Americans and expats will soon be able to send free international money transfers, exchange currencies with the real exchange rate and spend without fees anywhere in the world, according to London-based Revolut, who announced that its pre-registration for American customers is now live.
“America is far from immune to hidden banking fees and dated technology. The launch of Revolut will mean that expats living in the U.S will no longer have to rely on big banks and their traditional methods when they need to spend or transfer money abroad,” Revolut Founder & CEO Nikolay Storonsky. “We’ve also designed our app to be completely tailored towards the consumer. Customers will receive instant spending notifications, spending categorisation, budgeting tools, hold up to 25 currencies within the app and be able to freeze and unfreeze their card should it be lost or stolen.”
Revolut is looking to capitalise in the banking sector through its technology and its pledge to eliminate hidden banking fees. Revolut promises its customers the ability to open an app-based checking account in 60 seconds, send free international money transfers, hold and exchange currencies with the real exchange rate and spend fee-free globally in 120 currencies with a contactless MasterCard.
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Revolut will also look to enhance its offerings within the US in 2018, planning to launch instant credit at market low rates, device and travel insurance in the tap of a button as well as an investment platform for investing spare change into company stocks and bonds.
Revolut has been in the news often lately, claiming a new crowdfunding record in late July when over 38,000 investors from over 55 countries pledged £18 million + in a Seedrs crowdfunding round. Revolut customers received expedited access in the crowdfunding round capped at £4 million.
In July, Revolut also raised $66 million in a Series B funding round led by Index Ventures and included the participation of Balderton Capital and Ribbit Capital. The £4 million round listed on Seedrs is at the same deal terms as the VCs. Reportedly Andy Murray, the tennis champ and Seedrs advisor, participated in the offer.