Long-story short (TL;DR)
The Plutus card is only valid in Europe (EEA), and therefore, it works in Euros (EUR). If your local currency is different than euros (for example, in Nordic countries such as Sweden, Norway, and Denmark), a regular bank transfer to top up your Plutus Card may involve a poor exchange rate and extra bank fees.
In this post, I show you a trick to transfer money to the Plutus card avoiding those nasty fees while getting better currency exchange, using Revolut (i.e. top up your Plutus card with no exchange fees).
What’s the best way to top up Plutus?
Method 1. International Bank Transfer (expensive)
You can use a standard international bank transfer to top up your Plutus account. Simply log in to your bank, and make a transfer to the IBAN, SWIFT, and account holder’s name you see on the Plutus app. However, this is usually more expensive. Big banks tend to have a poor exchange rate and also charge fees for international transfers.
For example, if I use my regular bank (Nordea), the bank will convert SEK to EUR before sending the money to my Plutus card. This involves some fees and bad exchange rates from Nordea, and it is the same if you have SEB, Swedbank, or any other big bank.
Method 2. Using Revolut (best)
However, there’s a pretty simple solution you can use: Revolut.
Revolut is a digital bank htat offers free currency exchange (up to €10.000 a month), even in their Standard (free) version. Once you have your account set up, you can use it as an intermediary between your bank and Crypto.com to get the best exchange rate and maximize your cash back. Here’s a step-by-step guide.
Transfer money to the Plutus card with Revolut (Step-by-step)
- Download the Revolut app on your phone (use my link and get 3 months free Premium)
- Click on sign up and follow the verification steps. It might ask you for a selfie.
- You can order a Revolut physical plastic card, and also add your card to Apple Pay.
- Load your Revolut account with money. OBS: always load up in your local currency! (e.g. SEK/NOK, DKK, CHF)
- Option 1: Send money with a Bank Transfer. Go to your bank app and send money from your account to your Revolut bank address
- Option 2: Load up money with your credit card. Fill in your credit card number and authorize the transaction.
- Your Revolut account now should have a balance in your local currency (in my pictures below, I sent 1000 SEK)
- Use Revolut to exchange to EUR. I changed 1000 SEK to 96.99 EUR.
- Open your Plutus app and find your Plutus account IBAN and Swift by tapping on your bank account
- Copy the Bank Account information including Country (UK), IBAN, SWIFT, and account holder information. Note that you must transfer from your own bank account (you cannot receive deposits from someone else)
- Go back to your Revolut App and select Add a bank recipient.
- Fill in the data you copied from your Plutus account. Select UK as the country, paste your IBAN and Swift, and make sure your name in both accounts matches exactly.
- Now send money from your Revolut account to your added Plutus account. OBS: Make sure to send this money in EUR.
You will have to confirm this transaction with your phone.
- You will receive a notification from your Plutus app when the money is received and added to your account. The first time you do it, it might take up to 24h (business hours) to complete the transaction.
- After that, it should be instantly!
After you have received your money in your Plutus account, you can top up your Plutus card. This is how each step looked for me in the apps:
Method 3. Using Wise (cheap)
Wise is a digital wallet and money transfer service that has become popular in the past few years. It uses local bank accounts to avoid international money transfer fees. You can use Wise to top up your Plutus account while converting currency at a better rate.
Transfer money to the Plutus card with Wise (Step-by-step)
- Sign-up for Wise.
- Top up your account in your local currency (in my example, I top up SEK). You can top up using a local bank transfer, credit card, or Apple Pay.
- Once your Wise account is topped up, exchange to Euros (€). You will get Wise currency exchange rate which is better than an international bank transfer.
- In the Wise app, add a new money transfer recipient.
- Add your Plutus account details. The currency should be EUR, and the country should be Outside Europe. Paste your IBAN and Wise will automatically detect the Swift/BIC (Clear Junction LTD)
- Once your recipient is added, select the account for a new transfer
- Select the amount of money you want to transfer
- Review and confirm
- You will receive a confirmation email from Plutus with the amount topped up (in my example €12.15)
- In your Plutus app, you will see the new account balance. You can use that account balance to top up your Plutus card.
That’s a wrap
That’s it! Now you can start buying with your Plutus card and earn cash back on each purchase at no extra cost for converting your currency.