monitor your Revolut account activity for any suspicious transactions.
* **Report Suspicious Activity:** If you notice any suspicious activity, report it to Revolut immediately.
## Conclusion
Revolut offers a convenient, cost-effective, and secure way to send money both domestically and internationally. By following the steps outlined in this guide and taking the necessary security precautions, you can confidently use Revolut for all your money transfer needs. From splitting bills with friends to sending funds to family abroad, Revolut simplifies the process and puts you in control of your finances. Remember to always double-check recipient information and stay vigilant against potential scams to ensure a safe and seamless money transfer experience.