Digital bank Revolut announced on Monday it is temporarily waiving fees on cross-border remittance payments made to India, following the country’s latest surge in COVID-19 cases. As of this weekend, India has more than 400,000 COVID-19 cases and 7-day average of deaths more than 3,700.
Revolut reported that the temporary waiving of fees is intended to help individuals who are remitting to India and supporting communities that are facing increasing medical costs or are not able to procure adequate medical equipment such as oxygen concentrators, during the country’s second COVID-19 wave. The platform is waiving international payment fees on external bank transfers into India for 30 days, starting today (May 10th). Speaking about the fee waiving, Paroma Chatterjee, CEO of Revolut India, stated:
“I am deeply saddened by the devastating impact of COVID-19 in my country this second time around. We at Revolut are committed to extending all the support we are able to offer to the people of India in this time of need. I would urge everyone to spread the word to your friends and family, and to support this cause by making a donation; big or small, they all make a difference.”
Revolut also revealed donations can be made via the Revolut app where 100% of customers’ donations go directly to their charity of choice. Saleh Saeed, DEC Chief Executive, concluded:
“We have all seen the devastating images from India showing hospitals overrun and oxygen supplies falling short of demand, with thousands of people unable to receive potentially life-saving treatment. Several cities have imposed lockdowns and curfews, which will have a knock-on effect for people’s livelihoods, with the poorest and most marginalised communities hit hardest. DEC member charities have a long history of working with these communities and are supporting overwhelmed health services by providing medical supplies, treatment facilities and logistics assistance. With the generous support of Revolut’s customers, we can do even more to help the most vulnerable communities as they face a life-or-death situation.”