By
Chimamanda U. Martha
April 25th, 2024
The fintech company is looking to create more awareness for digital banking among US citizens. Revolut US CEO Ron Oliveira also said slashing fees would empower its US customers to attain financial freedom.
In a bid to promote usage among its US customers, financial technology company Revolut has started charging no commission fees for crypto transactions up to $200,000 a month. Before the latest development, a standard Revolut customer could only trade $200 every month without attracting commission fees.
Revolut Slashes Crypto Trading Fees for US Consumers
Revolut made its debut into the UD market in March 2020, during the peak of the coronavirus pandemic. Unfortunately, the global health crisis affected the company’s marketing efforts. In July last year, the company partnered with Paxos to add crypto trading to its services. With the new services, Revolut app users in the US could buy, hold, and sell Bitcoin (BTC) and Ethereum (ETH). Following the launch, Revolut said that it was waiving fees for the first 30 days of operation. After the 30-day period expires, users began to pay 2.5% in conversion fees from exchanging $200.
Also, customers can create different sub-accounts to hold money in several currencies on the app and enjoy one of Revolut’s key features that allow users to exchange currencies using the app. In addition, free Revolut accounts will enjoy low exchanges with a 0.5% markup fee after they go above the $1,000 fair usage.
Another exciting feature of Revolut is the flat fee it charges for foreign transactions. The app has a required flat fee for users to send money to foreign bank accounts, while there is no fee for Revolut-to-Revolut transfers. With the new development, Revolut is waiving the flat fee on up to 10 international transfers every month. The 10 free international transfers per month cover 30 countries, including France, Japan, Australia, the Philippines, and the UK.
Furthermore, Revolut is allowing its free US customers to create up to 5 junior accounts for kids between ages 7 and 17. The accounts can integrate the main account on the app, making it easier for parents to manage allowance.
Breaking Fees Will Empower Customers to Achieve Financial Freedom
The fintech company is looking to create more awareness for digital banking among US citizens. Revolut US CEO Ron Oliveira also said slashing fees would empower its US customers to attain financial freedom. Speaking further, he said:
“We had a very quiet opening. Now it’s about where are we going from here. What we’ve discussed is that we have the deepest and widest offering of any fintech in the United States.”
According to the CEO, part of the company’s strategic plan globally is to have banking licenses in countries where it already has a large user base.
“Crypto’s one of their top questions. ‘Well, how is crypto going to be handled, inside or outside the bank?’ That’s the very key question. Is crypto inside or outside the bank? For us, crypto is outside the bank… How it’s structured is that if you have the Revolution app and you want to buy crypto, you’re not going into the bank to buy that, you’re going outside the bank. You’re going to a different entity to do that,” added he.