Revolut has just informed its clients about planned changes in the regulations. It is a lower limit on currency exchange, a higher margin for exchanging money on weekends and a fee for selected foreign transfers.
The crisis hit Revolut?
Is the decision not very pleasant for the company’s customers the result of a coronavirus pandemic and crisis? Certainly, because Revolut users have recently traveled less because of lockdown. Thus, they did not need to buy foreign currencies as often as they did before.
As a result, Revolut admitted a few days ago that he must cut costs and decides to reduce staff. Now the company has sent clients information about changes in regulations. These mean higher service charges.
First, a new limit for free currency exchange has been introduced. From August 12, 2020, the free version of the account will be reduced from 20 thousand. up to 5,000 PLN per month. The fee for exceeding it will be 0.5 percent. – We will inform you when a given exchange will be subject to it. In our Premium and Metal plans, as always, limits will not apply – written in an email sent to customers.
The margin for currency conversions on weekends also increases. For major currencies it will be 1 percent. (currently 0.5%). – The margin on other currencies remains unchanged. Remember that you can completely avoid this fee by making an exchange on business days – reminds the company.
There is also a fee for transfers. However, payments to Revolut users, domestic transfers and transfers in euros within the Single Euro Payments Area remain free. However, if the customer already makes another transfer to an account outside of their country, the first payment in a given month will remain free, but a fee of PLN 2.5 will be added to each subsequent one.
– In addition, if the user makes a transfer to another country in a non-domestic currency, the fee will be PLN 15 for transfers in USD (e.g. in US dollars to Brazil) or PLN 25 for transfers in a currency other than USD (e.g. in British pounds to Brazil) ) – he adds PRNews.