Revolut digital banking platform explains how consumers can save on cross-border transfers
Digital banking platform Revolution notes in a blog post that, as you may already know, sending funds abroad with traditional banks can be quite expensive and very slow. The fees can be very high and transactions can often take at least several business days.
This is why Revolut and Fintech Unicorn Wise are âgame-changersâ. The Revolut team further noted that with personal accounts, overseas card spending (and other useful features) consumers can save “a ton of time and money.” Fintech companies are also making it “much cheaper and faster to send money abroad.”
However, Revolut asks what is the best way to send money overseas?
Continue to comment on exchange rates and fees for Revolut and Wise, the digital bank Noted that Revolut and Wise “apply very attractive exchange rates compared to traditional banks”.
Revolut and Wise “base their exchange rates on real-time data from third parties such as Reuters,” the Revolut team explained. They added that Wise uses the mid-market rate, “which is the midpoint between the current buy and sell prices of two currencies.”
The firm Fintech added:
âRevolut uses the real exchange rate. These are the buy and sell rates that they determined based on the forex market data feeds they consume from a range of different independent sources.
The company also mentioned:
âFor Revolut, there may also be additional charges for exotic currencies (UAH and THB) and currency exchanges over the weekend. The only times you’ll pay more than that for most international transfers is if you go over the fair use limit of Â£ 1,000 per month for a Standard or Plus account. Beyond that, 0.5% fees apply. You can avoid this altogether by switching to a Premium or Metal plan, which does not have fair usage limits for FX.
The Fintech company added that not only are they great for FX, but Revolut and Wise are also “great choices for sending money to people overseas, normally working cheaper and faster. traditional banks “.
And when it comes to transaction fees, both providers “offer similar rates”, however, where Revolut wins is “euro transfers to Europe – it’s completely free,” noted the society.
They also mentioned that for transfers in euros to Europe, Revolut does not charge “no transfer fees at all”.
For all other local currencies, Revolut “charges a one-time transfer fee of 0.3% for international transfers in most local currencies, such as USD, PLN, RON and many others.” The update also noted that this is “set at a minimum of Â£ 0.3 and a maximum of Â£ 5 for UK users (read more on our Fees page)”.
The Revolut team further noted that you can “avoid these fees by upgrading to Premium and Metal to get 1 and 3 free international transfers each month respectively.” They added that Wise, on the other hand, “also has variable fees and additional fixed fees. These fees tend to be slightly higher, like 0.35% for EUR or 0.39% for PLN.
The Revolut team also noted:
âFor both providers, intermediary banks may sometimes charge additional fees to receive the transfer. However, this only applies to a very few selected countries and banks and is beyond the control of Revolut or Wise. “
The firm Fintech added:
âIf you’re looking to get the cheapest overall rates for international transfers, Revolut is the big winner. If you were to send Â£ 1000 in some of the more popular currencies Revolut would cost you less every time. Bonus points if you send transfers in euros to Europe, as Revolut does not charge transfer fees.
The company pointed out that Revolut has “no hidden charges and offers attractive exchange rates, which makes sending money abroad cheap and easy.”