Traveling or shopping internationally? Managing multiple currencies can be a hassle, but Revolut simplifies the process. This guide shows you how to effortlessly swap currencies on the Revolut app, saving you time and potential bank fees. Learn how to exchange money at competitive rates, understand the exchange process, and make the most of your Revolut account for all your international financial needs. Let's get started!
Step-by-Step Instructions
-
Open Revolut and Access Exchange
- Open the Revolut app and navigate to your default currency page.
- Click the three dots (More) in the upper right corner of the screen.
- Select "Exchange".
Open Revolut and Access Exchange -
Select Currencies and Amount
- Choose your primary currency and the currency you want to exchange it for. You can customize this by clicking the downward arrow next to the currency selection.
- Enter the amount of your primary currency you wish to exchange.
Select Currencies and Amount -
Review and Confirm Exchange
- Review the exchange details, including fees, on the preview screen.
- Click "Sell [Your Currency] to [Target Currency]" to confirm the exchange.
Review and Confirm Exchange
![Click "Sell [Your Currency] to [Target Currency]" to confirm the exchange.](https://img.plan2winsoftware.com/yt/1081364188203515906/80/shot.jpg?width=700)
![Click "Sell [Your Currency] to [Target Currency]" to confirm the exchange.](https://img.plan2winsoftware.com/yt/1081364188203515906/105/shot.jpg?width=700)
Tips
- If you don't have a Revolut account, use the sign-up link in the description for a potential $40 bonus.
Common Mistakes to Avoid
1. Incorrect Amount Entry
Reason: Entering the wrong amount of money to exchange can lead to unwanted transactions or insufficient funds.
Solution: Double-check the amount you're entering before confirming the exchange.
2. Ignoring Exchange Rate Fluctuations
Reason: Exchanging currency without considering the current exchange rate might result in a less favorable deal compared to waiting for a better rate.
Solution: Monitor the exchange rate and exchange currency when the rate is most beneficial to you.
3. Forgetting to Select the Correct Currency
Reason: Choosing the wrong currency to exchange from or to will lead to an incorrect transaction.
Solution: Carefully verify the 'from' and 'to' currencies before confirming the exchange.
FAQs
What are the fees for currency exchange on Revolut?
Revolut offers a variety of plans. Some plans offer free currency exchanges up to a certain limit, while others charge a small markup on the mid-market rate. Check your plan details within the app for specifics. Always be aware of any potential fees beyond the exchange rate.
How do I add money to my Revolut account to exchange?
You can add funds via bank transfer, debit/credit card, or other linked accounts, depending on your region and chosen funding method. The app will guide you through the process. Make sure you choose the correct currency when adding funds.
What's the difference between 'Exchange' and 'Instant Exchange'?
Standard 'Exchange' usually offers better rates but may take a few days to complete. 'Instant Exchange' provides immediate conversion but typically involves a slightly less favorable rate. Choose based on your urgency and preferred exchange rate.