Revolut Expands Beta Version Into Australia

Financial technology company Revolut has ventured beyond Europe and into Australia as of Thursday (June 13), according to a report.

However, it won’t have all of its services right away, nor will it be available for everyone – the company is doing a beta release, with plans to add more users daily. Right now, 20,000 people are on the waitlist in the country.

Some features, like crypto exchange, business accounts and metal payment cards, won’t be available in the beta. Customers can perform basic functions, like opening accounts, sending and receiving money and getting a regular card.

In Australia, users can exchange money with anyone in the U.K. who also uses Revolut, and transfers are instant and free. Customers can decide if they want to keep the money in the foreign currency or convert it to their own.

During weekdays and for balances under $6,340 a month, it’s free to convert GBP to AUD. For bigger amounts, there is a charge of 0.5 percent, except for Premium or Metal members, and there is an additional 0.5 percent charge to exchange currency on a weekend.

The company has an office in Melbourne with plans for possible expansion, and aims to hire about 30 people in the country. There are also tentative plans for expansion in the U.S., Canada, New Zealand, Japan and Singapore.

In other Revolut news, the company has more than double the complaints from customers that rival Monzo received between 2015 and 2018. The Financial Times, citing the Financial Ombudsman Service, said it received 171 customer service claims from consumers in the U.K. between the start of 2015 and the end of 2018. Monzo had 82 complaints from consumers during that same period.

Monzo and Revolut are the leading FinTech banks in the U.K., and have seen their business boom as more consumers move to the internet for their banking needs. Revolut’s complaint numbers are tiny compared to Barclays and Lloyds Bank, which each got more than 100,000 complaints in the same period.

“Although it’s no surprise Revolut isn’t receiving the same number of complaints as bigger banks, it will no doubt want to improve on the current trend,” said Gareth Evans, co-director of the Financial Inclusion Centre, a consumer rights group, in the Financial Times report. “As these shiny new FinTech firms become more prominent, it’s important to take note of any early warning signs.”