We can all agree that the cost of sending money abroad is a big turn off. The agony of having to pay for a simple Euro transfer sucks. As a matter of fact, you’re losing money before you’ve even invested anything. But somehow, we’ve come to accept that banks can charge for currency exchange while, at the same time, giving us a bad rate.
Don’t you wish there was a cheaper way to deposit Euros and other currencies to your peer-to-peer lending accounts? Especially if you’re spreading your portfolio among many different investment platforms like, for example, Mintos, Envestio, Crowdestor or Kuetzal?
Well, it’s your lucky day. Someone invented Revolut.
Free Euro Transfers to the Mintos Marketplace with Revolut
Revolut is a UK company that offers smartphone-based banking services, including free currency exchange transactions up to £5,000 per month.
With Revolut, you can exchange Pounds, US Dollars and other currencies to Euros and transfer them to any P2P platform, such as the Mintos Marketplace, completely free of charge.
So, my friends, I hate to break it to you but if bank transfer still is your preferred option for sending money abroad “you’re living in the past, man.” It’s time to move on.
Why Use Revolut for Peer-to-Peer Lending on Mintos?
You should use Revolut for peer-to-peer lending purposes because it lets you deposit Euros to Mintos for free.
You’ll get the same rates that banks use to exchange money between one another; and where Transferwise will charge €1-5 depending on the amount you want to convert, Revolut doesn’t charge any mark-up for the transaction to Mintos or other peer-to-peer platforms.
With no charges and real-time foreign exchange rates, Revolut will no doubt save you a considerable sum of money in the long haul.
The main selling point for someone like me, who makes monthly deposits to several different investor accounts, is that it removes the costs of diversifying.
So, you can understand why I ultimately decided on Revolut: I needed the most competitive rates available and didn’t want to pay a bunch of fees for each transaction.
Now, you might object that the amount lost by using traditional bank transfer or Transferwise isn’t that significant. What’re a few Euros here and there?
But I’m telling you, these small charges add up over time. Go back and see how much you already spend and think about the number of international transfers you expect to make in the future.
Wouldn’t that amount have been better off invested in the lending market? Because you’re basically giving away 1-2% of something you’ve already paid taxes on.
3 Reason Why I Use Revolut for Mintos
Here’s why I use Revolut for Mintos:
- It’s free. It takes less than 15 minutes to open an account, after which you can make currency exchange transaction of up to £5,000 or €6,000 per month without paying any fees.
- It’s fast. I can top up my Revolut account free of charge with a debit or credit card (VISA, etc.) and it’ll arrive instantly. You can also top up your account by bank transfer which I haven’t tried. The transfer time from Revolut to Mintos and other peer-to-peer platforms varies.
- It’s flexible. The app is easy to use and provides a nice overview of your expenses. What’s more useful is that I’m able to hold multiple currencies in the same account, which is something my own bank doesn’t allow without charging a markup.
My Experience with Using Revolut to Invest in P2P Lending Sites
When trying out new lending platforms or exchange services, I always test the waters by submitting a small amount to see if it arrives. So, I’ve been testing out Revolut this month by making small-sized Euro-deposits to Mintos, Envestio and EstateGuru.
Thus far, I’ve encountered no problems. All transfers came through successfully.
I was especially surprised to see that the money I sent to Envestio took less than four hours to arrive, which is very fast considering that it’s not a credit card payment. I submitted my transfer at 12:08, it was executed at 12:46 and arrived at Envestio 15:25. That’s only three hours and 17 minutes.
In comparison, my bank operates at a snail’s pace, taking up to three days to process a Euro-based transaction.
There are some people who have reported that their funds didn’t arrive in their investor account. The issue seemed to be that Revolut didn’t supply them with a personal IBAN.
However, this no longer appears to be a problem. At least I had my own IBAN from the moment I made my first foreign currency transaction.
I wonder if anyone has had recent problems with Revolut?
Revolut to Mintos: Step-by-Step Guide to Transfer Money
To share my excitement, I’ve conjured up this short tutorial on how to transfer money from Revolut to your Mintos investor account.
By using Revolut to transfer money to Mintos you will save valuable time and money in the long run.
1. Download & Install Revolut
This one is pretty obvious. You need to have the Revolut App downloaded on your phone before you can make a transaction to Mintos. Revolut is a mobile banking service only and can’t be used on desktop (for now).
It’s very import that you use your own name and type in the correct details when signing up. Mintos and most other P2P platforms only accept transfers from accounts in your own name.
2. Verify your identity
Verifying your identity with Revolut is easy. It only takes 5-30 minutes when using a passport and web-camera. No smiles, look serious. I’ll wait right here.
3. Add Funds to Revolut with the Top Up Function
For most people, Revolut functions as an intermediate account, used to hold a variety of currencies. As they wont be giving you any free money, it’s necessary to first deposit some USD, GBP or whatever your local currency is.
Do so by clicking the small blue plus-sign in the top left corner on the home screen. It’s easy to miss and they should probably make it more obvious to find. Choose bank transfer or credit card and follow the instructions.
3. Add a new beneficiary
Did the money arrive? Let’s add Mintos (or your other favourite P2P platform) as a new beneficiary, i.e. recipient.
Whenever you’re ready, click on “Payments” at the bottom of the screen, then select “Bank transfer”.
The reason we need to make a bank transfer is that Mintos and others don’t accept credit or debit card payments.
Now, click on the blue button to add Mintos as a new beneficiary.
In the picture below, I’ve already added Envestio (possibly my favourite peer-to-peer lending platform with 17% interest rates).
Select “To a business”
Choose “Estonia” (not Latvia as shown in the picture) and “Euro” as country and currency.
Add the bank details of Mintos. If you’re unsure where to find these, go read my detailed guide to Mintos where you can read all about transferring funds to your investor’s account.
Add their E-mail as well to alert the Mintos accounting team that you made a transfer with Revolut.
Double check the what you’ve typed, then click “Add beneficiary”.
This screen should now appear:
4. Initiate a Transfer in Euros from Revolut to Mintos
The “Mintos Marketplace AS” should now be visible as a beneficiary. Click on it to continue (if you accidentally closed the screen, go back to “Payments”, “Bank transfer”).
Write the amount you wish to transfer in Euros .
The real-time exchange rate can be found in the line below (it’s good huh?) as well as your current balance.
You can’t transfer more than available in your account, so don’t worry.
Double check the numbers.
IMPORTANT: Remember to include a message to Mintos with your investor account number. Do so by clicking “add reference”.
Click on “Send” when you’re ready. This will submit the transfer, i.e. ship the money off to Latvia.
Congratulations! You’ve made it through the review and successfully made your first free transfer with Revolut to Mintos!
Concluding the Revolut to P2P Review
I must say that I’m really happy with Revolut’s services. Last week, I decided to order a Mastercard for my next holiday in France. It’s free to use, but the withdrawal limit is only €200 each month, so I’m not sure how useful it’ll be. I can only hope they’ll increase the limit before we take off.
If you haven’t already signed up to Revolut, feel free to use my invitation link. It gives you a free physical card (with free shipping) that you can bring with you on your next trip abroad. If you invite 5 friends, they’ll be upgrade you to Metal Card membership status for one year.
That’s it, folks. I hope you’ve enjoyed this small review. Let me know if anything was unclear or if you feel some details were missing.