tebo53

Has anyone used/using the Revolut money transfer app?

Apparently you can transfer money for free, if that's the case then it sounds good! !

Steve

Eric S

Well, I doubt it's really free. They have to make their money somehow. It's probably built in to the exchange rate.

tebo53

Apparently you get the full interbank rates but if no one has heard of the company I might give it a miss.

Steve

DaveT11

I recently used Transfer Wise, got a good exchange rate and hardly any fee to speak of.

Eric S

I researched on it a little bit. I found this article: https://www.theguardian.com/small-bu...rency-exchange

One other thing I found said that there may be no fees for the first year. Then, after that, who knows.

I generally use TransferWise, because it seems to have the best rates. But maybe I'll try Revolut.

- Eric S.

tebo53

Thanks for the information everybody. I usually use Transferwise but any savings when transferring money is worth looking into and this relatively new app seems ok.

Steve

Eric S

Let us know if you try it and how the exchange rate compares to Transferwise. Note that in Transferwise, you can check the rate for a specific sum without completing the actual transfer.

- Eric S.

stevesainty

My daughter uses this card for getting cash whilst on holiday.
You can deposit money with them in USD GBP or € and transfer money, online with the app, to any banks in the same three currencies. You can withdraw up to 500 GBP equivalent per month from atms all over the world without charge but after that there is a 2% charge. You can, however use the card, free of any charges, to pay for goods and services in the local currencies and then they are converted to one of the three currencies that you nominate.

There are no plans, as yet, to charge for transactions although there is a small charge, about 6 GBP, to get the credit card initially.

I checked the rate that I get from Transferwise against what the app was using in real time and the exchange rate was better with the app by a small amount.

If you get two cards, one for another family member, you can double the amount you can get from ATMs without charge, if you are travelling together.

The only downside I can glean from the internet is that the bank transfers can take a few days to go through, perhaps this is where they are making their money.

I am still thinking about it for my normal monthly transfers from sterling to € as Transferwise normally do it within the day if you commence early enough, up tp 11am CET.

tebo53

So I can transfer money from my Barclays account in the UK (£) to my Sabadell account in Spain in euros for free, even though it takes a couple of days, with no fee's what so ever?

stevesainty

Yep, you can check the exchange rate on the app on your phone and then execute the transfer. I don´t know how long it will take but their web site says it takes 1-2 working days for fast transfer systems and 3-5 days for other banks and for international transfers.
Get the app, it is free and check out the rates.
For me, I like my money on the day I transfer it.

Eric S

The "fee" is just built into the exchange rate. What you need to do is check how many euros you'll get for a given number of pounds. And then check that against Transferwise or Revolut or other money transfer service.

- Eric S.