How To Transfer Money from Revolut to My Bank Account?
Sending money home or anywhere else? Revolut has got your back, even to your bank account. Wondering how to transfer money from Revolut to my bank account. This FinTech company makes money transfers as easy as a tap on your smartphone.
In fact, Revolut works as a smooth bridge to financial freedom. You can just transfer money from the digital world to your bank account in just a few steps. This article will explain how to transfer from Revolut to bank account.
Can I Transfer Money from Revolut to My Bank Account?
Yes, you can transfer money from your Revolut account to your linked bank account. Revolut allows users to transfer funds between their Revolut accounts and external bank accounts. It makes managing your finances easier.
You might also be interested in reading: Transfer Money From PayPal To Revolut: Step By Step Guide
How to Transfer Money from Revolut to Your Bank Account?
Without further ado, let’s get into the step-by-step process of transferring money from a Revolut account to a bank account.
Step 1: Open the Revolut App
Start by opening the Revolut app on your mobile device. Ensure that you have logged in to your Revolut account with your credentials. If you haven’t opened a Revolut account yet, follow the steps below.
How to Open a Revolut account?
1] Open the Revolut app.
2] Sign up with your phone number and email address.
3] Provide personal information, such as full name, date of birth, and address.
4] Set up a strong password.
5] Next, select which type of account you want – personal or business.
6] Verify your identity by uploading a photo ID, passport, or driver’s license.
If extra verification is needed, the verification process might take a few minutes or more. Now, link your bank card so that you can fund your new Revolut account. And your Revolut account is ready to make any transactions.
Step 2: Initiate a Transfer
To initiate a transfer from Revolut to your bank account,
1] Tap on the “Transfer” button located at the bottom center of the Revolut home screen.
2] Tap “+New” to transfer your money from Revolut to your bank account.
3] Once you do so, you will find a list of drop-down menus where you want to transfer money.
Step 3: Select Recipient
Choose or add the recipient for the transfer. Here, you will need to specify your bank account details. This typically includes the account number, sort code (applicable in the UK), IBAN (applicable in Europe), etc.
Since you are adding yourself as a payee, provide the information below and add your bank account as the recipient.
1] Select the country of the recipient’s bank and currency.
2] Choose the account number.
3] Enter your name and email address.
4] Click on the blue arrow button.
5] Now, provide your address as you are the recipient.
6] Click “Add beneficiary” to add your bank account to Revolut account.
Step 4: Enter Amount
Enter the amount you want to transfer from your Revolut account to your bank account. This will show when the amount will arrive in your bank account. It would take 2 to 3 business days.
Step 5: Review Transactions and Send Money
Review the details of the transfer to ensure they are accurate. Once you are satisfied, confirm the transaction. Click the “Send” button.
Step 6: Security Verification
Revolut will ask you to enter your passcode or use your face ID to confirm the transaction for added security.
Step 7: Transaction Confirmation
After confirming the transaction, you typically receive a confirmation message indicating the transfer has been initiated. The money will now begin the process of transferring to your bank account.
Step 8: Check Your Bank Account
The time it takes for the money to appear in your bank account can vary depending on your bank and location. The transfer should be completed within 2-3 business days. Check your bank account to confirm when the funds have been successfully transferred.
You might also be interested in reading: Can You Send Money to Yourself with PayPal Credit?
How Else to Send Money from Revolut?
Revolut makes managing your money more convenient on a global scale than ever before. It offers several convenient ways to send money to individuals and businesses domestically and internationally.
Here are some other ways you can send money from Revolut;
Peer-to-Peer (P2P) Transfers
Revolut allows you to send money directly to other Revolut users. This can be done using their phone number or Revolut username. P2P transfers are typically instantaneous and free of charge.
Debit Card
You can link your Revolut account to other debit or credit cards. Then, you can top up your Revolut balance by making payments from those cards. This can be useful for adding funds to your Revolut account when needed.
Group Bills
Revolut allows you to create group bills for shared expenses. This makes it easier to track who owes what in a group setting. You can settle group bills within the Revolut app. Here is how to create groups on Revolut;
1] Click on the “Transfer” tab
2] Tap on the “+ New” button
3] Select “Group”
4] Choose your Revolut friends or contacts and tap “Continue.”
Payment Links
Revolut allows you to create payment links to share with others. The recipient can click on the link and make a payment to your Revolut account. Payment links can be customized with specific amounts and descriptions.
How Much Does It Cost to Transfer Money from Revolut?
Transferring money from Revolut can vary depending on several factors. This includes the type of transfer, the currency involved, and the recipient’s bank or location. They don’t charge an exchange fee for currency conversions.
- Instant Transfer: Sending money to other Revolut users worldwide is free.
- Bank Transfer: The transfer money from Revolut to bank account fee is 1% of the transfer value. The minimum transfer fee is USD $1.
- Card Transfer: Sending money to a card account is 3% of the transfer value. The minimum fee is USD $1.
How to Receive Money to Revolut from a Bank Account?
You can receive money from Revolute by adding money to it via bank transfer. The process is straightforward. Follow the steps below to add money to your Revolut account from your bank account.
1] Open the Revolut app.
2] Navigate to the home screen.
3] Click on “+ Add Money.”
4] Choose the currency in which you want to receive money.
5] Click “Change” and scroll down.
5] Choose “Regular Bank Transfer.”
How to Withdraw Money from Revolut?
The easiest way to withdraw money from Revolut is by bank transfer. You can link a bank account and withdraw money. Above, we have discussed how you can transfer money to a bank account.
Also, you can withdraw money from ATMs using your Revolut card. Use Revolut cards at ATMs that support international cards such as Visa or MasterCard. Make sure not to choose conversion during a transaction to avoid extra charges.
How Much Does It Cost to Withdraw Money Revolut Funds from an ATM?
While withdrawing money from an ATM, you may have to pay two types of fees – by Revolut and by the ATM owner.
Fees Charged by Revolut and Limits
Conversion fees
If you withdraw money from an ATM in a currency different than your wallet, you’ll be charged a conversion fee. The conversion includes weekend and exchange fees above your free conversion limits.
On weekdays (between 6 PM New York time on Sunday and 5 PM New York time on Friday), you’ll not be charged any fees if applied within your plan’s fair usage limit.
On weekends (between 5 PM New York time on Friday and 6 PM New York time on Sunday), you’ll be charged a 1% fee regardless of your plan. If Standard customers exceed the limit, you’ll be charged an additional 1% fee per exchange.
However, the Plus customers will be charged a reduced 0.5% fee. You can check the remaining allowance at any time. Simply go to the Profile section under your current price plan.
ATM Withdrawal Limit
Revolt doesn’t charge for withdrawing money from an ATM using a Revolut card until you don’t hit the limits of your plan. After you cross the limit, you’ll be charged a small fee.
Fees Charged by the ATM Owner
Currency conversion
While withdrawing from an ATM, you’ll get the option to withdraw money in a non-local currency. If you choose a non-local currency, the ATM owner will charge their exchange rate and an extra fee. This currency conversion is known as Dynamic Currency Conversion (DCC).
Surcharge Fee
The ATM owner may charge you an access fee for using their ATM. This fee is called a surcharge fee. The ATM owner determines the surcharge fee. However, Revolut doesn’t charge a surcharge fee for their over 55,000+ in-network Allpoint ATMs.
Final Thoughts
Hope you no longer have to wonder how to transfer money from Revolut to my bank account. We have clearly explained how easily you can transfer money from your Revolut to your bank account. Be sure to follow the steps for the most accurate guidance.
