How Revolut Works and What It Costs to Send Money

What Revolut is and how to send money with it

Revolut is a mobile banking app that lets you hold money in multiple currencies, spend it with a card, and send it to other people. You download the app, verify your identity, load money in, and then transfer funds to contacts or pay them through a unique username called a Revolut ID. Unlike Venmo or Zelle, Revolut is not tied to your bank account — it is its own account that sits between your bank and the people you pay.

To send money, you open the app, tap "Send," choose a contact or enter their Revolut ID or email, pick the amount and currency, and confirm. The recipient gets the money in their Revolut account almost instantly if they also use Revolut. If you send to someone's bank account instead, it moves through the regular banking system and takes one to three business days, depending on their bank.

Revolut is available in the United States, the UK, Europe, Australia, and other countries, but the features and fees vary by region. In the US, Revolut operates as a money services business, not a full bank, which means your money is held at partner banks but Revolut manages the account.

Key Takeaways

• Revolut charges no fee to send money to another Revolut user, but charges a percentage fee (usually 1% to 2%) to send to a bank account outside Revolut.
• You must download the app and complete identity verification before you can send or receive money.
• Money sent between Revolut users arrives instantly; money sent to a bank account takes one to three business days.
• Revolut holds your money in partner bank accounts, not in a traditional bank account of your own, so FDIC protection may be limited depending on your plan.
• Revolut charges monthly fees for premium plans, but the basic plan is free and covers sending money and holding multiple currencies.

How to set up a Revolut account and verify your identity

Download the Revolut app from the Apple App Store or Google Play Store. Open it and choose your country. You will be asked to enter your phone number, email, and a password. Revolut will send a verification code to your phone — enter it to confirm.

Next comes identity verification. Revolut will ask for your full name, date of birth, address, and the last four digits of your Social Security number (in the US). You will need to take a photo of your government ID — a driver's license, passport, or state ID — and a selfie. Revolut uses automated checks and sometimes manual review to confirm your identity. This usually takes a few minutes, but can take up to 24 hours.

Once verified, you can add money to your Revolut account by linking a debit card or bank account. Tap "Add Money," choose your funding source, and enter the amount. Transfers from a linked bank account usually take one to three business days. Debit card transfers are instant but may carry a small fee depending on your card issuer.

Fees for sending money and holding balances

Sending money to another Revolut user in the same currency costs nothing. If you send to a Revolut user in a different currency, Revolut converts the money at its own exchange rate and charges a percentage — typically 1% to 2% depending on your plan and the currencies involved.

Sending money to a bank account outside Revolut (called a "bank transfer") costs a percentage fee that varies. Domestic transfers within the US usually cost around 1% to 2%. International transfers cost more — often 2% to 3% — because they move through the SWIFT system, which charges intermediary banks along the way. Revolut shows you the exact fee before you confirm the transfer.

The basic Revolut plan is free and includes sending money and holding up to 28 currencies. Premium plans (Revolut Plus, Premium, and Metal) cost money each month and offer benefits like higher transfer limits, travel insurance, and better exchange rates. You do not need a paid plan to send money; the free plan works for that.

How long money takes to arrive

If you send money to someone else with a Revolut account, it arrives in seconds. Both of you see the transaction immediately in the app.

If you send to a bank account, timing depends on the destination. Domestic US bank transfers usually arrive within one to three business days. International transfers take longer — typically three to five business days — because they pass through multiple banks and clearing systems. Weekends and holidays add time; a transfer sent on Friday evening may not arrive until Tuesday.

Revolut does not hold money or delay transfers on its end. The delay is in the banking system itself. You can check the status of a transfer in the app under your transaction history, but Revolut cannot speed it up once it has left their system.

Protection and what happens if something goes wrong

Revolut is regulated by financial authorities in the countries where it operates. In the US, it is licensed as a money services business by state regulators and the Financial Crimes Enforcement Network (FinCEN). This means Revolut must follow anti-money-laundering rules and report suspicious activity, but it does not mean your money is insured the same way it would be at a traditional bank.

Your Revolut balance is held at partner banks, which are FDIC-insured up to $250,000 per depositor per bank. However, the exact protection depends on how Revolut structures the accounts with its partners. Revolut states that customer funds are held separately from company funds, but you should review Revolut's current terms to understand the specific protection that applies to your account.

If a transfer fails or money is sent to the wrong account, contact Revolut support through the app. Revolut can sometimes reverse a transfer if it has not yet been processed by the receiving bank, but once money reaches another bank, reversing it becomes much harder and may require the receiving bank's cooperation. If you send money to the wrong person by mistake, you will need to contact that person and ask them to return it — Revolut cannot force a refund.

If your Revolut account is hacked or someone uses your card without permission, report it immediately through the app. Revolut has fraud protections and dispute processes similar to those at traditional banks, but the speed and outcome depend on the specifics of your case.

Revolut versus other digital payment apps

Revolut differs from Zelle and Venmo in a key way: Revolut is a separate account, not a layer on top of your bank account. With Zelle, you send money directly from your bank account to someone else's bank account. With Venmo, you hold a balance in Venmo's system and can transfer it to your bank later. With Revolut, you load money into Revolut first, then send from there.

This means Revolut is useful if you want to hold money in multiple currencies without converting it back to dollars, or if you travel frequently and want a card that works abroad. It is less convenient if you just want to split a bill with a friend, because both of you need the Revolut app and a Revolut account. Zelle and Venmo are faster for that use case because they connect directly to your existing bank account.

Revolut also charges fees for international transfers and currency conversion, while Zelle is free for domestic US transfers and Venmo charges no fee between US users. If you are sending money within the US to someone with a bank account, Zelle is usually cheaper and simpler. If you are sending internationally or holding foreign currency, Revolut may be worth the fee.

Frequently Asked Questions

Can I use Revolut if I do not have a US bank account?

Revolut requires identity verification and a way to fund your account. You can fund it with a debit card from any country, so you do not need a US bank account specifically. However, you do need a valid government ID and a phone number to verify your identity.

What happens if I send money to someone and they never accept it?

If you send to a Revolut user and they do not accept it, the money stays in their Revolut account. They can see the incoming transfer in their app and choose to accept or decline it. If they decline, the money returns to your Revolut account. If they simply ignore it, the money remains in their account until they act on it.

Can I send money from Revolut to PayPal or Venmo?

You cannot send directly from Revolut to PayPal or Venmo. You can withdraw money from Revolut to your bank account, then transfer from your bank to PayPal or Venmo. This takes one to three business days and may involve fees from your bank or the receiving service.

Does Revolut report my transfers to the IRS?

Revolut is required to report large transfers and suspicious activity to FinCEN and other regulators under anti-money-laundering law. Transfers between individuals for personal reasons are not automatically reported to the IRS, but if a pattern suggests unreported income, Revolut may report it. Consult a tax professional if you have questions about reporting personal transfers.

What if I lose my phone or forget my password?

You can log into Revolut on a new phone using your email and password. If you forget your password, use the "Forgot Password" option on the login screen to reset it. Revolut will send a reset link to your email. If you lose access to your email, contact Revolut support through the app or website to regain access to your account.