FinTech startup Revolut releases beta version in Australia

Josh Peachey's picture

Revolut is launching a beta version of its digital banking alternative in Australia today - the first time it has expanded out of Europe.

The London-based FinTech startup currently has 20,000 people in Australia on the waiting list and plans to gradually allow access to new users if the beta stage goes well. 

Revolut is a digital bank which provides users with instant payment notifications, free international money transfers and global fee-free spending. 

After launching in 2015 and having conducted 12 rounds of funding since, Revolut has raised $336m.

People in Australia don't have access to all of the features at the moment - they'll have to wait for cryptocurrency exchange, metal cards and business accounts to be rolled out - but they can open an account, get a card, send and receive money.

One obvious benefit of Revolut launching in Australia is the introduction of new group of users and a new currency. 

It costs nothing to instantly send money from one Revolut account to another and users can choose to keep money in a foreign currency or convert it to their local currency in the app.

Converting GBP to AUD is free during weekdays and below £5,000 per month and it costs 0.5 percent for bigger amounts (unless you’re a Premium or Metal customer). If you want to exchange currencies on the weekend, 0.5 percent should be added on top.

Revolut plans to hire 30 people in Australia and has previously announced plans to expand to other countries, such as the U.S., Canada, Singapore, Japan and New Zealand.

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