Revolut has made big changes in April 2021. These changes affect both personal and business accounts. This guide will dive deep into the Revolut fee update 2021 and how it impacts users around the world.
Starting April 23, 2021, there are new fees for cross-border and SWIFT transfers. Free international payments are no longer available for ‘Standard’ and ‘Plus’ accounts. ‘Premium’ users get one free international payment a month, and ‘Metal’ customers get three.
There’s also a change in fees for transactions in non-SEPA countries. Fees will depend on the currency involved.
Revolut, with over 40 million users, has made these changes to improve service. These updates aim to make premium services more appealing. Learn how these changes might impact your banking experience with our detailed analysis of the Revolut fee update 2021.
Keep up with these important Revolut changes April 2021. See how they affect current and future users.
Overview of Revolut’s April 2021 Fee Changes
In April 2021, Revolut made big changes to its fees. These updates mainly affect how much you pay for transactions and changes to accounts. For example, ‘Standard’ account holders used to send money abroad for free. Now, they pay based on how often they send money and the currency.
Local currency transfers between countries not in the SEPA area cost 0.3% with a minimum of £0.30 and a maximum of £5. Transfers in major currencies like USD, EUR, and GBP are £3. Other currencies cost £5.
Revolut wants more people to use its higher subscription tiers. These offer better benefits for those who send money abroad a lot. ‘Standard’ account holders can withdraw up to £200 a month for free. After that, they pay a 2% fee. ‘Metal’ users can withdraw up to £800 for free.
These changes help Revolut stay competitive in digital banking. It serves 26 million customers worldwide and supports 35 foreign currencies. Revolut also offers services in English, German, and French.
Users seem happy with Revolut, giving it 9.3/10 for satisfaction and 8.9/10 for reputation. These updates show Revolut’s focus on improving service and customer experience. They also make managing money abroad easier.
Revolut’s fee changes are part of its growth plan. It aims to support its growing user base. In 2022, Revolut made $1 billion in revenue and had a net profit of $7.2 million.
Revolut makes money from various sources like interchange fees and subscription fees. It also earns from foreign exchange fees, ATM withdrawals, and trading commissions. These changes help Revolut grow and stay successful in the long run.
| Account Type | Monthly Withdrawal Limit | Fee After Limit | Cross-border Transfer Fee |
|---|---|---|---|
| Standard | £200 | 2% | 0.3% (min £0.30, max £5) |
| Plus | £400 | 2% | £3 (USD, EUR, GBP, CHF), £5 (other) |
| Premium | £600 | 2% | £3 (USD, EUR, GBP, CHF), £5 (other) |
| Metal | £800 | 2% | £3 (USD, EUR, GBP, CHF), £5 (other) |
For more detailed guidance on handling international transactions, users can refer to our comprehensive guide. Revolut remains committed to evolving its services in line with user needs and market dynamics.
Guide to Revolut Announces Fee Changes for April 2021
In April 2021, Revolut made big changes to its fees and pricing. These updates are based on user feedback and market changes. The Revolut 2021 fee guide shows changes in fees for cross-border and SWIFT transactions.
The new cost structure affects both standard and premium account holders. But, higher tiers get special benefits. This makes fees clearer and easier to understand. Revolut is now closer to global banking standards, leading to changes in fees for transactions and SWIFT services.
Here’s a detailed overview of the key updates in the Revolut 2021 fee guide:
| Transaction Type | Fee Changes |
|---|---|
| Cross-border Transactions | Standard accounts will face new fees, while premium tiers receive waivers. |
| SWIFT Transfers | New pricing models introduced for all account levels with benefits for premium users. |
| Out-of-Network ATM Withdrawals | Adjustments in withdrawal limits and fee charges. |
| Card Usage Abroad | Clarified fee structures based on regions and currencies. |
These updates are part of Revolut’s plan to improve the customer experience. They aim to stay competitive in the digital banking world. With over 40 million customers, Revolut is ready to meet the needs of its growing user base.
Implications for Existing and New Users
Revolut is changing its fees in April 2021, affecting both current and new users. Existing users should think about whether the new fees are good for them. The new limits on international transactions and withdrawals are key to consider.
New users should think carefully before joining Revolut. The new fees are simpler, but they might be stricter. It’s important to know about Revolut service updates and compare it with other services like Wise or Currencies Direct.
Revolut is trying to grow and become more competitive. It wants to attract users who like simple financial transactions. But, experts say to be careful, comparing Revolut’s goals to those of big banks like HSBC.
This change is part of a global trend towards better digital banking. Countries like Qatar and Nigeria are also moving towards digital banking. In the US, the Consumer Financial Protection Bureau will watch over big financial companies. It’s important for users to keep up with these changes to make smart financial choices.
