Money Transfers in Focus | Users Question Fees for Cross-Border Payments
Edited By
Elena Ivanova
A rising number of people are raising concerns about fees associated with transferring funds between Revolut and traditional bank accounts. Questions are emerging regarding charges tied to adding money to Revolut accounts and receiving transfers back to U.S. banks.
Current Issues with Revolut Transfers
Many users are seeking clarity on money transfer costs. A notable query: when funds are added from a Bank of America account to Revolut, is there a fee? Additionally, when moving money back to a bank account, will a charge apply?
Key Themes from User Input
Transfer Fees: Forum discussions indicate that fees exist when utilizing the International Bank Account Number (IBAN) method. However, this may be avoided when using the app's "add money" option.
Interbank Transactions: Some suggest direct transfers from Bank of America to Revolut accounts instead, raising questions about potential costs due to currency exchange between USD and British pounds.
User Responsiveness: Commenters indicated uncertainty about which institution applies specific fees, fostering a climate of confusion.
"If you send money via IBAN, there will be a charge," noted one commenter.
Others expressed skepticism about costs varying by bank, with one asking, "Is it Revolut charging it or the bank?"
Insights and User Reactions
Neutral or mixed sentiments dominate, with users primarily seeking solutions and clarity regarding charges. Some even shared alternative ideas to optimize transfers.
Takeaway Points:
⚡ Users discuss avoiding IBAN fees using the Revolut app.
💰 Charges apply when transferring from Revolut back to traditional bank accounts.
🔄 Many consider direct transfers more cost-effective than traditional bank routes.
Looking Ahead
As more people explore cross-border payment options, insights from users may influence consumer behavior and banking practices. Are these fees steering users away from digital banks? Only time will tell.