Revolut has become a leading financial technology app, providing users with a variety of services, including currency exchange and cryptocurrency trading. Whether you want to transfer funds to another bank account or cash out your investments, this guide will walk you through the different methods for withdrawing funds from your Revolut account, address common questions, and highlight any fees and processing times you may encounter.
Understanding Withdrawals with Revolut
Before you begin the withdrawal process, it’s important to grasp how Revolut functions. The app allows you to hold multiple currencies, execute international transfers, and utilize a prepaid debit card. While depositing money is simple, withdrawing funds may require a bit more attention.
Withdrawal Methods
Revolut offers several options for withdrawing your funds:
Bank Transfers
Card Withdrawals
ATM Cash Withdrawals
Cryptocurrency Withdrawals
Each method has its guidelines and considerations.
How to Withdraw Funds
1. Bank Transfers
One of the most common ways to withdraw funds is through bank transfers. Here’s how to do it:
Step-by-Step Instructions:
Launch the Revolut App: Open the app on your mobile device.
Navigate to Accounts: Tap on the “Accounts” icon at the bottom.
Choose Currency: Select the currency you wish to withdraw (e.g., GBP, EUR, USD).
Select ‘Send’ or ‘Transfer’: Choose the option to send or transfer money.
Input Recipient Details: Add your bank account information if you haven’t done so already, or select a previously saved account.
Enter Amount: Specify the amount you wish to withdraw.
Confirm the Transaction: Review the details and confirm your transfer.
Processing Time: Bank transfers usually take a few minutes to a couple of business days, depending on your bank and the currency involved.
2. Card Withdrawals
If you possess a Revolut card, you can withdraw funds directly from it. This method is particularly convenient for frequent users of the card.
Step-by-Step Instructions:
Open the App: Launch the Revolut app.
Go to ‘Cards’: Tap on the ‘Cards’ section.
Select Your Card: Choose the card you wish to use for the withdrawal.
Input Amount: Enter the amount to withdraw.
Confirm the Transaction: Review and confirm the transaction.
Note: Ensure your card is activated and linked to a funding source.
3. Cash Withdrawals at ATMs
Revolut users can also withdraw cash from ATMs using their Revolut card, making it easy to access physical currency.
Step-by-Step Instructions:
Find an ATM: Locate an ATM that accepts Mastercard or Visa.
Insert Your Card: Place your Revolut card into the ATM.
Select Withdrawal Option: Choose the option for cash withdrawal.
Input Amount: Enter the desired withdrawal amount.
Complete the Transaction: Follow the on-screen prompts to finalize the withdrawal.
Withdrawal Limits: Revolut allows free ATM withdrawals up to a specified limit each month (which varies by plan). Fees may apply if you exceed this limit.
4. Cryptocurrency Withdrawals
If you’ve invested in cryptocurrencies through Revolut, you may want to withdraw your assets.
Step-by-Step Instructions:
Launch the App: Open the Revolut app.
Go to ‘Crypto’: Navigate to the ‘Crypto’ section.
Select Cryptocurrency: Choose the cryptocurrency you wish to withdraw.
Tap ‘Withdraw’: Select the option to withdraw your crypto.
Enter Wallet Address: Input the wallet address for the withdrawal.
Confirm the Withdrawal: Review and confirm the transaction details.
Processing Time: Cryptocurrency withdrawals can vary based on network congestion and the type of cryptocurrency.
Tips for Smooth Withdrawals
Update Your App: Keep your Revolut app updated to avoid glitches.
Verify Bank Details: Double-check your bank account information before initiating a transfer.
Monitor Your Limits: Be aware of your monthly withdrawal limits to prevent unexpected fees.
Enable Notifications: Turn on transaction notifications for better tracking of your withdrawals.
A Closing Perspective
Withdrawing funds from Revolut is generally straightforward, but understanding the various methods and potential fees can improve your experience. Whether transferring to a bank account, withdrawing cash from an ATM, or cashing out cryptocurrency, following these steps can ensure a seamless transaction. Stay informed about your account’s limits and Revolut’s policies, as they can change and affect your withdrawal capabilities. By being prepared, you can maximize your Revolut experience.
FAQs:-
1. How do I withdraw money from my Revolut account?
To withdraw money from your Revolut account, open the app and navigate to the “Accounts” tab. Tap on your desired currency account, select “Withdraw,” and choose your preferred withdrawal method, such as a bank transfer or ATM withdrawal.
2. What withdrawal methods does Revolut offer?
Revolut offers several withdrawal methods, including:
Bank transfers: Withdraw to your linked bank account.
ATM withdrawals: Use your Revolut card at ATMs.
Cryptocurrency withdrawals: Transfer cryptocurrency to another wallet.
3. Are there any fees for withdrawing money from Revolut?
Fees may apply depending on your withdrawal method and plan. Standard users may incur fees for ATM withdrawals above a certain limit, while Premium and Metal users typically enjoy higher limits or fee-free withdrawals. Always check the app for the latest fee structure.
4. What is the limit for ATM withdrawals?
For standard users, the limit is usually up to €200 or equivalent per month for free withdrawals. Premium users often have a limit of €400, while Metal users may withdraw up to €800 without fees. After exceeding these limits, a fee is charged.
5. Can I withdraw cash in different currencies?
Yes, you can withdraw cash in the local currency of the ATM you are using. Revolut automatically converts your funds based on the current exchange rate, but be aware that this may involve a fee depending on your plan.
6. How long does it take for withdrawals to process?
ATM withdrawals are instant, while bank transfers can take 1-3 business days, depending on the recipient’s bank. International transfers may take longer.
7. Why can’t I withdraw money from my Revolut account?
Possible reasons include:
Insufficient funds in your account.
Exceeding withdrawal limits.
Account verification issues.
Technical problems with the app or ATM.
8. What should I do if my withdrawal fails?
If your withdrawal fails, check your account balance, verify that you haven’t exceeded limits, and ensure your app is up to date. If issues persist, contact Revolut support via the app for assistance.
9. Can I withdraw cryptocurrency from Revolut?
Yes, you can withdraw cryptocurrency by transferring it to an external wallet. Simply select the cryptocurrency in your account, tap “Withdraw,” and enter the wallet address. Be mindful of network fees and processing times.
10. Is it safe to withdraw money from Revolut?
Yes, Revolut employs strong security measures, including two-factor authentication and encryption. Always ensure you use secure networks and keep your account credentials private.
11. How do I change my withdrawal preferences?
You can change your withdrawal preferences in the app settings. Go to “Profile,” then “Preferences,” and adjust your withdrawal methods or limits as needed.
12. Can I withdraw my funds if my account is locked?
If your account is locked, you won’t be able to withdraw funds until the issue is resolved. Contact Revolut support for assistance in unlocking your account.
13. Do I need to verify my identity to withdraw money?
Yes, Revolut may require identity verification before allowing withdrawals, especially for new accounts or large amounts. Ensure your documents are up to date to avoid delays.
14. How can I avoid withdrawal fees?
To avoid fees, consider upgrading to a Premium or Metal plan, which offers higher limits and reduced fees. Also, be mindful of your monthly ATM withdrawal limits.
15. Can I set up automatic withdrawals?
Revolut does not currently offer an automatic withdrawal feature. You will need to initiate withdrawals manually through the app.
To read more, Click Here