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Revolut opens new front in money transfer wars

Revolut opens new front in money transfer wars

Revolut is to launch a streamlined version of its banking super app in Sri Lanka, Chile, Ecuador, Azerbaijan, and Oman, enabling fee-free P2P money transfers between customers in 50 countries using 30 currencies.

The company has opened a waitlist for the app, which will not charge any fees for money transfers between Revolut customers. A 1% fee to non-Revolut bank accounts will apply for all other transactions. The 'majority' of transfer will complete within one working day, says the company.

Vlad Yatsenko, Revolut chief technology officer, comments: “Traditional transfers can sting customers with hidden fees, but we’re waiving all our transfer fees if you’re both on Revolut - no matter where you are. Additionally, we’re always offering the best possible exchange rate that we can - something we’re extremely proud of.”

The company says it intends to make the product available in up to 90 countries by the end of the year.

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