Price comparison disclaimer
Our price comparison tool compares the total cost of sending an international transfer with Revolut Business compared to similar Providers ('Providers'). By 'total cost', we mean the total amount you need to pay to send the transfer, inclusive of our live exchange rate, a flat exchange fee where you exceed your free allowance, any additional fee for exchanging outside market hours, and a transfer fee based on the optimal plan. The information in the price comparison tool applies when sending money in the national currency of the recipient country, and excludes transfers made to Revolut Business customers.
What are the costs of sending a transfer?
The cost of a transfer can normally be broken down into the following components: the live exchange rate, a fee for currency exchange, and the transfer fee. We'll break these down below.
- Exchange rate: sending money internationally often involves two different currencies: the currency you’re using to pay for the transfer, and the currency the beneficiary will receive. For this reason, international transfers generally include an exchange rate. Revolut Business always charges the interbank rate to maintain transparency.
- Exchange fee exceeding plan allowance: we charge a standard 0.6% on exchanging currency outside of your plan’s free allowance.
- Exchange fee outside of market hours: we charge a 1% fee on exchanging currency outside of market hours.
- Transfer fee: this is the fee for sending money, after any currency exchange has been performed. Revolut Business customers can send transfers to other Revolut customers transfer fee-free (these transfers aren’t a part of plan allowance) and there is a fee of 42Kr for each international transfer outside of the plan's fee-free allowance (for all plans). More details on pricing plans can be found on our Fees Page.
We’ve included the above types of fees in the comparison table where Providers charge them. In addition to the fees displayed in the comparison table, the receiving bank or correspondent banks may charge their own fees for international transfers. These fees are not included in the comparison table, as we don’t have visibility over them.
How is the data for Price Comparison collected?
Providers’ data is taken directly from their websites by collecting publicly available transfer costs or by using their remittances services as if we were customers. We don’t collect data for precise amounts, but instead collect data using different transfer amount thresholds in the sender's currency.
For example, for GBP as the sender currency, we collect data for the following amounts:
£10,000, £15,000, £20,000, £25,000, £50,000, £1,000,000, £10,000,000¹
¹ Not all Providers allow a transfer of £10,000,000. Where we show comparison data for this amount, we collect sending amounts as close to the maximum value that a Provider allows (e.g. £10,000, £25,000, £50,000, £1,000,000).
We try to include Providers in the comparison table who we consider to be our closest competitors in the market for currency exchange, and who have publicly available live rates. The comparison tool will always show the top 3-7 competitors for the selected payment value threshold, and selected currency pair.
Plan fees
Providers sometimes offer their customers various transfer and currency exchange fees depending on the plan they subscribe to. These plans may entail different fee structures, making it important to choose the one that aligns with your specific needs and usage volume.
To ensure an accurate comparison, we show the total fee you would incur under each available Revolut Business plan based on your intended monthly transaction volume. We then select the fees associated with that Revolut Business plan that result in the lowest total fees. This is so we can compare Providers’ plans with the Revolut Business plan that we think best matches your specific requirements.
Exchange rate
Different Providers offer different types of exchange rates, including the 'interbank' rate, mid-market rate, or rates with added exchange markups. Here’s our method for assessing the influence of these exchange rates on your total fees:
When Providers offer the mid-market rate, we assume the exchange rate does not affect your exchange fees.
- For Providers offering the interbank exchange rate, we calculate the associated exchange fee using a dynamic approach. We determine the exchange fee as being half of the interbank rate over the past 30 days. This method involves calculating the ask price (cost the Provider offers to sell) minus the bid price (cost the Provider asks to buy), and dividing the result by two. We use the Reuters rate as a benchmark for interbank rate.
- When we collect the comparison data, we calculate the percentage difference between the exchange rates the Providers offer to you, and the mid-market rate, which is called the 'markup'. For example, if at the time of data collection, the mid-market exchange rate from GBP to EUR is 1.2 and a Provider’s exchange rate is 1.1, then the markup is (1.2 - 1.1) / 1.2 = 0.08.
- Later on, when you use our price comparison tool, we’ll check the mid-market rate again, and estimate the exchange rate the Providers would offer to you at that moment using that percentage difference. For example, if the market exchange rate from GBP to EUR when you use the price comparison tool is 1.1, and the markup for a given Provider is 0.08, then we’ll estimate the Provider’s exchange rate to be 1.1 * (1 - 0.08) = 1.01.
- To ensure that we’re being fair to Providers when calculating the exchange rate, we use the data collected for the highest threshold that the amount of your transfer meets. For example, if you’re sending £17,000, and we collected data from £10,000, £15,000 and £20,000, then we'll use the £20,000 threshold. This is because fees usually vary depending on the amount sent: normally, the higher the value of the transfer the lower the fees become.