The app enables its users to make zero-free P2P money transfers between its 30 million customers in more than 50 countries. Revolut has opened a waitlist for the app, which doesn’t charge fees for money transfers between Revolut accounts. However, a 1% fee to non-Revolut bank accounts will apply for all other transactions.
Revolut offers a global account with no monthly fees, allowing users to hold five major currencies and transact in over 200 currencies. Users can enjoy low-cost foreign exchange, international money transfers, and up to $350 NZD in free ATM withdrawals per month. Foreign currency exchange is available 24/7 at bank-beating rates, though fair-usage limits and weekend fees may apply.
The process will only take customers a few minutes from within the app. Internal transfers complete instantly between Revolut accounts, while transactions with external wallet take up to one working day.
Revolut’s Australia & New Zealand CEO, Matt Baxby said: “We are incredibly excited to be launching Revolut in New Zealand to enable Kiwis a seamless and affordable global money management experience, secure budgeting and analytics features and advanced physical and digital card control capabilities, in one seamless location. We are excited to not only empower Kiwis with greater financial well-being, control, convenience, and transparency, but also increase consumer choice and drive competition across the financial services sector in New Zealand which has traditionally been underserved”.
Revolut’s Head of New Zealand, Georgia Grange added: “Revolut is thrilled to be launching in New Zealand to revolutionise the way Kiwis manage their money, and our waitlist of over 26,000 locals is a clear demonstration that Kiwis feel the same. From digitising the way they track their spending, to enhancing their global travel experience, Revolut will be a first of its kind for New Zealanders”.
Throughout the process leading up to the launch, Revolut said it has collaborated with local industry bodies such as Fintech New Zealand, Consumer New Zealand, Payments New Zealand, and regulatory authorities to comply with all relevant standards.
The British-born startup is confident that the move would yield more business after a survey showed that a staggering 40 percent of Kiwi consumers expressing a lack of trust in traditional banks. Revolut’s research also indicates that 98 percent of everyday Kiwis want a money management tool that provides them with visibility and control over their finances.
Revolut has been among a number of app-only fintech companies that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers.
The new business roll-out comes as the market for Fintech firms offering alternatives to traditional banks has become fiercely competitive. Revolut is already going up against other established rivals, such as Stripe, which recently expanded its portfolio of partner banks that have signed on to offer co-branded banking services.
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