By now, you would have received an email or an in-app notification informing you of the new fees we've introduced to international transfers.
If you regularly send money overseas - whether to friends or family - you'll find the information in this post relevant.
Does it matter if it's a cross-border transfer or a SWIFT transfer?
Yes. Each type of transfer is different (more on that later) in that they deal with the currency you send and to where. Depending on the type of transfer, the fees you pay will also be different.
What are the fees involved?
With immediate effect, Revolut will charge our customers a small fee for performing international transfers. Premium customers get 1 fee-free cross-border transfer a month, Metal customers, unlimited. (See price plan)
For cross-border transfers, customers will pay 0.3% of the amount sent, pegged to a minimum of S$0.30 and a maximum of S$9.
For SWIFT transfers, customers will pay S$5 to send USD, GBP, EUR, and CHF. For other supported currencies, the fee will be S$9.
Okay! I'll just choose to do only cross-border transfers then
A cross-border transfer is defined as you sending a currency that matches your recipient's location. Example, USD to USA, MYR to Malaysia, PHP to the Philippines.
A SWIFT transfer is defined as you sending a currency that is different to your recipient's location. Example, USD to Australia, EUR to the UK, and CAD to New Zealand.
How do I know if I'm being charged the correct fees?
The Revolut app automatically works out the fees you will pay for each transfer. Before you confirm your transfer, you'll get to review the payment breakdown.
Is Revolut still the best for international money transfers then?
If you compare our fees against those charged by our competitors, you'll find that we are one of the lowest in the market. Plus, you will continue to enjoy interbank rates for currency exchanges. You should always do your research and compare fees and prices to ensure you're getting the best bang for your buck. With Revolut's new "Review Transfer" page, you'll see just how transparent our pricing is.
Want more details? Check out the video walkthrough below:
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