With more than 15 million users and supporting more than 35 currencies, Revolut is making a true revolution. With that much going on, this fintech company is the best digital-only full-form bank right now, working across the globe. However, as Revolut offers a ton of in-app features, regarding financial services, figuring out a particular one can be overwhelming.
One of the primary concerns across the Revolut users that has been around ever since for new users is cross-currency transfers. So, if you’re wondering how to make a payment in foreign currency with Revolut, you’re not alone. Hence, we’ll get through the process today in this article and put an end to this dilemma.
Let’s see how you can transfer money in different currencies using your Revolut account without complications.
Is Revolut Safe For International Transactions?
Simply put, Revolut is one of the most secure payment systems with a significant security system in the world. Their anti online card fraud technology is even better than high street banks. As of the quick transaction, Revolut gets the money through in no time, given that there are conversions to make in international payment.
In fact, you can set a base currency for your Revolut bank account and withdraw in other currencies in foreign ATMs. If you send money to another country or currency other than yours, Revolut gets it there just fine. Besides, Revolut does this foreign currency transaction with utmost safety measurements, they’re also authorized by FCA UK for that.
How to add money to Revolut
Before you can send money abroad using Revolut, you must have a Revolut account with money in it. Let’s see how to add money to Revolut account or card to spend or send it in another country or currency:
Use Bank account or Card to add money
You can use a local bank account, credit, or debit card to add money (top-up) to your Revolut account. Here are the steps you’d follow:
Step 1: Log into your Revolut account and navigate to the “Accounts” tab to find the card or bank account.
Step 2: Click on the “Add” button and that will take you to an interface to put in all your financial info whether it’s bank or card.
Step 3: Once you have all the info in, add the money to your Revolut account by clicking the “Add Money” button.
Since you get prepaid multi-currency card(s) with the Revolut account, the amount you’re adding is one time. And the best part is, you have full control over the physical card (or virtual) from freezing transactions to limiting the spending.
How To Make A Payment In Foreign Currency With Revolut
Making an international transaction with Revolut is as easy as sending money within the same country. Revolut has multiple banking partners to take care of the conversions and transactions across countries and currencies.
1. Paying directly from Revolut account
Here is how to make a payment in foreign currency with Revolut account once you have your Revolut bank account ready:
Step 1: Open up the Revolut banking app on your phone or log into your account from the Revolut homepage.
Step 2: If you don’t have a balance to spend or send already, you can top up as much as you want to send off.
Step 3: Add your bank account or card and top up your desired amount to your Revolut account.
Step 4: Once the money is in your Revolut account, go to the “Payments” tab in the Rvolut app or their web interface.
Step 5: Input the amount you’re trying to transfer, followed by your currency as well as the destination country.
Step 6: For the last step, add your beneficiary account details, and tap on send money to begin the transaction.
2. Paying while buying an item online
If you’re paying for an item online and using Revolut as your payment method, here is how you do that:
- First, if you want to pay with a distinct Revolut card, set up the amount and name it as you want.
- Now, go to the online store or the vendor’s website you’re shopping from and go for card payment.
- Here, choose the card type (Mastercard/Visa) you have on your Revolut account accordingly.
- Now fill up the card details as you have got on Revolut app or previously set up for a specific use (in case of VCC).
- The payment will draw the money from your Revolut account and do the transaction, conversion, and others, all automatically.
Is Revolut the Best Way to Pay Abroad?
Paying or sending money abroad can be an easy thing if you choose Revolut as your payment method. Depending on the type of account you’re holding, you can even earn rewards in a fun way. Besides, since Revolut gives you the ability to exchange currencies effortlessly, you can pay across borders using all the major currencies.
If you have something to buy from another country, it can be super easy if you choose Revolut as your payment getaway. Not just that, if you’re traveling abroad and doing some shopping, you can use your Revolut prepaid card to pay in stores. Besides, as you have the option to virtual card generation service, paying online can be anonymous.
However, international transfer limit abroad with Revolut as such:
|To do what||Charges you’ll get|
|Delivery charges||Revolut app will add that depending on the vendor you’re using|
|Physical Revolut card||£5 with savings for Revolut Premium (Metal customers)|
|International non-Revolut transfer||0.3% Revolut international transfer fee of the amount (same currency) and $4 for USD, GBP, Swiss Francs or Euros. $6 for other currencies.|
|ATM withdrawal||Free (up to 5 withdrawals per month) for up to £200. 2% thereafter.|
|Spending abroad||Free up to £1000, per month and 5% thereafter.|
|Foreign exchange rate||Foreign currency exchange rates will apply on the weekend (effective from Monday to Friday). Revolut uses interbank exchange rate in supported currency bank transfer.|
You can have a look at this full list of fees and charges on Revolut’s official legal disclosure.
Now that you know how to make a payment in foreign currency with Revolut, you should be able to go abroad worry-free. Keep in mind that you cannot go beyond £200 of ATM withdrawal abroad if you’re not willing to pay a 2% charge afterward. However, with payments, it’s way more than £200, and faster to do the transactions as well. Best of luck with your Revolut account and spending abroad with it.