Effortlessly Receive Money on Revolut: A Comprehensive Guide

Revolut has revolutionized how we manage our finances, offering a seamless and cost-effective way to handle money both domestically and internationally. One of its core functionalities is the ability to receive funds easily and quickly. This comprehensive guide will walk you through all the different methods available for receiving money on your Revolut account, providing step-by-step instructions and helpful tips to ensure a smooth experience.

Understanding Revolut Account Basics

Before we delve into the specifics of receiving money, it’s essential to have a basic understanding of how your Revolut account operates. Your Revolut account functions similarly to a traditional bank account, but with added features designed for the modern, globalized world. You have unique account details for each currency you hold, allowing you to receive payments in various currencies directly into your Revolut account.

Key account details you’ll need to provide to senders include:

• Account Number: A unique identifier for your specific Revolut account.
• IBAN (International Bank Account Number): Used for international transfers, particularly within Europe.
• BIC/SWIFT Code: Also used for international transfers, this code identifies the specific bank branch.
• Sort Code: Used for domestic transfers within the UK.
• Local Account Details: Revolut offers local account details for some countries, which may include sort codes and account numbers specific to that region.
• Currency: The currency in which you want to receive the funds.

It’s crucial to provide the correct details to the sender to avoid delays or failed transfers. Always double-check the information before sharing it.

Methods for Receiving Money on Revolut

Revolut provides multiple ways for you to receive money. Let’s explore each of these methods in detail:

1. Receiving Money via Local Bank Transfers

This is the most common method for receiving money, especially when dealing with domestic transfers. Here’s how it works:

Step 1: Access Your Account Details

1. Open the Revolut app on your smartphone.
2. Tap on the ‘Accounts’ tab at the bottom of the screen.
3. Select the currency you want to receive money in. For example, if you want to receive in EUR, select your Euro account.
4. Tap the three dots (…) or the ‘Details’ button (depending on your app version).
5. You will now see your account details, including your account number, IBAN, BIC/SWIFT code, and Sort Code if applicable.

Step 2: Share Your Account Details

Provide the relevant account details to the person or entity sending you money. Ensure they use the correct currency to avoid any unnecessary conversion fees or delays. Double-check the details you’re sharing to prevent errors.

Step 3: Receive the Funds

The sender will initiate a bank transfer to your Revolut account. The transfer time can vary depending on the sender’s bank and the payment method used. Domestic transfers usually arrive within a few hours or the next business day. Keep an eye on your Revolut account balance to confirm receipt of the funds.

Tips for Local Bank Transfers:

• Confirm the transfer limits of the sender’s bank and your Revolut account to ensure you can receive the full amount without issues.
• If using local account details, make sure they are specific to the region from which the funds are being sent (e.g., if they have their own account within the UK for UK transfers, use those details).
• If you encounter any delays, confirm with the sender if the transfer was completed successfully and double-check the details provided.

2. Receiving Money via International Bank Transfers (SWIFT/SEPA)

For international transfers, Revolut uses the SWIFT network (for worldwide transfers) and the SEPA system (for transfers within the Single Euro Payments Area). This is the method you’d typically use to receive money from outside your country, especially if the sender is using a traditional bank.

Step 1: Retrieve Your International Account Details

1. Open your Revolut app.
2. Go to the ‘Accounts’ tab.
3. Select the currency you want to receive money in.
4. Tap on the ‘Details’ button or three dots (…).
5. Look for the ‘International’ or ‘SWIFT’ details, which should include your IBAN and BIC/SWIFT code.

Step 2: Share Your International Account Details

Give these specific international details to the sender. Make sure they are aware of the importance of using these details for international transfers to avoid potential issues with the transfer or intermediary bank fees.

Step 3: Receive the Funds

International transfers typically take longer than domestic ones, usually ranging from 1 to 5 business days. Keep an eye on your Revolut balance to confirm receipt. Be aware that intermediary banks might sometimes deduct small fees from the transferred amount.

Tips for International Bank Transfers:

• Always double-check your IBAN and BIC/SWIFT code to avoid delays or failed transfers.
• Be aware of potential intermediary bank fees. These are fees charged by banks along the transfer route, which Revolut has no control over.
• If you are unsure about the specific details required, ask the sender for a transfer confirmation or transaction receipt for further investigation, if needed.
• It’s generally a good idea to use the same currency as the original transfer. If you are receiving in EUR, ensure the sender is also sending in EUR to minimize any extra conversion costs or fees by intermediary banks.

3. Receiving Money via Revolut Username or Phone Number (Revolut to Revolut)

This is by far the fastest and easiest way to receive money from another Revolut user. It’s almost instantaneous and completely free.

Step 1: Share Your Revolut Username or Phone Number

There are two ways to share your details: Either your Revolut username (which you will have chosen when setting up your account), or the phone number that you use for your Revolut account.

• Revolut Username: Share your username with the sender. They can find you in the Revolut app by searching for this.
• Phone Number: Share the phone number associated with your Revolut account.

Step 2: Receive the Funds

The sender will use either your username or phone number to initiate a transfer. You will receive a notification almost instantly and the funds will appear in your account immediately.

Tips for Revolut to Revolut Transfers:

• Ensure the sender has the correct Revolut username or phone number to prevent sending funds to the wrong person.
• This method is only applicable for transfers between Revolut users.
• Use this method to avoid intermediary bank fees associated with traditional bank transfers.
• Confirm your account details in the ‘Profile’ section of the app to ensure your username is correct.

4. Receiving Money via Payment Links

Revolut allows you to generate payment links that you can share with others, making it easy to receive payments from people who may not use Revolut. This method provides a convenient and secure alternative to sharing traditional account details. This is particularly useful for payments from people who do not use Revolut themselves.

Step 1: Create a Payment Link

1. Open your Revolut app.
2. Navigate to the ‘Accounts’ tab.
3. Select the currency you want to receive in, which will be displayed as your available balance.
4. Tap the ‘Request’ button or similar (the appearance may vary depending on the app version).
5. Choose the ‘Request by Link’ option.
6. Enter the amount you wish to receive.
7. You can also add an optional note about what the payment is for.
8. Generate the link which can be shared via email, message, or any other way you choose.

Step 2: Share the Payment Link

Send the generated link to the person you want to receive money from. They will be directed to a secure Revolut payment page where they can pay using their debit or credit card or their own Revolut account.

Step 3: Receive the Funds

Once the sender completes the payment, you’ll receive the funds in your Revolut account, typically within a few minutes.

Tips for Payment Links:

• Use payment links for receiving money from individuals who do not use Revolut, without sharing your account details.
• Ensure to check the generated link is correct to avoid misdirection of payment.
• Be mindful that processing times can vary depending on the sender’s bank and the payment method they use.
• Payment links provide an extra layer of security for receiving money from strangers or on websites that require specific links to process payments.

5. Receiving Money from Third-Party Platforms

Revolut is compatible with various third-party platforms like PayPal, Wise (formerly TransferWise), and others. If you are receiving funds from these platforms, the method of receiving will depend on the platform used.

Step 1: Check Platform Options

When withdrawing from platforms like PayPal or Wise, you will be prompted to input your bank account details, and you’ll need to provide your Revolut account information as per the guidance outlined in the first two sections on local and international bank transfers.

Step 2: Enter Your Revolut Account Details

Provide your appropriate local or international Revolut account details as requested by the third-party platform. Double-check for accuracy to avoid delays.

Step 3: Receive the Funds

The processing time will vary depending on the platform. Generally, transfers take between 1-3 business days, but some platforms may offer faster options. Track the transfer on the third-party platform and your Revolut app to confirm the receipt of funds.

Tips for Third-Party Platforms:

• Always verify the account details you enter on third-party platforms carefully, to prevent errors or delays in the transfer.
• Be aware of any potential transaction fees charged by the third-party platform.
• Check the platform’s estimated processing times and contact their customer service if you experience delays.
• Some third-party platforms might support direct Revolut transfers through unique IDs, but it’s generally best to use standard bank account details.

Common Issues and Troubleshooting

Sometimes, despite your best efforts, you might encounter issues when receiving money on Revolut. Here are some common problems and solutions:

1. Delayed Transfers:

If your transfer is delayed, consider the following:

• Verify with the sender: Confirm that the sender has initiated the transfer correctly and has the correct account details.
• Check transaction times: International transfers take longer than domestic ones. Check the average time for your type of transfer.
• Holiday Periods: Banks do not usually process transactions over national holidays.
• Contact Revolut support: If you have not received the funds after the average transaction time, contact Revolut support.

2. Incorrect Account Details:

If the sender has used incorrect account details, the transfer might be delayed, or worse, sent to the wrong account. The best course of action will depend on where it has been sent to. There is more recourse if you can prove that you gave the wrong details in error.

• Double-check all account details: Carefully review the account information you provided and confirm with the sender the details that were used.
• Contact the sender’s bank: If a mistake has been made, the sending bank might be able to recall a transaction.
• Contact Revolut Support: While they cannot track down the money with incorrect account information, they will be able to explain the limitations.

3. Intermediary Bank Fees:

For international transfers, intermediary banks might deduct a small fee, which could result in you receiving less than expected. There isn’t much that can be done about this.

• Use the Same Currencies: Always ask the sender to use the same currency as your recipient account, to minimize extra conversion fees or costs charged by intermediary banks.
• Avoid Multiple Conversions: If possible, try to minimize the number of conversions involved as this can result in extra fees.
• Be aware that these fees are out of Revolut’s control: Revolut cannot reimburse or assist with recovering funds that have been taken by intermediary banks.

4. Account Restrictions:

Your Revolut account might be restricted due to verification issues or other reasons, which could hinder receiving money. Check your messages and emails from Revolut regarding any account restrictions and comply with their requests. Contact Revolut Support to quickly have your account unrestricted.

Conclusion

Receiving money on Revolut is a straightforward process with multiple convenient options. Whether you’re receiving a local payment, an international transfer, or a quick payment from another Revolut user, understanding the various methods and potential issues will ensure a smooth experience. Always double-check your account details and stay informed about any changes or updates to Revolut’s services. This guide equips you with the knowledge you need to receive funds effectively and efficiently on your Revolut account, ensuring you can make the most of this versatile financial platform.