The cost of spending and sending money abroad from the UK in 2015 is estimated to exceed $1.67bn, according to an all-new foreign exchange service.
Revolut has launched with the ability and ambition to eradicate unwarranted fees levied at consumers and those that penalise the recipients of much needed remittance. The company’s completely free mobile app and prepaid MasterCard work seamlessly to convert money into multiple currencies on the very best available rates.
UK issued debit, credit and charge cards were used to make 440 million purchases abroad in 2014. UK consumers used these cards to withdraw $9.5bn in cash while overseas last year, making a total of 53 million visits to overseas ATMs. The mean average of charges imposed by the banks for payment card use in 2014 totaled $439m. This staggering sum has been calculated without even considering the additional costs incurred by Brits exchanging cash currency before travelling, estimated also to be in the hundreds of millions.
For sending money to friends and family abroad, the picture is no better. According to the World Bank, the average cost of sending money abroad in the UK is currently 7.2%. Revolut has calculated this equates to around $1.23bn a year when you consider the $17.1bn sent abroad by migrants in 2014.
In a bid to eliminate these unwarranted charges, Revolut has committed to offer completely unbeatable rates and zero charges for global foreign exchange for the first 12 months of a customer using the service. Combined, Revolut’s free intuitive app and prepaid MasterCard act as a global money service, converting money into multiple currencies as customers spend and send using the best available rates.
Once a customer downloads the free Revolut app (available on iOS and Android), they are able to set up an account and order a free multi-currency MasterCard in a matter of seconds. The Revolut card is delivered at no cost to the customer within two working days in the UK. The card can be used globally with no fees in the first twelve months when you spend or withdraw cash from an ATM and is available to use at all MasterCard locations.
Nikolay Storonsky, CEO, of Revolut comments: “Revolut has an ambition to change the way money is transacted, sent and spent around the world. We are proud and delighted to introduce the world’s best-value digital global currency exchange service. The app and card are intuitive to use, free for all and offer customers the peace of mind that, with Revolut, you can use your money across borders at unbeatable value.”
How is the best rate guaranteed?
In order to guarantee the very best rates available, Revolut takes the Interbank exchange rate, which is updated every half a second. The interbank is the top-level wholesale market through which most currency transactions are channelled and, as such, offers the best possible exchange rates.
How does it work?
Revolut works via a multi-currency MasterCard and a mobile app, available on both iOS and Android. Users are able to set up an account via the Revolut app in seconds, enabling them to transfer money globally via SMS, email, WhatsApp and social media channels.
The Revolut multi-currency card is linked to the Revolut app and, like a credit or debit card, can be used wherever MasterCard is accepted, at ATMs, in-store or online.
Through its partnership with Optimal Payments, Revolut enables customers to hold funds in multiple currencies, and to spend online and in-store with a globally accepted multi-currency MasterCard. Optimal Payments is authorised by the UK Financial Conduct Authority (FCA) to issue electronic money and is a Principal Member of MasterCard International Inc.