In this post we are going to discuss how to easily transfer money to Mintos, and in general to any peer-to-peer platform at no cost.
This part can be complicated and intimidating, just because traditional banks are very expensive when it comes to international transfers.
Can you imagine paying 15 EUR (the minimum fee) for every single transfer? You’ve got it right, is not a joke. That’s exactly how much money I have to pay! Crazy, right?
That alone is a deal breaker for most people who are trying to invest in P2P. Diversification among platforms is very important so you need to find ways to cut down on fees.
Well, fortunately enough, we are in 2019, and there are better ways to send money abroad – without any costs. Awesome, that’s how I like it!
Without any further due, my best way to make completely FREE transfers to Mintos or any other peer-to-peer platform, with great exchange rates is Revolut.
Revolut – the best way to transfer money to Mintos for FREE
In case you haven’t heard about Revolut yet (really?), it’s a UK fast growing company that tries and succeeds to revolutionize the way we work and interact our money.
Technically speaking, Revolut is not (yet) a bank, however it has become the primary choice of many, usually the young people.
You can transfer money without any fees, withdraw them for free up to certain amount, and for some of you and me who have to deal with other currencies than EUR you get amazing exchange rates.
I am using it for every day purchases, in vacations, to exchange currencies, for free transfers, you name it. Is just AWESOME!
I have used it many times already to send money (and withdraw) to different peer-to-peer platforms, like Mintos, Grupeer, Envestio, Crowdestor, Peerberry. I never had a problem and depending on the platform you can even get your money in the same day.
Envestio for example – I am getting my money in the same day, if I send them early in the morning. Sometimes this can be very helpful, as some of you may know, projects on Envestio are selling very fast.
However, things are not as smooth with all the platforms. With Grupeer, it took around 3 days for money to be credited on my account. Or at least that was the case last time when I have sent money over to them. I suspect the slowness is on Grupeer’s side, probably due to the high demand they are facing.
Why transferring money with Revolut?
Because is FREE (already mentioned it several times, but that’s the most important part), easy to use – you’ll see, fast and feels like 2019. Enough said.
Step-by-step guide to transfer money to Mintos using Revolut for free
Alright, let’s get down to business and go through this step-by-step guide on how to transfer money to Mintos, the best platform you can start your peer-to-peer lending adventure.
STEP 1 – create a Revolut account and verify your identity
It’s pretty easy, all you have to do is to download the Revolut App by navigating to this link (affiliate link, but you should get a free card) and following the steps.
Unfortunately, for all you desktop lovers, there is no way to use Revolut like that. Maybe in the future, but I’m not aware of any plans so far.
The process is quick and simple, but it does require identity verification (due to EU anti-money laundry regulations). To complete that you need to upload a national ID or passport.
You have to do this, otherwise you’ll end up with a very low top up limit (it seems the value is different based on your country of origin?). The limit will be raised once you have done the identity verification.
STEP 2 – top-up your Revolut account to add funs
As soon as the account is created and your identity verified, you can easily send money to Revolut by using a credit or debit card from your traditional bank. This is the method I recommend (but of course it depends on the amounts), the top-up being instant and free.
This top-up process functions like any regular card payment you’re making throughout your day, the difference being that in this case money will not be used to pay for something, but rather will reach into your Revolut account.
It’s still possible to have top-up limits per day, and they can be very different from user to user. Behind the scenes there is an algorithm that sets them up and is based on your own usage patterns. A good rule of thumb is that the more you use your Revolut account, the higher chances for bigger limits.
Good to know!
In my country, some banks charge fees when you top-up from a credit card. There are no fees for a debit card. That’s not nice, so check with your bank and avoid using credit cards whenever possible.
The next steps (3 and 4) are optional and depended on your particular situation. If you earn or own money in a different currency than EUR (like I do, in LEI), and assuming your Revolut base currency is different from EUR, then you should follow them, otherwise feel free to skip to step 5.
STEP 3 – activate your EUR account
On this step we assume you already have your money in Revolut, but in your own currency (in my case LEI).
In any case, this is important, as you will want to have your own IBAN for EUR to safely withdraw funds from Mintos.
Good to know!
Activate your EUR account in Revolut to have your own IBAN to be able to withdraw funds from Mintos.
To activate your EUR account, from the account menu, tap on the top right button and follow the steps. See below a few screenshots of the process:
STEP 4 – convert your currency in EUR
As soon as you have activated your EUR account, next step will be to convert your money. That’s very easy to do, so I won’t go into further details, but one thing I will mention:
Make sure you exchange during the week, otherwise Revolut will charge an extra fee on top of the regular exchange rate.
Good to know!
Exchange your money during the week, otherwise Revolut will charge an extra fee on top of the regular exchange rate.
As a side note, the above is valid even for payments that will require an exchange during the process. It can easily cost you a few extra EUR if you do that over the weekend.
STEP 5 – add Mintos as beneficiary
From Payments menu, choose to make a bank transfer, and follow the steps. It should be pretty easy, but in any case, find below screenshots of the process that can guide you.
In terms of payment details for Mintos, you can find them on their website, on Deposit / Withdraw / FX menu, by selecting EUR and then Bank Transfer.
STEP 6 – making the actual transfer to Mintos
We have finally reached the last step and the most important.
From the same Payments menu, you will choose again Bank Transfer, only this time we have already the beneficiary predefined, so all we have to do is to select it and follow the steps.
Practically, we need to add the amount and fill up the payment reference.
The payment reference is extremely important, as that’s the way Mintos will identify the investor in which account to deposit the money to.
Good to know!
Always make sure to fill up the payment reference with your investor number, otherwise your money will be blocked.
If, by any means, you forgot to fill up the payment reference, write an email to their support and most probably they will ask you for a proof of payment to help resolve the problem.
See below a few screenshots to help you with the process.
On the left side we have the Mintos details (you can find them on their website, on Deposit / Withdraw / FX menu, by selecting EUR and then Bank Transfer) where we have the payment reference (Payment Details).
One last thing to mention is that you can also easily withdraw money from Mintos (or any other P2P platform) once you have made your first deposit.
Transfer money to other peer-to-peer platforms
To transfer money to other platforms than Mintos, you will have to follow the same steps. Of course, we will need to define a beneficiary for every platform, and we need to specify the payment reference which is specific to that platform.
I don’t have anything else to add, other than for some platforms it might take longer for the funds to arrive.
Problems you may have while using Revolut
I won’t dive deep into this, as the majority of users have no problems using app, the proof being the astonishing number of retail users – 4,5 millions.
However, is true that some people hit a snag or two. And when that happened, usually their money got blocked and they were required to do verification of source of funds.
In fact, this is probably #1 reason of frustration of people who are using Revolut. Unfortunately is a necessary evil for everyone’s safety and also a EU anti-money laundry regulations requirement.
What happens is that Revolut has a screening algorithm and it will automatically pick transactions that it thinks they are suspicious and ask to verify source of funds.
Once this happens, nothing to worry, as it’s a straightforward process and your money are safe. All you have to do is specify the money source and provide attachments (pictures, pdfs, docs, etc..). Once the verifications are completed your money will be unblocked.
Please share your opinion
How do you transfer money to Mintos, or any other peer-to-peer platform for that matter?
Have you been using Revolut already, and what was your experience so far?
Feel free to post a comment in the section below or write me an email. I would really like to know how are you dealing with this.
Until next time,
P.S. In the next post from the guide I will teach you how to start with one of the best platforms out there – Mintos. Is going to be fun and worthwhile, I promise! I will share tips and tricks on how to maximise your returns, and will also explain my investment strategies that worked very well for me.
Disclaimer: This is a personal blog, containing our opinions and views, and nothing you read here can be used as investment advice or recommendation. You should also know that some of the links in this post may be affiliate links, meaning, at no cost to you, I may earn a commission. Read the full disclaimer here.