The company has not yet obtained an Australian banking license and is now classified as an electronic money institution.
Revolut has already announced plans to add commission-free investing to its app, with details of its creation yet to be announced.
For now, it gives consumers the ability to exchange money instantly and for free with other Revolut customers in the UK and Europe, as well as spend and transfer abroad at the exchange rate real, without fees or surcharges.
Australian consumers will be able to hold and trade 15 currencies directly in the app, including Australian, New Zealand and US dollars, British pounds and euros. In the UK and Europe, customers can hold and trade 29 currencies, a feature Revolut plans to extend to Australians.
Users can also spend and transfer cryptocurrencies, with the app offering Bitcoin, Litecoin, Ether, XRP and BCH.
In Europe, the company now serves around 5 million customers. It recently obtained a banking license from the European Central Bank.
“Historically, sending or receiving money from friends and relatives in Europe was a lengthy and expensive process,” Revolut said.
“Australians have been financially deprived for too long. »
The local branch of Revolut is headquartered in Melbourne. The objective is to have around thirty highly qualified employees by the end of the year.
