Fintech startup Revolut is increasing past Europe for the primary time. The service goes dwell for some customers in Australia beginning at present.
Revolut isn’t opening its doorways to all prospects without delay. The corporate calls this a beta launch and plans to steadily on-board new customers every single day. There are at the moment 20,000 folks on the waitlist in Australia.
You additionally don’t get the total Revolut expertise for now. Cryptocurrency change, steel playing cards and enterprise accounts aren’t out there simply but. However you’ll be able to open an account, get a card, ship and obtain cash — all the fundamental stuff.
A brand new nation additionally means a brand new group of customers with a unique forex. Households residing on totally different continents may swap to Revolut to ship cash forwards and backwards between Australia and the U.Okay., or Australia and Europe.
Sending cash from one Revolut account to a different is instantaneous and free. Customers can then select to maintain cash in a overseas forex or convert it to their native forex from the app.
As an example, changing GBP to AUD is free throughout weekdays and under £5,000 per 30 days (9,150 AUD, 5,600 EUR, 6,340 USD…). It prices 0.5 p.c for larger quantities (except you’re a Premium or Metallic buyer), and you have to add 0.5 p.c on high of that when you change cash on the weekend.
If I attempt to convert 2,000 GBP within the Revolut app proper now, I’d get 3,660.50 AUD. An analogous transaction on TransferWise would give me 3,647.27 AUD. In fact, your mileage could range relying on the day of the week, the quantity you’re changing, and so forth.
Revolut at the moment has a workforce in Melbourne however doesn’t exclude placing collectively groups in Sydney and Perth as properly. Finally, the corporate plans to rent 30 folks in Australia.
The startup has beforehand introduced plans to develop to different nations, such because the U.S., Canada, Singapore, Japan and New Zealand.