How to Use the REVOGB21XXX SWIFT Code for Payments

The REVOGB21XXX SWIFT Code is a unique identifier linked to Revolut LTD, a popular financial technology company. You use this code to ensure that international payments reach the correct destination without errors. It plays a crucial role in global transactions by acting as a digital address for financial institutions. For Revolut users, this code simplifies cross-border payments, making the process more efficient and secure.

Understanding the REVOGB21XXX SWIFT Code

What Does REVOGB21XXX Represent?

The REVOGB21XXX SWIFT Code is a unique identifier assigned to Revolut LTD. It acts as a digital address that ensures your international payments reach the correct destination. Each part of the code has a specific meaning. For example, "REVO" represents Revolut, "GB" indicates the United Kingdom, and "21XXX" identifies the specific branch or office. This structure allows banks and financial institutions worldwide to recognize and process transactions accurately.

Revolut uses this SWIFT code because it operates without physical branches. Instead, it relies on digital banking services to manage customer accounts. This approach simplifies global transactions, making it easier for you to send and receive money across borders.

How SWIFT Codes Facilitate International Transactions

SWIFT codes play a vital role in modern banking by streamlining international fund transfers. They ensure that payments move securely and efficiently between banks. When you initiate a transfer, the SWIFT code directs the payment to the correct financial institution. This reduces errors and speeds up the process.

Here are some key statistics about SWIFT payments:

• Average processing time for SWIFT payments is 18 hours.

• 66% of payments arrive within the same day.

• Payments involving intermediary banks average 1 day and 11 hours, while those without average 15 hours and 9 minutes.

These numbers highlight how SWIFT codes, including the REVOGB21XXX SWIFT Code, make international transactions faster and more reliable. By using this system, you can trust that your money will reach its destination promptly.

Specific Features of REVOGB21XXX for Revolut LTD

The REVOGB21XXX SWIFT Code offers several features tailored to Revolut's unique banking model. Since Revolut operates entirely online, this code is essential for all international payments made by its customers. Revolut's UK Banking License allows it to function as an authorized bank, ensuring your transactions are secure and compliant with regulations.

Each Revolut customer has a unique IBAN linked to their account. You can find this IBAN in the Balances section of the Revolut app. This combination of a personal IBAN and the REVOGB21XXX SWIFT Code ensures that your payments are processed accurately. Whether you're sending money to a friend abroad or paying for services in another country, this system simplifies the process and reduces the risk of errors.

Using the REVOGB21XXX SWIFT Code for Payments

Step-by-Step Guide to International Transfers

Sending money internationally using the REVOGB21XXX SWIFT Code is straightforward when you follow these steps:

1. Log in to Your Banking App or Platform: Open the app or website of the bank or financial service you use for international transfers. If you’re using Revolut, access your account through the Revolut app.

2. Select the Option for International Transfers: Look for the section labeled "International Payments" or "Send Money Abroad." This is where you’ll initiate the transfer.

3. Enter the Recipient’s Details: Provide the recipient’s full name and bank account information. Ensure the details match exactly as they appear on their bank records.

4. Input the SWIFT Code: Enter the REVOGB21XXX SWIFT Code in the designated field. This ensures the payment reaches Revolut LTD.

5. Add the IBAN: Include the recipient’s International Bank Account Number (IBAN). This number identifies their specific account and is essential for accurate processing.

6. Specify the Amount and Currency: Enter the amount you wish to send and select the currency. Double-check these details to avoid errors.

7. Review and Confirm: Before submitting, review all the information. Confirm that the SWIFT code, IBAN, and recipient details are correct.

8. Submit the Payment: Once everything is accurate, proceed to send the payment. You’ll receive a confirmation once the transaction is processed.

By following these steps, you can ensure your international transfer is completed without complications.

Where to Input the REVOGB21XXX SWIFT Code

When making an international payment, you’ll find a specific field for the SWIFT code in your banking app or platform. This field is usually labeled as "SWIFT/BIC Code." Enter the REVOGB21XXX SWIFT Code here to direct the payment to Revolut LTD.

If you’re using Revolut, the app simplifies this process by guiding you through each step. For other banking platforms, the SWIFT code field typically appears after you’ve entered the recipient’s name and account details. Always double-check the code before proceeding to avoid delays or errors in your transaction.

Additional Requirements (IBAN, Account Details)

In addition to the REVOGB21XXX SWIFT Code, you’ll need the recipient’s IBAN and account details to complete the transfer. The IBAN is a unique identifier for the recipient’s bank account. It ensures the payment is routed to the correct account within the financial institution.

You can find your IBAN in the Revolut app under the "Balances" section. If you’re sending money to someone else, ask them to provide their IBAN and confirm its accuracy. Along with the IBAN, you’ll need the recipient’s full name and address. Some banks may also request the purpose of the payment, so be prepared to provide this information if needed.

By gathering all these details beforehand, you can avoid unnecessary delays and ensure your payment is processed smoothly.

Fees and Processing Times for REVOGB21XXX Transactions

Typical Fees for Using SWIFT Codes

When you use the REVOGB21XXX SWIFT Code for international payments, fees can vary depending on your bank or financial service provider. These charges often include a flat fee for processing the transaction and additional costs if intermediary banks are involved. Some banks may also apply currency conversion fees if the payment involves different currencies.

To minimize costs, check if your bank offers competitive rates for SWIFT transactions. Revolut, for example, provides transparent pricing for international transfers, which can help you avoid unexpected charges. Always review the fee structure before initiating a payment to ensure you understand the total cost.

Expected Processing Times for Payments

Payments made using the REVOGB21XXX SWIFT Code typically process within one to three business days. However, the introduction of SWIFT's Global Payments Innovation (GPI) service has significantly improved transaction speeds.

• Half of the payments using GPI are completed within 30 minutes.

• Many banks adopting GPI have reduced settlement times by up to 20%.

• Despite these advancements, some transfers may still take up to five days, especially when intermediary banks are involved.

These improvements highlight the efficiency of modern SWIFT systems, ensuring your payments reach their destination faster than ever before.

Factors That May Impact Transaction Speed

Several factors can influence how quickly your payment processes. These include:

• The involvement of intermediary banks, which can add delays.

• The specific currencies used in the transaction.

• Batch processing schedules, where banks group similar transactions together.

• The time of day you initiate the payment, as banks typically process transactions during business hours.

• Regulatory requirements and bank exchange rate policies, which may also affect processing times.

European banks that implemented advanced message validation systems have reduced errors in international payments by over 40%. This improvement has further decreased settlement times, making transactions more efficient. By understanding these factors, you can better plan your payments and avoid unnecessary delays.

Troubleshooting Issues with REVOGB21XXX

Resolving Delayed or Rejected Payments

If your payment using the REVOGB21XXX SWIFT Code gets delayed or rejected, identifying the cause is the first step. Start by reviewing the transaction details you entered. Errors in the recipient’s name, IBAN, or SWIFT code often lead to processing issues. Double-check these details to ensure accuracy.

Next, confirm whether your bank or payment platform has processed the transaction. Some banks may hold payments for additional verification, especially for large amounts or international transfers. Contact your bank to inquire about the status of the payment.

If the issue persists, check if intermediary banks are involved. These banks can sometimes delay transactions due to their own processing schedules. In such cases, patience is key, as these delays are often beyond your control.

Verifying the Accuracy of the SWIFT Code

Using the correct SWIFT code is crucial for successful international payments. To verify the REVOGB21XXX SWIFT Code, consult the official Revolut app or website. These platforms provide the most reliable and up-to-date information.

You can also cross-check the code using trusted online SWIFT code directories. Ensure that the code matches the recipient’s bank and branch details. A single incorrect character can misroute your payment, causing delays or rejections.

If you’re unsure about the code, reach out to the recipient for confirmation. They can verify the details with their bank to avoid any errors. Taking these steps ensures your payment reaches the intended destination without complications.

Contacting Revolut Customer Support for Assistance

When troubleshooting payment issues, Revolut’s customer support team can provide valuable assistance. Open the Revolut app and navigate to the Help section. Here, you can access FAQs, chat with a support agent, or submit a query.

Provide all relevant details, including the transaction ID, recipient information, and the REVOGB21XXX SWIFT Code. This helps the support team investigate the issue more efficiently.

For urgent matters, use the in-app chat feature to connect with a live agent. Revolut’s support team is trained to handle payment-related concerns and can guide you through the resolution process.

By following these steps, you can address any issues with your international payments effectively.

Xtransfer and Simplifying International Payments

How Xtransfer Helps with SWIFT Code Queries

Xtransfer simplifies the process of finding and verifying SWIFT codes for international payments. Its platform provides access to a comprehensive database of SWIFT codes from banks worldwide. This feature ensures you can quickly locate the correct code for your transactions, reducing the risk of errors.

The platform also offers user-friendly tools to guide you through the payment process. If you’re unsure about a SWIFT code, Xtransfer’s system allows you to cross-check it with the recipient’s bank details. This verification step ensures your payment reaches the intended destination without delays or complications.

By using Xtransfer, you gain access to a reliable resource for managing SWIFT code queries. This makes your international transactions smoother and more efficient.

Benefits of Using Xtransfer for Cross-Border Transactions

Xtransfer offers several advantages for individuals and businesses handling cross-border payments. These benefits make it a preferred choice for many users:

• Tailored for small and medium businesses (SMEs), making it highly relevant for this group.

• Collaborates with major banks like J.P. Morgan and Barclays to enable multi-currency payments.

• Implements robust anti-money laundering measures to ensure secure transactions.

• Achieves a 90% client retention rate, reflecting high user satisfaction.

• Serves over 10,000 clients across various industries, showcasing its widespread acceptance.

• Reduces global trade costs by up to 10%, providing significant financial savings.

These features highlight why Xtransfer is a trusted platform for managing international payments.

Comparing Xtransfer to Traditional Banking Methods

Traditional banking methods often involve lengthy processes and higher fees for international payments. Xtransfer, on the other hand, streamlines these transactions with its modern approach.

Unlike banks, Xtransfer focuses on efficiency and cost-effectiveness. Its partnerships with leading financial institutions allow you to access competitive exchange rates and faster processing times. Additionally, the platform’s advanced technology minimizes errors and delays, which are common in traditional systems.

By choosing Xtransfer, you benefit from a solution designed to meet the demands of today’s global economy. It offers a seamless alternative to outdated banking methods, making international payments more accessible and reliable.

The REVOGB21XXX SWIFT Code simplifies international payments for Revolut users. It ensures your transactions are secure and reach the correct destination. By following the outlined steps, you can use this code effectively for global transfers.

Xtransfer enhances the payment experience further. It collaborates with EBANX to improve financial services in Latin America. Its local payment options, such as instant payments and cash-based vouchers, support over 75% of B2B transactions in the region. These features make Xtransfer a reliable choice for seamless international payments.

FAQ

What is the purpose of the REVOGB21XXX SWIFT Code?

The REVOGB21XXX SWIFT Code ensures your international payments reach Revolut LTD securely and accurately. It acts as a unique identifier for Revolut in global banking systems, simplifying cross-border transactions.

Can I use the REVOGB21XXX SWIFT Code for all currencies?

Yes, you can use the REVOGB21XXX SWIFT Code for payments in multiple currencies. However, confirm with your bank if any restrictions apply to specific currencies before initiating the transfer.

Where can I find my IBAN in the Revolut app?

You can locate your IBAN in the "Balances" section of the Revolut app. Tap on your account balance, and the app will display your IBAN along with other account details.

What should I do if my payment gets delayed?

Double-check the recipient’s details, including the SWIFT code and IBAN. Contact your bank to confirm the transaction status. If the issue persists, reach out to Revolut’s customer support through the app for assistance.

How does Xtransfer simplify SWIFT code verification?

Xtransfer provides a global database of SWIFT codes, allowing you to verify them quickly. Its user-friendly tools help you cross-check codes with recipient bank details, reducing errors and ensuring smooth transactions.