Revolut today announced that instant SEPA transfers will become free of charge for all Revolut and Revolut Business customers across Europe.
These instant transfers take only a few seconds to transmit, rather than a couple of days as is usually the case with normal transfers.
SEPA Instant transfers are very useful especially for Revolut customers who need to send money to a European recipient who does not use Revolut, as sending money between Revolut users is already instant.
Over 2000 financial institutions from over 20 countries in Europe have adopted the SEPA Instant system to offer their customers a better experience when sending and receiving money.
Not only are instant money transfers being introduced, but they will also be free of charge. Many banks charge a fee for sending money via SEPA instant money transfer. However, for all Revolut and Revolut Business customers, 24/7 access to the service will be completely free of charge.
Revolut, instant money transfers to break down financial barriers
Deziree Rapi, Operations Manager at Revolut Core Payments, said:
“With SEPA instant credit transfers we want to break down financial barriers even further. Revolut can be an effective solution for making transfers to countries where many banks are already using them. In addition, Italian and European customers will be able to send and receive money immediately at any time, even to and from countries where there are not yet many banks supporting this type of transfer”.
In short, these are the benefits of SEPA instant money transfers:
- Possibility to send and receive Euro transfers in Europe in a few seconds instead of 1-2 days;
- Access to SEPA instant credit transfers is free of charge for all Revolut and Revolut Business customers;
- The counterparty issuing or receiving the transfer must be part of the SEPA Instant scheme.
To send a SEPA Instant wire transfer using Revolut, customers must update their app and start the process to send a wire transfer, select the beneficiary, enter the amount to be sent and proceed with the other steps.