Revolut is a great alternative when you prefer to avoid hidden charges and fees. It can also be a user-friendly tool for financial transactions anywhere you are. Additionally, Revolut is an innovative banking and currency exchange company that utilises a state of the are mobile application and several useful features. The provider offers a broad range of money transfer and other services to both individuals and businesses.

This review is designed to explain the different pros and cons as well as the quality of service that the company provides. We focus on getting the most significant information that you must know in utilising this money transfer provider for your needs. If you want to take a look at our list of providers, CHECK HERE.

Company Information

To check how credible and determine their position in the money transfer industry, let’s take a look at the background company information of Revolut.

Company Size

Revolut was established by CEO Nikolay Storonsko and CTO Vlad Yatsenko and is perceived as the most agile FinTech’s to hit the market. Its CEO is famous in the FinTech space, making noise in the public and striving to promote the growth of Revolut. Before the set-off of Revolut, Nicolay was previously a forex trader at Credit Suisse while its CTO Vlad Yatsenko has extensive experience in developing payment networks for tier 1 banks.

Moreover, among the new FinTech’s to set off for the last 5 years, Revolut has grown to an exemplary phase. It has acquired more than 6 million clients. This number is even more as compared to TransferWise. The company is not just targeting on propelling customers alone. They have launched a money transfer service as well as other services that are offered available on their website.

Regulatory Compliance

Revolut was able to secure a Specialised Bank license from the European Central Bank, facilitated by the Bank of Lithuania. It doesn’t carry a full-range bank licence, that enables them to offer investment services. It also licenses by the Bank of Lithuania is an Electronic Money Institution.

Pros and Cons

Pros

  • A very broad array of banking and money transfer services
  • Offers a Revolut card for international spending
  • Advanced mobile app and features
  • User-friendly app
  • Competitive exchange rates
  • Best exchange rates
  • Additional crypto functionality

Cons

  • Certain transactions are not free of charges
  • You will need a “Premium” current account which will costs £6.99 a month to obtain some services
  • Though business plans start at £25 a month it can go up to £1,000 a month
  • Refund is slow and dependent on the scheme
  • Strangely slow customer service
  • Problems with blocked accounts

Revolut Reach and Coverage

Revolut serves approximately 20,000 businesses. In extension to multi-currency accounts, they also offer fast international money transfers for :

  1. Businesses
  2. Corporate cards
  3. Accounting software and platform integration
  4. Instant settlements and expense reports

Furthermore, they have managed more than 125 million transactions that are worth over £14 billion. They conclude to assist and support customers in saving over £740 million in fees. Revolut is accessible to residents in the following countries:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom.

How Does Revolut Works?

  • Download The Revolut Mobile App from apple app store and google play
  • Register and Verify Your Account
  • Select the services you need from Revolut
  • Choose the currencies that you want to exchange money between
  • Revolut converts the money and sends it to the recipient

Other Money Transfer Providers

You can check more of the money transfer companies HERE.

TorFX

TorFX allows you to register as in individual or business. It offers no fees for personal transfers and can provide scheduled transfers. It also allows stop-loss orders, forward contracts and limit orders. They are great to travel money solutions offered in the UK. They do not have cash pickups and multilingual website.

Advantages
  • Individuals and Businesses can register
  • No fees for personal transfers
  • Offers forward contracts
  • Offers limit orders
  • Allows stop and loss orders
  • Lets you schedule your transfers
Disadvantages
  • Physical presence is only to Australia and inside the UK
  • Cash pickup is not available

TransferWise

They serve individuals, businesses and online sellers. You can take advantage of their Borderless Account to hold funds in up to 27 currencies. The cost of a transfer depends on the currencies concerned, the transfer amount, and the payment mode.

Advantages
  •  Open to serve individuas, businesses, and online sellers
  •  Simple and easy sign up through your Facebook or Google account
  •  Based in the UK
  • Offices available in the U.S., Estonia, Ukraine, Hungary, Australia, Hong Kong, and Singapore
  •  Contains dedicated multilingual websites
  •  Allows local phone support in some locations
  •  Takes credit card payments from citizens of some countries
  •  Hold funds in up to 27 currencies utilising the Borderless Account
Disadvantages
  • Does not offer forward contracts, market orders, or scheduled transfers
  • Its a peer to peer networks it does not support other countries
  • Transfer fee depends on the currencies concerned
  • Sum being transferred, and the method of payment
  • No cash pickup centres

CurrencyFair

You can register as an individual or a business. They allow scheduled transfers and offers a low transfer amount of €8. The transfer fee includes €3 plus 0.35% of the transfer amount.

Advantages
  • Allows you to register as an individual or a business
  •  Main office is in Ireland
  • Offices in the UK and Australia
  • You can access the website in several languages
  • Allows you to transfer as little as €8
  • Allows you to set a date for your transfers
Disadvantages
  •  No service available in all American states
  •  Do not offer forward contracts or market orders
  •  0.35% of the transferred amount has to be paid plus €3 as fees
  •  No cash pickup centres

WorldRemit

WorldRemit allows you to transfer money to the cash pickup location or bank accounts. Their website is available in several languages. They have low minimum transfer amounting to £1.

Advantages
  • Offers local phone support in some countries they cater to
  • Transfer as little as £1
  • Allows you to pa through your credit card
  • You can access websites in different languages
  • Transfer funds to bank accounts or cash pickup centres
  • Top off mobile wallets and airtime
  • Company headquarters is in the UK
  • Available offices in the U.S., Canada, Japan, Australia, and New Zealand
Disadvantages
  • Accepts only individuals and not businesses
  • Desired transfer method may affect sending limits
  • Your country of residence might affect the amount that you can send
  • The currencies concerned affect the costs
  • , Mode of payment and the transfer method affect your transfer costs

Frontierpay

The company provides scheduled transfers, market orders, and forward contracts. Their personal transfers are free of charge. The minimum amount you can transfer is at £500.

Advantages
  • Individuals and businesses can sign-up
  • Allows customers access to personal dealers
  • No fees for personal transfers
  • Provides forward contracts, market orders, and scheduled transfers
  • You can start your transfer online or over the phone
Disadvantages
  • Only international office in Singapore
  • No translations in their website (language in English)
  • Minimum transfer is £500
  • No cash pickup centres

XE

XE is one of the big brands in terms of money transfers. They do not impose charges on personal transfers and hedge funds using limit orders.

Advantages
  • Individuals and businesses can sign-up
  • Websites available in different languages for the UK, the U.S., Canada, Australia, and New Zealand
  • Company is based in Canada
  • Offices in the U.S. and the UK
  • No fees for personal transfers
  • Allows you to choose from spot transfers and limit orders
Disadvantages
  • No cash pickup centres
  • Cannot set desired date or schedule for your transfers

FAQs On Money Transfers

How does International Money Transfer work

If you wish to transfer money straight from your UK bank account, you can do so through your bank’s online banking platform. You will need to provide additional information, including the following:

  • The name and address and the destination country of the recipient of the money
  • The bank account number of the sender and the international bank account number
  • You will need to state the amount you wish to transfer, currency to which the money is to be converted.
  • Specify the party to settle the fees. Is it to be paid fully by the recipient or you or by both of you?

With this guide, you can now easily, cheaply and conveniently send money overseas stress-free. If you do not know yet how to go about it, you can contact an experienced Moneycorp expert on TorFX Currency Transfer or online money transfer service to help you.

Are All Companies that transfer Money Regulated by the Financial Conduct Authority (FCA)?

While all UK-based firms providing overseas money transfers are authorized by the Financial Conduct Authority, it is important to check with their official website to know whether or not the provider you are about to enlist is an authorized member.

Is it Possible to Negotiate an Exchange Rate Now and Transfer Money Later?

Yes, you can lock in today’s exchange rate to be sued later to transfer money abroad. This can be done through a forward contract in which you agree on a given exchange rate to be used at a future date usually up to 12 months from the date of the agreement. This arrangement is usually good since currency movements are volatile and you stand a risk of losing your money when the wave tilts against you.

This helps you avoid the risk of paying higher costs by agreeing with your currency broker to fix a rate that you can use when making a payment in the future. Be sure to ask your providers or online places such as TransferWise, Azimo or OFX Overseas if they have a rate-alert service to help you make quick decisions in advance.

How long does it take for Money to Hit a Foreign Account?

Foreign exchange brokers are known to offer the fastest ways of transferring money overseas. They can help you send money so that your recipient gets it the same day or the following day. As for street banks, this could take a few days (between 4-6 days) for the recipient to receive. However, banks also offer expedited services at an extra cost.

Which is the cheapest Option, a business money transfers or a bank?

Typically, business money transfers are less costly compared to banks. Banks tend to offer lower exchange rates besides the additional charges such as commissions, administration. Therefore, it is good to always check and compare banks as well as currency brokers to see which ones offer favourable exchange rates and lower fees.

How Do I check the best Deals for International Money Transfers?

Everybody is interested in ways to cut on cost and increase the overall benefits, so you can compare money transfer services using some of the online platforms and tools such as FXcompared, XE.com, Currencies Direct and Finance.co.uk where you can see and choose the most competitive quotes. By providing the details about the currency and the destination, you can find a custom-made quote that suits your specific needs.