Revolut sharply raises fees for money withdrawals and international transfers
DUBLIN: Revolut to make a disappointing move by sharply raising fees for cash withdrawals from ATMs and international money transfers. The company’s fee increase is a blow to its 1.2 million customers who have reached Revolut through instant payments.
Last November, the company also increased fees for foreign transactions. People relied on Revolut for financial transactions because daily banking operations could be done easily, quickly and cost-effectively. But users are now concerned about the current increase in charges.
Users complain that the Revolut’s new move makes it more expensive to use money. The changes Revolut has made are similar to its rival N26.
From April 9, there will be a limit to the free monthly ATM withdrawals for people using Standard Revolut account. The current limit for free monthly ATM withdrawals is €200 on the Standard plan. After this, customers will be charged a fee of 2% of the withdrawal amount.
There are also plans to set a minimum fee once the free allowance limit expires. The monthly limit of €200 will remain in place but the number of free ATM withdrawals will be reduced to five. If you exceed this limit, you will need to start paying a fee. Both of these limits apply independently.
This means that customers will have to start paying the fee as soon as they reach a certain limit. Consumers say they will have to pay at least one euro if the fee remains at 2%.
Meanwhile, Revolut said it would not limit the number of fee-free withdrawals on Plus, Premium and Metal plans. However, a fee of at least one euro has been introduced for each withdrawal.
International money transfers to Sepa (Single Euro Payments Area) and to countries in the UK and Switzerland will continue to be free.
Cross-border and Swift international transfer fees will range from 30c and €5. It depends on how much is being transferred and where it is going, company said.
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