How to exchange currencies with Revolut

TEAM REVOLUT JAPAN

 · 09/26/2022  · 09/26/2022

When our founder first started Revolut, he frequently travelled abroad for business. So, he wanted to address the unnecessarily high fees when exchanging currencies.

With Revolut, you can exchange 30+ currencies at interbank rate with no admin fee. Let’s check out all the perks of exchanging currencies with Revolut.    

Note: Some fees apply for illiquid currencies such as Thai baht, all currencies on weekends when the currency exchange market is closed, and for Standard plan customers who have exceeded the monthly allowance.


Why should I use Revolut for currency exchange?

✅ Exchange at the interbank rate

There are two types of exchange rates: interbank rate and customer rate.  

The interbank rate is what’s set by financial institutions when swapping currencies. Customer rate is generally set at the interbank rate, plus commissions and other fees. As we use the interbank rate for our quotes, there’s no mark-up on the exchange rate, which helps you save money.

✅ No admin fee

You might use a credit card when shopping abroad. But, did you know most credit card companies charge around 1.6-2.2%(*1) as an admin fee, on top of mark-ups on the exchange rate?  Well, if you exchange currencies with the Revolut app prior to the card payment, there’s no admin fee. It’s an easy choice.

How can I exchange currencies with Revolut?

Let’s start buying foreign currencies

  1. Select the currency you want to buy from the ‘Accounts’ tab. You can find the available currencies by tapping the down-arrow next to the balanceTap ‘+New’ to add. The list is long, so you can also search by keyword
  2. Tap ‘+New’ to add. The list is long, so you can also search by keyword
  3. After you added the account, tap ‘[...]’ and select ‘Exchange’
  4. Check the current exchange rate in the upper left corner. (You can tap the rate and open the chart)
  5. Enter the amount you want to buy either in JPY or in other currency
    (JPY amount is shown in minus [-] and other currency in plus [+])
  6. Confirm the amount and exchange rate, then tap ‘Buy’
    Important: the default is Market Order(*2), which you buy immediately at the current rate. If you want to specify the price, select ‘Limit order’ or ‘Stop order’(*3) in the upper right corner.
  7. Currency bought! Now you can use this currency for card payments or overseas ATM withdrawals. To see the exact rate applied, tap the item in ‘Transactions’

Selling foreign currencies

You can use the foreign currencies for shopping without conversion. But if you want to exchange back to JPY or use that currency to buy others, you can also sell. (Note the exchange gain can’t be used for cash withdrawal or transfer at the moment).

  1. Select the currency you want to sell from the ‘Accounts’ tab You can find the available currencies by tapping the down-arrow next to your balance
  2. Tap ’[...]’ and select ‘Exchange’
  3. Check the current exchange rate in the upper left corner. (You can tap the rate and open the chart)
  4. Enter the amount you want to sell either in JPY or in another currency
    (If you're exchanging back to JPY,  the JPY amount is shown in minus [-] and other currency in plus [+])
  5. Confirm the amount and exchange rate, then tap Sell
    Important: the default is Market Order, which you sell immediately at the current rate. If you want to specify the price, select ‘Limit order’ or ‘Stop order’ in the upper right corner
  6. Currency sold! To see the exact rate applied, tap the item in transactions

You can check the balance of each account by tapping the down-arrow next to balance, selecting ‘All accounts,’ and tapping the right icon.


(*1) Administration fees of credit card companies (as of 2022.8)


Visa

Master

JCB

AMEX

Source

Rakuten Card

1.63%

1.63%

1.60%

2.00%

https://www.rakuten-card.co.jp/overseas/payment/

Saison Card

2.20%

2.20%

2.15%

2.00%

https://www.saisoncard.co.jp/guide/gu002.html

Orico Card

2.20%

2.20%

1.60%


https://orico-faq.custhelp.com/app/answers/detail/a_id/193/c/68

Aeon Card

1.60%

1.60%

1.60%


https://www.aeonbank.co.jp/aeoncard/use/shopping_w/

Nicos Card

2.20%

2.20%



https://www.cr.mufg.jp/nicos/service/payment/abroad/index.html

Jaccs Card

2.20%

2.20%

1.60%


https://faq.jaccs.co.jp/faq_detail.html?id=19&category=623&page=1


(*2) Market Order
Market order is used when you want to buy or sell immediately at the current price without specifying the price.  

(*3) Limit Order / Stop Order
Limit order is used when you want to buy or sell at a specified price or better.  For buys, it’s at a price equal to or lower than the specified price. For sells, it’s at a price equal to or higher.

Stop order is used when you want to buy or sell at market price once the currency is traded at the specified price or worse.  (Unlike a limit order, it’s a trigger price and does not guarantee it’ll be executed at the specified price.)  For buys, order is placed when the trade price is equal to or higher than the specified price, and for sells when the price is equal to or lower.