Revolut has emerged as a leading fintech application globally, providing a range of services such as currency exchange, cryptocurrency trading, and financial management. One of its key features is the ability to transfer funds to a bank account. This article will walk you through the process of withdrawing money from your Revolut account, covering fees, limits, and frequently asked questions.
An Overview of Revolut
Originally launched as a travel-friendly currency exchange service, Revolut has expanded its offerings to include various banking features. Users can hold multiple currencies, make international transfers at the interbank rate, and manage their spending efficiently. The option to withdraw money to a bank account further enhances its user-friendliness.
Main Features of Revolut
Multi-Currency Accounts: Manage and transfer funds in various currencies.
Cryptocurrency Trading: Buy, sell, and trade cryptocurrencies.
Budgeting Tools: Monitor spending and set financial goals.
Global Transfers: Send money instantly to other Revolut users or withdraw to your bank easily.
Steps to Withdraw Money from Revolut to Your Bank Account
Step 1: Launch the Revolut App
Begin by opening the Revolut app on your mobile device. Ensure you are logged into your account.
Step 2: Go to the “Accounts” Tab
Inside the app, tap on the “Accounts” tab, typically found at the bottom of the screen. Here, you’ll see your balances in various currencies.
Step 3: Choose the Currency for Withdrawal
Select the currency you wish to withdraw. If you have multiple currencies, ensure you choose the correct one, as the withdrawal will only be processed from that balance.
Step 4: Initiate the Withdrawal
Select “Withdraw”: After selecting the currency, find the “Withdraw” option to access the withdrawal interface.
Choose Your Bank Account: If you haven’t linked a bank account, you’ll need to do this now. Tap on “Add Bank Account” and input the necessary details, such as your account number and routing number for U.S. accounts, or IBAN for European accounts.
Enter the Withdrawal Amount: Specify how much you want to withdraw, ensuring you have enough funds in your Revolut balance.
Confirm Withdrawal Details: Review the withdrawal details, including the amount and bank account information.
Complete the Withdrawal: Tap “Confirm” to process the transaction. You may need to authenticate via a PIN or biometric verification based on your security settings.
Step 5: Monitor the Transaction Status
After initiating the withdrawal, check its status in the app. Navigate to the “History” tab to view your recent transactions, including any pending withdrawals.
Fees and Withdrawal Limits
Fees
Revolut has a competitive fee structure. Generally, withdrawing to your bank account is free within your monthly limits. Here’s a brief overview of potential fees:
Standard Plan: Free withdrawals up to a certain limit (e.g., $200/month), with a fee (e.g., 2%) applying afterward.
Premium and Metal Plans: Higher limits or no fees on withdrawals.
Limits
Withdrawal limits can vary based on your account tier and location. Common limits include:
Standard Plan: Typically $200/month for free withdrawals.
Premium Plan: Higher limits, often up to $1,000/month for free withdrawals.
Metal Plan: Unlimited free withdrawals.
Processing Times
Withdrawals generally take between 1-5 business days to process, depending on your bank’s processing speed and the currency involved. While Revolut processes transactions quickly, delays can occur with the receiving bank.
Tips for a Smooth Withdrawal Process
Keep the App Updated: Ensure you’re using the latest version of the Revolut app to minimize bugs.
Verify Bank Details: Double-check your bank account information before withdrawing.
Know Your Fees and Limits: Familiarize yourself with your plan’s limits to avoid unexpected fees.
Use Instant Transfers When Available: Consider using instant transfer options for quicker access to funds.
Conclusion
Withdrawing funds from your Revolut account to your bank is a simple and efficient process. By following the steps outlined in this article and being aware of associated fees and limits, you can ensure a seamless transaction. Revolut continues to evolve and enhance its offerings, making it a favored choice for users seeking modern banking solutions. Whether traveling or managing multiple currencies, Revolut facilitates easy financial management on the go.
FAQs:-
1. How do I withdraw money from my Revolut account to my bank account?
To withdraw money from Revolut to your bank account, follow these steps:
Open the Revolut app and log in.
Tap on the “Accounts” tab.
Select the currency you want to withdraw.
Click on “Withdraw” or “Send”.
Choose your bank account (you may need to add one if it’s not already linked).
Enter the amount you wish to withdraw and confirm the transaction.
2. Is there a fee for withdrawing money from Revolut to my bank account?
Typically, Revolut allows one free withdrawal per month, but this may vary based on your subscription plan. Standard users may incur fees for additional withdrawals or if the amount exceeds certain limits. Always check the app for the most current fee structure.
3. How long does it take for the money to arrive in my bank account?
Withdrawals from Revolut to your bank account generally take 1 to 3 business days, depending on your bank’s processing times. However, transfers can sometimes be instant, especially if both accounts are in the same currency.
4. Can I withdraw money to any bank account?
You can withdraw money to any bank account that you own and have linked to your Revolut account. Make sure the bank account is in your name to avoid issues.
5. What currencies can I withdraw from Revolut to my bank account?
You can withdraw funds in any currency that you have in your Revolut account, but the withdrawal will be subject to your bank’s currency policies and any applicable fees.
6. Why is my withdrawal from Revolut to my bank account pending?
Withdrawals may be pending due to various reasons, such as:
Issues with the linked bank account.
Bank processing times.
Potential security checks by Revolut. If your withdrawal is pending for an extended period, it’s best to contact Revolut support.
7. What should I do if I can’t withdraw money from Revolut?
If you encounter issues withdrawing money, consider the following:
Ensure your bank account is properly linked.
Check for any restrictions on your account.
Ensure you have sufficient balance.
Contact Revolut customer support for assistance.
8. Can I withdraw cash from an ATM using my Revolut card?
Yes, you can withdraw cash from an ATM using your Revolut card. Just ensure you have sufficient funds in your Revolut account, and be aware of any fees that may apply, particularly for ATM withdrawals beyond your plan’s limits.
9. How do I link my bank account to Revolut?
To link a bank account:
Go to the “Accounts” section in the app.
Select the “Add Account” option.
Enter your bank details as prompted.
Follow any verification steps, if necessary.
10. Are there any limits on how much I can withdraw from Revolut?
Yes, there are limits based on your account type. Standard users typically have a monthly withdrawal limit, while Premium and Metal account holders may have higher limits. Check your plan details in the app for specific withdrawal limits.
11. What happens if I withdraw more than my plan’s limit?
If you exceed your monthly withdrawal limit, you may incur additional fees, or your transaction may be blocked. It’s advisable to review your plan details to avoid unexpected charges.
12. Can I withdraw money in a different currency?
You can withdraw funds in the currency of your Revolut account, but if you want to withdraw in a different currency, you may need to convert the funds within the app first.
13. Is it safe to withdraw money from Revolut to my bank account?
Yes, withdrawing money from Revolut to your bank account is generally safe, as it employs various security measures to protect your data and funds. Always ensure that you are using the official app and that your account has strong security settings enabled.
14. What if I accidentally withdrew the wrong amount?
If you accidentally withdrew the wrong amount, it’s best to contact support immediately. Depending on the situation, they may be able to assist with reversing or correcting the transaction.
15. Can I set up automatic withdrawals from Revolut to my bank account?
Currently, Revolut does not offer an option for automatic withdrawals to bank accounts. You will need to initiate each withdrawal manually.
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