Exclusive: Revolut expands international transfers with launch of ‘Mobile Wallets’
Users can now send money abroad using only their recipient’s name and their phone number or email address
Revolut is launching ‘Mobile Wallets’ to make it quicker and easier for its customers to send money abroad.
The new feature will offer customers a low-friction way to make international transfers, requiring just a recipient’s ID — such as their name and either their phone number or email address — to process the payment.
Mobile Wallets reduce the risk of sending money to the wrong account by removing the need for numbers and bank details, and allow users to send money “in a flash”.
“Sending money home is a problem many expats face and so it is essential to provide a service that simplifies this and facilitates affordable and convenient international money transfers,” Revolut general manager for international payments Akshat Mittal.
“By continuously adapting to the evolving needs of the digital economy, we hope to continue to empower individuals and families around the world to navigate the complexities of cross-border finance with ease.”
Revolut customers in the UK and “most European countries” can now send money to Kenya (M-Pesa) and Bangladesh (bKash) using mobile wallets, and the fintech says it expects to launch other routes soon.
Customers will be able to transfer money to these countries directly through the app — a feature that will be particularly helpful for expats or international students studying abroad.
The feature will follow the standard price structure of Revolut’s international bank transfers and will typically send instantly and arrive in a recipient’s wallet within 30 minutes.
Revolut’s 35 million customers currently make more than 500 million transactions a month, and the new feature seems set to help push this number up even higher.