How to Make a Bank Transfer with Revolut: A Step-by-Step Guide
Revolut has revolutionized the way we handle money, offering a seamless and often cheaper alternative to traditional banking. One of its core features is the ability to make bank transfers, both domestically and internationally. This guide will walk you through the process of making a bank transfer using the Revolut app, ensuring you can send money with confidence.
Before You Start
Before initiating a transfer, make sure you have the following information for your recipient:
- Full Name: Ensure the name matches their bank account details.
- IBAN (International Bank Account Number): This is crucial for international transfers and sometimes required for domestic transfers as well.
- SWIFT/BIC Code: Needed for international transfers.
- Bank Name: The full name of the recipient’s bank.
- Currency: The currency you will be sending (e.g., EUR, USD, GBP).
Step-by-Step Guide to Making a Bank Transfer with Revolut
Follow these steps carefully to ensure your transfer goes smoothly:
Open the Revolut App: Launch the Revolut app on your smartphone. Ensure you are logged into your account.
Navigate to Transfers: On the main screen, locate and tap the “Transfers” button. It’s usually located at the bottom of the screen or within the main menu.
Tap on “+ New”: You’ll likely see a plus (+) button or an option to create a new transfer. Tap on this to initiate a new transfer.
Choose “Bank Account”: Select the option indicating that you want to transfer money to a bank account, rather than another Revolut user. This might be labeled as “Bank Transfer” or similar.
Select Recipient: You’ll be prompted to select a recipient. If you’ve transferred to them before, they might be in your list. Otherwise, select “Add new recipient”.
Enter Recipient Details: Here, carefully enter all the required information for your recipient, including:
- Recipient’s full name.
- Recipient’s IBAN (or account number if it’s a local transfer without IBAN).
- Recipient’s SWIFT/BIC code (if international transfer).
- Recipient’s bank name.
- Recipient’s Country.
- Recipient’s City (in case of international transfers).
Double-check this information to ensure it’s completely correct.
Choose Currency: Select the currency you’re sending. Make sure it aligns with the recipient’s bank account currency to avoid additional conversion fees or delays.
Enter Amount: Specify the amount you want to transfer. You may see the exchange rate if it’s an international transfer.
Optional Reference: You can include a reference or description of the payment for the recipient. This is optional but can be helpful for accounting or tracking.
Review Transfer Details: Before confirming, double-check all the transfer details, including the recipient’s information, currency, and amount. Ensure everything is accurate.
Confirm Transfer: Once you’re sure all details are correct, tap the “Confirm” or similar button. You might be prompted to verify the transaction with your security measures, such as a PIN or fingerprint.
Transfer in Progress: Revolut will process the transfer. The time it takes for the money to reach the recipient’s account will depend on the destination bank and the type of transfer. You can track the progress of your transfer in the app.
Important Considerations
- Fees: While Revolut often offers competitive exchange rates, always check for any potential fees associated with the transfer, especially for international transactions. These fees will be clearly outlined before you confirm the transfer.
- Transfer Limits: Revolut may have daily or monthly limits on transfers. These limits depend on your account plan.
- Transfer Times: Transfers may take from a few hours to several business days depending on your local bank and the receiving bank. International transfers generally take longer.
- Recipient’s Bank Details: Double-check all recipient’s details with the recipient before sending. Incorrect details may delay or result in the loss of funds.
Conclusion
Making a bank transfer with Revolut is a straightforward process, offering a fast and often cost-effective solution for sending money both locally and internationally. By following these steps and carefully checking your details, you can ensure a smooth transfer experience.