If you regularly make international transfers, you are probably looking for a cost-effective way to send money abroad. Founded in 2015, the FinTech Revolut has become a popular alternative to the traditional bank account among Austrians. But can Revolut keep up with the competition when it comes to international transfers?
In this article, we’ll take a closer look at the costs and fees for sending money abroad with Revolut from Austria. We’ll also compare Revolut with another popular provider, Wise , to help you decide which account best suits your needs.
How much does an international transfer with Revolut from Austria cost?
One of the most important factors when it comes to international transfers¹ is the cost – and this is often underestimated. As Austrians, we are used to being able to transfer money to most European countries without fees, thanks to the SEPA procedure.
However, if your money is not going to a recipient in Europe, but the destination country is on another continent, it can quickly become expensive. You will then have to pay high transfer fees and hidden exchange rate surcharges.
But is Revolut really cheaper for international transfers than other FinTechs and direct banks in Austria? To find out, we have created a cost comparison table that shows the fees for a transfer to the USA with Revolut and Wise , both on working days and at weekends – because Revolut has hidden surcharges here.
Example: Transfer 1,000 EUR to the USA (made in USD, as of September 25, 2023)
| Provider | Currency exchange fee² | working day | weekend |
|---|---|---|---|
| Revolut Standard | 1% after exceeding your exchange limit + 1% surcharge on weekends | 3 EUR + 5 EUR (after exceeding your exchange limit) = 8 EUR | 3 EUR + 5 EUR (after exceeding your exchange limit) + 10 EUR weekend surcharge = 18 EUR |
| Wise | No fees, real mid-market exchange rate | 6.07 EUR (cheap transfer) | 6.07 EUR (Presiwert transfer) |
How much are Revolut transaction fees?
The fees for a Revolut international transfer depend on various factors:³
- Target currency
- Base currency
- Subscription
- Time of your transfer
The subscription you choose also influences the cost of your Revolut international transfer. The more you pay for your subscription, the less you pay for international transfers:
- Standard and Plus: No discount on transfers.
- Premium: 20% discount on transfers.
- Metal: 40% discount on transfers.
- Ultra: 100% discount on transfers.
Additional costs
Each Revolut subscription has different limits, for example for currency exchanges and for local and international transfers. As soon as you exceed this limit, you will incur additional costs. For international transfers, there is a full EUR 3 per money transfer that exceeds your transfer limit.
Another major disadvantage of Revolut’s pricing model is the weekend surcharge. You heard right: If you exchange currencies with Revolut on the weekend – be it a withdrawal, a payment or a transfer – you have to pay higher fees.
This can make weekend trips and city breaks abroad more expensive. At the weekend, Revolut charges 1% for every currency exchange, regardless of which subscription you have or whether you have already exceeded your limits.
What exchange rate does Revolut offer?
Another cost factor to consider is Revolut’s exchange rates. While these may be better than those of traditional Austrian banks, they do not reflect the official mid-market exchange rate , meaning you lose additional money every time you exchange currencies.
In contrast, other providers, such as Wise , always use the current market rate, regardless of the day of the week. This means that with Wise you always get the best exchange rate, no matter when you pay, transfer or withdraw.
To which countries can money be transferred?
With Revolut you can send to more than 160 countries in Europe, America, Africa, Asia and Oceania. Practically the whole world is covered by Revolut. One disadvantage of Revolut compared to Wise is that the currencies offered by Revolut are limited to 30+, while with Wise you can send money in more than 40 currencies.
| Provider | Countries | Currencies |
|---|---|---|
| Revolut | 160+ | 30+ |
| Wise | 160+ | 40+ |
How does an international transfer work with Revolut?
Making an international transfer with Revolut is generally quite easy – but like all Revolut services, this is only possible via the app.
That’s how it’s done:
- Go to “Payments” in the app
- Click on “Send”
- Either select an existing payee or click the “+New” button to add a new account.
- Enter the account details.
- Select the amount.
- Follow the on-screen instructions to complete your transfer.
What information is required for an international transfer with Revolut?
To make an international transfer with Revolut, you need the same information as with any traditional bank:
- The name of the recipient
- The recipient’s IBAN or account number
- The BIC or SWIFT code of the recipient’s bank
- The amount you want to send
- The purpose of the transfer
An alternative: Wise international money transfers
As an alternative to Revolut, Wise offers a transparent and cost-effective way to send money internationally. Wise always uses the official mid-market exchange rate and charges lower transfer fees. With the Wise transfer calculator, you can also see transparently at any time how the fees for your transfer are made up. You can even choose between three different options so you can control the costs yourself!
Most Wise money transfers arrive in minutes or a few hours – in 160 countries and over 40 currencies. And if you travel abroad often, consider the free Wise Multi-Currency Account to save even more money.
Conclusion
Overall, while Revolut offers a convenient way to send money abroad, it is not necessarily the cheapest option. Revolut’s fees could also be more transparent, as the costs depend on many different factors, such as the type of plan you have, when you make the transfer, the destination and source currencies, and the status of your limits.
A major downside to Revolut is the weekend surcharge, which can quickly make any transaction involving currency exchange expensive. If you’re looking for an option that offers better exchange rates at the weekend and allows you to send to more countries and currencies for less, Wise may be a better choice for you.