FinTech app Revolut has announced it will allow its business customers to make fee-free U.S. dollar (USD) transfers to the United Kingdom, IBS Intelligence reported Friday (June 10).
The new feature lets Revolut’s business customers receive USD payments via the Automated Clearing House (ACH) Network for payments as high as $1 million. Users will still be able to use International Bank Account Number (IBAN) details to get USD payments through the SWIFT network.
“With so many U.K.-based companies doing business in the U.S., we’re excited to move one step closer to borderless accounts,” Revolut Business Director James Gibson said in the report. “Allowing our clients to receive payments from a foreign country without asking the sender to use SWIFT saves the sender both time and money.”
Customers can access their U.S. account in the app by going to the “Home” menu, choosing the USD pocket, tapping the American flag and then selecting “Local,” according to the report. From there, they’ll see the account details that senders can use to pay money into their accounts.
Headquartered in London and founded in 2015, Revolut began as a prepaid card offering low-cost foreign exchange (FX) fees but quickly expanded its product and service offerings and branched out to other countries.
The company received a European banking license in 2021 and does banking in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain and Sweden. The company has applied for banking licenses in the U.K. and the U.S.
A study by PYMNTS and Visa found that at least half the British and American businesses that are planning cross-border payments innovations expect them to offer three key benefits: reduced costs, improved cash management and reduced fraud.