Mastering Revolut: A Seamless Guide to Transferring Funds to Your Bank Account

Want to move funds from your Revolut account to your traditional bank account? It’s a surprisingly straightforward process. The core steps involve opening your Revolut app, selecting the currency and amount you wish to transfer, adding your bank account details (if you haven’t already), and confirming the transaction. Let’s break down each step for a smooth and stress-free experience.

The Anatomy of a Revolut Transfer: Step-by-Step

Transferring money from Revolut to your bank account is designed to be intuitive. However, a clear understanding of the process will ensure a smooth transaction every time. Here’s a detailed breakdown:

1. Open the Revolut App: This is the gateway to your financial universe within Revolut. Ensure you’re logged in securely.

2. Navigate to ‘Transfers’: Look for the ‘Transfers’ icon, typically located at the bottom of the app’s main screen. It usually resembles two arrows pointing in opposite directions. Tap it to initiate the transfer process.

3. Select ‘Send’: Within the ‘Transfers’ section, choose the ‘Send’ option. This specifies that you’re sending money out of your Revolut account.

4. Choose ‘Bank Account’: You’ll be presented with various sending options. Select ‘Bank Account’ to transfer the funds to an external banking institution.

5. Add a Beneficiary (If Necessary): If you haven’t transferred to this bank account before, you’ll need to add it as a beneficiary. This involves providing the recipient’s full name, bank name, account number (or IBAN, for international transfers), and potentially the bank’s SWIFT/BIC code. Accuracy is paramount here, as incorrect details can lead to delays or even lost funds. Double-check everything!

6. Enter the Amount: Specify the amount you wish to transfer from your Revolut account to the selected bank account. Be mindful of any minimum or maximum transfer limits that Revolut may impose.

7. Select Currency (If Applicable): If you’re holding funds in multiple currencies within your Revolut account, choose the currency you want to send. Revolut will handle the currency conversion, if needed, at the prevailing exchange rate (which is typically very competitive).

8. Review the Details: Carefully review all the details of the transfer before confirming. This includes the recipient’s name, bank account details, the amount being transferred, the currency, and any applicable fees.

9. Confirm the Transfer: Once you’re confident that all the information is correct, confirm the transfer. You may be prompted to authenticate the transaction using your Revolut PIN, fingerprint, or facial recognition, depending on your security settings.

10. Track Your Transfer: After confirmation, Revolut will provide you with a confirmation screen and often a tracking number or estimated arrival time. You can monitor the status of your transfer within the Revolut app.

Understanding Transfer Times and Fees

Transfer times vary depending on several factors, including the destination bank, the currency being transferred, and whether the transfer is domestic or international. Domestic transfers within the same country usually arrive within 1-2 business days. International transfers can take longer, typically 3-5 business days.

Fees associated with transferring money from Revolut to your bank account are generally low, especially for standard transfers within your currency allowance. However, exceeding your allowance or making international transfers can incur fees. These fees are usually transparently displayed before you confirm the transfer. Always check the breakdown to avoid surprises.

Revolut Transfer FAQs: Your Burning Questions Answered

Here are some frequently asked questions to further clarify the process and address common concerns:

1. What Information Do I Need to Add a Bank Account as a Beneficiary?

You’ll typically need the recipient’s full name, bank name, account number (or IBAN for international transfers), and the bank’s SWIFT/BIC code. It is crucial to provide accurate information to avoid any delays or complications with the transfer.

2. How Long Does a Revolut Transfer to a Bank Account Usually Take?

Domestic transfers generally take 1-2 business days. International transfers can take 3-5 business days or longer, depending on the destination country and banking regulations.

3. Are There Any Fees for Transferring Money from Revolut to My Bank Account?

Revolut offers a certain amount of fee-free transfers each month depending on your plan. Standard transfers within your currency allowance are usually free. International transfers or exceeding your allowance may incur fees. Check the app for specific fee details.

4. What is the Maximum Amount I Can Transfer from Revolut to My Bank Account?

The transfer limit depends on your Revolut plan and your verification level. Higher plans typically have higher limits. Check your Revolut account settings for your specific limits. You may need to verify your identity further to increase your transfer limits.

5. Can I Transfer Money to Any Bank Account in the World?

While Revolut supports a wide range of countries and currencies, there might be restrictions on transfers to certain countries or banks. Check the Revolut app for a list of supported countries and currencies before initiating a transfer.

6. What Happens If I Enter the Wrong Bank Account Details?

If you enter incorrect bank account details, the transfer may be delayed or returned to your Revolut account. In some cases, the funds could be irrecoverable. Always double-check the recipient’s details before confirming the transfer. Contact Revolut support immediately if you suspect you’ve made an error.

7. How Do I Cancel a Transfer from Revolut to My Bank Account?

You can only cancel a transfer if it’s still in the “pending” state. Once the transfer has been processed, it cannot be canceled. Check the transfer status in the app and look for a “cancel” option if available.

8. What is a SWIFT/BIC Code, and Why Do I Need It?

A SWIFT/BIC code is a unique identifier for a bank, primarily used for international transfers. It’s essential for routing your funds to the correct bank when transferring money across borders.

9. How Do I Find My Bank’s SWIFT/BIC Code?

You can usually find your bank’s SWIFT/BIC code on your bank statement, through your bank’s website, or by contacting your bank directly.

10. Is It Safe to Transfer Money from Revolut to My Bank Account?

Revolut employs various security measures to protect your funds, including encryption, two-factor authentication, and fraud monitoring. As long as you keep your account secure and follow best practices, transferring money from Revolut is generally safe.

11. Can I Transfer Money from Revolut to a Bank Account in a Different Currency?

Yes, Revolut allows you to transfer money to bank accounts in different currencies. Revolut will automatically convert the funds at the prevailing exchange rate. Be aware of potential currency conversion fees.

12. What Should I Do If My Revolut Transfer is Delayed or Not Received?

First, check the transfer status within the Revolut app. If the transfer is delayed, contact Revolut support for assistance. Provide them with the transfer details and any relevant information to help them investigate the issue. It’s also a good idea to contact the recipient bank to inquire about the status of the incoming transfer.

By understanding these steps and frequently asked questions, you can confidently navigate the process of transferring money from Revolut to your bank account and leverage the convenience and efficiency that Revolut offers. Happy transferring!