TorFX Money Transfers
Compare TorFX with other international money transfer providers here. TorFX is a business-oriented forex trading and money transfer company located in the world’s financial currency …
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Revolut is a fintech company founded by Nikolay Storonsky and Vlad Yatsenko. It offers a range of financial services, including worldwide international money transfers.
Find out more about Revolut and compare fees and exchange rates with Savvy to see if it’s the right company for your international money transfer.
*All product information is correct as of August, 2022.
Revolut was launched in the UK in 2015 with the aim of creating a ‘super-app’ offering a borderless, customer-centric financial platform, catering for customers from ‘teens to retirement’. It currently offers a wide range of financial services including international money transfers, an international bank account, debit cards, virtual cards and digital wallets, stock trading, crypto exchange and metals trading, right through to airport travel lounge discounts and car hire rewards.
It expanded into Australia and Singapore in 2019 and also started offering forex and crypto trading in Europe. It now has more than 18 million retail users and can make international money transfers in more than 27 currencies. It’s the UK’s highest-value tech startup, valued at over US $33 billion in July 2021.
International money transfers
You’ll be able to carry out international money transfers once you’ve signed up for a Revolut account and received your Revolut card. You can pay for your international money transfer using a linked debit or credit card, or using your pre-paid Revolut Visa card. Transfers can be made to a bank account or the Revolut account of someone in another country. You can choose between one of three accounts for this service:
Standard account
Standard accounts are free and offer the following benefits:
Premium account
A Premium account costs a subscription of $10 per month. For this, you’ll also receive:
Metal account
The ultimate Metal account costs $24.99 per month. For this subscription, you’ll receive all the benefits of a Premium account plus other features, which include:
Speed of transfer
Transfers to other Revolut accounts are almost instant. How long an international transfer will take (in terms of sending money from one bank account to another) can vary from two to four business days to be completed, depending on the currency and the time of the week the transfer is sent.
Transfer limits
Revolut advertises that they have no limits on the amount you can transfer, with restrictions only required through certain payment partners for certain currencies. However, there are fee-free thresholds which apply to monthly transfer amounts.
Fees charged
Revolut fees depend on which card service you’ve opted for, and when you schedule your transfer. The basic Revolut card is free, although there’s a $9.99 delivery fee for the actual card. Additional cards are $8.99 each plus delivery fees.
A basic free Revolut account allows you to schedule international money transfers with no fees up to a $9,000 monthly limit. If you exceed this limit, you’ll be regarded as a ‘high-frequency’ customer and will be charged an additional 0.5% fee on the amount over $9,000. For example, if you wish to transfer $10,000, you’ll only be charged a 0.5% fee on $1,000. However, for a Premium account, this limit is set at $20,000, while there are no limits for Metal accounts at all.
An additional fee of 1% is charged if you wish to transfer funds outside of international currency business hours. These ‘outside hours’ are:
Accounts can be opened either on the Revolut website or phone app. All account-holders are automatically issued with a Revolut Visa card, and you can’t send money overseas or carry out an international money transfer without signing up for one.
Allow seven to ten business days for your Revolut card to arrive in the mail, so if you wish to carry out an international transfer in the future, you’ll have to plan in advance to get your account set up and opened in time to carry out your transfer.
To apply through the website, you’ll first have to supply your phone number, and will then be sent an SMS with a link to download the mobile app and open an account. Once you’ve done so and received your card, you should be able to start sending money shortly after.
Revolut offers free international money transfers up to $9,000, so they may be a good option if you’re only looking to make a smaller transfer overseas.
If you apply for a Revolut Visa card, you can spend money in more than 27 currencies and get the mid-market exchange rate for any money forex transfers (on weekdays).
You’ll also have access to a wide range of banking and currency tools. These include setting up automated recurring payments, exchange rate calculators, money vaults for storing different currencies and much more.
When international currency markets are closed at the weekend (based on UK time), there is an additional Revolut card fee applied to international transfers which will increase the overall cost of your transfer.
If you’re wanting to make a larger international transfer over $9,000, an additional 0.5% surcharge will apply, meaning Revolut may not be the cheapest option for larger transfers.
If you wish to increase your fee-free monthly transfer limit, you’ll be required to pay a subscription fee of either $10.99 or $24.99 each month.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
