Personal Finance

3660 readers

12 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 2 years ago

MODERATORS

WandererLagomorph799@lemmy.ml

nieceandtows@programming.dev

nieceandtows@lemmy.ml

Compare bank fees with Revolut in a foreign currency (feddit.nl)

submitted 1 year ago by Jeroenvb@feddit.nl to c/personalfinance@lemmy.ml

1 comments fedilink hide all child comments

How can I properly compare paying abroad with my own bank versus using Revolut for it?

For example, I know that I will spend 1500 euro worth of payments, mainly through physical card payments in stores, in the UK. I am from The Netherlands. My bank account is set in euro's and obviously in the UK it'll be paid in GBP.

Revolut should be a very good way to pay in foreign currencies but I am not able to determine what the difference would be. There is currency exchange rates, currency exchange fees, payment in foreign currency surcharge, perhaps Revolut subscription fees. Is this everything I need to take into account?

Revolut EUR-GBP exchange rate

ING GBP-EUR exchange rate

Revolut fees

ING fees

you are viewing a single comment's thread
view the rest of the comments

[–] TurboLag@lemmings.world 2 points 1 year ago

Most traditional banks charge a fee for transactions in foreign currencies. This is usually a percentage fee (something like 1.5 – 3% of the the amount of the transaction), plus potentially a fixed fee. This should be clearly outlined in the document that describes the fees on your account.

These fees are added on top of a base exchange rate. There are a few different exchange rates commonly used, of which Revolut's is usually one of the best, but the differences between them are probably not big enough to worry about.

With Revolut, you get a base amount of free currency exchange, I think 1000 EUR per month. Beyond this, there's an additional fee of 0.5 – 1%. You can increase this amount through a subscription, but he aware that once you start your plan, you need to keep it for at least 12 months, even if you pay monthly.