Do you need to send money abroad? Do you hate how difficult and expensive the process can be? We feel you! Traditional banks often charge high fees, and the exchange rates can be quite unfavourable. But there’s a better way. Revolut makes it extremely quick, easy, and affordable to send money abroad. No kidding! In this blog, we are going to show you why you need this revolutionary digital bank for international money transfers and how it can benefit you. By the end, you will know how it actually works, what it has to offer, and how it’s your best bet for making international money transfers without burning a hole through your wallet in the name of charges and fees. Let’s dive in!
How do international money transfers work with Revolut?
The procedure for initiating an international money transfer with Revolut unfolds as follows:
- Open a Revolut account and fund it. This can be done by funding your account via a debit/credit card or transferring money from an alternate bank account.
- Specify the recipient’s nation and the desired currency.
- Input the recipient’s bank account particulars.
- Add the amount you wish to send.
- Check the transfer specifics, including fees, carefully.
- Confirm the transfer.
Revolut uses the authentic exchange rate to convert your funds during international transfers, ensuring you access the most favorable rate without incurring any hidden charges.
The duration of an international money transfer through Revolut depends on the currency involved and the recipient’s location. As a general guideline, the processing of transfers is typically concluded within 1-3 business days.
Here are some of the fees that you may incur when making an international money transfer with Revolut:
- Transfer Fee: Revolut imposes a nominal transfer fee for international transactions. The fee varies based on the chosen currency and the recipient’s nation.
- Currency Conversion Fee: Revolut also levies a fee for converting currency from one denomination to another, the fee of which depends on the currencies engaged.
- Recipient Bank Fee: Additionally, the recipient’s bank might impose a fee for accepting incoming international money transfers.
Benefits of using Revolut for international money transfers
Competitive Exchange Rates
Revolut stands out with its highly competitive exchange rates, ensuring you get more of your money. This is because Revolut does not charge any hidden fees or mark-ups on the exchange rate.
Economical Charges
With Revolut, you’ll benefit from remarkably low fees for international money transfers, presenting a significantly more budget-friendly alternative to traditional banking institutions. The precise fee structure can vary depending on the specific currency and destination country, but it generally remains more affordable than what conventional banks demand.
Rapid and Effortless Process
Revolut streamlines the process of sending money abroad, making it an incredibly swift and hassle-free experience. Conducting transfers can be done directly from your smartphone or tablet, and transactions are often completed within a span of 1-3 business days.
Enhanced Security Measures
Rest assured, Revolut places a strong emphasis on safeguarding your funds. Advanced security technologies such as two-factor authentication, encryption, and proactive fraud detection contribute to a highly secure environment for your money transfers.
Extensive Global Reach
Revolut extends its services to cover transfers to over 150 countries and a multitude of currencies, enabling you to send funds virtually anywhere across the globe.
Transparency in Fees
Revolut’s hallmark transparency extends to its fee structure. Prior to confirming a transfer, you’re provided with a comprehensive breakdown of the associated costs, ensuring you have a clear understanding of the charges involved.
Exceptional Customer Support
Revolut prides itself on maintaining a dedicated customer support team that remains at your service 24/7. Whether you encounter inquiries or face any issues during your transfer process, their assistance is merely a message away.
Flexibility of the Multi-Currency Account
Revolut’s innovative multi-currency account feature empowers you to hold funds in various currencies, proving especially advantageous if you frequently engage in international money transfers.
Additional Enhancements to Your Experience
Beyond its core functionalities, Revolut offers a diverse range of additional features that amplify your financial journey. This includes recurrent transfers, real-time tracking, contactless debit cards, travel insurance, and even the indulgence of airport lounge access.
Overall, Revolut is a great option for making international money transfers. It offers competitive exchange rates, low fees, and a fast and easy transfer process. If you are looking for a reliable and affordable way to send money abroad, Revolut is a good choice.
Factors to consider when making international money transfers with Revolut
Here are some of the factors to consider when making an international money transfer with Revolut:
- The exchange rate: The exchange rate commands significant consideration in international money transfers. While Revolut furnishes competitive rates, it’s prudent to engage in rate comparisons before finalising a money transfer.
- The fees: Revolut’s fees for international money transfers are notably economical—however, exercise vigilance for potential auxiliary charges, such as fees levied by the recipient’s bank.
- The delivery time: The time required to complete an international money transfer through Revolut can fluctuate contingent upon the currency pair and the destination country. In general, transactions are processed within a span of 1-3 business days.
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Conclusion
Using Revolut for international money transfers not only promises substantial savings but also grants access to advantageous exchange rates. With a few taps on your device, you can seamlessly dispatch funds to over 150 countries using Revolut’s user-friendly platform. Moreover, the real-time tracking feature ensures constant awareness of your funds’ journey. For comprehensive insights into Revolut and its services, explore their website. For the latest updates, visit Feedhour.