Annoying changes at Revolut. Transferring money to an account can be expensive

Revolut has been using its special account with Raiffeisenbank since mid-June 2020. It was possible to send money to it with a completed beneficiary in the notes for a specific payments.

However, this payment option will end on the last day of January, and from February users will be able to send money, for example through often unfavorable international SEPA payments.

Although it is possible to send Czech crowns via SEPA payments, this payment option is often associated with high fees or an unfavorable exchange rate. This can largely eliminate the reasons why people have started using Revolut on a large scale.

For one payment in Czech currency, fees for senders can climb up to the limit of 300 crowns. Payments in euros are mostly free of charge. .

The first alternative is a free transfer from another user, and the next is to top up with a Visa or Mastercard payment card.

The change at Revolut can cause considerable problems for those who get their wages sent this way. Some employers may not allow it to be paid to the account via the IBAN LT code, which is used for SEPA payments

Revolut’s clients have been notified of this change by e-mail. The company’s representatives have not yet explained the reasons that led to the change in conditions. Unofficial information suggests that the cause may be a planned change in the application and incompatibility of the current technical solution for collection accounts.