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How to Withdraw Money From Revolut?

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A London-based financial tech powerhouse, Revolut embarked on its transformative journey in 2015, aspiring to alter the landscape of cross-border money management radically.

Revolut introduced an app-centric platform that effortlessly blended convenience with functionality by using state-of-the-art technology with a visionary approach.

Users from all walks of life can now open an account in mere minutes, a far cry from the tedious bank processes of yesteryears. This swift digital transformation eliminated the hassles of lengthy paperwork and interminable waiting periods.

Today, the Revolut ethos centres around three core pillars: immediacy, accessibility, and an unfettered global reach.

Key features of Revolut’s financial suite

One of the most outstanding features of Revolut is its multi-currency account. With this, users can hold, receive money, exchange, and transfer funds in more than 30 currencies, making global transactions as breezy as buying a cuppa.

Think of that weekend trip to Paris. There’s no need to pop by a currency exchange booth to get local currency; just use your Revolut account to pay in euros directly.

Additionally, the platform supports instant payments. Whether you’re splitting the bill after a meal or sending cash as a gift to a mate abroad, the payments feature ensures the process is quick and seamless.

Plus, with real-time transaction notifications, you’re always in the loop about where your money’s going.

📚Related: Revolut Crypto Review

How to withdraw money from Revolut account

One of the appealing aspects of Revolut is the ease with which you can withdraw funds.

Whether you’ve got pounds, euros, or any other currency in your Revolut account, transferring that money to a traditional bank account is a doddle.

To initiate a withdrawal, ensure that your bank account details are correctly entered in your Revolut settings. Once done, you can effortlessly withdraw money from Revolut and see it reflected in your bank account quickly.

How do I enable withdrawal on Revolut?

Understanding how to withdraw money from Revolut and execute a bank transfer is straightforward, thanks to a seamless process designed for user-friendliness. Let’s break it down step by step:

  1. Open the Revolut app: Ensure you have the latest version of the Revolut app installed on your smartphone.
  2. Navigate to the ‘Payments’ tab: On the home screen, locate and tap on the ‘Payments’ tab.
  3. Select ‘Bank Accounts’: Within the ‘Payments’ section, you’ll find an option labelled ‘Bank Accounts’.
  4. Enter bank account details: If you haven’t done this before, you’ll be prompted to add a new bank account. For that, include details such as your bank’s name, sort code, account number, and other necessary information.
  5. Double-check details: A crucial step! Ensure all entered details are accurate. Mistakes in the sort code or account number can lead to transaction delays or errors.

Revolut’s user-centric design and approach have modernised the banking experience, accommodating the evolving financial needs of users worldwide. Whether at home or travelling abroad, managing your money has never been easier.

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Navigating ATM withdrawal with Revolut

The ability to withdraw money easily is a hallmark of the Revolut experience.

If you need to make an immediate purchase, your Revolut card is ready. Withdrawing money using this debit card allows you to access funds from most ATMs around the globe.

Whether you’re strolling through the streets of London or enjoying a tropical escape in Bali, an ATM withdrawal is just a few taps away.

Simply approach an ATM and, through a hassle-free process, withdraw cash directly from your Revolut account.

The convenience of withdrawing cash frequently at ATMs, combined with Revolut’s global accessibility, ensures you’re never caught short.

Fee structure and limitations for ATM withdrawals

While Revolut offers the convenience of free ATM withdrawals, it’s worth noting that there are sure ceilings.

The standard account holders enjoy free withdrawals up to a certain monthly threshold. Beyond this, a fair usage fee is charged, so it’s always good to be aware of your monthly withdrawal habits.

Furthermore, the withdrawal amount is capped daily, ensuring users don’t go overboard with their spending. Lastly, always be mindful of external fees — some ATMs, especially those not affiliated with major banks, may slap extra fees for using their services.

With Revolut, navigating these nuances is straightforward, as the app provides a transparent breakdown of any costs you might incur during your ATM transactions.

Being savvy about these structures ensures you get the most out of your Revolut experience without any unexpected dings to your account balance.

The ease of global transactions with Revolut

Revolut is positioned at the forefront of financial technology, facilitating global transactions and creating an infrastructure that bridges the gap between local and international banking.

Transfer money to other bank accounts

Send money from your Revolut account to another bank, be it local or international, is an uncomplicated affair:

  1. Open the Revolut app: Start by launching your Revolut app.
  2. Tap the ‘Payments’ tab: Navigate to the ‘Payments’ section on your dashboard.
  3. Choose ‘Send Money Outside Revolut’: This option allows you to transfer money from Revolut to other bank accounts.
  4. Enter recipient’s details: Input all necessary information, such as sort code, account number, and recipient’s name. Ensure accuracy to avoid potential transaction issues.
  5. For international transfers: Provide additional details like the recipient bank’s IBAN and BIC/SWIFT code if transferring funds internationally.
  6. Finalise the transaction: After ensuring all the details are correct, input the amount you wish to transfer, then confirm.

Owing to Revolut’s state-of-the-art infrastructure, most transfers, especially local ones, are executed swiftly, reducing the typical waiting time associated with traditional banking.

Revolut’s international capabilities: beyond borders

Revolut’s primary strength lies in its adaptability to global financial needs. Besides facilitating international transfers, it offers real-time exchange rates, ensuring you get the best value when you exchange currency.

Its commitment to providing consistent and competitive exchange rates makes it an ideal choice for frequent travellers and international business professionals.

Users benefit from the flexibility of holding and converting funds in multiple currencies within their account, allowing them to make payments, withdraw cash, or even shop online in different currencies without the burden of exorbitant exchange rates.

This global versatility and transparent fee structures make Revolut a great player in the fintech sphere, offering modern solutions to traditional banking challenges.

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Currency exchange & rates in Revolut: An overview

Revolut has made waves in fintech, partly due to its favourable exchange rates. Revolut predominantly offers the mid-market exchange rate, unlike traditional banks and most financial platforms.

This rate, often touted as the ‘real’ exchange rate, is the midpoint between the buying and selling prices of two currencies.

With Revolut, you often get a rate devoid of the typical markups. That said, it’s always wise to check the exact rate in the app before proceeding with a transaction, especially during weekends when a small markup might apply.

Visa and Mastercard holders will also be pleased to know that the Revolut card, whether the standard or the Revolut debit card, usually processes transactions at their respective system’s exchange rates close to the mid-market.

This ensures you’re not losing significant amounts on foreign currency for conversion when you pay abroad.

Benefits of using Revolut’s multi-currency account

A multi-currency account can be a game-changer in a more interconnected world daily.

Revolut’s multi-currency account allows you to hold, exchange, and transact in multiple currencies, facilitating international payments.

This functionality saves you from many conversion fees and managing different currency accounts.

Travellers will particularly appreciate the ability to convert their money into the local currency of their destination at favourable rates.

Moreover, the promise of free or low-fee transactions elevates the user experience, ensuring you get more value for your money.

Renata Pacheco

Renata is a seasoned financial market expert with over 30 years of experience in journalism and content creation, primarily focusing on the financial market. Throughout her extensive career, she has worked with leading financial institutions such as Citibank Brasil, Fiserv in Latin America, and other notable financial entities, further honing her expertise and credibility in the sector.

For more than six years, Renata has also been writing for the crypto market, collaborating with financial publications in Brazil, the US, and Europe. Her deep understanding and extensive knowledge make her a respected voice in the industry, appreciated for her ability to demystify complex financial concepts and market trends. This skill enables her to make financial insights accessible to a wide audience, from novice investors to seasoned professionals.

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Please be advised that the information presented in this article is intended for general informational purposes only. It should not be construed as professional advice from swissmoney. It is important to note that swissmoney does not act as a financial adviser, and individuals are strongly encouraged to seek independent advice from qualified legal, financial, or accounting professionals before making any decisions related to cryptocurrency investments. Furthermore, investing in cryptocurrency assets carries inherent risks, and individuals should be aware that they may potentially lose all of their invested capital.

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