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Mastering Revolut Withdrawals: Your Ultimate Guide

Withdrawing funds from your Revolut account is a straightforward process, offering multiple convenient methods. You can transfer money to your linked bank account, withdraw cash from ATMs, or send funds to another Revolut user. The best method for you depends on your individual needs and circumstances, but rest assured, Revolut offers flexibility.

Unveiling the Withdrawal Methods: A Deep Dive

Revolut, the financial super-app, has revolutionized how we manage and move our money. But what good is having funds if you can’t access them when you need them? Fortunately, Revolut provides several pathways to withdraw your hard-earned cash. Let’s explore them in detail:

1. Bank Transfers: The Digital Backbone

This is arguably the most common and often the most cost-effective method for withdrawing funds from Revolut. It involves transferring the money directly from your Revolut account to a bank account that you have already linked.

How it works: Open your Revolut app, navigate to the “Transfer” section, select “Send to Bank Account,” choose the linked bank account you want to use (or add a new one if necessary), enter the amount you want to withdraw, and confirm the transaction.
Key advantages: Generally fee-free (depending on your Revolut plan and currency), secure, and ideal for larger sums of money.
Considerations: Processing times can vary from a few hours to a couple of business days, depending on your bank and location. Double-check the account details to avoid errors, as incorrect information can lead to delays or even lost funds.

2. ATM Withdrawals: Cash in Hand

Sometimes, you need physical cash, and that’s where ATM withdrawals come in. Revolut allows you to withdraw cash from ATMs worldwide, although certain limits and fees may apply.

How it works: Locate an ATM that accepts your Revolut card (typically a Visa or Mastercard), insert your card, enter your PIN, select “Withdrawal,” choose the amount you want to withdraw, and take your cash and card.
Key advantages: Immediate access to cash, convenient for smaller amounts, and useful in situations where card payments are not accepted.
Considerations: Fees may apply depending on your Revolut plan and the ATM operator. Free ATM withdrawals are usually capped at a certain amount per month, after which a fee is charged. Be mindful of your daily withdrawal limits, which can be adjusted in the app. Security is paramount: always cover the keypad when entering your PIN and be aware of your surroundings.

3. Revolut to Revolut Transfers: Instant Peer-to-Peer

This method is perfect for transferring funds to friends, family, or anyone else who uses Revolut. Transfers are typically instant and free, making it a convenient way to split bills, send gifts, or lend money.

How it works: Open your Revolut app, navigate to the “Transfer” section, select “Send to a Revolut User,” find the recipient by their phone number, username, or Revolut tag, enter the amount you want to send, and confirm the transaction.
Key advantages: Instant transfers, no fees (generally), and easy to use.
Considerations: Both sender and recipient must have Revolut accounts.

4. Payment Links: A Novel Approach

Revolut allows you to create payment links. You can send this link to anyone (even if they don’t have Revolut) and they can pay you via credit or debit card. This can act as a ‘withdrawal’ if someone is paying you money owed, effectively allowing you to cash out.

How it Works: Within the app, create a payment link specifying the amount. Share this link via email, text, or any messaging app. The recipient clicks the link and enters their card details. The funds are then credited to your Revolut account.
Key Advantages: Allows non-Revolut users to easily pay you, acting as an indirect withdrawal method. Useful for freelancers or those selling items online.
Considerations: Fees may apply depending on the type of card used by the payer. Some users may be wary of clicking on unknown links, so ensure the recipient trusts the source.

Navigating Fees and Limits: Knowledge is Power

Understanding the fees and limits associated with Revolut withdrawals is crucial for maximizing your savings and avoiding unexpected charges. These fees and limits can vary depending on your Revolut plan (Standard, Plus, Premium, Metal, Ultra) and your location.

ATM Withdrawal Limits: Revolut typically imposes daily and monthly ATM withdrawal limits. These limits are often tiered based on your plan, with higher tiers offering more generous allowances.
Currency Exchange Fees: If you’re withdrawing funds in a currency different from the one held in your Revolut account, currency exchange fees may apply. Revolut offers competitive exchange rates, but it’s always wise to check the current rates before making a transaction.
Third-Party Fees: Be aware that some ATM operators may charge their own fees for withdrawals, regardless of your Revolut plan. These fees are usually displayed on the ATM screen before you complete the transaction.

Troubleshooting Common Issues: Be Prepared

Even with a user-friendly platform like Revolut, occasional issues can arise during withdrawals. Here are some common problems and their potential solutions:

Transaction Declined: This could be due to insufficient funds, exceeding your withdrawal limits, or a security issue. Check your account balance, adjust your limits in the app, or contact Revolut support.
Delayed Transfer: Bank transfers can sometimes take longer than expected. Check the estimated processing time, and if the delay persists, contact your bank and Revolut support for assistance.
Card Not Accepted at ATM: Ensure that the ATM accepts your Revolut card (Visa or Mastercard). If the card is still not accepted, try a different ATM or contact Revolut support.

Frequently Asked Questions (FAQs): Your Burning Questions Answered

Here are some of the most frequently asked questions about withdrawing money from Revolut:

1. What is the daily ATM withdrawal limit on Revolut?

The daily ATM withdrawal limit varies depending on your Revolut plan and location. You can find the specific limits for your account in the Revolut app under “Profile” -> “Security” -> “Limits”.

2. Does Revolut charge fees for bank transfers?

Generally, Revolut does not charge fees for standard bank transfers within your allowance, particularly within the same currency. However, transfers to accounts outside your region or involving currency conversions may incur fees, especially if you exceed your plan’s allowance.

3. How long does it take to transfer money from Revolut to my bank account?

Transfer times vary depending on your bank and location. Transfers within the same country usually take between a few hours and one business day. International transfers can take longer, typically between one and five business days.

4. Can I withdraw money from Revolut without a card?

No, direct ATM withdrawals typically require a physical card. However, you can use the Payment Link feature and have someone pay you who then withdraws the funds on your behalf.

5. What happens if I exceed my free ATM withdrawal allowance?

If you exceed your free ATM withdrawal allowance, Revolut will charge a fee, typically a percentage of the withdrawal amount. The specific fee is outlined in your Revolut plan details.

6. How do I add a new bank account to my Revolut account?

Open your Revolut app, navigate to the “Transfer” section, select “Send to Bank Account,” and choose “Add a new recipient.” Follow the on-screen instructions to enter your bank account details, including the account name, account number, and SWIFT/BIC code.

7. Can I withdraw money from Revolut in a different currency?

Yes, you can withdraw money from Revolut in a different currency. Revolut will automatically convert the funds at the prevailing exchange rate, but currency exchange fees may apply.

8. Is it safe to withdraw money from ATMs using my Revolut card?

Yes, it is generally safe, but it’s essential to take precautions to protect your PIN and be aware of your surroundings. Always cover the keypad when entering your PIN and avoid using ATMs in dimly lit or suspicious locations.

9. What should I do if my Revolut card is lost or stolen?

Immediately freeze your card in the Revolut app. You can then order a replacement card directly through the app. Contact Revolut support to report the loss or theft.

10. How do I find my Revolut Tag for Revolut-to-Revolut transfers?

Your Revolut Tag is a unique username that allows other Revolut users to easily find you. You can find your Revolut Tag in the app under “Profile”. You can customize your Tag for easier sharing.

11. What happens if I enter the wrong bank account details when transferring money from Revolut?

If you enter incorrect bank account details, the transfer may be delayed or rejected. In some cases, the funds may be lost. Contact Revolut support immediately to report the error and seek assistance. They may be able to help you recover the funds.

12. Can I withdraw cryptocurrency from Revolut?

No, Revolut doesn’t directly allow for the withdrawal of cryptocurrency to external wallets. You can, however, sell your cryptocurrency within the Revolut app and then withdraw the fiat currency (e.g., USD, EUR, GBP) using one of the methods described above.

With a comprehensive understanding of Revolut’s withdrawal methods, fees, limits, and troubleshooting tips, you’re well-equipped to manage your funds effectively and access your money whenever and wherever you need it. Remember to always prioritize security and stay informed about any updates to Revolut’s policies.