Revolut launches in Australia as a beta release
Fintech startup Revolut is expanding beyond Europe for the first time. The service is going live for some users in Australia starting today.
Revolut isn’t opening its doors to all customers at once. The company calls this a beta release and plans to gradually on-board new users every day. There are currently 20,000 people on the waitlist in Australia.
You also don’t get the full Revolut experience for now. Cryptocurrency exchange, metal cards and business accounts aren’t available just yet. But you can open an account, get a card, send and receive money — all the basic stuff.
A new country also means a new group of users with a different currency. Families living on different continents could switch to Revolut to send money back and forth between Australia and the U.K., or Australia and Europe.
Sending money from one Revolut account to another is instant and free. Users can then choose to keep money in a foreign currency or convert it to their local currency from the app.
For instance, converting GBP to AUD is free during weekdays and below £5,000 per month (9,150 AUD, 5,600 EUR, 6,340 USD…). It costs 0.5 percent for bigger amounts (unless you’re