Money Transfer Questions | Fees for Adding Funds and Sending Back
Edited By
Emily Thompson
Confusion arises as people navigate money transfers between banks and digital wallets. A user questions whether there are fees for adding funds to a Revolut account from Bank of America and if there are charges when withdrawing those funds back to their bank.
Context of the Inquiry
The user's post on a popular user board showcases common concerns about the cost of transferring money internationally, particularly between the U.S. and the UK. Many face uncertainty over whether digital wallets are more efficient—financially and logistically—than traditional bank transfers.
Main Themes from Discussions
Fee Structures: Many participants noted that there could be fees when transferring money via IBAN, but using the app’s "add money" option might avoid them.
Interbank Transactions: Users are split on whether it's cost-effective to transfer directly from Bank of America to a friend's Revolut account due to differing currencies.
Charging Responsibility: Questions arise about whether fees are imposed by Revolut or the bank itself, leading to varying insights.
"If you send via IBAN, there will be a charge. This can be avoided with the app's option."
Chime in noted the complexities:
"Thanks for your reply! Is it Revolut charging it or is it the bank?"
User Insights on Transfer Fees
Most agree that charges seem inevitable, especially when withdrawing funds back to a bank account. However, users are uncertain whether these fees stem from Revolut or their banks. Some argue that transferring to a Revolut account may lessen costs compared to traditional bank methods.
Key Takeaways:
🚫 Fees may apply for bank-to-wallet transfers, but app options might save money.
🔄 Currency conversion adds potential costs, complicating transactions between USD and GBP.
💰 "Revolut might charge, but your bank could add fees too."
Interestingly, as more people move towards digital wallets for international transactions, clarity on fees and processes remains crucial for future transfers. Will simplification come to the growing space of money transfers?