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With the rise of digital remittance services, sending money abroad has always been challenging. Among the many options available, Revolut has emerged as a popular choice for those who need to send money quickly and securely across borders. However, as convenient as Revolut is, it comes with certain limits that users must be aware of to avoid surprises.
In this blog, we'll explore Revolut's limits and how to work within them. We encourage you to consider whether alternative solutions better suit your needs.
Revolut- Transaction Limits
The transfer limits for Revolut depend on your account type. Standard accounts typically have lower daily transfer caps, while Premium and Metal users can send higher amounts. Here’s an overview of the transfer limits for different account holders:
Account Type
Transfer Type
Currency
Standard account
Typically capped at £1,000 per day
GBP
Premium Account
Limits vary, up to £5,000 per day
GBP
Metal Account
Limits vary, but generally higher than £5,000
GBP
Large Transfers
Contact Revolut for custom limits; further verification may be required
GBP/Multiple Currencies
For those in the UK or UAE, Revolut’s limits may sometimes feel restrictive, especially when handling large sums such as property payments or international business transactions. In such cases, users can explore alternatives like Vance, which provides higher, clearer transfer limits.
Users handling very large amounts might prefer services like Vance, which offers more straightforward and higher daily transfer limits of GBP 400,000 in the UK and AED 140,000 in the UAE.
Revolut - Fees and Exchange Rates
When using Revolut for international money transfers, understanding fees and exchange rates is crucial in getting the most value. Revolut’s fees depend on the account type and the transfer destination.
1. Fees:
Standard Account: A flat fee of £3 applies for transfers outside the SEPA region, while same-currency transfers come with a 0.30% charge, capped at £5. After transferring more than £1,000 monthly, a 0.5% fee applies to further currency exchanges.
Premium and Metal Accounts: Premium users enjoy a 20% fee discount, while Metal users receive 40% off and have unlimited no-fee currency exchanges.
Weekend Surcharge: A 1% surcharge applies if transfers are made during weekends.
2. Exchange Rates:
Revolut uses the mid-market exchange rate with no hidden markups. However, transactions exceeding the monthly free exchange limit incur a 0.5% fair usage fee, and weekend transfers incur an additional 1% fee.
For users seeking a more predictable fee structure, Vance offers a flat £3 fee and exact Google rates without additional surcharges. This ensures competitive rates for all transfers, particularly small or frequent transactions.
Managing your Revolut Experience
Here are some tips to help you make the most of Revolut's features:
Plan your transfers: If you have a Standard account, aim to transfer during weekdays to avoid the 1% weekend surcharge and keep your transfers within the monthly limit to avoid additional conversion fees.
Use the right payment method: For smaller amounts or frequent transfers, upgrading to Premium or Metal may save you more in fees and offer greater flexibility.
Monitor exchange rates: Revolut offers the mid-market rate, but checking the rates before sending money can ensure you get the best possible deal.
About Vance
At Vance, we are solving banking for Global Citizens - the NRIs. For people who constantly hop around the globe, banking becomes increasingly complicated. Managing multiple accounts, paying obscene forex fees, and dealing with complex regulations are the norm. Our mission is to be the one-stop shop for all your financial needs worldwide. We’ve started by enabling our users to transfer money to India from the UK, UAE, and parts of Europe. Transfer money to a reliable network of banks, including the State Bank of India (SBI), HDFC Bank, Kotak Mahindra Bank, Yes Bank, and many more. Get £10 as a sign-up bonus instantly after completing your KYC verification, making your first transaction even more rewarding. The best part? Your first transfer with Vance is free!
In Conclusion
While Xoom is a powerful tool for sending money internationally, understanding its transaction limits is essential for ensuring smooth and efficient transfers. Considering these limits and options like Vance, which may offer greater flexibility, you can better optimise your transfers to suit your needs. Ultimately, the best service is the one that aligns with your specific requirements—whether it's limits, fees, or convenience.
This content is for general informational purposes only and should not be taken as financial, legal, or professional advice from Vance or its affiliates. While we strive for accuracy, the information may change over time. Vance makes no representations, warranties, or guarantees, whether express or implied, regarding the information's accuracy, completeness, or reliability. The comparison is based on publicly available data and is intended to assist users in making informed decisions. It is not a substitute for professional advice or consultation with financial experts. Please review your region's terms of use and product availability or visit the service provider's website for the latest pricing and service information.
FAQs
Q1. What are the daily and monthly transfer limits with Revolut?
Revolut’s daily limits depend on the account type. Standard accounts typically have a daily transfer limit of £1,000, while Premium and Metal users can send higher amounts, up to £5,000 or more. There are no fixed monthly limits, but exceeding the daily cap may require additional verification.
Q2. Are there different limits for personal and business Revolut accounts?
Yes, Revolut Business accounts have higher transfer limits than personal accounts. Business plans like Grow or Scale offer higher no-fee international transfers and currency exchange limits, making them suitable for larger transactions.
Q3. How can I increase my transfer limits on Revolut?
You can increase your transfer limits by upgrading to Premium or Metal plans, which allow higher daily caps. For very large transfers, Contacting Revolut support and providing additional verification may be necessary.
Q4. What are the limitations of international transfers with Revolut?
International transfers with Revolut vary by account type. There is a flat fee for transfers outside the SEPA region. Premium and Metal users get discounted fees, while Standard users pay around £3 per transfer. Some larger transfers may require custom limits or verification.
Q5. Do Revolut limits vary by country or region?
Yes, Revolut's limits can vary depending on local regulations in the region you're sending from or to. For example, Revolut has no fees for SEPA transfers, but transfers outside this region might incur additional fees or have lower limits.
Q6. Are there withdrawal limits when using Revolut for ATM access?
Revolut users have ATM withdrawal limits, which differ by account type. Standard users can withdraw up to £200 per month for free, while Premium and Metal users have higher free withdrawal limits.
Q7. What happens if I exceed my Revolut transfer limit in 2024?
If you exceed your Revolut transfer limits, the app may prompt you for additional identity verification or freeze your transaction temporarily until the limits are adjusted or approved by Revolut support.
Aayush is a strategic growth marketer with over 6 years of experience working in the US and European markets for various financial services companies. He has a proven track record of success in helping businesses grow, increase revenue, and improve marketing strategies.
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