Revolut and Wise are both digital banking systems that offer new ways to handle money, send and receive payments, and exchange currencies at reasonable rates. Wise (formerly TransferWise) specializes in international money transfers and gives a multi-currency account and debit card. Revolut is mainly a banking app that lets you do things like send money abroad, pay with cards, and change currencies.
To transfer money from Revolut to Wise, you will need to link your Wise account to Revolut and start the transfer through the Revolut app.
The process is simple, so, whether you send money to a friend or family member or make a business payment, this guide will help you transfer money from Revolut to Wise quickly and easily.
In this article, we will talk about the steps to transfer your funds from Revolut to Wise, as well as the fee and how long it takes.
How to transfer money from Revolut to Wise
Revolut and Wise are two of the most popular ways to instantly transfer money online right now. They make it easy for people to send money to friends, family, and companies. They also let people pay people in other countries.
Here are the ways to transfer money from Revolut to Wise:
1. Add a new beneficiary
To send money from Revolut to Wise, you will need to add Wise as a new recipient to your Revolut account. You can do this in a few easy steps:
- On your phone, open the Revolut app.
- Click the Payments tab at the bottom of the screen.
- Tap “Pay” and choose “Bank transfer.”
- Choose the currency you want to send and put the amount you want to send.
- Click the “Add beneficiary” button and enter the information of the Wise account you want to send money to, such as the account holder’s name, account number, and SWIFT/BIC code.
- Click the Continue button after entering the necessary details.
2. Convert the currency (if you need to)
If you send money from one currency to another, you must change it before sending it to Wise. Here are the steps to do this:
- Open the Revolut app and, at the bottom of the screen, click on the Accounts tab.
- Choose the account from which you want to move money.
- Click “Exchange” and pick the coin you want to change to.
- Type in the amount you want to change, and then accept the change.
3. Send the payment
After adding Wise as a recipient and converting your funds, you can now send the payment.
Here’s how to do it:
- Open the Revolut app and click on the Payments tab at the bottom of the screen. 2. Choose the person you want to send money to.
- Type in the amount you want to send and any other information, like a reference.
- Click the button that says “Send” to complete the transaction.
4. Check the status of your payment
Once you have sent the payment, you can check the progress of your transfer to make sure it went through.
Here are the ways:
- Open your Revolut app and go to the Payments tab.
- Choose the amount you want to check.
- You will be able to see the progress of the payment, such as whether or not it has been finished.
5. Ensure you confirm receipt of payment on the Wise account
Once the payment has been sent, it could take anywhere from a few hours to a few days for it to show up in the Wise account. Once Wise has received the cash, you should get a message from them. If you don’t get a message, you should check your Revolut account to see how your payment is going.
How long does it take to transfer money from Revolut to Wise?
Depending on several factors, it can take anywhere from a few minutes to a few hours to transfer money from Revolut to Wise.
One of the things that affect how long it takes to transfer money from Revolut to Wise is the type of country and currency. If you want to send money between two different currencies that both sites allow, the move can happen almost immediately.
For example, the transfer should happen in a few minutes if you want to move GBP from your Revolut account to your Wise account.
However, the move may take a little longer if you want to transfer money between two countries that neither site supports. In this case, the payment will probably have to go through a middle bank, which can take more time.
For example, sending USD from your Revolut account to your Wise account may take a few hours to finish. According to Wise, “Every currency and country is different. Converting your money can take a maximum of 2 working days, but it’s very rare that it takes this long.”
The amount of money you are sending is another factor that can affect how long it takes to send the money. Most of the time, smaller amounts are handled faster than larger ones because they take less time to verify and make sure they are legal.
Subsequently, the time of day you start the move can also affect how long it takes. If you start the transfer during work hours on a weekday, it is more possible that the transfer will be done quickly. Meanwhile, if you start the transfer outside of work hours or on the weekend, it may take longer for the move to happen.
Read also: Revolut to traditional banks
Transfer fees associated with transferring money from Revolut to wise
When sending money from Revolut to Wise, the transfer fees vary depending on the country and the amount sent. In general, Revolut and Wise both offer good exchange rates and low fees for sending money abroad.
Most of the time, there are no fees for transferring money between accounts with the same currency. However, if you transfer money between accounts that use different currencies, you might have to pay a small fee to cover the exchange rate.
During the week, Revolut charges 0.5% for foreign exchange purchases and 1% on weekends. On the other hand, Wise charges a small set fee and a portion of the transfer amount, which can change based on the currencies involved.
Read also: how long Revolut to PayPal takes
Conclusion
Revolut and Wise are both top financial technology companies that offer a variety of services, such as foreign money exchanges. People and businesses who want to send money across countries often choose these companies because of their low fees and cheap exchange rates.
Before you initiate the transfer, you need to make sure you have all the necessary information, like the recipient’s name, IBAN, and BIC/SWIFT code. Revolut and Wise enable you to escape the high fees and bad exchange rates that are usually linked with traditional banks. You can also do deals quickly and easily on your computer or mobile device, which is helpful for people who are always on the go.
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