Comprehensive Review of Revolut’s International Money Transfer Services: Methods, Fees, and Limits

• This article is for reference only as it is merely a translated version of the Japanese article below.
  【徹底解説】Revolut（レボリュート）の海外送金方法や手数料、上限額などを総合評価 (Japanese version)

Revolut‘s international money transfer service is one of the optimal choices available.

However, with numerous international money transfer providers in the market, it can be difficult to determine whether Revolut is the right choice.

Thus, this article provides a thorough explanation of Revolut’s services, comparing its transfer costs to those of other money transfer providers.

*Information is based on data as of March 2023.

＼ 980 JPY per month now free for 3 months! ／

What is Revolut?

Revolut is a highly convenient financial service used by over 40 million users worldwide.

It allows for a broad range of financial management and payment options, including the issuance of a debit card for withdrawing local currency from ATMs abroad.

Service Details: Revolut’s International Money Transfers

Fees and Exchange Rates

Below is a list of fees applicable to international money transfers, not limited to Revolut—there are five types of fees associated with such transfers.

For details on these fees, please see the explanation provided on international transfer fees.

List of Revolut Fees

While the transfer conditions may vary, the transfer fees are generally free.

Note that international transfers are limited to funds deposited via bank transfer.
Depending on the handling by the originating bank, a bank transfer fee may be incurred.
Fees may also be incurred if the transfer passes through intermediary banks.
Prior submission of a My Number card is required for international transfers.

However, a significant point to consider is that during New York time from 17:00 on Friday to 18:00 on Sunday (which corresponds to 7:00 on Saturday to 8:00 on Monday Japan time, and during daylight saving time, from 6:00 on Saturday to 7:00 on Monday), the market is closed. During this period, if currency exchange takes place, an exchange fee of either 1% or 1.5% will apply.

For the standard plan, any currency exchange exceeding the free usage limit of 750,000 JPY will incur a currency exchange fee of 0.5%.

Thus, by conducting transactions outside these hours, the transfer fees can generally be avoided.

＼ 980 JPY per month now free for 3 months! ／

Transaction Limits

The maximum limit for a single transaction is 1 million JPY (or its equivalent in foreign currency).

For more details on how to make a bank transfer with Revolut, please refer to the specific guide.

Time to Receipt

For transfers to bank accounts, depending on the political and economic situation in the recipient’s country or region, it may take up to five business days.

Transfers between Revolut user accounts are reflected instantly.

For more information, please click here.

Supported Currencies and Countries

Revolut handles over 150 currencies and allows for money transfers to approximately 200 countries.

Both local currency (JPY) and foreign currency transfers are supported.

Method of Transfer

Transfers can only be made using the Revolut app.

Revolut Outward Remittance (Japan to Overseas)

Security

Revolut is committed to the secure processing of international money transfers.

Revolut uses third-party servers located in secure data centers that are protected by firewalls and have restricted access in compliance with applicable regulations to store and process personal information securely.

Additionally, Revolut complies with financial settlement laws to ensure the protection of customer funds.

Source: Revolut app

＼ 980 JPY per month now free for 3 months! ／

Language Support

Here is the list of supported languages:

The website supports two languages, while the app is available in 22 languages.

Methods of Inquiry

Inquiries can be made via chat and email.

If contacting via email, please reach out to support@revolut.com.

Advantages and Disadvantages of Revolut’s International Money Transfers

Disadvantages

There are three main disadvantages of using Revolut for international money transfers:

1. No Cash Pickup Available

Revolut only supports transfers between bank accounts and between individuals who have Revolut accounts, thus cash cannot be received at a counter or other physical locations.

2. App-Only Transfers

All transactions must be conducted through the Revolut app.

3. Attention Needed for Currency Exchange Timing

During the hours when the market is closed—from 17:00 on Friday to 18:00 on Sunday New York time (which corresponds to 07:00 on Saturday to 08:00 on Monday Japan time, and during daylight saving time, from 6:00 on Saturday to 7:00 on Monday), any currency exchange carried out will incur a fee of either 1% or 1.5%.

Additionally, for the standard plan, any currency exchange exceeding the free usage limit of 750,000 JPY will incur a currency exchange fee of 0.5%.

Advantages

There are three main advantages of using Revolut for international money transfers:

1. Low Transfer Fees

Revolut generally offers free transfer fees, and the foreign exchange rate is less than 1%, enabling low-cost transfers.

2. Instant Deposit for Payments to Revolut Users

Transfers between Revolut users internationally are credited instantly.

3. Support for Over 150 Currencies

Revolut supports more than 150 different currencies.

＼ 980 JPY per month now free for 3 months! ／

Customer Reviews of Revolut’s International Money Transfer Services

Service Rating

As of March 2023, the review platform provided by TrustPilot rates the service as globally well-regarded.

Revolut Service Rating^*1

App Rating

As of August 14, 2022, the Revolut app is highly rated.

Revolut App Rating

Overall Evaluation of Revolut’s International Money Transfers

Using BizforBetter’s own evaluation criteria, the quality of Revolut’s international money transfer services has been comprehensively assessed.

Our Overall Evaluation of Revolut

The services are of high quality, with high ratings from both customers and the app itself.

However, it should be noted that transfers can only be made through the app and inquiries can only be handled via chat.

Recommended Users for Revolut’s International Money Transfers

There are three characteristics of users who would benefit from using Revolut:

1. Those who can transfer money on weekdays

It’s recommended for those who can handle money transfer procedures on weekdays, excluding approximately 6:00 AM on Saturday to 7:00 AM on Monday (Japan time).

The currency exchange fee is only 1.0%, allowing for cost-effective transfers. This applies unless currencies are exchanged in advance.

2. Recipients using the Revolut app

Transfers between Revolut accounts are credited instantly.

If your friends or acquaintances use the Revolut app, your convenience will increase by using Revolut as well.

3. Those wishing to make transfers in foreign currencies

It is ideal for those who want to transfer money in one of over 35 foreign currencies without needing to exchange them first.

＼ 980 JPY per month now free for 3 months! ／

Real-Time Comparison of Our International Money Transfer Simulator

Our international money transfer simulator allows users to identify the most cost-effective transfer providers at the current time. For detailed instructions on how to use it, please refer to the “How to Use the International Money Transfer Simulator.”

Let’s proceed with an actual simulation.

As of March 26, 2023, transferring 100,000 JPY from Japan to the United States (in USD) yields the following results:

Revolut ranks first with USD 765.72, while Mizuho Bank (counter service only) ranks 22nd with USD 675.83.

The difference in the received amount is USD 89.89, which is 11,685 JPY (calculated at an exchange rate of 130 JPY per USD).

Under these transfer conditions, Revolut offers the lowest transfer cost.

Steps for International Money Transfers with Revolut

Step 1. Create an Account

Open Revolut’s homepage and follow the instructions to download the app. The user interface is intuitive and easy to understand, making it simple to register.

If you register using the link below, you will get three months of the Premium Plan for free, so please select the Premium Plan when choosing your plan.

Step 2. Transfer Procedure

The transfer procedure within the Revolut app is performed through the app itself.

The source of the money transfer procedure screen is “International Money Transfer with Revolut“.

1. Open the Revolut app and tap ‘⇄ Transfer‘ near the center of the screen.

2. Tap ‘International transfer‘ and select the country of the recipient.

3. Enter the amount you wish to transfer and tap ‘Continue‘.

4. Enter the recipient’s bank account information and other necessary details, and register this information.

5. Confirm the recipient and the amount, then execute the transfer to complete the process.

Summary of the Article

This article has provided a detailed explanation of Revolut’s international money transfer services. Here is a summary:

• Transfer Fees: Generally free of charge.
• Transfer Limit: Up to 1 million JPY.
• Instant Deposit: Transfers to other Revolut accounts (internationally) are credited instantly.
• Currencies Supported: Over 23 currencies.
• Countries Supported for Receipt: Approximately 200 countries.
• Method of Transfer: Exclusively through the app.
• Supported Languages: The website is available in two languages, while the app supports 22 languages.
• Method of Inquiry: Support is available solely through chat.

For those interested in learning more about Revolut’s membership plans and detailed services, please refer to the related articles.

Revolut Membership Plans and Services

• 【Japanese Version】 Comprehensive Explanation of Revolut’s Membership Plans and Services

Limited-Time Offer: Three Months Free on Revolut Premium Plan

If you sign up for the Revolut Premium Plan through this page, what is usually 980 JPY per month is now available for three months free.

This offer is highly recommended for those planning international travel or who want to easily hold and manage foreign currencies.

By accessing through the button below, you can enjoy the Revolut Premium Plan for three months free of charge.