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Congratulations to the founding team on launching this but I have the same question. Revolut transfers are instant and have no forex fees if you are on their p
by actuator 5y ago
Congratulations to the founding team on launching this but I have the same question.
Revolut transfers are instant and have no forex fees if you are on their paid plans which include other features as well. If you transfer up to 1000 GBP, it is free without a paid plan. How do you plan on competing with them?
- wdaareg 5y agoOn their standard plan, with the first £1k you're not paying for currency conversion, but you're paying a fee for the "international payment". I think that's a 0.3% fee capped at £5, but for a £1k transfer, that's a £3 fee right there. You can see this in their fee structure. https://www.revolut.com/legal/standard-fees https://www.revolut.com/legal/standard-fees ("A fee applies for international payments on our Standard and Plus plans") https://assets.revolut.com/legal/terms/International_Payments_Pricing_Sheet_22%20December%202021.pdf https://assets.revolut.com/legal/terms/International_Payment... If you're a die-hard Revolut user that subscribes for other reasons or do all your global banking with them, it's possible you'll end up with better overall economics with them. That segment of customers is fairly narrow and we're excited to offer everyone else a world-leading service.
- actuator 5y ago> I think that's a 0.3% fee capped at £5, but for a £1k transfer, that's a £3 fee right there. You can see this in their fee structure. Got it, this seems new and significant. I had transferred money to Germany before in January and it was free without a paid plan too. This does add an edge to your product, if the person can wait. Best of luck with your product.