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Are you investing in multiple p2p platforms including Mintos and others? If so, you might have either of two challenges
- You do not have a European account and want to invest in Euros
- You have a European account and want to invest in other currencies.
- Learn more: What is p2p lending?
Up to now, you had two solutions
- Use Transferwise currency exchange for 0.35% charge
- Use the p2p’s internal exchange which is a 0.7% charge
With these solutions, you lose money before you even start investing. It is natural to write off small charges, but a few Euros here and there can add up to several thousand especially if p2p becomes an important part of your portfolio.
You now have a third option: Revolut. This solution is interesting because
- Opening an account takes 10 minutes to open an account
- Free transfers up to 5,000
- Fast transfers, debit and credit card payments are instant. transfers from Revolut to Mintos seem to be faster than those from a bank
- Other Potential p2p investments: Mintos Bondora Grupeer ViaInvest Neo Finance Monethera Lenndy
- Interbank exchange rates (cheaper than bank retail rates)
- A mobile app which is easy to use
- There are more than 4 million people using Revolut
- You can register for a Revolut account if you are a legal resident of
- Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
- Revolut supports the following currencies: AED, AUD, CAD, CHF, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, SAR, SEK, SGD, TRY, USD, ZAR
- Unfortunately, there is no desktop version for Revolut
How to use Revolut to fund your Mintos.
You can also use Revolut with
Create a Revolut account.
- Follow this link (Free card included when you apply through it)
- You need to fill in the usual forms and upload your passport.
- Without all these checks your transfer in and out limits will be very low
- You can also order a debit card, but it is not necessary if you want to use Revolut to just fund your p2p accounts.
- Revolut has several premium services, you do not need any of these to do the steps below.
Fund your Revolut account. you can do this with a
- Debit Card
- Credit Card Mastercard, Visa cards but not American Express
- Bank Transfer
- Limits of in and out are set through a system in the background which limits it according to your usage. it seems that if you fund your Revolut account through your bank account rather than through your credit card you have higher outgoing limits
Convert your fund to Euros (or any other currency)
- When you fund your Revolut account with any of the supported currency, you can then exchange them to any other of the supported currencies.
- Before you convert them to Euros you need to activate your Euro account
- Revolut exchanges currencies at interbank rates rather than commercial rates. This means you are paying wholesale when exchanging currencies rather than retail bank exchange rates.
- Careful: exchanging the funds during the weekend will result in extra charges
- You can transfer up to 5k a month for free. Anything above 5k is charged a 0.5% fee. Premium members have unlimited free transfers. For amounts over 5k it is worth comparing TransferWise to Revolut. In some currencies, TransferWise may be cheaper then Revolut.
Transfer funds from Revolut to Mintos or your p2p of choice
- Once you have Euros (or other supported currency) in your Revolut account, then you can transfer them out.
- Go to Mintos find their bank deposit details and the specific message you need to include in the transfer.
- First, add Mintos as one of the Beneficiaries from the Revolut payments menu.
- To test the system, you can send a test amount first, to make sure everything works. Do include the special reference code so that Mintos knows this is your account. Learn more: Investing in p2p the safe way
- From the payments menu, choose the bank transfer option, from there you can execute the transfer.
- Potential real estate investments: Mintos ReInvest24 EvoEstate EstateGuru
- P2p platforms might ask you for proof of the source of funds for the transaction.
Mintos account funded.
- Revolut then sends your funds to Mintos. You will see the balance on your Mintos account, and the beauty is that no fees have been charged.
Getting your money back from Mintos to your bank account.
- After you have invested the funds on Mintos, and are ready to return your funds to your account you can do all of the above in inverse.
- Diversification of investments
- Diversification in currency
- Diversification in platforms
- Passive Income
Revolut is a quick and easy way to invest in multiple p2p investment platforms, it helps you divide a 10,000 investment LINK in several platforms without the pain of having to pay the transfer fees for each extra charge.
Other Potential p2p investments
P2p loan investments
- Mintos See Also: Mintos Review
- Grupeer See Also: Grupeer Review
Real Estate loan investments
- Reinvest24 See Also: Reinvest 24 founder interview
- EvoEstate See Also: Interview with EvoEstate founder
- BitOfProperty See Also: BitOfProperty interview
Business loan investments