Revolut Launches Free Money Transfers with New Turbo Option to Challenge TransferWise

Revolut is launching free money transfers with a new turbo option to speed up transfers as it continues to challenge TransferWise and Western Union.

Revolut allows users to transfer up to £5,000 abroad for free per month, where a 0.5% fee applies only for amounts above the first £5,000. Transferring in-app takes just 30 seconds and funds transfer within 3-5 business days.

The launch of Turbo will allow users to speed up their transfers to 1-2 business days for a flat rate fee of £5.00 for transferring up to £5,000, and an additional 0.5% fee for anything above the first £5,000, making transferring through Revolut cheaper than both TransferWise and Western Union.

Unlike TransferWise, Western Union and the big banks, Revolut is the only service allowing customers to transfer money abroad for free, and even the new Turbo option will be cheaper comparatively.

TransferWise: Transfer £5,000 and you’ll pay £24.88 in fees

Revolut: Transfer £5,000 and you’ll pay £0.00 in fees

TransferWise: Transfer £10,000 and you’ll pay £49.75

Revolut: Transfer £10,000 and you’ll pay £25.00

This comparison was calculated on Wednesday 10 May 2017 at 13:00 GMT

Launched 18 months ago, the London-based startup has since acquired over 600,000 customers and has processed more than $2B in transactions. In addition to money transfers, Revolut allows users to set up a current account in 60 seconds, exchange currencies at the interbank exchange rate, transfer in 23 currencies to any bank in the world, and spend fee-free in 120 currencies with a contactless MasterCard.

Revolut will also launch a business service later this year, allowing European companies to set up multi-currency current accounts, make international payments 10x cheaper than the banks and issue their employees with corporate cards to reduce expenses by eliminating foreign exchange fees.

Nik Storonsky, Founder & CEO of Revolut:

“Despite the rhetoric from many companies claiming to eliminate fees and offer the cheapest rates, Revolut is the only company letting you transfer up to £5,000 each month for free. The launch of our Turbo will give our customers the option to speed up transfers to 1-2 days whilst still being cheaper than the likes of TransferWise and Western Union.”