Revolut launches public beta in Australia

June 13, 2019

Revolut, the London-based mobile challenger bank, announced the launch of a public beta in Australia, part of the company's long anticipated international expansion, according to a new blogpost. .

Revolut said it has 20,000 customers on the Australian waitlist, and despite obtaining a banking license from the European Central Bank, will operate as a Melbourne-based "electronic money institution" in Australia with no physical branches.

Among the features Australian customers will get include instant mobile device updates to alert them about what they just spent after each card payment they made, and monthly breakdowns by category, such as spending on restaurants, groceries and transportation. They will also be able to set up monthly budgets from the mobile app.

Revolut will also allow customers to send money overseas at the real transfer rate, without markups and hidden fees, according to the blogpost. They will be able to hold and exchange 15 different currencies in the app, including British pounds, Australian, New Zealand and U.S. dollars and Euros. Currently customers in the U.K. and continental Europe can hold up to 29 different currencies in the Revolut app, and that will eventually extend to Australian customers.

Revolut customers in the U.K., Europe and Australia can transfer money to each other instantly, for no charge.

As previously reported, the bank has ambitious expansion plans, and is expected to enter the U.S. market



Topics: Mobile Banking, Region: APAC, Region: EMEA

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