Revolut hikes fees for card users
The price hikes were announced in emails sent to Revolut customers. The changes will take effect on 23 April 2021.
Revolut’s Standard plan currently has a £200 limit on free monthly ATM withdrawals. After that there’s a 2% fee.
From 23 April, there will also be a limit of five ATM withdrawals each month. Once you hit this, you will also begin paying a fee.
Both of these limits apply independently. You will start paying a fee as soon as you hit one, even if you don’t hit the other.
The fee is still 2%, but Revolut is adding a minimum fee of £1. This means you will pay the greater of £1 or 2% of the withdrawal amount.
Plus, Premium or Metal plan
The free ATM withdrawal limits for Revolut’s paid-for accounts, Plus, Premium and Metal customers will remain the same, at £200, £400 and £800 respectively.
Fees on ATM withdrawals above these limits will stay the same at 2%, but there will also be a minimum fee of £1 per withdrawal.
Revolut is not limiting the number of withdrawals that can be made fee-free on these plans.
International money transfers
Revolut is also introducing fees for international money transfers where the customer is sending money outside the SEPA (Single Euro Payments Area). SEPA includes EU/EEA countries, the UK and Switzerland.
There are also new fees for cross-border transfers in a currency other than Euros.
Currently, Revolut offers two types of international transfer: “cross-border” transfers and “SWIFT” payments.
Standard and Plus customers get one free cross border transfer per month, then pay 50p per transfer. SWIFT transfers cost £3 or £5, depending on currency.
Premium and Metal customers don’t pay fees for cross-border transfers and get one free SWIFT transfer per month. After that they pay £3 or £5, depending on the currency.
From 23 April, Revolut is combining “cross-border” and “SWIFT” into one category called “international payments”.
International transfer fees will range between 30p and £5, depending on how much you transfer and where.
Premium and Metal customers will still benefit from an allowance of payments for free. Premium customers will have one fee-free international payment per month, and Metal customers three fee-free international payments per month.
But Standard and Plus customers won’t have a fee-free allowance for international payments.
Currently customers on Revolut’s Standard plan are charged £4.99 for a new card, or €19.99 or the currency equivalent for express delivery.
From 23 April card delivery fees will change – but have not been published. Revolut said: “From April 23rd, we will show you what fee applies for standard or express delivery before you order your card in the Revolut app. As always, the delivery charge may vary depending on where you are sending the card.”